Last Updated on 04/01/2024 by Pardeep Garg
A Savings Bank Account is one of the oldest and most common ways people choose to save their money. The reason why is because here your principal amount will always remain safe regardless of the interest you earn. Hence, with Best banks for Saving Account in India, you can save your money conveniently in a bank and also earn interest on it.
Besides, a savings account also enables you to conduct online transactions. You get a debit card along with it so that you can withdraw money on the go. To keep a track of the deposits, withdrawals, etc., saving accounts also provide you with a passbook, Cheque book, and monthly account statements.
It is the simplest form of investment but you need to look at a few criteria before choosing a bank for your savings account. This article will help you choose the Best banks for Saving Account in India which best suits your needs.
Top 10 Best Banks for Saving Accounts in India with Interest Rate Comparison
Given below are the top 10 Best Savings Bank Accounts in India their Interest Rate 2024 and other benefits
| Bank Name | Interest Rate for Balance < Rs. 1 Lac | Interest Rate for Balance > Rs. 1 Lac | Minimum Monthly Balance (INR) |
| IndusInd Savings Bank Account | 6% p.a. | 7% p.a. | 0 to 25 lakhs |
| Kotak Mahindra Savings Bank Account | 3.50% p.a. | 4% p.a. | 0 to 25,000 |
| ICICI Savings Bank Account | 3 % p.a. | 3 % p.a. | 0 to 10,000 |
| HDFC Savings Bank Account | 3.25% p.a. | 3.25% p.a. | 2,500 to 25,000 |
| Axis Savings Bank Account | 3.50% p.a. | 3.50% p.a. | 0 to 1,00,000 |
| IDFC Savings Bank Account | 6 % p.a. | 7 % p.a. | 25,000 |
| RBL Savings Bank Account | 5 % p.a. | 6 % p.a. | 5,000 |
| YesBank Savings Bank Account | 4 % p.a. | 5 % p.a. | 0 |
| SBI Savings Bank Account | 2. 75 % p.a. | 2.75 % p.a. | 1000 to 3000 |
| CitiBank Savings Bank Account | 3.25% p.a. | 3.25% p.a. | 2 lacs |
1. IndusInd Saving Bank Account
IndusInd Saving Bank Account is perfect for all those people looking for a zero balance account or an active stock investor. If you open an IndusStox account, then you can get savings, trading, and Demat accounts free of cost. You will also receive a Titanium Debit card and earn 5X to 6X reward points every time you spend INR 200 via your debit card.
The benefits of this account are as follows:
- One of the highest interest rates offered in India 2023: 7% p.a.
- No requirement of minimum balance
- You will receive reward points with every card transaction
- Free monthly e-statements
- Discounts on insurances
- You will also get cashback via the Indus Money Program
- Your account no. can be customized
- Earn interest on all funds allocated from Savings a/c for trade
- Zero brokerage on delivery
| Features | Description |
| Balance Required | Zero Balance Account |
| The rate of Interest on Savings | Up to 7 % |
| Debit Card | Virtual Debit Card |
| Accessibility | Mobile Banking, Net Banking, ATMs and Branches |
| Branches | 1558 |
| ATMs | 2453 |
| Balance | Rate of Interest |
| Daily Balance up to Rs 1 Lacs | 6 % |
| Daily Balance above Rs 1 lacs and up to Rs 2 Lacs | 7 % |
| Daily Balance above Rs 2 lacs and up to Rs 5 Lacs | 5 % |
| Daily Balance above Rs 5 Lacs | 4 % |
2. Kotak Mahindra Savings Bank Account
Kotak Mahindra Savings Bank Account is suitable for all those who want a zero balance account with a higher rate of interest. The Kotak 811 Edge is the very best savings account Kotak has to offer. The pros and cons of the same are discussed below:
Pros:
- Easy and instant account opening process
- The entire accounting process is paperless
- Zero balance requirement
- The Scan & Pay feature enables in-store purchases
Cons:
- Doesn’t have any good apps
| Features | Description |
| Balance Required | Zero Balance Account |
| The rate of Interest on Savings | Up to 4 % |
| Debit Card | Platinum Chip Debit Card (for an annual charge of INR 150) |
| Account Opening | Instant account opening with Aadhar Card |
| Online money transfer | Free NEFT, RTGS, and IMPS |
| Digital Bank Account | One of the best savings accounts with the instant paperless opening of account |
| Balance | Rate of Interest |
| Daily Balance up to Rs 1 Lacs | 3.50 % |
| Daily Balance above Rs 1 lacs | 4 % |
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3. ICICI Savings Bank Account
ICICI savings bank account experience, for most customers, is like having banking at your fingertips. This is one of the best choices for tech-savvy people who wish to use online banking and make most transactions via their mobile devices.
Pros:
- They have the best mobile app: iMobile banking app. Online banking service run smoothly
- Their technology is much ahead than other banks in India.
- They provide 24×7 Banking Service
Cons:
- They don’t provide any extra benefits to loyal customers
- Average banking product benefits.
| Features | Description |
| Balance Required | INR 10,000 |
| The rate of Interest on Savings | Up to 3.5 % |
| Debit Card | Platinum Visa Debit Card |
| Mobile App | iMobile banking app. It is secured via PKI end-to-end 265-bit encryption and is very user-friendly.
|
| Balance | Rate of Interest |
| Daily Balance up to Rs 50 Lacs | 3 % |
| Daily Balance above Rs 50 Lacs | 3.5 % |
4. HDFC Savings Account
HDFC Savings Bank account is best for all those who are looking for premium and customized products. This is the best and the most valuable institution in the Indian Banking Sector.
Pros:
- They offer good products, such as credit cards to loyal customers.
- Premium bank products come with amazing perks.
- Annual Maintenance charges are waived for the first year.
- Customized service
- Online shopping discounts and offers
Cons:
- Service is average
- Technology is average
| Features | Description |
| Balance Required | Rs. 10,000 (urban branches) Rs. 5,000 (semi-urban branches) Rs.2,500 (Rural Branches) |
| The rate of Interest on Savings | Up to 3.75 % |
| Debit Card | Millennia Debit Card (metro/urban locations) or a Rupay Premium Debit Card (semi-urban & rural locations) |
| Balance | Rate of Interest |
| Daily Balance up below Rs 50 Lacs | 3.25 % |
| Daily Balance of Rs 50 lacs and above | 3.75 % |
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5. Axis Bank Savings Bank Account
Axis Bank Savings Bank Account is a great choice for all those people who wish to get the best customer care services.
They have won a lot of awards, namely: Best Contact Centre at the customer experience awards 2018, Best Loyalty Program in the financial sector 2017 and 2018, and Best Rewards Program consecutively for the 5th year since 2015.
This is the only bank that offers reward points on your account transactions. You can also earn reward points for ECS, standing instructions, opening an RD or a Demat account.
Axis Bank offers two different types of bank accounts: Easy access and prime that have lower minimum account balance requirements, and Prime Plus, Priority, and Burgandy that have higher balance needs.
Pros:
- High-quality customer service
- Preferential price for Lockers and De-Mat
- At least 15% off at their partner restaurants
- You will get reward points for transactions
Cons:
- Benefits are provided only for higher accounts
| Features | Description |
| Balance Required | Rs. 5,000 |
| The rate of Interest on Savings | Up to 4 % p.a. |
| Debit Card | Complimentary online debit card and an optional physical debit card |
| Auto FD | Available for balances above INR 10,000 |
| Balance | Rate of Interest (p.a.) |
| Daily Balance up to Rs 50 Lacs | 3.5 % |
| Daily Balance above Rs 50 Lacs | 4 % |
6. IDFC Savings Bank Account
IDFC Savings Bank Account offers you the highest interest rates on savings accounts. It is a great choice for people who wish to earn interest income without maintaining the minimum monthly account balance.
Pros:
- They offer the highest rate of interest (6% to 7% p.a.)
- Unlimited Fund Transfer available
- Free ATM transactions anywhere in India
- They won’t charge you if you fail to maintain the monthly average balance
Cons:
- Their services are available only in a few cities.
| Features | Description |
| Balance Required | Zero Balance to INR 25,000 |
| The rate of Interest on Savings | Up to 7 % p.a. |
| Debit Card | Free Visa Signature Debit Card |
| Account Opening | Aadhaar based account opening facility available |
| Balance | Rate of Interest |
| Daily Balance up to Rs 1 Lacs | 6 % |
| Daily Balance above Rs 1 Lacs and up to Rs 10 lacs | 7% |
7. RBL Savings Bank Account
RBL Savings Bank Account is for individuals who want to earn higher interest and enjoy other banking benefits. If you want more locker benefits (15% discounts) or benefits on property loans (like a 25% waiver on the processing charges), then opt for the advantage savings bank account at RBL Bank. You can even choose your account number.
Pros:
- Rate of interest is high
- You get discounts on your locker operations
- Customizable account number
- No charges if you can’t maintain your account
- You can open a savings account via the RBL Mobile 2.0 app too
- 25% waiver of processing charges when you apply for property loans
Cons:
- Higher interest rates are applicable only if your monthly balance is greater than INR 1 lakhs.
| Features | Description |
| Balance Required | INR 1000 |
| The rate of Interest on Savings | Up to 6.75 % p.a. |
| Debit Card | Platinum Master Debit Card |
| Fund Transfer | Available. Online Payment facility is also available |
| Account opening | You can open your account in an instant without any paperwork |
| Balance | Rate of Interest |
| Daily Balance up to Rs 1 Lacs | 5 % |
| Daily Balance above Rs 1 Lacs and up to Rs 10 lacs | 6% |
| Daily Balance above Rs 10 lacs and up to Rs 3 crore | 6.75 % |
| Daily Balance above Rs 3 crore and up to Rs 5 crore | 6.75 % |
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8. Yes Bank Savings Bank Account
YesBank Savings Bank Account will allow you to customize your savings account. You can choose the debit card, pricing options, etc. when you open your account. This is a good option for people who want to earn higher interest and have flexibility in other banking features.
Pros:
- Interest rate is higher
- You can customize your savings account
- Unlimited ATM access
- Utility Bills payments for free
- Savings Rewards facility
- They have pricing options as an alternative to maintaining a minimum balance
- They offer flexibility to choose account-related perks
Cons:
- There are comparatively lesser variants of savings account.
| Features | Description |
| Balance Required | Zero Balance Account Available |
| The rate of Interest on Savings | Up to 6 % |
| Debit Card | Virtual Debit Card Available |
| Mobile and SMS Banking | Available |
| Balance | Rate of Interest |
| Daily Balance up to Rs 1 Lacs | 4 % |
| Daily Balance above Rs 1 lacs and up to Rs 10 Lacs | 5 % |
| Daily Balance above Rs 10 lacs and up to Rs 300 Crores | 6 % |
9. SBI Savings Bank Account
SBI Savings Bank Accounts offer decent offers and discounts for debit card and savings account holders. You will find branches of this bank and its ATM anywhere and everywhere you go, in this country. They have great internet and mobile banking portals. You will get good banking products, such as Mutual funds, Insurance, Demat, etc.
Pros:
- Their services and reach is widespread
- They offer the lowest minimum monthly balance
- Auto sweep facility
Cons:
- They do not offer premium savings account or any such benefits
| Features | Description |
| Balance Required | INR 3,000 (for metro/ urban areas), INR 2,000 (for semi-urban areas) and INR 1,000 (for rural areas) |
| The rate of Interest on Savings | 2.75 % |
| Debit Card | Debit cum ATM card available |
| Balance | Rate of Interest |
| Daily Balance up to Rs 1 Lacs | 2.75 % |
| Daily Balance above Rs 1 lacs | 2.75% |
10. CitiBank Savings Bank Account
CitiBank Savings Bank Account will meet your global banking needs. Citibank can solve all your fund remittances via solutions such as Citi Global Transfers, Foreign currency draft, Wire Transfers, etc.
Pros:
- They have a global presence
- Provide easy money transfers and receipts
- Wire Transfers
- Free e-mail and SMS alerts
- The transaction fee is zero at Citibank affiliated IndianOil outlets
- Foreign Currency draft available
Cons:
- Only 23 cities in India have access to services
| Features | Description |
| Balance Required | INR 2 lacs |
| The rate of Interest on Savings | Up to 3.25 % |
| Debit Card | Citibank Platinum Debit Card for free |
| Balance | Rate of Interest |
| Daily Balance up to Rs 1 Lacs | 3.25 % |
| Daily Balance above Rs 1 lacs | 3.25 % |
FAQs about 10 Best Banks for Saving Account
1. Which bank is best for saving account in India?
You need to take a look into some aspects of the bank before choosing it to open a savings account. For example, interest rates provided by the bank, the customer support quality, technology used, accessibility, and other benefits.
The ideal savings account varies from one person to another. However, the best savings account should suit your needs, provide a good rate of interest, have several branches and ATMs all across the country, and be flexible when it comes to deposits and withdrawals. Besides, the minimum account balance should serve your requirements.
In light of the same, our picks for the best banks for saving account in India 2023 are the following five:
- IndusInd Savings Bank Account
- Kotak Mahindra Savings Bank Account
- ICICI Savings Bank Account
- HDFC Savings Bank Account
- Axis Savings Bank Account
2. Which bank has the highest savings account interest rate?
Given below are the Top 6 Banks in India 2023 that provide the highest interest rates on Savings Account:
| Bank Name | Interest Rate p.a. on Savings Account | Minimum monthly balance required |
| Utkarsh Small Finance Bank | 7 % to 7.75% | INR 5000/ INR 10,000 |
| IDFC Bank | 6 % to 7% | 0 to INR 25000 |
| RBL Bank | 5 % to 6.75% | INR 5000 |
| Jana Small Finance Bank | 5 % to 8% | INR 2500 |
| Yes Bank | 4 % to 6 % | 0 |
| Bandhan Bank | 4% to 7.15% | 0 to INR 1 lakh |
3. Which is the best safest bank to put your money?
Banks are said to be safe if they can cope properly and keep your money secure in times of market crashes when the bank is in a state of financial distress, or if the entire world is facing a financial calamity.
You may judge the safety of a bank via various criteria like the consistency in performance, automation level, technology, professionalism, risk management, etc. Here are the top 5 safe banks to put your money in India 2023, as per our review.
- HDFC Bank
- SBI
- ICICI Bank
- AXIS Bank
- Bank of Baroda
4. What documents are required to open a Savings Bank Account?
The documents needed to open a Savings Bank Account vary from one bank to another. Here is a general list of documents asked for by most banks:
- Identity Proof: Passport, PAN, Voter ID, Permanent driving license, Aadhaar Card, etc.
- Residential Proof: Electricity bill, Gas bill, Property tax bill, Government employee card, Aadhaar Card, Registered rent or lease agreement, Voter ID, Society outgoing bill, Permanent driving license, etc.
