10 Best Savings Account Options for Indian Citizens

20 Jan 2021 // 62 min read // Saving Account
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Looking forward to opening the best savings account in India? If that’s the case, you must understand that a credible account needs to ensure a good rate of interest, a fairly affordable minimum balance requirement and above all, the flexibility to make deposits and withdraw money, as and when needed. Besides, you must enjoy some additional perks like the availability of the bank branch in the city of your residence, facilities like mobile and internet banking, the convenience of ATM withdrawals and round the clock assistance.

Thankfully, even with all these criteria to fulfil, there are more than just a handful of banks that you can look up to when it comes to offering you a great Savings Account. So, without further ado, let’s get to our list of the 10 best Savings Account options for Indian citizens.

Table of Contents: Best Savings Account for Indian Citizens

Best Bank in India for Savings Account

RBL Bank is the best bank to open savings account in India if you are looking for the highest interest rates on your savings. 

Best Bank to Open Savings Account for Students in India

ICICI, PNB, HDFC and SBI are some of the best bank to open savings account for students in India. They offer ICICI Bank Campus Account, PNB Student Savings Account, HDFC Zero Balance Account, HDFC DigiSave Youth Account, and SBI Zero Balance Savings Accounts.

HDFC Personal Loan Interest Rate

Best Savings Account Interest Rates

Below are the best savings account interest rates available in India right now:

Savings AccountsInterest Rate (per annum)Average Monthly Balance
SBI Insta Savings Account2.70%Zero
Axis Bank ASAP AccountStarts from 3%Zero
Kotak Mahindra Bank 811 Savings Account3.50% to 4%Zero 
Digibank Savings Account3.25% to 4%Rs. 5,000 
ICICI Bank Regular Savings Account3% to 3.50%Rs. 1,000 
HDFC Bank Savings Account3% to 3.50%Nil
IndusInd Bank Savings Account4% to 5%Zero 
RBL Bank Digital Savings Account4.25% to 6%.Rs. 5,000 
IDFC First Saving Bank Account3%  to 5%Rs. 10,000 
Bandhan Bank Savings Account3%  to 6%Rs. 5,000 
Post Office Savings Account4%Rs. 500 
Citibank Savings Account2.50%Rs. 2,00,000 

1. SBI Insta Savings Account

What better a way than to start off this list, with India’s leading bank – State Bank of India! SBI Insta Savings Account is essentially a digital account, which can be opened in a matter of few minutes, with the help of the bank’s dedicated mobile application YONO.

FeaturesDetails
Interest Rates2.70% per annum
Monthly Average BalanceNil
Debit CardFree Rupay Debit Card with a withdrawal limit of Rs. 50,000
Chequebook FacilityNo cheque book is issued
EligibilityResident Indian above 18 years old
Other Features
  • Free NEFT through Internet Banking
 
  • Rupay classic card is issued
 
  • 24*7 banking access through Yono app
 
  • Paperless account with only Aadhaar details & PAN (physical).

SBI Savings Account Interest Rate

SBI Savings Account interest rate is 2.70% per annum w.e.f. 31.05.2020. SBI Bank offers the savings account facility by the name of SBI Insta Savings Account.

Here are some of the salient features of this account:

  • Singly operated account.
  • Limit of Rs. 49,999 per transaction.
  • Aggregate balance at the end of the day up to Rs. 1,00,000.
  • Total annual credit transactions up to Rs. 2,00,000.
  • Complimentary Rupay Debit Card.
  • Nomination facility.
  • To open this account, you should have had no existing account with the SBI before.

2. Axis Bank ASAP Account

The Axis ASAP Account is a Digital Savings Account that can be opened with video KYC in just 4 easy steps, including PAN and Aadhaar verification, filling your personal details, KYC verification through video call, and funding your account.

Axis Bank ASAP Account can be instantly opened using your Aadhaar & PAN details. Its features can be listed as:

  • You get a choice of 4000 Axis Bank branches in India.
  • Minimum Balance Requirement of Rs. 10,000.
  • Complimentary Virtual Debit Card.
  • 3x eDGE reward points with debit card spends.
  • Debit card offers discounts on movie tickets, dining and travel.
  • Daily withdrawal limit is Rs 50,000.
  • Purchase limit is Rs 5,00,000.
  • Internet banking & mobile banking.
FeaturesDetails
Interest Rates3% per annum onwards
Monthly Average BalanceNil
Debit CardOffers Visa E-Debit Card and Visa Online Rewards Card with daily ATM limit of up to Rs. 50,000 and purchase limit of up to Rs. 5 Lakhs.
Chequebook FacilityAvailable on KYC completion
EligibilityIndian citizen aged bove 18 years
Other Features
  • Online Rewards (physical) Debit Card & E- Debit Card (virtual) are offered.
 
  • Facility to securely update your Signature & banking details from anywhere with Axis Mobile app.
 
  • Account is opened with video KYC in just 4 steps.

Axis Bank ASAP Account interest rate

The interest rate for Axis Bank ASAP Account starts from 3% p.a. Any balance above Rs. 20,000 in your Axis ASAP account earns you a higher interest rate, thanks to its auto FD feature.

3. Kotak 811 Savings Account

Kotak Mahindra 811 Digital Bank Account is a Zero Balance Savings Account that can be applied online. It also comes in a variant Kotak 811 Edge that requires Rs. 10,000 minimum account balance (MAB) for Platinum Chip Debit card, Free online fund transfers, virtual debit card & more benefits. The features are:

  • Kotak 811 Savings Account interest rate of 3.50% per annum on account balance up to Rs. 1 Lakh.
  • Interest rate of 4% per annum on account balance above Rs. 1 Lakh and up to Rs. 50 Lakhs.
  • For balance above Rs. 50 Lakhs, interest rate is 3.50%
  • Zero Charges on non-maintenance of the account balance.
  • Complimentary Virtual Debit Card.
  • Free funds transfer facility through IMPS/NEFT/RTGS.
  • 811 is an individual account and cannot be held jointly.
  • Rs 1 Lakh- Rs 2 Lakh cumulative credit allowed in a FY.
FeaturesDetails
Interest Rates3.50% - 4% per annum
Monthly Average BalanceNil
Debit CardFree Virtual Debit Card offered for all online shopping and payments
Chequebook Facility25 or 50 leaf Personalized Cheque Book is available to full KYC accounts
EligibilityResident of India aged 18 years or older
Other Features
  • Paperless Savings Bank Account with online KYC verification.
 
  • No charges on non-maintenance of minimum balance.
  • Free online money transfer
  • Instant Virtual Debit Card for online shopping
Best Personal Loan Interest Rate

4. Digibank by DBS

Digibank by DBS is an instant savings account that can be opened online. At a minimum balance of Rs. 5,000 the account offers you attractive benefits, such as:

  • Up to 4% interest rate on savings account.
  • Unlimited free withdrawals at over 2 lakhs ATMs across India.
  • Contactless tap-to-pay facility on debit card.
  • Host of benefits on top lifestyle & entertainment brands.
  • Privilege to access other bank products.

Digibank Savings Account interest rate

Digibank Savings Account interest rate may vary between 3.25% to 4% p.a. Below are the details:

  • Balance up to Rs. 1 Lakh: 3.25% p.a.
  • Balance above Rs. 1 Lakh and up to Rs. 2 Lakhs: 3.5% p.a. on the incremental amount.
  • Balance above Rs. 2 Lakhs and up to Rs. 5 Lakhs: 4% p.a. on the incremental amount.
  • Balance above Rs. 5 Lakhs and up to Rs. 5 Crores: 3% p.a. on the incremental amount.
  • Balance above Rs. 5 Crores: 3.75% p.a. on the incremental amount thereon.

5. ICICI Regular Savings Account

ICICI Bank is another best bank in India to open account. It offers the best of customer services in the industry. With ICICI Regular Savings Account you enjoy seamless mobile banking facility via i Mobile app. They have recently launched a PayLater facility.

Some of the features of ICICI Bank Regular Savings Account:

  • Complimentary Smart Shopper Silver Debit card.
  • Money Multiplier Facility for fixed deposit balances.
  • Anywhere banking facility with a network of 4,800+ branches and 14,300+ ATMs across India.
  • Internet & Mobile Banking facility.
  • Free email statements.
  • Minimum Account Balance requirement: Rs. 10,000 in metro & urban locations; Rs 5000 in semi-urban locations and Rs. 2,000 in rural locations and Rs. 1,000 in gramin locations.
FeaturesDetails
Interest Rates3% - 3.50% per annum
Monthly Average BalanceRs. 1,000 - Rs. 10,000
Debit CardSilver Debit Card to withdraw cash from any ATM with a withdrawal limit as per account variant.
Chequebook FacilityCheque books is couriered directly to the mailing address of the customer..
EligibilityResident individual (sole or joint account), foreign national & Hindu undivided family (HUF) customers aged above 18 years
Other Features
  • Complimentary personal accident insurance & purchase protection cover.
  • Earn higher interest by converting the Saving Account into Fixed Deposit (on request).
  • Manage your account from anywhere with Internet Banking, iMobile app and ATMs.

ICICI Savings Account interest rate

ICICI Savings Bank Account interest rate is calculated on a daily basis on the daily closing balance available in the account, at a rate specified by ICICI Bank in accordance with RBI (Reserve Bank of India) directives. With effect from 04.06.2020 the interest rate is 3% for end of day balance below Rs. 50 Lakhs and 3.50% for end of day balance above Rs. 50 Lakhs .

6. HDFC Savings Account

HDFC Bank is the largest private commercial bank of the country and offers 19 distinct types of Savings Account options to customers. You can choose the best HDFC Savings Account according to your needs and preferences.

Some of the noteworthy features and benefits of having an HDFC Saving Account are:

  • Complimentary debit cards
  • Internet and mobile banking
  • Cardless cash withdrawals
  • Complimentary accidental cover with select accounts
  • Banking ease with a wide network of 5130 branches and 13849 ATMs.
FeaturesDetails
Interest Rates3% - 3.50% per annum
Monthly Average BalanceNil
Debit CardNo Debit Card is offered. You can manage your transactions & cash withdrawals digitally.
Chequebook FacilityNo cheque book is offered. You can manage your transactions & cash withdrawals digitally.
EligibilityResident Indians aged above 18 years.
Other Features
  • Exclusive accounts for senior citizens, women, young & premium customers.
  • Quick & paperless account opening with Video KYC.
  • Monthly savings with Debit/ATM Card, SmartBuy & PayZapp.

HDFC Savings Account interest rate

HDFC Savings Bank Account interest is calculated on the daily balance maintained in your account. The interest is paid at quarterly intervals. The interest rate for Savings Bank deposits Accounts w.e.f 11th June 2020 is 3.50% for balance of Rs. 50 Lakhs & above and 3% for balance below Rs. 50 Lakhs.

7. IndusInd Bank Savings Account

IndusInd Saving Accounts are customised according to the customers’ profile. There are options for minors, adults and senior citizens. Further you can choose among Pioneer, Indus Maxima, and Indus Select options.

Some of the salient features of are:

  • IndusInd Bank is the second best bank in India for savings account in terms of interest rate, which is up to 5% p.a.
  • 4% per annum on account balance up to Rs. 1 Lakhs.
  • 5% per annum on account balance between Rs. 1 Lakh and Rs. 10 Lakhs.
  • 5.50% per annum on account balance above Rs. 10 Lakhs (only on incremental balance).
  • Interest is paid quarterly on 30th June, 30th September, 31st December and 31st March every year.
  • Free online fund transfers through NEFT and RTGS.
  • Complimentary Debit Card.
  • Bank account number of your choice.
  • Password free, finger protect banking from mobile app.
FeaturesDetails
Interest Rates4% - 5% per annum
Monthly Average BalanceNil
Debit CardFree Debit Card available
Chequebook Facility2 cheque book per quarter (30 leaves) free
EligibilityResident Indians aged above 18 years
Other Features
  • Special cashbacks, offers & discounts
  • Accelerated rewards
  • Zero balance requirement
  • Complementary insurance

8. RBL Digital Savings Account

RBL Digital Savings Account can be opened using Aadhaar number and PAN number online. The account offers an attractive rate of interest and benefits.

The highlights are:

  • Minimum Account Balance limit is Rs. 5,000.
  • No charges on non maintenance of minimum account balance if you maintain an RD of at least Rs. 2,000 with the bank.
  • Instant and paperless account opening facility.
  • Mobile and internet banking.
  • Access to virtual debit card.
  • RBL Bank saving accounts earn you an attractive rate of interest of 4.25% to 6%.
FeaturesDetails
Interest Rates4.25% - 6% per annum
Monthly Average BalanceRs. 5,000
Debit CardVirtual Debit is offered for online shopping, recharges, payment at merchant outlets, bills payment.
Chequebook Facility2 cheque books per annum (40 Leaves) for free
EligibilityResident Indians aged 18 years or above
Other Features
  • No charges on non-maintaining the balance
  • Instant and paperless process
  • High rate of interest
  • complimentary accident and air insurance along with your debit card.

RBL Bank Savings Account interest rate

RBL Bank is the best bank to open account in India as it gets you an attractive rate of interest as mentioned below:

  • 6% on account balance between Rs. 3 Crores to Rs. 5 Crores.
  • 6.25% on account balance between Rs. 10 Lakhs to Rs. 3 Crores.
  • 5.75% on balance between Rs. 1 Lakh to Rs. 10 Lakhs.
  • 4.25% on balance up to Rs. 1 Lakh.

9. IDFC First Bank Savings Account

With IDFC FIRST Bank Savings Account you can earn up to 5% interest per annum. You have three options: Savings Account with Signature Debit Card (MAB: Rs. 25,000), Savings Account with Classic Debit Card (MAB: Rs. 10,000) and Pratham Savings Account (Zero Balance Account).

Some of the common benefits with IDFC bank accounts are:

  • Unlimited free transfer of funds
  • Industry best interest rate of up to 7% per annum
  • Internet banking and mobile banking facilities
  • Free debit card
  • Account can be opened digitally
FeaturesDetails
Interest Rates3% - 5% per annum
Monthly Average BalanceRs. 10,000
Debit CardVISA Signature Debit Card with Rs. 25,000 average monthly balance
Chequebook FacilityCheque book issued at Rs. 3 per cheque leaf
EligibilityIndian residents aged above 18 years
Other Features
  • Monthly interest credit on savings
  • Paperless digital account opening with Video KYC.
  • Rs. 6 lakhs Purchase limit & Rs. 2 lakhs daily ATM withdrawal limit.
  • Free unlimited ATM withdrawals

IDFC FIRST Bank Savings Account interest rate

IDFC FIRST Bank Savings Account offers interest rates of up to 5% p.a. Below is the segregation:

  • Balance up to Rs. 1 Lakh: 4% p.a.
  • Balance above Rs. 1 Lakh up to Rs. 10 Lakhs: 4.50% p.a.
  • Balance above Rs. 10 Lakhs up to Rs. 2 Crores: 5% p.a.
  • Balance above Rs. 2 Crores up to Rs. 10 Crores: 4% p.a.
  • Balance above Rs. 10 Crores up to Rs. 100 Crores: 3.50% p.a.
  • Balance above Rs. 100 Crores: 3% p.a.

3. Kotak 811 Savings Account

Bandhan Bank has an array of options to park your funds and earn a stable return of 6% p.a. The different saving bank options are: Premium, Standard, Special, Advantage, Sanchay besides zero balance saving account options. The MAB requirement varies for each option viz. Rs. 1 Lakh, Rs. 5,000 and Zero Balance.

Benefits of opening Bandhan Account:

  • Internet, mobile & SMS banking
  • Complimentary debit card
  • Chequebook, pass book facility
  • Attractive rate of interest on increasing balance.
  • 24X7 customer support
FeaturesDetails
Interest Rates3% - 6% per annum
Monthly Average BalanceRs. 5,000
Debit CardDebit-cum-ATM Card is issued
Chequebook FacilityMulti-city ‘at par’ cheques 20 leaves per month free  
EligibilityAn individual & HUF Indian resident maintaining a Monthly Average Balance of Rs. 5,000.
Other Features
  • 24x7 customer service
  • Unlimited cash transactions at branch

Bandhan Bank Savings Account interest rate

You earn 3% p.a on a balance amount of up to Rs. 1 Lakh, 4% on daily balance above Rs. 1 Lakh to Rs. 10 Lakhs, and 6% on balance above Rs. 10 Lakhs to Rs. 10 Crores. For rates on amount of above Rs. 10 Crores, contact the branch official.

Post Office Savings Account

You can open a Post Office Savings Account with a minimum opening balance of Rs. 500. The interest rate offered on the account is 4% per annum on individual as well as joint accounts. Under Section 80TTA of the Income Tax Act, interest up to Rs. 10,000 earned in a Financial Year from all Savings Bank Accounts is exempted from taxable income. There is no maximum deposit limit set for the account.

Post Office Savings Account interest rate

The interest rate offered on the Post Office Savings Account is 4% per annum on individual as well as joint accounts. Interest is calculated on the basis of minimum balance between 10th and end of the month and is allowed in whole rupees only. At the time of closing the account, interest will be paid only up to the preceding month in which the account is closed.

Citibank Savings Account

Citibank offers one of the best savings bank account india

  • Citibank Debit Card which offers reward points and air miles.
  • The Savings Account offers interest of 2.5% p.a., which is calculated on daily basis and paid quarterly.
  • Free banking services.
  • Secure online access to the easy-to-use Citibank Online banking platform.
  • Emergency Cash Advance of up to US $1000, in case of lost/stolen Debit Card in a foreign country.
  • With the Citi Mobile app, get total control over your account, on the go.
  • Instant fund transfer & receipt through SMS or Mobile Banking.
FeaturesDetails
Interest Rates2.5% per annum
Monthly Average BalanceRs. 2,00,000 average monthly relationship value is required.
Debit CardComplementary Citibank Debit Card is issued
Chequebook FacilityAvailable on request
EligibilityResident Indian aged above 18 years
Other Features
  • Free ATM cash withdrawal around the world
  • Cashless online & in-store payments around the world.
  • Attractive reward points on every transaction

Savings Account Options FAQs

Which is the Best Bank in India to Open Account?

In terms of interest rate,RBL is the best bank in India to open account as it offers 4.25% to 6% interest rates on savings account.

Which Bank is Safest in India?

HDFC, ICICI, SBI, and IndusInd Bank are some of the best saving account 2021 in India in terms of safety.

Which is the No 1 Bank in India?

HDFC Bank has been ranked as India's No. 1 Bank in forbes' world's Best bank report. The bank has 88,253 employees and a presence in Bahrain, Dubai, and Hong Kong. It is also India's largest private sector lender by assets.

Which Bank has the Highest Interest Rate?

If you are wondering which is the best bank in India to open account and which gives the highest interest rate, choose RBL Bank. It offers 4.25% to 6% interest rates on savings account.

Best Savings Bank Account India

RBL Bank Digital Savings Account, IndusInd Bank Savings Account, and Post Office Savings Account are some of the best savings account in India as they offer lucrative interest rates to the customers.

Which Bank is Best in India to open Account?

Kotak Mahindra Bank 811 Savings Account, RBL Bank Digital Savings Account, Bandhan Bank Savings Account, and IndusInd Bank Savings Account are some of the best Savings Accounts offered by Kotak Mahindra, RBL, Bandhan Bank and IndusInd Bank in India.

Best Savings Account for Kids

SBI Savings Account for Minors, HDFC Bank Kids Advantage Account, ICICI Bank Young Stars Account, Savings Account for Minors, Bank of Baroda Kids Bank Account, Axis Bank Future Stars Savings Account, PNB Junior Savings Fund Account, and Kotak Mahindra My Junior Account are the best savings accounts for kids in India.

Best Private Bank to Open Account

The best private bank to open account in India is RBL Bank as it offers the highest rate of interest.

How to open a post office savings account online?

  • Visit the official website of the India Post and go to the 'Savings Account' section.
  • Click on the 'Apply Now' button and enter the required details.
  • Click on the 'Submit' button and verify the entered details with your KYC documents.
  • Submit all the required KYC documents.
  • On verification by the post office, you will receive a welcome kit containing a cheque book, ATM Card, Aadhar Seeding, ebanking or mobile banking credentials, and so on.

Also Read: Guide to Open Zero Balance Savings Account

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