10 Best Savings Account Options for Indian Citizens
Looking forward to opening a Savings Account? 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.
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.
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 no existing account with the SBI before.
2. Axis Bank ASAP Account
Axis Bank ASAP Account can be instantly opened using your Aadhaar & PAN details. Its features can be listed as:
- You get choice of 4000 Axis Bank branches in India.
- Minimum Balance Requirement of Rs 10000
- 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
3. Kotak Mahindra Bank 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 10000 minimum account balance (MAB) for Platinum Chip Debit card, Free online fund transfers, virtual debit card & more benefits.The features are:
- Interest rate of up to 6.4% per annum on account balance between Rs. 1 Lakh and Rs. 1 Crore.
- Interest rate of 5% per annum on account balance up to Rs. 1 Lakh.
- Interest rate of 5.5% per annum on account balance above Rs. 1 crore.
- 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
4. Digibank by DBS
Digibank by DBS is an instant savings account that can be opened online. At a minimum balance of Rs 5000 the account offers you attractive benefits, such as:
- Up to 5% 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
5. ICICI Bank Regular Savings Account
ICICI Bank is another leading bank and offers best of customer services in the industry. With ICICI Bank Savings Account you enjoy seamless mobile banking facility via i Mobile app. They have recently launched 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 at network of 4,800+ branches and 14,300+ ATMs across India.
- Internet & Mobile Banking facility
- Free email statements
- Minimum Account Balance requirement: Rs 10000 in metro & urban locations; Rs 5000 in semi-urban locations and Rs 2000 in rural locations and Rs 1000 in gramin locations.
6. HDFC Bank 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 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.
7. IndusInd Bank Savings Account
Indus Ind Saving Accounts are customised according to the customers’ profile. There are options for minors, adults and senior citizen. Further you can choose among Pioneer, Indus Maxima, and Indus Select options.
Some of the salient features of are:
- Interest rates up to 6 % p.a.
- 4% per annum on account balance up to Rs. 1 Lakh.
- 5% per annum on account balance between Rs. 1 Lakh and Rs. 10 Lakh.
- 6% per annum on account balance above Rs. 10 Lakh (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
8. RBL Bank Digital Savings Account
RBL Bank Digital Savings Account can be opened using Aadhaar number and PAN number online. The account offers attractive rate of interest and benefits.
The highlights are:
- Minimum Account Balance limit is Rs 5000
- No charges on non maintenance of minimum account balance if you maintain an RD of at least Rs 2000 with the bank
- Instant and paperless account opening facility
- Mobile and internet banking’
- Access to virtual debit card
- RBL Bank saving accounts earn you attractive rate of interest.
- 6.75% on account balance between Rs. 3 crore to Rs. 5 crore
- 6.75% on account balance between Rs. 10 Lakh to Rs. 3 crore
- 6% on balance between Rs. 1 lakh to Rs. 10 Lakh
- 4.75% on balance up to Rs. 1 lakh
9. IDFC First Saving Bank Account
With IDFC FIRST Saving Bank Account you can earn up to 7% interest per annum. You have three options: Savings Account with Signature Debit Card (MAB: Rs 25000), Savings Account with Classic Debit Card (MAB: Rs 10000) 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
10. Bandhan Bank 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 5000 and Zero Balance.
You earn 3% p.a on a balance amount of up to Rs 1 lakh, 6% on daily balance above Rs 1 lakh to Rs 10 crore, 6.55% on balance above Rs 10 crore to Rs 50 crore and 7.15% on balance above Rs 50 crore.
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
Also Read: Guide to Open Zero Balance Savings Account
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