Best Online Savings Account Choices in 2021

19 Jan 2021 // 29 min read // Saving Account
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An online Savings Account refers to a bank account which is wholly managed through the Internet, without having to visit the branch for any purpose. It indeed is the need of the busy modern world.

Let’s take a quick overview on the best Savings Accounts Choices for 2021 here in this article.

SBI Digital Savings Account and SBI Insta Savings Account-

SBI Digital Savings Account and SBI Insta Savings Account are two of the great choices for opening an online account via your smartphone. You can access these accounts using SBI’s YONO app.

The striking features can be listed as:

  • Both these accounts can only be opened by resident Indians who have attained 18 years of age.

  • The Account can operate under a single mode of holding only.It cannot be held jointly or for mandate facility.

  • Nomination facility is however available.

  • The process is paperless for both the Account. The difference is one: SBI Insta Savings Account does not require any visit to the bank at all, whereas SBI Digital Savings Account may require an initial visit to the branch.

  • Minimum balance requirements for these accounts are the same as other SBI Savings Bank Accounts, subject to a maximum balance of Rs. 1 lakh. The minimum balance requirement was waived off till 31 March 2019.

  • A personalised Platinum Card is issued free of cost on opening Digital Savings account whereas a basic RupayCard is provided with InstaSavings Account.

  • Cheque book is offered to Insta Digital Account customers only.

  • Passbook facility is not available for both these accounts.

  • There is a capping of Rs. 49,999 for transactions through InstaSavings Account.

  • You also get an option to convert SBI Digital Savings Account to normal Savings Account.

Axis Bank ASAP Online Savings Account-

Axis Bank has customised this Savings Account for online users:

  • The ASAP account can be opened instantly without visiting the branch.

  • The Account can be started without any documentation, simply with the help of Aadhaar number.

  • You get free Internet and mobile banking options.

  • It is a zero balance account.

  • A virtual debit card is issued for shopping.

  • Visa Online Rewards Debit Card may or may not be issued.

  • Users can make use of these cards for availing fixed discounts on Amazon or Flipkart.

  • Cashback facilities on BookMyShow bookings and Freechargeuse.

HDFC SavingsMax Account-

This is a premium Savings Account by HDFC Bank, and it comes with a lot of benefits:

  • The Account can be accessed anywhere through internet banking or mobile banking.

  • Residents may open it under the single or joint mode of holding.

  • The average monthly balance should be equal to or greater than Rs. 25,000.

  • Lifetime free Platinum Debit Card is offered on opening this Account. The Account offers high spending and cash withdrawal limits.

  • You can access free transactions in ATMs across India.

  • You also get Free Cheque Book, Pass Book, E-Mail Statements, Bill Pay, and Insta Alert facilities.

  • Insurance benefits aggregate to approximately Rs 1.29 Crore.

  • A host of loan facilities are also attached to this Account.

  • You also get waiver and discount on Demat maintenance charges and Locker holding charges respectively.

Indus PrivilegeActive by IndusInd Bank-

An online account facility offered by IndusInd Bank comes with a lot of benefits for operational ease:

  • The Account can be applied online, and the bank contacts you for further Account opening formalities.

  • You get facility to choose Account number according to your own choice.

  • The account can be opened by any resident with initial funding of an amount of Rs. 20,000.

  • Zero Balance facility subject to a monthly transaction of Rs. 2,500 on the net banking or mobile banking or bill payment or payment of Loan EMI or a monthly investment of Rs. 2500 through SIP or recurring deposit.

  • Offers Platinum plus Debit Card offering superior features and rewards.

  • Free monthly statements, cheque book facility, demand drafts, and NEFT and RTGS facilities.

Kotak 811 Edge Digital Account:

A special Bank Account offered by Kotak Bank which can be handled with ease on the digital platform.

  • Paperless account opening facility.

  • Instant Account opening on the basis of AadhaarCard only.

  • Average monthly balance of Rs. 10,000 needs to be maintained.

  • Enjoy free online transfer facilities like NEFT, RTGS, and IMPS.

  • High-interest rate to the tune of 6% for average balance from Rs. 1 lakh to Rs. 1 Crore. Applicable interest rates of 4.5% and 5.5% on balances of less than Rs. 1 lakh and greater than Rs. 1 Crore respectively.

  • Platinum Debit card against a minimum payment of Rs. 150 only.

  • Usage of app features using Kaymall. Facilities for booking tickets, movie shows and shopping without downloading specific apps.

DigiBank by DBS:

DigiBank is a bank designed for today’s digital world to squeeze and fit a bank on the mobile phone.

  • The process of account opening is simple, seamless, and paperless.

  • The account opening requires OTP authentication on Aadhaar Card linked mobile number. The Account is activated immediately once the OTP is verified.

  • The facility of zero balance account.

  • 7% interest which is almost the highest amongst Savings Accounts.

  • Cashback up to 10% is available on shopping from pre-specified online merchants.

  • Visa Tap to pay Debit Cards to make cashless, contactless, and PIN-less payments for transactions up to Rs. 2000 at Tap to pay enabled terminals.

  • Digibot to provide 24/7 virtual assistance. Instant answer to more than 10,000 banking related queries.

Federal Bank FedBook Selfie:

This is a special account designed by Federal Bank, especially for today’s tech-savvy generation.

  • This Account can be accessed through the Internet and mobile banking on both Android and IoS smartphones.

  • It is a zero balance account, and the maximum balance that can be held is restricted to Rs. 1 lakh.

  • The account can be opened by clicking a selfie and is active for 1 year from the date of opening.

  • Interest is offered at a rate of 3.5% on balance held.

  • Branch transactions are not allowed; cash withdrawals can be effected through ATMs.

  • Visa EMV International Gold Debit Card is issued free of cost on opening the Account.

  • Annually a Cheque Book containing 10 leaves is issued for free.

  • Free subscription for E-mail alerts and E-statements.

  • RTGS and NEFT facilities available.

  • Annual fees of Rs. 300 plus taxes is deducted.

  • Chargeable message alerts.

Also Read: 10 Best Savings Account Options for Indian Citizens

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