Savings account is simply an interest-bearing deposit account that is held at a bank or maybe a financial institution. Savings account is also considered as one of the most reliable and safest options for parking the cash you want available for short-term needs. Moreover, it is one of the most popular banking products among customers all over India. There are a plethora of banks where you can open your savings account in India and it also makes it difficult for you to select the best bank for you.
5 Best Bank for Savings Account in India
So, here we have provided a list of the Best Bank for Savings Account in India to make your work easier.
Kotak Mahindra Bank offers various features in their Savings Account. The major Savings Accounts are Saving Edge, Saving Pro and Saving Ace where you need to maintain an Average Monthly Balance of INR10,000/-, INR20,000/- and INR50,000/- respectively and the average interest offered by the bank is 4.5%.
- You can easily access every minute detail of your account via net banking at no additional cost.
- Kotak Mahindra Bank ATMs provides you easy access to your valuable money in any part of the country.
- You can set up your bank account for automatic utility bill payments.
- The bank also provides Scan and Pay facility for in-store purchases.
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#2. HDFC Bank.
HDFC Bank is probably the Best Bank in India that offers a multitude of Savings Account solutions for their customers according to their needs and requirements. The bank offers a variety of Savings Accounts based on your gender, occupation, income group and so on. Furthermore, you need to maintain an Average Monthly Balance of INR5,000/- for Urban Branches and INR2,500/- for Rural Branches. The average interest offered by the bank is 3.5%-4.0%.
- Ease of banking with facilities like PhoneBanking services, NetBanking and MobileBanking.
- Money Maximizer Facility
- Free insurance benefits like Accidental Hospitalization cover and Accidental Death Insurance cover.
- Impeccable customer service acquainted.
#3. Axis Bank.
Axis Bank allows its customers to choose from a wide range of Savings Accounts along with several features and benefits. The Savings Accounts are intended to meet all the banking needs of people from each segment of the society.
Moreover, Axis Bank also offers discounts and cashback offers every time you shop or eat out at a restaurant. Hence, it is probably one of the Best Banks for Savings Account in India. Additionally, you need to maintain an Average Monthly Balance of INR5,000/- for Urban Branches and INR2,500/- for Rural Branches. The average interest offered by the bank is 3.25%-3.75%.
- More than 60 features are available on the mobile app.
- Simple and user friendly banking experience.
#4. ICICI Bank.
ICICI Bank offers their customers a variety of accounts to choose from according to their lifestyle. You can experience the convenience of anytime, anywhere banking with ICICI Bank’s wide range of Savings Account. You can easily perform your day to day banking activities such as bill payments, creation of Fixed Deposits (FD) and balance enquiry through multiple channels like Internet Banking, Mobile Banking or Customer Care.
The bank offers more than 15 types of Savings Accounts which makes it easier for the customers to choose an ideal account according to their needs. And that’s the reason why this amongst the Best Banks for Savings Account in India.
You need to maintain an Average Monthly Balance of INR5,000/- for Urban Branches and INR2,500/- for Rural Branches. The average interest offered by the bank is 3.25%-3.75%. You Can Also Read About the Best SIP for the Year 2021.
- The 3-In-One account links your Banking, Trading and Demat accounts with their consistent, secure and consolidated 3-in-one trading platform.
- Money multiplier allows you to earn a higher interest by setting a balance limit above which money in the account will automatically get converted into Fixed Deposit on request.
- User-friendly and Convenient
- iMobile app offers more than 25+ banking and informational services.
State Bank of India (SBI) is the largest and oldest bank of the country and it’s also considered as one of the Best Banks in India. Furthermore, SBI offers a variety of Savings Account Options to choose from. The Insta SBI Savings account is the most popular type of Savings Account. It is an instant Savings Account, which brings the entire digital banking ecosystem to your mobile.
You can open a Savings Account in just few minutes through the SBI Yono mobile application or through Yono SBI portal.
You need to maintain an Average Monthly Balance of INR2,000/- for Urban Branches and INR1,000/- for Rural Branches. Moreover, the average interest offered by the bank is 3.0%-3.25%.
- The Average Monthly Balance (AMB) is low as compared to other banks in the country.
- Yono Lite SBI Mobile Banking app offers over 30 banking and informational services.
So, here was a detailed list of the Best Bank for Savings Account in India. The above list is not a comprehensive one, but accentuates some of the key features that depositors keep in mind at the time of opening an account. You can open multiple accounts with various banks according to your needs. In the end, choose the right bank with excellent Customer Experience and Convenience along with the trust that the bank will care for your valuable money.
Savings Bank Account Frequently Asked Questions (FAQ’s)
What is a Savings Bank Account?
A Savings Bank Account is basically a deposit account which can be opened at any retail bank across the country. You can deposit your money in your Savings Account and can use that money whenever required while also earning interest on the balance maintained.
What are the 3 Types of Savings Accounts?
The 3 Types of Savings Accounts are:
- Basic Savings Account: Basic Savings Account is also known as Passbook Savings Account. This type of Account is a good introduction to earning interest and saving money. All the transactions made through a Basic Savings Account are updated either in a passbook when a customer visits their bank or on a statement which issued periodically.
- Online Savings Accounts: Online Savings Account is based on the idea of Online Banking. Online Savings Accounts also offer access to view, deposit and transfer funds online anytime and anywhere, and withdraw money from ATM. You can access your account from any mobile device.
- Money Market Savings Accounts: Money Market Savings Accounts are the specialized accounts offered by several Banks and Credit Unions.Moreover, these accounts are different from money market mutual funds offered by various investment companies, which are generally not insured. These accounts may offer layered level of interests along with fee waivers for maintaining a certain balance each month.
How do Savings Accounts Work?
The working of a Savings Account is simple. You just have to open your account and deposit some amount. The bank will periodically pay you the interest on your savings as they use your money to make loans to other people. They take money from one person and pay them interest and provides loan to other people and them interest.
How to open a Savings Account?
You can open a Savings Account by following a few simple steps:
- Choose how to apply
- Gather your identification
- Provide contact details
- Select a single or joint account
- Accept the terms and conditions
- Choose your deposit amount
- Submit your application.