Looking for the Best Bank Account In India?
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As far as finances or banking goes, the term Savings Account would be the most familiar among people. A savings account is probably the most used banking service in India.
The majority of our population holds one or sometimes two savings accounts. For individuals, the fundamental purpose of a savings account is to deposit their earnings or savings safely in the banks.
Consumers prefer savings bank accounts since they are liquid investments that they can withdraw whenever needed without any restrictions.
There is an interest rate associated with a savings account that almost every bank offers; usually, these interest rates are not that high.
A savings bank account ensures that your hard-earned money is safely deposited, making it a very viable and reliable option. There are many options to open a savings bank account in India, and it becomes a difficult task to choose the best available option.
Many factors allow consumers to determine whether opening a savings account in a bank is a good option or not. Such factors include interest rates, minimum balance requirement, internet banking, customer service, and other facilities.
Top 10 Best Bank Account In India With Buying Guide (Updated 2022)
In this post, we will go through some of the major banks of India, their savings accounts, and key-features. By the end of this article, you will know which bank to choose for your savings bank account.
1. Kotak Bank- Best for fastest online account opening
Kotak Mahindra Bank has become one of India's most renowned and fastest-growing financial institutions.
Kotak bank offers many banking and financial services such as transactional banking, lending verticals, IPOs, and capital loans.
Consumers can choose from a variety of financial products and services provided by Kotak Mahindra Bank and its subsidiaries.
Commercial banking, investment banking, stockbroking, life insurance, general insurance, advisory and consulting, and asset management are some of the operations of Kotak Bank.
It also offers some additional services via its subsidiaries, such as Mutual Funds, Life Insurance policies.
Kotak Bank is famous for its excellent customer service and convenience banking, whether it is fast and easy bank account opening, mobile banking, SMS alerts, home banking, etc.
Features
- Kotak Bank offers Kotak 811 savings bank account; it is a zero-balance account and can be opened without depositing any money. However, consumers have to pay an annual charge if they wish to get a debit card.
- There are three main types of savings accounts Kotak Mahindra Bank offers: -
Savings Account Type | Minimum Balance | Interest Rate | Debit Card | Home Banking |
Kotak 811 Account | Zero Balance Account | 3.50% | Classic Debit Card at Rs.199 p.a. | Not available |
Kotak 811 Edge | Rs. 10,000 | 3.50% | Platinum Debit Card at Rs.150 p.a. | Rs.150 per visit |
Kotak Pro Savings | Rs. 20,000 | 6.00% | Platinum International Debit Card | 5 free calls per month |
2. SBI Banking- Best government bank
One of the best banks to open savings account, the State Bank of India (SBI) is India's largest and most popular bank. SBI offers a variety of banking and financial services to its consumers.
State Bank of India has over 22,000 branches and over 62,500 ATMs and withdrawal kiosks. You are likely to find an SBI branch anywhere you go in India.
It has around 45 crores customers, making it the most preferred bank in India. SBI savings bank account is its most popular service; people can safely deposit their money at SBI.
State Bank of India offers several services through different subsidiaries including, Mutual Funds, SBI General Insurance, SBI Life Insurance, De-mat, and SBI Card.
Banking at SBI is convenient and hassle-free for its consumers since it provides all necessary services such as net banking, mobile banking, free fund transfers, utility bill payment, fixed deposits, and e-tax filing.
Features
- Most of the savings bank accounts offered by the State Bank of India require no minimum balance. Some of the options are a savings bank account, a basic savings bank deposit account, etc.
- SBI offers many types of savings account with different features and purposes: -
SBI Savings Account | Interest Rate Given p.a. | Minimum Balance |
Savings Bank Account | 2.70% | Not required |
Basic Savings Bank Deposit Account | 2.70% | Not required |
Basic Savings Bank Deposit Small Account | 2.70% | Not required |
Savings Account for Minors | 2.70% | Not required |
Savings Plus Account | 2.70% | Not required |
Resident Foreign Currency Domestic Account | 2.70% | $500 or €500 |
3. ICICI Bank- Known for great online services
ICICI Bank, throughout the years, has become one of India's most recognized and prestigious private sector banks.
It has been providing excellent world-class banking services to its consumers since its inception in 1994.
ICICI Bank provides a wide range of banking services and products to their consumers successfully.
The ICICI savings account will allow you to do banking conveniently anytime and anywhere. It is known for its great online services.
It provides services such as bill payment, internet banking, mobile banking, fixed deposit, as well as great customer service.
Features
- The only minimum balance savings account offered by ICICI is the Basic Savings Bank Account. Consumers can easily open this basic account without any prior deposits.
- Following are the different types of savings accounts offered by ICICI Bank: -
Savings Account | Interest Rate | Avg. Monthly Balance |
Basic Savings Bank Account | 3.00%-3.50% | NIL |
Insta Save Account | 3.00%-3.50% | Rs. 10,000 |
Advantage Woman Aura Savings Account | 3.00%-3.50% | Rs. 10,000 to Rs. 200,000 |
Advantage Woman Savings Account | 3.00%-3.50% | Rs. 10,000 |
Seniors Club Savings Account | 3.00%-3.50% | Rs. 4,500 to Rs. 125,000 |
Young Stars Savings Account | 3.00%-3.50% | Rs. 2,500 |
Silver Savings Account | 3.00%-3.50% | Rs. 25,000 |
4. HDFC Bank- Best for great customer products
Through about 5,000 offices and more than 13,000 ATMs across India, HDFC Bank serves customers all over the world and offers a variety of wholesale, retail, and depository financial services.
HDFC Bank was founded in 1994 by the financial entity Housing Development Finance Corporation; it provides deposit accounts, loans, credit cards, insurance, investments, and other services.
HDFC Bank offers end-to-end savings account services to its consumers for their daily banking needs.
A savings bank account in HDFC will allow you to make the most out of it through various benefits and smart solutions.
Some of the benefits are net banking, mobile banking, cross-product benefits, debit cards, etc. A savings bank account in HDFC will allow you to make the most out of it through various benefits and smart solutions.
Some of the benefits are net banking, mobile banking, cross-product benefits, debit cards, etc.
Features
- HDFC Bank provides various options for minimum balance accounts with the same interest rate as others. Such options are Basic Savings Bank Deposit Account, Institutional Savings Account, and BSBDA Small Account.
- Here are all the types of savings bank accounts offered by HDFC: -
Savings Account | Interest Rate | Minimum Balance Req. |
Basic Savings Bank Deposit Account | 3.00% – 3.50% | NIL |
Institutional Savings Account | 3.00% – 3.50% | NIL |
BSBDA Small Account | 3.00% – 3.50% | NIL |
Regular Savings Account | 3.00% – 3.50% | Rs. 2,500 – Rs. 10,000 |
Savings Max Account | 3.00% – 3.50% | Rs. 25,000 |
Women’s Savings Account | 3.00% – 3.50% | Rs. 5,000 – Rs. 10,000 |
Kids Advantage Account | 3.00% – 3.50% | Rs. 5,000 |
Senior Citizens Account | 3.00% – 3.50% | Rs. 5,000 |
Family Savings Group Account | 3.00% – 3.50% | Rs. 40,000 |
5. Axis Bank Savings Account- Great for customer service
With a current valuation of $32 billion, Axis Bank is India's third-largest private sector bank.
It is one of India's leading banks, with over 4000 branch offices and almost 17000 ATMs serving consumers, corporate bodies, SMEs, and commercial enterprises with a variety of services such as housing loans, insurance, fixed deposit investments, and much more.
Axis Bank offers a variety of savings accounts to its consumers; it allows them to deposit cash, keep their savings safe, and withdraw them while collecting interest without any inconvenience.
Its savings accounts are tailored to the demands of specific consumer groups and meet their expectations.
Features
- Axis Bank offers many options to open a minimum balance account. Basic savings account, Axis ASAP instant savings account, and pension savings account are some of its zero-balance savings accounts.
- Here are all the types of savings bank accounts Axis bank offers to its consumers: -
Savings Account Type | Interest Rate | Minimum Balance |
Basic Savings Account | 3.50% - 4.00% | NIL |
Small Basic Savings Account | 3.50% - 4.00% | NIL |
Axis ASAP Instant Saving Account | 7.10% - 7.10% | NIL |
Youth Account | 3.50% - 4.00% | NIL |
Pension Savings Account | 3.50% - 4.00% | NIL |
Easy Access Savings Account | 3.50% - 4.00% | Rs. 10,000 |
Prime Plus Savings Account | 3.50% - 4.00% | Rs. 1,00,000 |
Prime Savings Account | 3.50% - 4.00% | Rs. 25,000 |
Women's Savings Account | 3.50% - 4.00% | Rs. 10,000 |
Senior Privilege Savings Account | 3.50% - 4.00% | Rs. 10,000 in metros and urban cities, Rs. 5,000 in semi-urban cities, Rs. 2,500 in rural cities |
Future Stars Savings Account | 3.50% - 4.00% | Rs. 2,500 in metro cities |
Trust/NGO Savings Account | 3.50% - 4.00% | Rs. 25,000 |
Insurance Agent Account | 3.50% - 4.00% | Rs. 5,000 in metro cities |
6. Canara Bank- Best government service bank
Canara Bank was founded in 1906; it is headquartered in Bengaluru and is one of India's most renowned public sector banks.
It is known for its best government services and facilities. Customers can access a variety of banking services through a nationwide network of branches.
The bank operates a large network of branches and ATMs throughout the country and internationally.
It also has a proven track record of making large profits over time, placing it in the top tier of the industry.
Canara Bank also provides various services such as mobile and internet banking, free debit card, and personalised savings account based on user profiles.
Features
- Most of the savings accounts that Canara Bank offers are zero-balance accounts. You can easily open a savings account without any minimum balance.
- Types of savings account offered by Canara Bank: -
Savings Account Type | Interest Rate | Minimum Balance |
Canara Basic Savings Bank Deposit Account | 3.20% | NIL |
Savings Bank Account | 2.90% - 3.20% | Rs. 1,000 for metro, urban, and semi-urban; Rs. 500 for rural |
Canara NSIGSE Savings Bank Deposit Account | 3.20% | NIL |
Canara Jeevandhara | 3.20% | NIL |
Canara Junior Saving Account | 3.20% | NIL |
Canara Small Savings Bank Deposit Account | 3.20% | N/A |
Canara SB Power Plus | 3.20% | Rs. 1,00,000 QAB |
Canara Payroll Package Saving Bank Account | 3.20% | Rs. 1,000 |
7. RBL Savings Account – Best for highest interest rate
RBL Bank has seen tremendous growth and presence in the country, and it has become one of the best private sector banks in India.
RBL Bank is most known for its high-interest rates.
It offers varieties of specialised banking and financial services such as corporate and institutional banking, commercial banking, retail assets, treasury, and much more.
RBL Bank savings bank accounts include basic benefits like a debit card for cashless transactions, a chequebook, internet banking, and mobile banking.
Add-on features may also be available to meet the client requirements.
Features
RBL Bank offers very few options to open a zero-balance account. Some options are the basic savings account, executive salary account and zero balance kid's account under a woman's first savings account.
- Types of savings accounts offered by RBL Bank: -
Savings Account Type | Interest Rate | Minimum Balance |
Basic Savings Account | 6.00% | NIL |
Executive Salary Account | 6.00% | NIL |
Advantage Savings Account | 6.00% | N/A |
Prime Edge Savings Account | 6.00% | N/A |
Prime Savings Account | 6.00% | N/A |
RBL Seniors First Savings Account | 6.00% | N/A |
RBL Woman’s First Savings Account | 6.00% | N/A |
Digital Savings Account | 6.00% | N/A |
RBL Rise Savings Account | 6.00% | N/A |
8. Bank of Baroda Savings Account – Best government bank
Bank of Baroda has become the third-largest public sector bank of India. It is known as the best government bank, providing quick and convenient banking and financial services.
Bank of Baroda offers a flexible and user-friendly banking solution that meets the demands of its customers.
Customers may access their services from anywhere in the world with to their global footprint, which includes over 9500 branches and 13,400 ATMs.
Bank of Baroda offers a variety of Savings Accounts to meet the needs of all types of customers. These accounts are created with the needs of local residents in mind.
Features
- The option of the zero-balance savings account is available for those who are salaried employees in Central or State Govt, Public/Private Companies, Insurance Agents, and Students.
- Types of savings accounts offered by Bank of Baroda: -
Savings Account Type | Interest Rate | Minimum Balance |
Baroda Basic Savings Account | 2.75% - 3.20% | NIL |
Baroda Salary Advantage Saving Account | 2.75% - 3.20% | NIL |
BOB Savings Account | 2.75% - 3.20% | Rs. 1,000 for urban and Rs. 500 for rural |
Baroda Pensioners Savings Bank Account | 2.75% - 3.20% | N/A |
Baroda Bachat Mitra | 2.75% - 3.20% | NIL |
Super Savings Account | 2.75% - 3.20% | Rs. 20,000 |
Baroda Centenary Savings Account | 2.75% - 3.20% | N/A |
Baroda Jeevan Suraksha Savings Bank Account | 2.75% - 3.20% | Rs. 1000 |
9. Paytm Payments Bank – The best digital bank
Paytm Payments Bank is a subsidiary of the Paytm group. Paytm Payments Bank was founded in the year 2015.
The Reserve Bank of India issued the licence to Paytm to run the Payments Bank. The bank started its official business later in 2017.
Paytm Payments Bank is considered one of the best digital banks in India. It offers banking services such as savings accounts, debit cards, UPI payments, and fast and easy transactions.
Features
The savings bank account offered by Paytm Payments Bank is a zero-balance account. Anyone can open an account without any minimum balance requirement.
Currently, Paytm Payments Bank offers only one type of savings account: -
Savings Account Type | Interest Rate | Minimum Balance |
Basic Savings Account | 2.50% | NIL |
10. IndusInd Bank Savings Account– Best for a 3-in-1 account with a discount broker
IndusInd Bank, which is among India's largest private sector banks, offers a wide range of savings bank accounts with a number of privileges and benefits that add to the exclusivity of the various saving bank products.
One can go to the nearest branch for personalised assistance and access to other banking services, as the country has over 600 branches and 1200 ATMs.
IndusInd Bank offers a variety of savings bank accounts that are tailored to the needs of the consumers and their specific needs.
All the services and products are available via mobile banking and net banking as well.
Features
IndusInd offers many savings accounts without any minimum balance requirements. One can easily open a zero-balance account with IndusInd, such as Indus Easy Savings Account, Indus Small Account, etc.
Types of savings bank accounts offered by IndusInd Bank: -
Savings Account Type | Interest Rate | Minimum Balance |
Indus Easy Savings Account | 4.00%-6.00% | NIL |
Indus Exclusive Savings Account | 4.00%-6.00% | N/A |
Indus Small Account | 4.00%-6.00% | NIL |
Indus Select Savings Account | 4.00%-6.00% | N/A |
Indus Maxima Savings Account | 4.00%-6.00% | N/A |
Indus Privilege Savings Account | 4.00%-6.00% | NIL |
Indus Diva Savings Account | 4.00%-6.00% | N/A |
Indus Senior Savings Account | 4.00%-6.00% | N/A |
Indus Young Saver | 4.00%-6.00% | Rs. 11 |
Indus Classic Savings Account | 4.00%-6.00% | N/A |
Conclusion
Every bank has its own benefits and features. You must first figure out the requirements and services that you want with the savings account and only then make a list of the best possible options.
If you have any questions or doubts, do not hesitate to call the bank for clear answers. Choose wisely, and do not forget to bring all the needed documents to the bank for opening an account.
I hope you liked our article on Best Bank Account In India, and it must have solved your queries such as which is best bank to open account, which is the best bank in India to open account, in which bank should i open account or which bank is best for opening account.
if you have any comments or suggestions do share them in the comments below.
Happy Banking!
Frequently Asked Questions (FAQs)
Q1. Which bank is best in India to open account for a zero-balance account?
There are many banks that offer zero-balance accounts. You must consider other services and features along with minimum balance to make the most out of the savings account.
RBL Bank and Bank of Baroda are considered some of the best bank to open account in India for opening a zero-balance account. If you are a student, go with SBI since it has branches on several college campuses.
Q2. Which bank account is best in India for the highest interest rate on saving account?
Customers often look for the interest rates that a bank offers on saving accounts. It is probably the decisive feature based on which the customer chooses one bank over the other.
So, if you are also looking to choose the bank with the highest interest rate, then go with RBL Bank. It offers 4.5%-6.00% of interest rates on its savings accounts.
Q3. Which is the largest private bank in India?
HDFC is the largest private bank in India. It first opened its doors in 1994. Around 50 million individuals have trusted this bank and its services. HDFC Bank serves customers all over the world through 5,000 branches and more than 13,000 ATMs.
Along with the largest, it also ranks high in terms of compensations, benefits, management, etc.
Q4. How to open a savings account?
The steps to open a savings account are as follows-
- Know which bank and savings account you want to go with
- Make sure you have all the KYC documents needed for opening the savings account
- The documents might include PAN Card, 1 ID proof, 1 address proof, 2 passport size photos, and your signatures.
- Submit scanned copies of your documents along with the form
- Collect the accessories such as chequebook, debit card, etc.
