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Best Bank Accounts In India/Best Bank For Savings Account

Best Bank Accounts In IndiaBest Bank For Savings Account

Savings Account is a basic but extremely crucial product in the banking industry that offers essential banking and financial services to customers.

In this digital world, online transactions and payments have made bank accounts an integral part of our lives, and having a savings account certainly adds convenience to our lives in this modern age.

From getting Debit cum ATM cards, online banking and cheque books, and saving accounts offer crucial facilities that help us in our everyday lives. 

Moreover, account holders get a handsome interest rate for the money deposited in the savings to account with insurance facilities and it also helps us to get loans and finance for several purposes.

Let's explore some top public and private sector banks that are ideal for opening a best bank account in india. 

Best Bank Accounts In India/Best Bank For Savings Account

Public Sector Banks

1. State Bank of India

The most trusted and leading bank in India, State Bank of India (SBI) is an Indian multinational public sector bank.

SBI is the largest bank in India and the fifth largest employer in the nation. Most of the savings accounts in SBI don't require monthly average balance maintenance.

You can open a zero balance account in SBI and get the facility of online banking, debit card, and more. 

Features

  • Basic Savings Bank Deposit Account : Interest rate 2.70% p.a  
  • Basic Savings Bank Deposit Small Account : Interest rate 2.70% p.a
  • Savings Bank Account : Interest rate 2.70% p.a
  • Savings Account for Minor : Interest rate 2.70% p.a
  • Savings Plus Account : Interest rate 2.70% p.a  

2. Punjab National Bank

Punjab National Bank (PNB) is the second-largest government-owned bank in Indiawith over 12000 branches and 13000+ ATMs. 

PNB offers exciting benefits on savings accounts such as free Internet Banking,

no charge of fund transfer within PNB, a safe deposit locker, etc.

Area of the branch

The minimum quarterly average balance maintenance (PNB Savings Deposit General Account)

Rural

Rs.500

Semi-urban

Rs.1,000

Urban

Rs.1,000

Features

  • Saving Deposits Balance below Rs.10 lakh : Rate of Interest 2.70% p.a.
  • Saving Deposits Balance above Rs.10 lakh : Rate of Interest 2.75% p.a. 

3. Canara Bank

The fourth-largest nationalized bank in India,

Canara Bank is known for providing dedicated customer service. 

By opening Canara Bank Savings Account you get facilities of ATM/Debit card, passbook, mobile banking, joint Account, and more. 

Features

  • Minimum balance maintenance Rural and urban areas - Rs. 100 without cheque book & Rs. 500 with cheque books .
  •  Interest Rate: 4% (payable on a half-yearly basis)

4. Bank of India

Founded in 1906, the Bank of India (BOI) is another. top nationalized bank with over 5000 branches in India. 

At Bank of India, you get 9 different savings account options with several facilities and features that suit your requirements. 

Features

  • BOI Savings Account Balance Up to Rs. 1 lakh : 2.90% p.a. Rate of Interest
  • BOI Savings Account Balance Above Rs. 1 lakh : 2.90% p.a. Rate of Interest
  • BOI Average quarterly balance criteria

    1. Star Suraksha SB Plus Account: Rs. 500

    2. Savings Bank Ordinary Account: Rs.500/- for Cheque book operated and Rs.100/- for non-cheque book accounts

    3. Diamond Savings Bank Account: Rs. 1 lakh & above

5. Union Bank of India

Union Bank of India is another government-owned and one of the largest banks in India.

With committed customer service and facilities Union Bank has around 9590 domestic branches and  12961 ATMs

You can apply for the Union Bank Savings Account Online and enjoy multiple benefits including an ATM card, net banking, free withdrawals, and more. 

Features

  • Minimum balance maintenance 

    Rural - Rs. 100 without cheque book & Rs. 250 with cheque books .

    Semi-Urban- Rs.250 without cheque book & Rs. 500 with cheque book .

    Metro and urban - Rs. 500 without cheque book & Rs. 1000 with cheque book

  • Rate of Interest: 3% p.a for up to 25 lakhs and more than 25 lakhs

6. Indian Overseas Bank

Indian Overseas Bank (IOB) is a major public sector bank that comes under the ministry of finance with around 3,400 domestic branches.

With Indian Overseas Bank Savings Account you get an internet banking facility, a Visa debit card, instant credit of outstation cheque up to the value of Rs.15,000, and more. 

Features

  • Minimum balance maintenance

     Rural and semi-urban areas - Rs. 100 without cheque book & Rs. 500 with cheque books . 

    other area branches - Rs. 500 without cheque book & Rs. 1000 with cheque book .

  • Rate of interest: up to 2.90% for both resident Indians and Non-Resident Indians

7. Punjab and Sind Bank

Punjab and Sind Bank is a reputed Indian nationalized bank with 1526 branches all over India.

Punjab and Sind Bank Savings Account offers a debit card and passbook facility. 

Account-holders can also avail cheque books and other net banking facilities. 

Features

  • Minimum balance maintenance

    Rural branch - Rs. 500 with cheque book and without

    Other branches - Rs. 500 without cheque book and Rs. 1000 with cheque book

  • Rate of interest: 3% p.a.

8. UCO Bank

UCO Bank is a formerly united commercial bank and one of the most established nationalized Banks of India

with 49 zonal offices and 4000 service units all over India. UCO Bank Saral Savings Deposit Scheme offers cheque book,

immediate credit of iteration cheques, net banking, Visa debit card, and many other facilities.

Minimum balance with cheque book facility

Category

Metro

Urban

Semi-Urban

Rural

Individual

Rs. 1000

Rs. 1000

Rs. 500

Rs. 250

Others

Rs. 1500

Rs. 1500

Rs. 1000

Rs. 250

Pensioners

Rs. 250

Rs. 100

Rs. 100

Rs. 100

Minimum balance without cheque book facility

Category

Metro

Urban

Semi-Urban

Rural

All classes of depositors

Rs. 500

Rs. 500

Rs. 250

Rs. 100

Pensioners

Rs. 50

Rs. 50

Rs. 50

Rs. 50

Features

  • Rate of interest: 2.75%

9. Bank of Baroda

Bank of Baroda is one of the leading Indian nationalized bank and financial services

companies. In 2019, Dena Bank and Vijaya Bank merged with Bank of Baroda. Currently, BoB has 9599 branches all over India. 

Baroda Advantage Savings Account offers impressive features and benefits including mobile banking, internet banking, multiple withdrawal options, debit cards, and many more. 

Minimum balance requirement

Rural

Rs 500

Semi-Urban

Rs 1000

Urban / Metro

Rs 2000

Features

  • Rate of interest: 2.75%

Private Sector Bank

1. Axis Bank

With over 4000 branches and 11000+ ATMs in the nation,

Axis Bank Limited is India's third-largest private sector bank.

Formerly known as UTI Bank, Axis Bank offers multiple financial services including

retail banking, corporate banking, international banking, and investment banking.

Features

  • Axis Bank Easy Access Savings Account: provides numerous banking services including Secure Plus debit card, personal accident insurance cover, low opening deposit, high daily withdrawals limits, and many more.

  • Interest rate: 3% to 4% interest in daily balances, quarterly

  • Average monthly balance: Rs. 12000 in metros

  • Axis Bank Basic Savings Account is a zero balance facility account that provides a free Rupay debit card, multiple free withdrawals, monthly e-statements, passbook, and SMS alert benefits.

2. Bandhan Bank

Bandhan Bank Ltd. Is an Indian banking and financial services company

with 5,639 banking outlets and more than 2.63 crore customers. 

This commercial bank became the top bank in the nation in the past decade. 

Features

  • Bandhan Bank Standard Savings Account is ideal for getting multiple features and maintaining a low monthly average balance.

    The Bandhan Bank Standard Savings Account offers features such as a Debit card, Passbook, any branch banking, transaction alert, nomination facility, and more

  • Monthly average balance required – ₹5,000/-

  • Average monthly balance: Rs. 12000 in metros

3. Yes Bank

Yes Bank is a reputed full-service commercial bank that operates its financial services through

Yes Securities including Investment banking, Merchant banking & Brokerage businesses. 

At Yes Bank you get remarkable banking experience with its strong network of over 1000 branches and 1800 ATMs in the country. 

Average monthly balance requirements

Account Variant

Savings Account PRO

Savings Account PRO Plus

Type of Account

Fully operative with Video KYC

Fully operative with Video KYC

AMB Requirement (Rs)

10,000

25,000

Features

  • You can open a Yes Digital Savings Account from the comfort of your home without visiting any branch. For this savings account, account holders get 24/7 online fund transfer and free IMPS facility. Moreover, you can shop online with a virtual debit card or physical debit card as per your needs.

  • Interest rate:  5.5% p.a.

4. ICICI Bank

Icici Bank Limited is a multinational and leading private sector bank in India with a tremendous network of 5,418 branches and 13,540 ATMs across India. 

This giant commercial bank offers a wide range of services including investment banking, life, non-life insurance, venture capital, and asset management. 

Interest Rate

For the end of day balance below ₹50 Lakhs

For the end of day balance of ₹50 lakhs and above

3.00%

3.50%

Features

  • The Instant Savings Account at Icici Bank can be opened digitally without visiting any branch. For this savings account, the bank offers multiple attractive benefits including a Platinum debit card, 5 free ATM withdrawals, Aur Insurance worth 50,000, and more

  • The minimum monthly average balance for Insta Save Account: Rs. 10,000

5. City Union Bank

With about 700 branches and 1762 ATMs, City Union Bank is one of the leading Indian private sector banks.

City Union Bank offers dedicated banking services for personal banking, MSME, corporate, Agri, NRI, tech, and education. 

City Union Bank's General Savings Account provides amazing banking services and facilities including CUB Net Banking, CUB Mobile Banking, Cheque Book, International Debit / ATM Card, and many more. 

Minimum monthly average balance requirement and monthly maintenance charges in SB accounts (Where a debit card has been issued to an account holder) 

Monthly average balance requirement

Maintenance charge per month

Up to Rs. 1000

Rs. 45 PM

>Rs. 1000 and up to Rs.2000

Rs. 45 PM

>Rs. 2000 and up to Rs. 3000

Rs. 45 PM

>Rs. 3000 and up to Rs. 4000

Rs. 35 PM

>Rs. 4000 and up to Rs. 5000

Rs. 30 PM

>Rs. 5000 and up to Rs. 7500

Rs. 20 PM

>Rs. 7500

No charge

Features

  • Interest rate: from 3% to 5% p.a. 

6. Hdfc Bank

India's largest private sector bank, HDFC Bank Limited is also the world's 10th largest bank by market capitalization as of April 2021.

With about 6342 branches and a strong distribution network, HDFC bank is one of the top employers in the country. 

By opening a savings account in HDFC bank you can access numerous banking facilities. 

including sweep facility, discounts benefits, locker facility, International debit cards, automated bill payments, and more. 

Features

  • Domestic, NRO, and NRE Savings Rate

    • Less than Rs. 50 lakh - 3% p.a.
    • Above Rs. 50 lakh - 3.50% p.a
  • Minimum average balance maintenance: For urban and metro branches, the minimum average balance is Rs. 10,000. For rural and semi-rural branches the minimum average balance is Rs. 5,000

7. RBL Bank

RBL Bank is a well-established private sector bank in India known for providing professional customer service and exciting benefits.

RBL Bank operates under five business verticals including Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Retail Assets, and Treasury and Financial Markets Operations. 

With the RBL bank savings account, you enjoy extraordinary features and benefits including, account no.

Selection, high-interest rates, a platinum card, free transaction and withdrawal limits, online banking, and more. 

Features

  • Interest rate: 6% p.a.

  • Minimum balance requirements

    Metro/Urban - Rs. 5000

    Semi-Rural - Rs. 2500

    Rural - Rs. 1000

8. RBS Bank

RBS Bank is the fourth largest foreign transaction bank in India. RBS Group provides excellent international banking and financial services.

RBS operates in 37 countries and has a strong private banking network across the globe. 

International and domestic customers can avail of multiple benefits from RBS savings accounts including instant money access at any time, the highest interest rates, easy application, International debit cards, and more. 

Features

  • Interest rate: 3.25% Gross / 3.30% AER p.a. (variable) on balances up to £1,000

  • Minimum balance maintenance:  The account holder requires to maintain a minimum balance of Rs. 50,000 per month

9. Karur Vysya Bank

Karur Vysya Bank also known as KVB is one of the oldest commercial banks in India with about 782 branches in 20 States and 3 Union Territories.

KVB has earned immense trust in Indian private sector banking through faith, trust, and efficient customer service. 

Interest rates for savings account

Slab

Rate of Interest

EOD balance up to Rs.5 Lakh

2.25%

EOD balance above Rs.5 Lakh up to Rs.10 Lakh

2.50%

EOD balance above Rs.10 Lakh to less than Rs. 1 Crore

3.00%

EOD Balance greater than or equal to Rs. 1 Crore

3.25%

Monthly average maintenance


Nature of Services

Individuals / Sole Prop. / Partnership Firms / Companies / Trusts and Others in Non-Rural Areas

Senior Citizens, Pensioners, and Individuals in Rural Areas

Regular Savings Account(155 products) & NRO SB Account

Metro, urban & semi-urban centers - Rs. 200/-

Rs. 200/-

Features

  • Katie Vysya Regular Savings account offers a wide range of facilities and benefits including a Free Debit card, Internet Banking, KVB Dlite Mobile banking, Nomination facility, and more.

10. Kotak Mahindra Bank

Kotak Mahindra Bank Limited is an Indian private banking and financial services company that comes among the top banks in the country.

Kotak Mahindra Bank is known to provide satisfactory banking and finance service for corporate and retail customers for personal banking, investment banking, life insurance, and wealth management.

Features

  • The Edge Savings Account at Kotak Mahindra Bank provides various banking facilities to its customers including net banking, mobile banking, free cheque leaves, ActivMoney facility, and more.

  • Average Monthly Balance: Rs. 10,000

  • Interest rate: 3.50% p.a.

Conclusion

All the mentioned public sector and private sector banks are trusted and reputed banks with millions of customers and robust networks in the industry.

According to your preferences and requirements, you can compare the benefits and interest rates offered by the bank and choose the one with the monthly average balance you can maintain. 

The above mentioned information on average balance maintenance, interest rates, and benefits may change in the future. Accordingly, it is important to confirm the current schemes and charges with the bank through customer care services or by visiting your nearest branch. 

frequently asked question

Q1. Which Bank is the best for savings accounts in India?

Answer: In the public sector, SBI, and in the private sector HDFC is considered the best savings account in India. 

Q2. Which bank gives the highest interest on savings accounts in India 2022? 

Answer: DCB Bank at the rate of 6.50% p.a.

Q3. Which bank gives 7% interest on a savings account?

Answer: None

Q4. Which bank pays monthly interest in India?

Answer: IDFC First Bank.

Here are my best picks:

Also Read: Check out my reviews of the best image editing software, the top choices for video editing software, and my full guide to start a blog for beginners.

Ankur Aggarwal

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About the Author

Hi all, I am Ankur Aggarwal – Digital Marketer, Entrepreneur, Traveller, Blogger, and Foodie. Have been blogging since 2010. In 2016 I scored 99.2 percentile in XAT Exam for MBA, left that to pursue my Online business dreams.
The purpose of ankuraggarwal.in is to pass on 100% accurate, genuine and FREE information on Personal Finance, Entrepreneurship, Investing, Career, and Learning Digital Marketing Online. Know more about me here: About Ankur Aggarwal

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