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.
Also Read: Best Icici Mutual Funds, Best Personal Loan App In India & Top 15 Health Insurance Companies 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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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:
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