Top 6 Best Savings Bank Account in India based on Interest Rates

15 May 2020  Read 18147 Views

When it comes to opening a Savings Account we are faced with a wide choice to take our pick. However, to narrow down our choice we need to first identify our needs based on our current financial situation, existing banking habits and one’s future needs. You can evaluate the options on the basis of  a customer centric bank offering good interest rates, netbanking options, wide network of ATMs, flexibility in deposits and withdrawals, personal banker services and overall convenience.

Under the Savings Bank Account options you can choose from - Regular, Senior Citizen, Women’s, Students or Kids Saving Account. In our evaluation we will analyse the banks in relation to the interest and services they offer. With the recent fiasco of the Yes Bank and and the PMC Bank, deposit holders need to also evaluate the financial standing of these banks.

Kotak Mahindra Bank

This bank offers a variety in terms of Savings account features. The main Saving Bank Accounts are Saving Edge, Saving Pro and Saving Ace where the AMB (Average Monthly Balance) that needs to be maintained is 10K, 20K and 50K respectively. The average interest offered is 4.5%. 

  • You can access your account via net banking or mobile banking at no extra cost

  • Kotak Mahindra Bank ATMs give you easy access to your money all over the country.

  • One can set up the account for automatic utility bill payments.

  • Scan & Pay facility for in-store purchases

  • In-app features are also available - Shop online using Flipkart, Book travel tickets using goibibo or Book movie tickets with PVR

  • In case you are unable to visit the branch, they do have a Home banking facility at a nominal charge.

HDFC Bank

HDFC Bank has always been a favourite option as the bank has a multitude of saving account solutions for customers with all types of needs and requirements. The variety of savings accounts is based on gender, occupation, income groups, etc. that make the account ideal for the individual account holder. Some of the outstanding features of HDFC Bank savings accounts are:

  • Ease of banking with facilities like NetBanking, PhoneBanking services and Mobile Banking

  • Money Maximizer facility,a sweep-out facility 

  • Free insurance benefits like Accidental Hospitalization cover and Accidental Death Insurance cover.

  • Exemplary customer service oriented

Axis Bank

Axis Bank dispenses its customers with the option of choosing from a wide range of Savings Accounts with a variety of features and benefits. The Savings Accounts have been fabricated to meet the banking needs of people from all walks of life.

The Axis Bank card entails you to avail of a variety of discounts or cash back offers everytime you shop or eat out at a restaurant. This is one bank that has tie ups with so many retail outlets that using their debit cards is a rewarding experience. eDGE Loyalty Rewards can be redeemed against 500+ rewards and offers. 

IDFC First Bank

This Bank is an excellent option when it comes to earning a high interest rate of 7% on your Saving Bank Account.Even with a balance of less than a lac, one is entitled to a 6% interest on your Saving Account Features. The bank offers a very basic Savings Account but its high interest is the main attraction. It also offers Personal accident insurance – Free cover (death or permanent disability) of Rs. 25 lakh. IDFC FIRST Vishesh Savings Account caters to the needs of the Rural population.

ICICI Bank Saving Account

ICICI Bank offers a variety of accounts based on your lifestyle. Experience the convenience of anytime, anywhere banking with ICICI Bank’s Range of Savings Account. Standard transactions such as bill payments, creation of Fixed Deposit (FD) and balance enquiry can be done through multiple channels such as Internet Banking, Mobile Banking or Customer Care. 

There are more than 15 varieties of Saving Bank accounts one can take a pick from ICICI range. Their focus is purely on the needs of the customers and have designed the product portfolio to suit each one accordingly.

Some of the salient features of their saving account are

  • The 3-In-One account that links your banking, trading and demat accounts with their Seamless, Secure and Integrated 3-in-1 trading platform.

  • Money multiplier enables you to earn a higher interest by setting a balance limit above which money in the Savings Account will get converted into Fixed Deposit on request

SBI Savings Bank Account 

The country’s largest and oldest bank has a number of Saving Account Options to choose from. However, the Insta SBI Savings Account is an instant savings account, which brings the complete digital banking ecosystem to your mobile. Now you can open a savings account in minutes with SBI Yono mobile application or from Yono online portal in a matter of minutes. The benefit of the SBI Savings Account is that the Average Monthly Balance is low as compared to the other banks.But yet they offer similar features. 

The above list is not an exhaustive one, but highlights some of the key features that depositors look forward to at the time of opening an account. One can open multiple accounts with different banks to suit your needs. The cutting edge among all these banks is the Customer experience and convenience that one would experience along with the trust that the Bank will take care of his hard earned money. 

About the Author: Bernadine | 33 Post(s)

An MBA Finance graduate, having worked in the Telecom and Banking sector as a Risk and Compliance Manager. An avid blogger with a penchant for traveling

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