Best Savings Bank Account In India

Among the wide variety, choosing the best savings account in India can be confusing. We have compiled all the relevant information you need to keep in mind before opening a savings account below. We've covered and compared different accounts with their features, interest rates, eligibility, and benefits.

Here is the list of 10 Best banks for savings account in India 2022

• Kotak Bank Savings Account – Best for fastest online account opening
• IndusInd Bank Savings Account– Best for 3-in-1 account with discount broker
• ICICI Bank Savings Account – Know for great technology
• HDFC Bank Savings Account – Best for great customer products
• Axis Bank Savings Account – Great for customer service
• RBL Savings Account – Best for highest interest rate
• SBI Savings Account – Best bank for students
• Paytm Payment Bank – Best digital bank
• Bank of Baroda Savings Account – Best government bank
• Citi bank savings account – Best global banking service

Before proceeding in detail, let’s look at rates and check out a quick comparison. Below are the top 10 banks that offer a good interest rate on the amount up to Rs. 1 Lakh and amount more than Rs. 1 Lakh.

Table of Contents

Saving Bank Interest Rates Comparision

Below are some of the most popular banks which offer a good rate of interest, however for your ease, below is the rate of interest comparison for all banks. With this comparison, you can easily select the banks where you want to open your bank account.

Banks	Rate of Interest In %
RBL Bank Savings Account	5.5
Kotak Mahindra Bank	5
IndusInd Bank Saving Account	4
Paytm Payment Bank Savings Account	4
ICICI Bank Savings Account	3.5
HDFC Bank Savings Account	3.5
Axis Bank Savings Account	3.5
Citi Bank Savings Account	3.5
SBI Savings Account	3.5
Bank Of Baroda Savings Account	3.5

Let’s review the top 10 savings account in India to open in 2022

Best Savings Bank Account in India 2022

Kotak 811 Savings Account Review (Fastest Online Account Opening)

If you are searching for a bank that gives the highest interest on the savings account, your choice should be Kotak Mahindra Bank. These banks offer the highest savings rate of interest in India. You can get up to a 6% rate of interest on your savings account. The fixed deposit rate of interest offered by ICICI, HDFC, and SBI ranges from 6 to 7%; however, you can earn the same rate on our savings account (Without locking your money).

One of the best saving bank account offered by Kotak bank is “Kotak 811 Digital bank”. It is a zero balance savings account which you can offer online. It holds the below benefits.

You will get 4% interest rate on your savings account which more than banks like SBI, HDFC, ICICI.

Benefits

1. The entire accounting process is paperless.
2. Zero balance account
3. The highest rate of interest is 6%
4. Instant account opening

The account can be opened seamlessly from home only, and below are details of the same.

Details Of Savings Bank Account

Rate on Interest	4% rate of interest n amount up to 1 lakh 5.5% to 6% rate of interest on the amount above 1 lakh
Monthly average balance	Zero
Channel of access	ATMs, Branch, Netbanking, and Mobile

Suitable For
This account is best for looking for a zero balance account with a high rate of interest.

Axis Bank Savings Account (For Good Services)

This is the bank that has won multiple awards for its fabulous customer support. Below are some of them.

1. Best award program for the 5th consecutive year from 2015.
2. Best Loyalty Program in the financial sector for 2nd consecutive year from 2018.
3. Best Contract center at customer experience awards in 2018.

This is the only bank that offers rewards for account-related transactions. Rewards could be earned for Demat account, opening RD, standing instructions, and ECS.

This bank offers two different sets of savings account. Prime and easy access with prime plus and lower account balance, Burgundy, and priority with a high balance condition. Below are some of the best axis bank savings account with their minimum balance.

Axis Bank Best Savings Account

Savings Account	Minimum Balance
Axis prime plus savings account	Monthly Rs. 1 Lakhs
Axis prime savings account	Monthly Rs. 10,000 to 25,000
Axis bank access savings account	Monthly Rs. 5,000 to 10,000
Axis Burgundy savings bank account	Quarterly Rs. 10 lakhs
Axis priority savings account	Quarterly Rs. 2 Lakhs

Details Of Savings Bank Account

Ease of use	Average
Account opening process	Online or Physical branch visit
Channel of access	ATMs, Netbanking, Mobiles, bank branches
Rate of interest	3.5%

Suitable For
If you are looking for the best quality customer care and other services, this is best for you.

IndusInd Bank Savings Account (3-in-1 account with Upstox)

In collaboration with Upstox (Best Indian stockbroker), IndusInd bank recommends IndusStox 3 in 1 account. This bank account holds a fantastic value proposition in terms of great features and a minimum balance of zero. With this account, you will get a Demat account, trading account, and savings account for free.

You will also get titanium debit cards to earn a maximum of 6X reward points on the expenditure of Rs. 200 via debit card. These reward points can be used for brokerage charges while gaining profit in the stock market. If you are an active stock investor and trader, then this is the best card for you because of the following reasons.

1. Nil brokerage on delivery
2. Free Trading and Demat account
3. No worry during fund transfer from Demat to Savings account and vice versa.
4. There is a fixed brokerage of 20 rupees per trade, even if it is of one crore.

Benefits Of IndusStox Account

1. Nil brokerage on delivery
2. Free trading and Demat account opening
3. No minimum balance.
4. The account number is customizable
5. The fixed brokerage of Rs. 20 on each trade
6. Get interested in the funds allocated from your savings account for trading

Details Of Savings Bank Account

Ease of use	Average
Account opening process	Online via website
Channel of access	ATMs, Netbanking, Mobiles, bank branches
Rate of interest on daily balance	4% ROI up to 1 Lakh 5% ROI up to 10 lakh After that, the ROI of 6%is given

Suitable For
If you are looking for a zero balance account, this is an excellent opportunity for you. If you are an active stock investor, then this could be the best savings account for you.

ICICI Bank Savings Account (For Best Technology)

If you want to open a savings bank account with ICICI, then it will be like banking for you on fingertips with more than 200 bank services offered online.

This wonderful technology experience starts with the mobile application, which is very user-friendly and secured with PKI’s help to end 265-bit encryption. With this account’s help, you can check balances, transactions, transfer funds, open NPS accounts, RD PPF, FD, MF, insurance premiums, book tickets, and managing the Demat account with iMobile portfolio and for paying bills.

You will get a superior interface while using internet banking for this bank. The navigation for the same is also excellent, where you can get all information at a single place. Entire authentication factors are present on a single page, making fund transfer easily and quickly.

Along with this, you can also access service requests from a single location only. All this provides hassle-free experiences. You can also open an online savings account and can get an account number instantly. Some of the best savings account options offered by ICICI are

1. ICICI Titanium Privilege Savings Account
2. ICICI Gold Privilege Savings Account
3. ICICI Silver Savings Account
4. ICICI Regular Savings Account

Depending on the variant, you can keep a monthly average balance of Rs. 10,000 to Rs. 1, 25,000 on which you can get below the rate of interest.

1. 3.5% on amount up to 50 Lakhs
2. 4% on the amount above 50 Lakhs

Suitable For
If you are tech-savvy and do not have time to visit the branch, this is best for you. If you like to use a mobile to make payments, this will be suitable for you.

HDFC Bank Savings Account (For Best Products)

HDFC bank owns the best banking products like loans, deposit rates, best credit cards, smart hub, Samsung Pay, and Payzapp. Below are some of the products from HDFC.

Unique Products Offered By HDFC Bank

1. HDFC Diners Club Black Credit Card

It is the super-premium credit card offered by HDFC bank. This will help you to save 33% of your money while shopping, also. It will help you earn 10Xrewards points if you are making any purchase from their partner brands like Cleartrip, Yatra, Amazon, Flipkart. You can earn a maximum of 1 reward point on a minimum spend of Rs. 30.

2. HDFC Smart Buy

You will get access to an online shopping website where merchants display a list of their exclusive services and products for all HDFC bank users. You can get the best deals from multiple e-commerce companies like Amazon, Flipkart, and Snapdeal.

3. HDFC On Chat

This is a natural language processing-based AI(artificial intelligence) platform that allows you to chat on Facebook messenger to make your payments. This platform can also be used by non-HDFC customers to get services like event bookings, movies, travel, mobile recharge, and bill payment.

4. HDFC Personal Loans On ATMs

For present customers, this bank provides options for getting small instant personal loans at ATMs. You can get this option on ATM screens. You only need to e-agreement on the ATM screen, and the money will get transferred to your bank account. All these facilities are bases on your financial details and a fair assessment of your profile. SBI and ICICI are two other banks that are providing this facility.

HDFC banks offer another set of premier banking products and services where you have exclusive lifestyle benefits, phone banking services, and pricing. They offer the below services.

1. Portfolio management services
2. Insurance
3. Tax payments
4. Investment in equity and mutual funds

All premium banking requirements are looked at by the committed relationship manager. For getting the same, you need to have a high monthly average balance in your savings account (From 1 Lakhs to 10 Lakhs). Some of the best savings bank account options offered by HDFC are

1. HDFC Basic Savings Bank Deposit Account
2. HDFC Regular Savings Account
3. HDFC Savings Max Account

Details Of Savings Bank Account

Ease of use	Average
Account opening process	Online via website and Branch visit
Channel of access	ATMs, Netbanking, Mobiles, bank branches
Rate of interest	3.5% on amount up to 50 lakhs 4% on amount up to 50 lakhs

Suitable For
If you are looking for customized products at a good premium, this account is best for you.

Citi Bank Savings Account (Global Presence)

If you require a global banking requirement for your relatives or family members, then the city bank is best for you. You can get support from 4000 branches of Citi bank in 42 countries for all banking requirements.

This bank is an expert in solving fund remittance via

1. Foreign currency draft
2. Wire transfer
3. Citi global transfer
4. Automated clearing house

You can easily send funds up to Rs. 3, 00,000 every day and receive up to Rs. 30,000,000 every day.

Best Citibank Savings Account

Savings account	Net relationship value required over three months
Citi Banking savings account	Rs. 15 Lakhs
Citigold Priority Savings Account	Rs. 15 Lakhs
Citigold private savings account	Rs. 5 Crores
Citigold savings account	Rs. 75 Lakhs

Details Of Savings bank Account

Ease of use	Average to poor
Account opening process	Online via website and Branch visit
Channel of access	ATMs, Netbanking, Mobiles, bank branches
Rate of interest	3.5%

Suitable For
If you need a global banking service, then this bank is best for you.

Best Banks with Highest Interest Rate on Saving Account in India 2022

RBL Bank Saving Account

If you need benefits like lockers and loans on the property, this could be the best savings bank account. Here the bank also allows you to select your bank number. Below is a list of good savings bank account.

Best RBL Bank Savings Account

1. RBL bank advantage savings account
2. RBL bank prime edge savings account
3. RBL bank classic savings account
4. RBL bank basic savings account

Details Of Savings Bank Account

Ease of use	Average to better
Account opening process	Online via website and Branch visit
Channel of access	ATMs, Netbanking, Mobiles, bank branches
Rate of interest	5.5% on the amount up to Rs. 1 Lakh 2. 6% to 7% on the amount above 1 Lakh

Suitable For
If you are looking for a high-interest rate with other banking benefits, this is the best bank for you.

Best Bank in India for Students (Savings Account for Students)

State Bank of India Savings Account (For Widespread Reach & Services)

You can easily find SBI ATM and SBI branches anywhere in the country. The best feature is that SBI offers dedicated extension counters and branches at multiple universities, colleges, and schools. All this saves time for students and helps them in paying fees regularly. Along with this, students will also have access to bank service at low charges.

Best State bank India Savings Bank Account

1. SBI digital savings account
2. SBI insta savings bank account
3. SBI small savings bank account
4. SBI basic savings bank account

Details Of Savings Bank Account

Ease of use	Average to good
Account opening process	Offline and online via the YONO app or website
Channel of access	ATMs, Netbanking, Mobiles, bank branches
Rate of interest	3.25% on amount up to 1 Lakh 3% on amount more than 1 Lakh

Suitable For
This bank is best for students and if you are residing near a branch.

Best Digital Bank in India 2022 (Payments Banks)

Paytm Payments Bank Savings Account

With the help of the Paytm savings bank account, your phone is your bank, and you can enjoy banking from your phone. This is basically to support cashless payment transactions and less banking needs of unbanked sections of society.

One can easily open a zero balance savings account with Paytm banks, and there is no hassle of maintaining a monthly average balance.

Like traditional banking systems, you need to fill out a form with all the mandatory details. You will get a digital and simple account opening experience via the Paytm app; however, you need to submit your documents for completing your KYC at a nearby location. Paytm never charges for online fund transfer vis NEFT, UPI, IMPS, Paytm wallet, or Paytm bank account.

The only limitation is that you can keep only 1 Lakh rupees combined in your wallet and bank account. Any balance over Rs. 1 Lakh is auto swept to fixed deposits with IndusInd bank with an interest rate of 8%.

Details For Savings Account

Ease of use	Average to good
Account opening process	Paytm App
Channel of access	ATMs, Mobiles
Rate of interest	3.5%

Suitable For
If you prefer a mobile phone for making payments and banking requirements up to 1 Lakh rupees.

Best PSU (Government) Bank in India

Bank of Baroda Saving Account

This is one of the largest PSU bans which offers quality customer service and good products. You can also enjoy decent net banking services; however, the app services are average. The best thing about this bank is that all the savings account variant needs the lowest quarterly average balance compared to other banks.

Best Bank Of Baroda Savings Account

1. Baroda Shubh Savings Account
2. Baroda Centenary Savings Account
3. Baroda Advantage Savings Account
4. Baroda Basic Savings Bank Account
5. Baroda Super Savings Account

Details Of Savings Bank Account

Ease of use	Average to good
Account opening process	Offline and online via the YONO app or website
Channel of access	ATMs, Netbanking, Mobiles, bank branches
Rate of interest	3.25% on amount up to 50 Lakh 3.75% on amount more than 50 Lakh

Suitable For
If you are looking for the best service at the lowest minimum balance, this is the best bank.

List of Banks with Zero Balance Account in India

Almost all banks in India offers a zero balance savings account. The problem is few of them will tell you about it upfront.

You would not find bank employees advertising the zero balance savings account to you. The reason is that they do not get any incentive for opening a zero balance savings account.

Please note that zero balance accounts are basic savings bank deposit accounts. The main purpose of which is to connect the unbanked section of society and provide minimum banking services.

Hence, you will find cap on the amount, number of transactions and restrictive services on zero balance accounts.

Below is the list of banks offering zero balance savings account

• Kotak Mahindra Bank
• Digibank by DBS
• State Bank of India
• Federal Bank
• Bank of Baroda
• ICICI Bank
• Axis Bank
• Standard Chartered Bank
• IDFC Bank
• IndusInd Bank
• HDFC Bank
• RBL Bank
• Paytm Payments Bank
• Airtel Payment Bank

Final Words

Every bank has some unique feature for the customers. You need to first list down your need then choose the best bank that would fulfil your savings account need. If I have missed any information, let me know in the comments.