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Savings Account

Best Banks for Savings Account

Last Updated 27th May 2022

Banks for Savings Account Interest Rates
Yes Bank 4.00% - 5.50%
DBS Bank 3.00% - 4.00%
Kotak Bank 3.50% - 3.50%
HDFC Bank 3.00% - 3.50%
SBI 2.70% - 2.70%
Yes Bank
Returns bhi, Rewards bhi
5.5%* interest p.a + up to 1500** YES Rewardz Points on account opening
Earn up to 50k** YES Rewardz Points in 1st year
Exclusive offers on Demat & Lockers
Disclaimer: For balance above INR 10 lcs to INR 1Cr. For YES FIRST customers. Terms and conditions apply. For more details please visit: www.yesrewardz.com
Apply for Savings Account

Compare Top Banks of Savings Account in India

Bank Interest Rates Debit Card Types
Yes Bank Savings Account 4.00% - 5.50% Yes Prosperity Element Card
YES Prosperity RuPay Domestic Card
Yes Prosperity Engage Debit Card & Yes Prosperity Explore Debit Card
DBS Bank Savings Account 3.00% - 4.00% VISA International Debit Card
SBI Savings Account 2.70% - 2.70% Basic RuPay ATM cum Debit Card
HDFC Bank Savings Account 3.00% - 3.50% Millennia Debit card
Rupay Premium Debit Card
ICICI Bank Savings Account 3.00% - 3.50% Smart Shopper Silver Debit Card
Axis Bank 3.50% - 4.00% RuPay Debit Card
Citibank 2.50% - 2.50% -
Kotak Bank 3.50% - 3.50% -
Bank of Baroda 2.75% - 2.75% ATM cum Debit Card
India Post Office 4.00% - 4.00% -
Standard Chartered Bank 0.50% - 3.25% -
PNB 2.70% - 2.75% ATM Cum Debit card
South Indian Bank 2.35% - 4.50% -
IDBI Bank 3.00% - 3.35% -
Andhra Bank 2.90% - 2.90% International Debit card
Indian Bank 2.90% - 2.90% -
Canara Bank 2.90% - 2.90% ATM cum Debit Card
UCO Bank 2.60% - 2.75% VISA Debit Card

What is a Savings Account?

Savings Account is a deposit of money made in the bank or other financial institutions to keep the money safe and access it whenever required. The savings account also offers an interest on the average monthly account balance maintained as a little incentive for continuing the usage of service. One can deposit the money in his/her savings account either through cash deposit, cheque submission, or transfer of funds from another savings account.

The withdrawal of money from the account can be made through cash withdrawal from ATM, cashing a cheque written to self, or by online transaction through debit card or net banking. Some of the banks require their savings account holders to maintain a minimum balance in the account, while some also offer the feature of zero balance savings account. The interest rate offered on savings accounts varies from bank to bank. However, the primary objective of using savings accounts is to keep the money safe and accessible whenever required.

The modern savings account product by banks is laced with features like reward points, a quick link to bill payments and online shopping.

Types of Savings Accounts in India

Banks nowadays are offering customers various types of savings accounts which differ on the basis of features, minimum balance requirements, etc. Following are the popular types of savings account:

Salary Savings Account

Organizations with a large number of employees require a payment solution for transferring the salary of its employees each month. That’s why banks offer companies to open savings accounts for their employees at preferential rates and conditions. On the date of payment, the bank withdraws from the company’s account and transfers the specific amount to each of the savings account of employees as their salary for the specific month. Generally, salary accounts do not have any minimum balance requirement. However, some banks turn salary accounts to regular savings accounts in case the salary stops getting credited due to any reason for more than 3 months.

Regular Savings Account

A regular savings account is basically a virtual safe where the consistency of deposits and withdrawal does not matter. It is opened on basic terms and conditions of savings accounts. The money in these accounts waits for the account holder to be used. They usually also have a minimum balance requirement.

Savings Accounts for Minors

These savings accounts do not have minimum balance requirements other than that they function as a regular savings account. These accounts are designed to educate children with banking facilities and make them accustomed to it. A legal guardian or parent supervises such accounts until the child turns 10. After the age of 10, a child can independently operate their account. Some banks turn these accounts into regular savings accounts with a minimum balance requirement after the child has attained the age of 18.

Savings Account for Senior Citizens

These savings accounts are designed with slightly higher benefits than regular savings accounts to help senior citizens offer the best banking and financial services. These accounts have higher interest rates and also offer some special banking privileges. Besides, they can also be linked to senior citizen savings schemes to remit funds from pension accounts or retirement funds and accumulate them all at one place.

Savings Account for Women

Some of the banks provide special features, discounts and rates to women account holders under the name of savings account for women. Such accounts pave the way for availing a loan at lower interest rates and also provide zero Demat account charges to its account holders.

Zero Balance Savings Account

This may be the best type of savings account as it merges the best features of savings and current account. There is no minimum balance requirement, nor do you have to pay anything at the time of getting your account opened. These types of accounts are the best tool to attract new customers who already have a savings account and give them another option to keep their money safely. Also, it serves best to attract people with a weak economic background and make them familiar with the banking system.

Key Features and Benefits of Savings Account

As the name suggests, a savings account’s main objective or feature is to help you save money. By keeping aside some money instead of having it in the form of cash, you inculcate the habit of savings. The other features of the account vary depending upon the type of account you choose. Some of the key features and benefits of the savings account are:

  • A large network of branches and ATMs lets you use banking facilities from anywhere and keeps your account easily accessible.
  • Easy fund transfer facility from your account to any other bank account through RTGS, IMPS, NEFT and UPI facilities.
  • Personalized account number and cheque book enhances security and ensures your money is safe.
  • By keeping money aside instead of holding it in cash, it also helps in avoiding overspending.
  • It offers interest rates from 0.50% to 7.25% p.a.
  • Some of the banks also have a reward system in place which earns you rewards for certain specific purchases from the debit card. These reward points can be later redeemed for attractive voucher and discount offers.
  • There is no limit on the amount that you can deposit in the account.
  • You can also link deduction of RD, EMIs, and SIP with your savings account to make regular payments on time without any hassle.

Savings Account Eligibility Criteria

The eligibility criteria to open a savings account in today’s time is very minimal. There is no age restriction as savings accounts for minors are also an option and not just a resident, and non-resident Indian can open a savings account, but foreign nationals too can use the facility.

If you are opting for a regular savings account, then depositing the minimum balance amount would be mandatory at the time of opening the account. Other than that, identification proof and address proof are the only two things required to open a savings account. This means not even an income proof is required for opening a savings account in India.

Documents Required For Savings Accounts

The documents required to get you savings account opened with any of the best banks in India are:

  • PAN Card: Not so long ago PAN card was made mandatory to open a savings account by the government.
  • Aadhaar Card: Along with PAN card, Aadhaar card is now also mandatory for opening the savings account, whether online or offline.

These two documents together constitute KYC (Know Your Customer) which has been made mandatory by the government for all savings accounts in the country.

  • For opening savings accounts for senior citizens, an age proof would also be required.
  • Lastly, the savings account application form usually requires two passport size photographs as well.

How to Open a Savings Account through MyLoanCare.in?

You can get your savings account opened through MyLoanCare.in in a few easy steps.

  • First of all, fill out the form for a savings account with your details like mobile number, email id, name, annual income, and city/pin code.
  • After filling the details, click on the ‘Get OTP’ button.
  • In the next step, enter the OTP sent on your number and click on ‘submit’.
  • Now, select the bank in which you want to open your savings account and click on ‘Apply’.

How to check your Savings Account Balance?

As the banking facilities are becoming more and more easily accessible, the number of ways you can access them has also increased and became easier. One way to check your savings account balance is to use your debit card at any nearby ATM. Alternatively, you can also check your account’s balance online through the internet banking facility.

Another digitalized and easier way to check your savings account balance is to download the app of the bank in which your account is opened and log in with your credentials. Nowadays, many banks are offering a number of banking facilities through their app as well, like balance check, virtual debit card, funds transfer, Demat account, loan application, credit card application, cheque book request, bill payments, mobile recharge, etc.

Minimum Balance Required for Savings Account

Depending upon the type of savings account you have opted for, there is a minimum balance requirement which you need to maintain throughout, failing which you will be charged with a penalty.

The maintenance of minimum balance is measured based on ‘Average Monthly Balance’ and not on balance at any given day. This means even if you drop below the specified limit on a certain day, you can deposit the amount by next one or two days and not get penalized. Let’s understand this through an example:

Mr Vaid has a savings account in Bank A

The minimum balance requirement of Bank A for a savings account is ₹ 5,000. Usually, Mr Vaid maintains his account balance above the minimum requirement of ₹ 5,000. He conducts transactions on his account often.

The calculation of Average Minimum Balance is done by adding the closing balance of each day and dividing it by the number of days. Thus, if in any month, the average monthly balance of the account falls below ₹ 5,000, the bank will start levying maintenance chargers or minimum balance fee. Such fee is charged monthly, usually in the range of ₹ 100 - ₹ 500 or sometimes even more.

List of some popular banks and the minimum balance required by them:

Banks Minimum Balance Requirement
Yes Bank Customized Account: ₹ 10,000, Yes First: Nil, Yes Primia: ₹ 2 Lakh
DBS Bank Average Monthly Balance of ₹ 5000
HDFC Bank ₹ 10,000 for metro Urban branches ₹ 5,000 For Semi Urban branches ₹ 2,500 for Rural branches is required to open a Savings Regular Account
ICICI Bank ₹ 10,000 in metro and Urban locations, ₹ 5,000 in Semi Urban and ₹ 2,000 in Rural locations
Axis Bank NIL

How to Open an Online Savings Account?

With the advancement in technology and its integration in the banking system, opening a savings account can now be done online as well with these easy steps:

  • Firstly start by doing thorough research on different banks and the rate of interest provided by them on the savings account. Find the bank and the type of account you wish to open as per your requirements.
  • After you have found the right combination of bank and account type, visit the website of the said bank and navigate to the savings account application form. Note that nowadays, all banks have the option of opening savings accounts through their website.
  • In the next step, you need to fill the application form and submit the required documents online. Some of the banks require physical copy for which they send an executive to the address given by you as in your application form and address proof.
  • After all the documents are submitted and verified by the bank, you will be notified about the activation of the savings account. It usually takes a maximum of 2-3 days.

How to Open an Offline Savings Account?

Many bank activities nowadays can be done online. However, still, there are some instances for which a trip to the nearest bank branch is necessary. In case you are experiencing a situation where you do not have access to the internet, you can still follow these steps to get your savings account opened.

  • Firstly, research about different banks, their rate of interest and various savings account types they have to offer is important to understand which is the best fit for you. Once you find the right combination, visit the nearest branch of that bank.
  • While you are visiting, make sure to take a copy of your identity proof, address proof, along with two photographs.
  • After you reach the branch, tell the clerk that you wish to open a savings account and he/she will give you the application for the same.
  • Fill the form carefully and make sure the details you enter in the form matches with the information given in the documents which you are submitting.
  • Submit the application form with the clerk along with necessary documents and photographs. The clerk might give you an acknowledgement receipt for the application (depending upon the bank policies), keep that receipt safely.

After submitting the application form, you can expect your savings account to be functional within a week.

Cash Withdrawal Limit in Savings Account

Banks also have a maximum cash withdrawal limit through ATMs in a single day for savings accounts. These limits vary depending upon the bank and the type of account or debit card you have. Some of the popular banks and the daily cash withdrawal limit from ATM are:

Banks Cash Withdrawal Limit
Yes Bank Nil
DBS Bank Unlimited
SBI 4 free cash withdrawals in a month.
HDFC Bank Nil
ICICI Bank Unlimited

Best Bank for Savings Accounts in India

The most difficult decision to make while deciding about the savings account is to choose the right bank. Below are the details of the best banks for a savings account in India.

ICICI Bank: You may not get the best interest rates with ICICI Bank, but it surely provides the best terms of use and makes things extremely easy. Some of its savings account products are:

  • Titanium Privilege Account
  • Gold Privilege Account
  • Silver Savings Account
  • Regular Savings Account
  • Advantage Woman Savings Account
  • Life Plus Senior Citizens Savings Account
  • Young Stars Savings Account
  • Smart Star Savings Accoount
  • Pockets Savings Account
  • Basic Savings Bank Account- The ICICI Bank Edge

DBS Bank: DBS Bank is one of the leading foreign banks in India that offers high interest upto 4.00% on a savings account. The minimum balance requirement to open a savings account in DBS Bank is Overall total relationship balance of Rs. 20,00,000 in a combination of savings account balances, fixed deposits, investments and insurance. Some of the best savings products provided by DBS Bank are:

  • Savings Premium Plus
  • Auto Saver
  • Digi Account

Kotak Mahindra Bank: Kotak provides many savings account options to its customers. It’s saving account product 811 is one of the most digitally advanced and customer friendly products in the market. The various savings account provided by Kotak Mahindra Bank are:

  • Edge Savings Account
  • Pro Savings Account
  • Ace Savings Account
  • Silk-Women's Savings Account
  • Junior- The Savings Account for Kds
  • Grand- The Savings Programme for the 55+
  • My Family Savings Account
  • Classic Savings Account
  • Nova Savings Account
  • Alpha-The Savings & Investment Programme
  • Sanman Savings Account
  • Platina Savings Account
  • 811 Lite Savings Account
  • 811 OTP Savings Account
  • 811 Edge

Axis Bank: From Axis bank, one gets a wide range of saving account products curated for different customers as per their needs. It provides either a VISA or Rupay debit card, which also has a reward system. The wide range of Axis bank savings account products are:

  • Easy Access Savings Account
  • Prime Plus Savings Account
  • Prime Savings Account
  • Women's Savings Account
  • Senior Privilege Savings Account
  • Future Stars Savings Account
  • Pension Savings Account
  • Trust/NGO Savings Account
  • Insurance Agent Account
  • Youth Account
  • Basic Savings Account
  • Small Basic Savings Account
  • Axis ASAP Instant Saving Account

SBI: It provides a balanced option to its customers with its wide network of branches all over the country. The interest rates are competitive, and the account can easily be managed through the SBI website.

  • Premium Savings Account
  • Savings Plus Account
  • Yuva Savings Plus Account
  • Basic Savings Bank Account
  • Savings Bank Account For Minors
  • Small Savings Account
  • Savings Account for Minors: Pehla Kadam and Pehli Udaan

Canara Bank: It is one of the oldest nationalised banks in the country. Recently its merger with syndicate bank has also increased its network. It follows certain traditional banking facilities but has also adopted modern technology. Besides, its minimum balance requirement is one of the lowest in comparison to other banks. Its popular savings account products are:

  • Savings Bank Account
  • Canara Basic Savings Bank Deposit Account
  • Canara Small Savings Bank Deposit Account
  • Canara NSIGSE Savings Bank Deposit Account
  • Canara Jeevandhara
  • Canara SB Power Plus
  • Canara Payroll Package Saving Bank Account
  • Canara Junior Saving Account

PNB: Punjab National Bank has designed its savings account products keeping in mind the requirements of its customers. Its varied range of accounts are:

  • Saving Deposit (General) Account
  • Premium Saving Account Product
  • PNB Prudent Sweep for Individuals
  • PNB SF Prudent Sweep for the Accounts of Institutions
  • Total Freedom Saving Fund Salary Account
  • High End Salary Account
  • Family Protection Account
  • PNB Junior SF Account
  • PNB Vidyarthi SF Account
  • Basic Saving Bank Deposit Account (BSBDA)
  • PNB Rakshak Scheme
  • PNB Shikshak Sweep Scheme
  • Scheme For Providing Overdraft Facility To Pensioners
  • PNB Power Savings

Citibank: Along with its wide range of saving account products, you can also enjoy the benefits of existing customers when later on you decide to avail a loan. It also provides a high cash withdrawal limit. The key savings account products by Citibank are:

  • Citi Banking Savings Account
  • Citi Bank Savings Account For Expatriates
  • Citi Bank Suvidha Salary Account

How to make the correct savings bank account choice?

The options to choose from when it comes to savings accounts are too many. Thus it becomes challenging and also important to make the right choice. Therefore a comparison of various savings account options on diverse parameters seems to be the best choice in order to maximise earnings and other benefits. The key parameters to compare savings account and help yourself make the right decision are:

  • Minimum Balance: Some banks require a minimum account balance to be maintained while some do not. The banks who require minimum account balance also charge maintenance fee in case the balance in the account falls below the mentioned limit. Therefore you need to assess whether you will be able to maintain the required minimum balance or whether the zero balance account will suit you more.
  • Deals of Debit Card: Some banks offer schemes or deals with their debit cards to attract new customers. Therefore you must check such offers and assess their benefits. Choose the savings account that allows you to get the maximum benefits.
  • Interest Rate: The interest rate provided on a savings account is not high when compared to other investment options. However, if your money is going to sit in that account, it's better to earn the maximum return possible rather than choosing any other option. The interest rate of savings account ranges between 0.50% to 7.25%. Besides, not all require maintenance of minimum balance.
  • Additional Facilities: Banks offer various other facilities with savings accounts like net banking, free cheque book, mobile banking, etc. Make sure to check the additional facilities provided by the bank in detail to gain a greater understanding of its suitability to you.

How much should you keep as a saving account balance?

Putting money away in a savings account means creating a safety net for yourself in case you need some funds in an emergency. However, to decide how much amount to keep as a saving account balance, various factors need to be considered like:

  • Standard of Living: You need to have clarity on the standard of living you want to maintain. For it, make a list of necessities and comforts in your life. Necessities consist of expenses which are absolutely necessary for your survival and comforts includes everything else that you want but is not essential. Narrow your list of comfort expenses depending upon your financial goal.
  • Stability of Income: Be honest about the stability of your income. How many streams of income do you have and how permanent are they? For a secure financial future, you should bank on building multiple sources of income. To build multiple sources, you might require investment to be made, for which saving money is a crucial aspect.
  • Fixed Expenses: You must look at your fixed expenses to assess how much money you should keep in your savings account. Financial experts say you should have at least a six months emergency reserve in your savings account. Some recommend a reserve of one year or more. It is ambitious, but you do not have to build it overnight. Accumulate surplus slowly depending upon your financial goals.
  • Security: The amount you maintain in your savings account must contribute to make you feel secure. Different phases of life will require different amounts to make you feel secure. Thus, keep this aspect in your mind while deciding about the savings account balance.
  • Likelihood of Demands on Cash Reserve: Often, the demands on cash reserve is high. You need to assess how likely are those demands to arise depending upon the factors like your health, your family's health, any lawsuit, the health of your business or the future prospect of your job, children's education, etc.

Tax Exemption on Savings Bank Account

The interest income earned from savings accounts up to ₹ 10,000 in a financial year is exempt from income tax under Section 80TTA. This provision applies to all kinds of savings accounts across banks and post offices.

List of facilities available with Savings Bank Account

Savings account serves as the connecting dot between the banking system and the public. Opening a savings account is considered to be the first and primary step to connect with the banking system and start using its facilities. Some of the key facilities that become available with a savings bank account are:

  • ATM: Whenever you want to withdraw money from your account in cash, you can easily do so from any ATM near you. Most banks have networks of ATMs across the country, and in a month a certain number of transactions from other bank’s ATMs is also free of charge.
  • Netbanking and Mobile banking: Along with your savings account, you also get net banking facilities which you might have to get activated on your account after it starts functioning. Through net banking, you can do a bunch of activities online like, transfer funds, check your account balance and transaction history, apply for cheque book, make bill payments, repay credit card bill, apply for a credit card, set up automatic deductions for EMIs or SIP, etc. Similarly, you can also download the bank’s app and enjoy these services through the app on your mobile.
  • Easy Transactions: When you are able to make payments and receive them through net banking and debit card, your dependency on cash reduces. This certainly makes doing transactions much easier, and through UPI facility, you can also use various digital wallets and earn Voucher with each payment you make.
  • Cross product benefits: When you open a savings account with a bank, it also embarks the start of a relationship between you and the bank. In the future, if you decide or require to open another account or avail a loan or apply for a credit card, the aspect of existing relationship with the bank will work in your favour and may also get you a favourable deal.
  • Payment of Bills: Nowadays, a savings account also provides the facility of letting you make payment of bills like water, electricity, recharge of phones, etc. directly from your account.
  • Debit Card: Along with a savings account, you can also opt to get a debit card. It can be used to withdraw cash, make balance enquiry or order a new cheque book through the ATM. In addition, you can also make payments at retail stores by swiping your debit card on a POS machine and by making online transactions through your debit card.
  • Interest Rates: Each savings account offers certain interest on the balance maintained in the account. Thus, your money is never sitting idle, which is not the case when it is in the form of cash with you.

Banks Offering NetBanking Services

Charges for opening and using savings account

Bank Name Balance Non-Maintenance Charges ATM Transaction Charges
Yes Bank None
DBS Bank NIL charges Free
SBI None Rs. 15+ GST
HDFC Bank ₹ 150 to ₹ 600
ICICI Bank Rs 100 and 5 percent of the shortfall in required MAB First 5 transactions in a month are Free After that, Rs. 20 per financial transaction and Rs. 8.50 per non financial transaction
Axis Bank None
Citibank ₹ 250 Monthly Fee of Rs. 250
Kotak Bank If AMB > 50 percent but less than required AMB: Rs. 350; AMB less than 50 percent : Rs. 450
Bank of Baroda None
India Post Office ₹ 100

Other Types of Deposit

Apart from the savings account, there are other types of deposit accounts as well whose benefit you would like to avail, such deposits are:

1. Fixed Deposit: This is the kind of deposit which offers a higher rate of interest than a savings account. It is a tenure-based deposit which needs to be pre-decided before making the deposit. The tenure is chosen by the investor, and it is available for 7 days to 10 years. The rate of interest depends upon the tenure chosen, amount invested and prevailing market rates. In case the investor wants to withdraw money before the end of tenure, then it is termed as premature withdrawal or breaking of FD. Banks levy certain penalty charges in this case.

2. Recurring Deposit: Much like fixed deposit, the recurring deposit is also tenure based. However, in case of a recurring deposit, you can make monthly contributions instead of a lump sum investment. The rate of interest is higher than savings accounts but lower than a fixed deposit.

3. Current Account: It is mainly used by individuals and entities for business purposes. Running a business involves multiple transactions of receipts and payments in a single day. Due to its minimal restrictions on per day transactions, it is the first choice of businesses. At present, a current account can be opened by:

  • Partnership Firms
  • Hindu Undivided Family
  • Individual
  • Private and Public Limited Companies
  • Departments of Government, Boards, Corporations, etc.
  • Joint Account of two or more individuals
  • Associations, Trusts, and Clubs
  • Proprietary businessman.


What is a savings bank account?

The savings account is a deposit based account that can be opened by any individual with a retail bank. Generally, it also involves maintaining a minimum balance in the account. It provides a small rate of interest, and the account holder can withdraw the money as per his/her discretion.

How do savings accounts work?

Savings accounts work when you open one and deposit funds in it. Banks give a small interest on the deposited funds in a savings account, and you can withdraw your money whenever you want.

Which bank has the best savings account?

The best savings account may be different for you than someone else's best savings account. Many banks offer a variety of savings accounts based on various types of customers. You need to assess those savings account products and identify which one suits you the best. The banks like Kotak Mahindra, Axis Bank, ICICI Bank, SBI, Standard Chartered Bank, etc. offer a wide variety of savings account products.

How do I open up a savings account?

Opening a savings account is easy. All you need is an identity proof, address proof, two photographs. Fill the application form online or offline and submit the documents. In case there is a minimum balance requirement, then you have to submit that much amount as well along with your application form.

How much money do I need to open a savings account?

In case there is a minimum balance requirement with the savings account then you need that much money at least to open a savings account. However, in case it is a zero balance savings account than a small amount of Rs. 100 to Rs. 500 would be enough. If you open a zero balance account online, then no money would be required.

How much can I withdraw from my savings account?

Some savings accounts come with a daily withdrawal limit, thereby restricting the amount of withdrawal in a day to the specified amount. In an account where there is no daily withdrawal limit, you can withdraw as much as you want subject to the maximum of the amount existing in your account.

What are the 3 types of savings accounts?

The three types of savings accounts are:

  • The regular savings account requires the account holder to maintain a minimum balance. It includes various other banking facilities like net banking, cheque book, debit card, interest rate, etc.
  • The zero balance savings account is similar to a regular savings account with only one difference that, in this, no minimum balance is required to be maintained.
  • Children's savings account is opened for minors under the supervision of their parents or legal guardians. After attaining the age of 10, children can use the account independently.

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