MyLoanCare is a FREE of cost service for borrowers

Get Cashback of Upto ₹ 1,000* on Loans Apply Online

MyLoanCare Customer Ratings - 4.5/5.0

Menu

Online Savings Account Opening

Open Savings Bank Account

Last Updated 31st Oct 2020

  • Saving account is the account which provides moderate interest on deposits.
  • Individuals can open the account either online or offline.
  • Online opening of saving account saves time and cost.
  • Open savings account at a minimum balance or zero balance.
  • Get best offers on savings account along with a variety of debit cards.
Apply for Savings Account

Compare Savings Account Rates and Types of All Banks

Bank Name Interest Rate Types of Savings Account
Axis Bank Savings Account Opening Online 3.50% - 7.10% Axis ASAP Instant Saving Account, Basic Savings Account, Easy Access Savings Account, Future Stars Savings Account, Insurance Agent Account, Pension Savings Account, Prime Plus Savings Account, Prime Savings Account, Senior Privilege Savings Account, Small Basic Savings Account, Trust/NGO Savings Account, Women's Savings Account, Youth Account
ICICI Bank Savings Account Opening Online 3.00% - 3.50% Advantage Woman Savings Account, Basic Savings Bank Account- The ICICI Bank Edge, Gold Privilege Account , Life Plus Senior Citizens Savings Account, Pockets Savings Account, Regular Savings Account, Silver Savings Account, Smart Star Savings Accoount, Titanium Privilege Account, Young Stars Savings Account
Kotak Bank Savings Account Opening Online 3.00% - 4.00% 811 Edge, 811 Lite Savings Account, 811 OTP Savings Account, Ace Savings Account, Alpha-The Savings & Investment Programme, Classic Savings Account, Edge Savings Account, Grand- The Savings Programme for the 55+, Junior- The Savings Account for Kds, My Family Savings Account, Nova Savings Account, Platina Savings Account , Pro Savings Account, Sanman Savings Account, Silk-Women's Savings Account
Yes Bank Savings Account Opening Online 4.00% - 6.25% Customizable Savings Account, Savings Advantage, Savings Exclusive, Savings Select, Savings Value Account , Smart Salary Advantage, Smart Salary Exclusive, Smart Salary Platinum
Citibank Savings Account Opening Online 3.25% - 4.00% Citi Bank Savings Account For Expatriates, Citi Bank Suvidha Salary Account, Citi Banking Savings Account
Standard Chartered Bank 0.50% - 4.00% 2-in- 1 Account, 3-in- 1 Account, Aasaan Account, aXcessPlus Account, Basic Banking Account, Employee Banking Account, eSaver Plus Saving Account, Parivaar Account, SuperValue Account
Bank of Baroda 2.75% - 2.75% Baroda Bachat Mitra, Baroda Basic Savings Account, Baroda Centenary Savings Account, Baroda Jeevan Suraksha Savings Bank Account, Baroda Pensioners Savings Bank Account, Baroda Salary Advantage Saving Account, BOB Savings Account, Super Savings Account
IDBI Bank 3.10% - 4.00% Being Me Account, Capital Gain Account Scheme, Jubilee Plus (Senior Citizens) Account, Pension Savings Account(Central govt. Employee), Power Kidz Account, Sabka Basic Savings Account(Complete KYC), Small Account(Relaxed KYC), Super Savings Account, SuperShakti (Womens) Account
Indian Bank 3.50% - 4.00% IB Smart Kid SB Account, Savings Bank Account, SB Gold Account, SB Platinum Account, SB Power Account for Achievers, SB Silver Account, Vikas Savings Khata
PNB 3.00% - 3.00% Basic Saving Bank Deposit Account (BSBDA), Family Protection Account, High End Salary Account, PNB Junior SF Account, PNB Power Savings, PNB Prudent Sweep for Individuals, PNB Rakshak Scheme, PNB SF Prudent Sweep for the Accounts of Institutions , PNB Shikshak Sweep Scheme, PNB Vidyarthi SF Account, Premium Saving Account Product, Saving Deposit (General) Account, Scheme For Providing Overdraft Facility To Pensioners, Total Freedom Saving Fund Salary Account
SBI 2.70% - 2.70% Basic Savings Bank Account, Premium Savings Account, Savings Account for Minors: Pehla Kadam and Pehli Udaan, Savings Bank Account For Minors, Savings Plus Account, Small Savings Account, Yuva Savings Plus Account
HDFC Bank 3.00% - 3.50% Basic Savings Bank Deposit Account, BSBDA Small Account, Family Savings Group Account, Institutional Savings Account, Kids Advantage Account, Regular Savings Account, Savings Farmers Account, Savings Max Account, Senior Citizens Account, Women's Savings Account
South Indian Bank 2.35% - 4.50% Basic Savings Bank Deposit Account, Group Salary Savings Account, Junior Savings, Mahila Plus Savings Bank, Privilege Savings, Regular Savings, SB Invest
Andhra Bank 3.00% - 4.00% AB Abhaya Plus, AB Diamond Savings Bank Account, AB Easy Savings No frills account, AB Gold Account, AB Jeevan Abhaya, AB Jeevan Abhaya Double Plus, AB Jeevan Abhaya Triple Plus, AB Kiddy Bank, AB Little Stars, AB Platinum Savings Bank Account, AB Super Salary SB Account, AB Teens, Abhaya First Wealth Pack, Abhaya SB Account
Canara Bank 3.25% - 4.00% Canara Basic Savings Bank Deposit Account, Canara Jeevandhara, Canara Junior Saving Account, Canara NSIGSE Savings Bank Deposit Account, Canara Payroll Package Saving Bank Account, Canara SB Power Plus, Canara Small Savings Bank Deposit Account, Savings Bank Account
UCO Bank 2.50% - 2.60% No-frills Savings Bank Account (Zero Balance), Saral Savings Deposit Scheme, UCO Smart Kids Savings Bank Scheme
DBS Bank 3.50% - 5.00% Auto Saver, Digi Account, Savings Premium Plus
IDFC Bank 4.00% - 4.00% Basic Savings Bank Deposit Account Personal Banking, Basic Savings Bank Deposit Small Account, Corporate salary account, Minor Saving Account, Param Savings Account, Pratham Savings Account, Savings Account, Senior Citizen Savings Account, Shakti Savings Account, Vishesh Savings Account
India Post Office 4.00% - 4.00% Post Office Savings Account

Savings Account Opening

Savings accounts are the deposits account held at any banks and financial institutes. They provide a moderate interest on a monthly minimum average balance maintained. Individuals can either open the savings account online or offline. Opening the savings account online helps in saving cost and time.

Open Savings Bank Account Online

The online saving bank account process is a bit different for different banks. The basic steps are as follow:

  • Compare all the bank offers and the saving account products.
  • Select the best saving account product.
  • Visit the bank’s website.
  • Login into the account or initiate the online process to open the savings account provided on the official website.
  • Fill in the application form and enter your name, address, date of birth and other various details.
  • Provide all the relevant Savings Account documents which include Aadhar, Voter ID, PAN Card or any other relevant document which fulfils the KYC requirements.
  • On submission of the documents, the bank or financial institution will initiate the verification process.
  • If all the documents and information is authentic approval will be granted, the account will be activated within 3-5 working days.

What is the Eligibility of Opening Savings Account Online?

The eligibility criteria of the savings bank account can be different for different banks and it may vary for products. The common criteria are as follows:

  • Resident Individuals
  • Foreign nationals residing in India
  • Non-Resident Indians
  • Should be at least 18 years old
  • Minor accounts can be jointly be opened with a parent or guardian.

Steps to Open Savings Account at Branch

The steps to open a saving bank account at the branch are as follow:

  • Do thorough research about all the available saving account options and select the best savings account.
  • Visit the bank where you want to open the savings account.
  • Fill the account opening form and make sure that you check all the information provided. The information in the forms must match the information in the KYC documents.
  • Submit the form and the KYC documents.
  • To open an account, you will be required to make an initial deposit of a certain amount and this amount differs from bank to bank.
  • After the completion of the verification, you will be provided with the cheque book, passbook and other relevant documents related to the savings account.

FAQs

Is it safe to open a savings account online?

Yes, it is safe to open a saving bank account online. All banks and the government of India takes the utmost care in making the online opening of saving account safe and secure.

Which bank offers online account opening?

Almost all the banks offer online account opening like State Bank of India, HDFC Bank, ICICI Bank and other banks.

Can I open a bank account online without going to the bank?

Yes, you can open a bank account without visiting the bank account. An individual can open a saving bank account by visiting the bank's official website.

What are the best online savings accounts?

The best online saving account depends upon the individual requirement and that can be minimum balance requirement and high-interest rate. If you want to open a zero balance account then Digibank Account by DBS Bank can be a preferred option at a high-interest rate. Some of the other online saving accounts are Digital Savings Account by Standard Chartered Bank, Regular Savings Account by HDFC Bank and Insta Savings Account by State Bank of India.

Can I lose money in a savings account?

If you are not maintaining the minimum required balance in the savings accounts, then you could lose the remaining money to minimum balance charges unless you deposit money to reach the minimum required balance. In the scenario of the bank failing, only a specified amount is covered under deposit insurance by the Deposit Insurance and Credit Guarantee Corporation. Besides, there is inflation factor too, which can create a situation where the rate of inflation is higher than the rate of interest on the savings account. Although, it would still be better than keeping it as cash.

Which bank is the most secure?

Almost all banks are secure and safe and individuals can choose to open a savings account in any bank. Some of the top banks that offer high security on savings account are SBI, HDFC Bank, ICICI and DBS Bank.


Our News - Oct 2020
  • 2020-10-30 : Bank of Baroda Q2 profit surges 128%
    Bank of Baroda reported a net profit of ₹1,679 crores for the quarter ending 30 September. Net interest income during the quarter grew by 6.8% to ₹7,508 crores. The consolidated net profit stood at ₹1,771 crores in the September quarter. Further, the advances backed by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans increased by 5.3%. CASA ratio increased to 39.78%, up by 190 bps year-on-year.
  • 2020-10-29 : IndusInd Bank becomes the first bank to go live on RBI Account Aggregator Framework
    IndusInd Bank becomes the first bank to go live as a Financial Information Provider under the new Account Aggregator Framework of the RBI. User can now avail various facilities like viewing statements of their accounts, track deposits, plan investments avail credit cards, etc. on a single window.
  • 2020-10-20 : IDBI Bank launched banking services on WhatsApp
    IDBI Bank launched the banking service on WhatsApp. WhatsApp Banking service will be offered through a dedicated WhatsApp verified number. The bank customers will be able to avail various essential banking services such as account balance information, last five transactions, request for a cheque book and an email statement through newly launched WhatsApp banking services. Further, the details of the nearest IDBI Bank branches or ATMs will also be available via WhatsApp.
  • 2020-10-16 : Women beneficiaries comprise 55% of a/c holders under PMJDY
    According to the RTI report, more than half of bank accounts under the Pradhan Mantri Jan-Dhan Yojana (PMJDY) are held by women beneficiaries. The number of accounts till September 9, 2020, under the scheme, was 40.63 crore, of which 22.44 crore accounts were held by women.
  • 2020-10-16 : Retail cheque payments plunged to 2.96%
    RBI reported that In FY2020, the share of paper clearing in total retail payments plunged to just 2.96 per cent in terms of volume and to 20.08 per cent in terms of value. The fall in the use of cheque indicates the growing preference of digital among individuals.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More