MyLoanCare is a FREE of cost service for borrowers Apply Online

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

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online


Online Savings Account Opening

Open Savings Bank Account

Last Updated 12th Apr 2021

Apply for Savings Account

Compare Savings Account Rates and Types of All Banks

Bank Name Interest Rate Types of Savings Account
Yes Bank Savings Account Opening Online 4.00% - 5.50% Customizable Savings Account
DBS Bank Savings Account Opening Online 3.00% - 4.00% Digi Account
SBI Savings Account Opening Online 2.70% - 2.70% Basic Savings Bank Account
HDFC Bank Savings Account Opening Online 3.00% - 3.50% Regular Savings Account
ICICI Bank Savings Account Opening Online 3.00% - 3.50% Regular Savings Account
Axis Bank 3.50% - 4.00% Basic Savings Account
Citibank 3.25% - 3.25% Citi Banking Savings Account
Kotak Bank 3.50% - 4.00% Nova Savings Account
Bank of Baroda 2.75% - 3.20% BOB Savings Account
India Post Office 4.00% - 4.00% Post Office Savings Account
Standard Chartered Bank 0.50% - 3.25% Basic Banking Account
PNB 3.00% - 3.50% Saving Deposit (General) Account
South Indian Bank 2.35% - 4.50% Regular Savings
IDBI Bank 3.00% - 3.50% Super Savings Account
Andhra Bank 3.00% - 3.00% Abhaya SB Account
Indian Bank 3.50% - 3.75% Savings Bank Account
Canara Bank 3.25% - 3.75% Savings Bank Account
UCO Bank 2.50% - 2.50% Saral Savings Deposit Scheme

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.

Latest News about Kotak Bank New Service

  • Kotak Mahindra Launches Kotak Remit
    Kotak Mahindra announced the launch of its outward forex remittance service, Kotak Remit. The new feature of the application allows the users to transfer money abroad from their mobile phones. To transfer money, they will not have to furnish any physical documents and can transfer money up to $25,000 to permissible geographies across the world.


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 Yes First by Yes 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 - Apr 2021
  • 2021-04-08 : Jana Small Finance Bank joined hands with Axis Securities to offer 3 in 1 account
    Jana Small Finance integrated with Axis Securities to offer investment services. The bank has launched a three in one account. The three in one account integrates the savings account by Jana Small finance and trading and the Demat account by Axis Securities.
  • 2021-04-07 : AU Small Finance Bank launched Platinum Family Banking Program
    With an aim to increase serve its customers, AU Small Finance Bank has launched a Platinum Family Banking Program. The scheme will offer facilities of family banking as well as offerings such as preferential pricing, priority processing, onboarding offers, and a complimentary lifetime free debit card. Further, it will also provide a dedicated relationship officer to address the financial needs of the entire family.
  • 2021-04-05 : Karnataka Bank targeting 1.42 lakh business turnover in FY 22
    Karnataka Bank is looking for 12% business growth in the current fiscal and targeting 1.42 lakh business turnover. The bank emphasised that it is planning to leverage digital banking to achieve its target.
  • 2021-03-30 : Karnataka Bank joined hands with IIFL Securities to launch KBL Smart Trade
    Karnataka Bank in partnership with IIFL Securities Bank launched KBL Smart Trade. KBL Smart Trade is a facility where all the customers of Karnataka Bank can access IIFL Securities Demat and trading account solution for their capital market needs. It is a two-in-one account facility, where the Demat and trading account features are clubbed. The move is expected to enrich customer engagement and retention resulting in augmented CASA funds to the bank.
  • 2021-03-25 : Indian Overseas Bank launched a saving account for millennia
    To cater to the requirement of the millennials, Indian Overseas bank introduced IOB Trendy. IOB Trendy is a savings account customised for the growing millennial population in the country by keeping their banking preferences in mind.
*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
Please wait while your information is being processed...