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Savings Account Eligibility Calculator

Savings Account Eligibility

Last Updated 23rd Jan 2021

  • A savings account is an interest-bearing deposit account.
  • Open saving account and earn an interest rate of around 0.50% to 7.50%.
  • Open the saving account deposits in top banks like SBI, HDFC, ICICI Bank or Axis Bank.
  • Eligibility criteria differ from bank to bank. However, some common ones are:
    • An individual should be Indian residents.
    • An individual should be above the 18 years
    • Parents or guardians can open the account on behalf of the minor.
Apply for Savings Account

Savings Account Eligibility Process

A Savings account is the most basic and safest account where individuals can deposit the extra cash, fetch moderate interest on it and access it whenever they require. Savings accounts are designed with the primary purpose of encouraging savings. Generally, a Savings account fetches an interest rate of around 0.50% to 7.50%. Savings account stability and reliability coupled with the moderate interest rate makes them one of the best instruments for saving surplus money.

Eligibility of Savings account:

  • All Indian citizens are eligible to open basic savings accounts.
  • Parents or guardians can open the account on behalf of the minor.
  • Individuals are provided with an option to open either the joint or individual savings account.

SBI Savings Account Eligibility

State Bank of India offers various saving account products like Basic savings bank deposits account, Basic saving bank deposits small account, Saving bank account, Saving bank account for minors which involves Pehla Kadam and Pehli Udaan and saving plus account.

Eligibility of SBI Savings account

  • All Indian residents above the age of 18 years having valid KYC documents are eligible to open a Savings bank account.
  • Hindu Undivided Family and foreign nationals can also open a Saving bank account.
  • Singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc. facility.
  • In case of a minor, the account will be jointly opened with the parent/guardian.

HDFC Savings Account Eligibility

HDFC offers various savings account products like a regular savings account, Basic savings bank deposit account, Women's savings account, Kids advantage account, Senior Citizen account, Family savings group account, Institutional savings account and BSBDA small account.

Eligibility of HDFC Savings Account:

  • Indian residents above the age of 18 years who can fulfil KYC requirements
  • Hindu Undivided Family is also eligible.
  • Foreign citizens residing in India for a period greater than 180 days can also open the HDFC saving account.
  • Parents or guardians can open the account on behalf of the minor.
  • Customers can open either the joint or individual savings account.

ICICI Savings Account Eligibility

Under ICICI Bank individuals have options to choose among various savings accounts. The bank has designed different savings accounts to cater the requirement of various groups of customers. The products are InstaSave Account, The ONE Savings Account, NPS Plus Savings Account, Regular Savings Account, Silver Savings Account, Gold Savings Account, Savings Family Banking and HUF – Hindu Undivided family

Eligibility of ICICI savings account:

  • Individuals who are Indian citizens and are above the age of 18 years.
  • HUF and Foreign nationals are also eligible.
  • The option of opening either individual or joint account

Axis Bank Saving Account Eligibility

Axis Bank offers several saving account products, and an individual can choose the best savings account according to their requirement. The products offered are EasyAccess Savings Account, Prime Savings Account, Future Stars Savings Account, Youth Account, Prime Plus Savings Account, Women Savings Account, Pension Savings Account, Small Basic Savings Account and Priority Account – NRI.

Eligibility of Axis Bank savings account:

  • Indian residents above the age of 18 years.
  • HUF are also eligible
  • Parents or guardians can open the account on behalf of the minor

Digi Bank Saving Account Eligibility

Digi Bank Saving Account offers a wide variety of savings accounts to customers, along with personalized services and attractive benefits. They come with many unique features like an extensive branch and ATM network and phone banking and internet services.

Eligibility of Digi Bank Savings Account:

  • Indian residents above the age of 18 years
  • Hindu Undivided Family is also eligible.


What is the maximum limit of a savings account?

There is no maximum limit rule on the savings account. Individuals are free to deposit any maximum amount.

Which bank has the highest rate of interest on a savings account?

The interest on saving accounts varies with each bank. Currently, Jana Small Finance Bank is offering interest rate of 7.50% to its customers.

How is saving account interest calculated?

The interest in saving accounts is calculated on the basis of the daily balance. For instance: Mr Mukun had a total corpus of ₹ 50,000 in his Savings account as on March 10th. On January 20th, he received ₹ 1 Lakh as his part-time job assignment fee. On 28th January he had withdrawn ₹ 1.25 Lakh for purchasing a bike, thereby reducing his account balance to ₹ 25,000 .

Interest rate calculation: From January 1st to 20th, Mr Mukund will fetch interest on ₹ 50,000 . From 20th to 28th, interest will be computed on ₹ 1.50 Lakh and for the remaining three days, interest will be calculated on ₹ 25,000 So, the interest he earns for March will be ₹ 249.28/-

Which bank is best for saving money?

You can save money in any bank’s savings account. However, the highest interest rate of savings account is provided by Jana Small Finance Bank which is 7.50.

How can I raise money in my savings account?

You can increase money in your savings account by depositing cash or receiving payments from someone directly in your account.

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Our News - Jan 2021
  • 2021-01-19 : Bank of Maharashtra reported Q3 profit up of ₹154 crore
    Bank of Maharashtra reported a net profit of Rs. ₹154 crores in the third quarter ended December 31, 2020, against ₹135 crores in the year-ago quarter. Advances that include home, personal, car, two-wheeler and gold loan along with business and mudra loans increased by 12 per cent year-on-year to ₹1,04,904 crore. Further, deposits which include FD and Rds increased by 14% to ₹1,61,971 crore. The share of the low-cost current account, savings account (CASA) deposits improved to 50.91% of total deposits from 50.51% in the preceding quarter.
  • 2021-01-18 : HDFC Bank net profit rose by 18%
    HDFC Bank net profit grew by 18% over a year ago in the December-ended quarter on the back of improved net interest income. Advances which include home, personal, car, two-wheeler and gold loans along with business and mudra loans during the quarter rose 15.6% year-on-year to Rs 10.82 lakh crore. Deposits which includes FD and RD grew by 19% from last year to Rs 12.7 lakh crore. Further, The CASA ratio for the bank stood at 43%.
  • 2021-01-18 : Karnataka Bank Q3 net profit rises to ₹135 cr
    Karnataka Bank posted a net profit of Rs 135 crore for the December quarter of current financial year with a growth rate of 10%. Further, net interest income rose 21% to ₹614 crore from ₹508 crore in Q3FY20.
  • 2021-01-08 : HDFC Bank posted a double-digit increase in deposits and advances
    HDFC Bank reported a double-digit increase in deposits and advances in the third quarter of the fiscal year. The bank advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans hiked by 16% to Rs 10.82-lakh crore as on December 31, 2020. Further, the bank’s deposits rose by 19% in the third quarter of the fiscal to Rs 12.71-lakh crore. The CASA ratio is reported at around 43% as of December 31, 2020.
  • 2021-01-08 : IDFC First Bank increased interest rate on savings balances
    With effect from January 1, 2021, IDFC First Bank hiked the interest rate on savings accounts balances up to Rs 1 lakh to 7%. The bank was earlier offering an interest rate of 6%, which was much higher compared with the average 3-4% offered by most banks.
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