Best Savings Bank Accounts You Can Consider Opening In 2021
A savings account is the most basic financial product offered by banks. By opening a savings account, individuals can deposit their money and keep it safe with the financial institution. Also, they get to earn interest at the same time, though it is low.
Savings bank account accounts are liquid investments as individuals can withdraw their funds at their convenience and without any restrictions.
To know which is the best bank account in India, it is essential that one compares the interest rates and other features of the available options.
Here are some of the top savings’ bank accounts compiled from different sources.
Best Savings Bank Accounts in India with Their Interest Rates
From the list given below, individuals can find out which bank gives the highest interest rate on saving account:
RBL Bank Savings Account
Some features of RBL Bank’s savings account are as follows:
- Unlimited free transactions at RBL ATMs
- Free RuPay debit card with a cash withdrawal limit of Rs. 50,000
- Free replacement of damaged card
- Mobile banking, phone banking, etc.
| Daily Account Balance | Rate of Interest |
| Up to Rs. 1 lakh | 4.25% p.a. |
| Over Rs. 1 lakh to Rs. 10 lakh | 5.75% p.a. |
| Over Rs. 10 lakh to Rs. 3 crore | 6.00% p.a. |
| Over Rs. 3 crore to Rs. 5 crore | 6.00% p.a. |
IndusInd Bank Savings Account
IndusInd Bank offers an extensive range of specialised savings accounts, such as Indus Delite Savings Account and Indus Exclusive Savings Account. Both these accounts come with exciting discounts and offers. One key feature of the latter is a dedicated relationship manager.
| Daily Account Balance | Rate of Interest |
| Up to Rs. 10 lakh | 4.00% p.a. |
| Over Rs. 10 lakh | 5.00% p.a. |
Yes Bank Savings Account
Yes Bank offers two types of savings accounts- Savings Account PRO and Savings Account Pro Plus. The MAB for the former and the latter is Rs. 10,000 while that of the latter is Rs. 25,000.
| Daily Account Balance | Rate of Interest |
| Up to Rs. 1 lakh | 4.00% p.a. |
| Over Rs. 1 lakh to Rs. 10 lakh | 4.50% p.a. |
| Over Rs. 10 lakh to Rs. 100 crore | 5.25% p.a. |
Kotak Mahindra Savings Bank Account
Kotak’s offerings include more than 10 savings account variants, which come with different features. The bank’s Sanman Savings Account has a minimum AQB of Rs. 2,000. Moreover, individuals who open this account can make unlimited cash withdrawals from any Kotak Mahindra Bank ATM without paying any fee.
| Daily Account Balance | Rate of Interest |
| Up to Rs. 1 lakh | 3.50% p.a. |
| Over Rs. 1 lakh | 3.50% p.a. |
HDFC Bank Savings Account
HDFC Bank provides comprehensive banking solutions to fulfil the requirements of its customers. Some of the innovative features of HDFC savings account include free debit card, mobile banking, and more. Moreover, this financial institution provides specialized savings accounts for women and senior citizens.
| Daily Account Balance | Rate of Interest |
| Up to Rs. 50 lakh | 3.00% p.a. |
| Rs. 50 lakh and above | 3.50% p.a. |
ICICI Savings Bank Account
ICICI Bank offers an extensive range of savings accounts for its customers. The Advantage Woman Aura Savings Account is specially designed for working women. Besides offering unlimited cash withdrawals at any bank’s ATM, it provides various offers on shopping, jewellery, and more.
Here is a tabular representation of ICICI savings account interest rate:
| Daily Account Balance | Rate of Interest |
| Below Rs. 50 lakh | 3.00% p.a. |
| Rs. 50 lakh and above | 3.50% p.a. |
Axis Bank Savings Account
In case an individual is looking for the best bank account in India, Axis Bank is an option that they might consider. It offers five different savings accounts to cater to the requirements of its large customer base. This bank’s Easy Savings Account has a low opening deposit and a minimum balance requirement of Rs. 10,000.
| Daily Account Balance | Rate of Interest |
| Below Rs. 50 lakh | 3.00% p.a. |
| Rs. 50 lakh to less than Rs. 10 crore | 3.50% p.a. |
| Rs. 10 crore to less than Rs. 100 crore | Repo rate + (-0.65%)
Floor rate (3.50%) is also applicable |
| Rs. 100 crore to less than Rs. 200 crore | Repo rate + (-0.50%) |
| Rs. 200 crore to less than Rs. 2,500 crore | Repo rate + (-0.50%) |
IDFC First Bank Savings Account
IDFC bank savings account comes with various features, which include:
- Internet banking
- Accessible via the bank’s mobile-based application
- Receive vouchers on popular brands within 30 days from the account opening date
| Daily Account Balance | Rate of Interest |
| Up to Rs. 1 lakh | 4.0% p.a. |
| Over Rs. 1 lakh to Rs. 10 lakh | 4.50% p.a. |
| Over Rs. 10 lakh to Rs. 2 crore | 5.00% p.a. |
| Over Rs. 2 crore to Rs. 10 crore | 4.00% p.a. |
| Over Rs. 10 crore to Rs. 100 crore | 3.50% p.a. |
| Over Rs. 100 crore | 3.00% p.a. |
DCB Bank Savings Account
The following are some of the features of DCB Bank Savings Account:
- The minimum AQB requirement for this savings account is Rs. 500
- Free replacement of damaged debit card
- Unlimited free cash withdrawals at DCB Bank ATMs
| Daily Account Balance | Rate of Interest |
| Up to Rs. 1 lakh | 2.75% p.a. |
| Over Rs. 1 lakh to less than Rs. 25 lakh | 5.00% p.a. |
| Rs. 25 lakh to less than Rs. 50 lakh | 6.00% p.a. |
| Rs. 50 lakh to less than Rs. 2 crore | 6.50% p.a. |
| Rs. 2 crore to less than Rs. 50 crore | 5.50% p.a. |
| Rs. 50 crore and above | 5.00% |
State Bank of India Savings Account
Some features this SBI’s saving account include the following:
- SBI Quick facility
- No MAB requirement
- No restriction on maximum balance
- YONO mobile app
| Daily Account Balance | Rate of Interest |
| Up to Rs. 1 lakh | 2.70% p.a. |
| Over Rs. 1 lakh | 2.70% p.a. |
When choosing which is the best bank account in India, looking at the interest rate is not enough. One should compare the features of the different available options and weigh the pros and cons before making a decision.
Frequently Asked Questions
- Which bank has the best zero balance account in India 2021?
When it comes to choosing the best bank for opening a zero balance account, there is no one-size-fits-all solution. The benefits that come with savings accounts of different banks is not the same. Hence, one must make sure to compare the features of the various options and choose the one which is best suited for their needs.
- Which is the best bank for a joint account in India?
All banks offer joint savings account. That said, there is no readymade answer when it comes to choosing one owing to the different features. Hence, make sure to consider various factors, such as interest rates, AMB, associated charges when making a decision.
- How much interest does Bandhan Bank provide on a savings account?
The savings account interest rate of Bandhan Bank ranges from 3% to 6%.
Happy Investing!
Disclaimer: The views expressed in this post are that of the author and not those of Groww
