Savings account is something which almost all of us have in a public or private sector bank.
Savings account give us interest on our deposit, kept in the account. Along with that they also provide additional features of online money transfer, debit card, cheque book, and monthly account statement.
Previously, we had to visit the bank branch in order to open an account and provide all the necessary documents required to open an account.
But things have completely changed nowadays. Now people can open a savings account in most of the banks through their smartphones in a few minutes.
Listed below are few of the best savings bank account for 2019-
1.Digibank by DBS
Digibank Savings account can be opened by simply verifying your details through an OTP on your Aadhaar linked mobile number and your savings account will instantly activate.
Setting up a digisavings account is seamless, paperless and does not take much time.
|Balance Required||Zero Balance Account|
|The rate of Interest on Savings||Up to 7 %|
|Debit Card||Virtual Debit Card|
|Balance||Rate of Interest|
|Daily Balance up to Rs 1 Lacs||6 %|
|Daily Balance above Rs 1 lacs and up to Rs 2 Lacs||7 %|
|Daily Balance above Rs 2 lacs and up to Rs 5 Lacs||5 %|
|Daily Balance above Rs 5 Lacs||4 %|
Incremental amount over and above 1 – 2 lakhs will be given 7 % interest.
Incremental amount over and above 2 -5 lakhs will be given 5 % interest.
Incremental amount over and above 5 lakhs will be given 4 % interest.
After opening a Digibank savings account, a person can open a fixed deposit of a minimum Rs.10,000 and recurring deposit of a minimum of Rs.100.
Digibank also offers the facility to invest in mutual funds. It offers cashback of up to 10% on shopping from a wide range of online merchants.
2. Kotak 811 Edge
Kotak Bank’s 811 Edge has been designed to provide a simple, easy and cashless solution to the customers.
Customers can earn up to 6% p.a. on their savings account balances. This savings account gives a completely digital and paperless account opening experience, by maintaining an average monthly balance of Rs. 10,000.
|Eligibility||A resident individual above 18 years of age can open up this account|
|Online Transfer||Free online transfers in form of NEFT, RTGS, and IMPS are permitted|
|Debit Card||Platinum chip debit card is given for a fee of Rs 150 per annum|
|Scan & Pay||Instore purchases can be done by using the feature Scan & Pay|
|Interest Rate||Interest up to 6 % can be earned on the savings account balance|
|Balance in Savings Account||Rate of Interest|
|Balance up to Rs 1 lakh||5 %|
|Balance above Rs 1 lakh and up to Rs 1 crore||6 %|
|Balance above Rs 1 crore||5.5 %|
3. SBI Digital and Insta Savings Account
Only resident Indian individuals, over 18 years of age, without any tax liability outside India are eligible for open SBI Digital Savings Account and SBI Insta Savings Account.
We must also have a valid Aadhaar card and Pan card to open both these account. A valid and active mobile number linked to Aadhaar and an email address is also needed in order to open both these accounts.
Both the accounts can be opened through the YONO app or the online YONO portal.
SBI Insta Savings Account
- This savings account offered by SBI comes with the instant account activation facility and does not need the applicant to visit the branch.
- A basic Rupay debit card will be provided with the account.
- No cheque book facility will be given with Insta Savings Account.
- Maximum balance that can be maintained in this account is Rs 1 lakh only.
- The savings account by SBI can be opened and operated on a single basis. It means that the ownership of the bank account is limited to one person only and cannot be operated on a joint basis.
|Features||SBI Digital Savings Account||SBI Insta Savings Account|
|Account Activation||The customer has to visit the branch at least once||Instant Account Activation|
|Debit Card||Platinum Debit Card||Rupay Debit Card|
|Cheque Book||Cheque Book available with applicable charges||No Cheque Book facility|
|Maximum Balance||No Limit||Limit of Rs 1 lakh|
|Account Operation||On a Single basis||Initially, Single basis but can be converted to a joint account|
4. Federal Bank Fedbook Selfie Account
Fedbook selfie is a first of its kind.
In this scheme, you can open a savings account by taking a selfie. All we need is to download the FedBook Selfie app and follow the instructions.
A one time visit to the branch has to be done to activate the account. The account number is generated on a real-time basis. Online validation of KYC documents has to be done and the mobile number should be linked to Aadhaar.
|Minimum Balance||Zero Balance Account|
|Account Activation||Quick account opening and instant account number generation|
|Chequebook||10 leaves per year|
|Debit Card||Rupay Classic Debit Card available with annual charges|
5. Axis Bank ASAP Online Savings Account
Axis ASAP is a new age digital savings account offered by Axis Bank.
You can open an Axis ASAP account by downloading the Axis Mobile App or by visiting www.axisbank.com/asap & registering your Aadhaar, PAN & other basic details.
Axis ASAP is a zero balance account & offers higher interest rates on balances above Rs. 10,000.
An Indian citizen who has a valid PAN and Aadhaar linked to the mobile number and is 18 years and above can open this account.
|Minimum Balance||Zero Balance Account|
|Account Operation||Instant Bank Account Number Generation|
|Debit Card||Virtual Debit Card Available|
|Interest Rate||Higher Interest Rate for funds in excess of Rs 10,000|
|Online Transfer||Free online transfer through NEFT and IMPS|
|Offers||Gives many offers on online shopping thus providing customers to save big on shopping online|
6. HDFC Savings Max Account
HDFC Bank offers special loans, preferential pricing on new online trading accounts and discounts on forex and gift card as special features on this savings account offered by HDFC.
Resident Individuals, HUFs, Foreign Nationals residing in India and minors above the age of 10 years are eligible to open this account.
|Average Monthly Balance||Average Monthly Balance should be more than equal to Rs 25,000 else service charges levied|
|Accidental Hospitalization Cover||Accidental Hospitalization Cover of Rs 1,00,000|
|Accidental Death Insurance||Accidental Death Insurance of Rs 10,00,000|
|Debit Card||Free lifetime platinum debit card|
|Cross Products||50% discount on locker rental, calculated on a pro-rata basis for the first year of allotment|
|Demat||Free folio maintenance charges on a Demat account for the first year|
|Cheque Book||Free 25 cheque leaves per annum|
While choosing a savings account, we look for not just the interest rate offered in the savings account, but also, many other features.Banks understand this need and design products accordingly.
Disclaimer: The views expressed in this post are that of the author and not those of Groww