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.

Features Description
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.

Features Description
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.

Features Description
Eligibility Resident Individual
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.

Features Description
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.

Features Description
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
Passbook Free
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

Conclusion

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.

Happy Investing!

Disclaimer: The views expressed in this post are that of the author and not those of Groww

 

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