We’ve listed the banks in India that offer the finest savings accounts for individuals. This will assist you in selecting the most appropriate savings account for you. Take a peek around.
You and everyone else in your life should be familiar with the term “savings account.” It is one of the most widely used financial services in the United States. A sizable portion of the population in our country holds one or more savings accounts. A savings account is one of the most fundamental banking services, allowing customers to deposit their hard-earned money in banks and avoid having to carry it with them all of the time. Furthermore, you can withdraw money from your account at any moment and earn interest on the amount you have put.
Anyone who is an Indian citizen can create a savings account, either alone or jointly. If you’re wondering why you need a savings account, there are a variety of reasons. You’ll need a savings account to save your money safely without fear of theft, as well as to pay bills, recharge your phone, accept and receive money, and pay your credit card bill, among other things. The benefits are limitless. It’s just a matter of deciding which bank offers the finest savings account. And we’ll be there to assist you.

State Bank of India (SBI) Savings Account
The State Bank of India (SBI) is India’s largest bank, offering a diverse variety of banking services to its customers. SBI Savings Account is a popular product in which people can safely store their money. In terms of interest rates, the SBI Savings Account offers 2.70 percent per year. There are so many options that you can see in the table below.
Features | Details |
Interest Rates | 2.70% per annum |
Monthly Average Balance | Nil |
Maximum Balance | No Limit on Maximum Balance |
Debit Card | Bais Rupay Debit Card |
Cheque Book | First 10 cheque leaves free in a financial year Thereafter, 10-Leaf Cheque Book at INR 40 plus GST 25-Leaf Cheque Book at INR 75 plus GST |
Account Operation | Single or Jointly |
Features | Details |
Nomination Facility | Available |
Eligibility | All individuals/Central/State Govt Departments |
Other Features | Mobile Banking SMS Alerts Internet Banking YONO App facility State App Anywhere SBI Quick Missed Call Facility |

HDFC Bank Savings Account
HDFC Bank is India’s largest private sector bank, offering a diverse variety of financial services to its clients. One of the products is a savings account, which you may open quickly and easily from the comfort of your own home. HDFC offers a savings account with an annual interest rate of 3.00 percent to 3.50 percent. This interest is calculated every three months.
From zero deposit to feature-rich and customised accounts, HDFC Bank has a Savings Account to suit your needs. Yes, you have the option of choosing the account type you want to open with HDFC Bank.
We’ve compiled a list of several savings accounts based on your requirements, along with their interest rates and average monthly balances. Take a look at the table below to learn more about HDFC Savings Account.
Type of Account | Interest Rate | Average Monthly Balance |
Savings Max Account | 3.00%-3.50% | Rs 25000/- |
Women’s Saving Account | 3.00%-3.50% | – Rs. 10000 (Metro/Urban Branches) – Rs 5000 (Semi Urban/ Rural Branches) |
Regular Savings Account | 3.00%-3.50% | – Rs. 10000 (Metro/Urban Branches) – Rs 5000 (Semi Urban/ Rural Branches) |
DigiSave Youth Account | 3.00%-3.50% | – Rs. 5000 (Metro/Urban Branches) – Rs 2500 (Semi Urban/ Rural Branches) |
Type Of Account | Interest Rate | Average Monthly Balance |
Senior Citizen’s Account | 3.00%-3.50% | Rs 5000 (Urban / Semi Urban) |
Kid’s Advantage Account | 3.00%-3.50% | Rs 5000 |
Institutional Savings Account | 3.00%-3.50% | NIL |
Basic savings Bank Deposit account | 3.00%-3.50% | NIL |
Government Scheme Beneficiary Savings Account | 3.00%-3.50% | NIL |
BSBDA Small Account | 3.00%-3.50% | NIL |
Saving Farmers Account | 3.00%-3.50% | Rs 2500 Average Half Yearly Balance |
Other important features and advantages of opening an HDFC Bank Savings Account
• The minimum amount required to open an HDFC Savings Account is Rs. 10,000 for metro urban branches and Rs. 5,000 for rural branches. To start a Savings Regular Account, a deposit of Rs. 2,500 is required for Semi Urban branches and Rs. 2,500 for Rural branches.
• Cheque Book — Free for the first 25 cheque leaves every financial year; additional chequebooks of 25 leaves will be charged at Rs 75 per chequebook.
• Your money is safe and secure with a customised account number and cheque book from HDFC Bank.
• With an HDFC Savings Account, you can get SMS alerts and e-statements.
• You may effortlessly transfer money from one bank account to another via RTGS, IMPS, NEFT, and UPI.
• Your account can be linked to a Multi Option Deposit (MOD) account with HDFC Auto Sweep.

Kotak Mahindra Bank Savings Account
If you’re seeking for the greatest savings account among the various options, the Kotak Mahindra Bank Savings Account could be one of them. You can effectively manage your money with the Kotak Mahindra bank’s extensive variety of savings accounts. On balances above INR 1 lakh, Kotak Mahindra Bank Savings Account interest rates are fixed at 3.50 percent to 4.00 percent per annum. On its savings account, there are no transaction or monthly account fees to pay. You can choose from a variety of savings accounts to meet your needs, including the 811 Digital Bank Account, Edge Savings Account, Sanman Savings Account, Classic Savings Account, and others. In the table below, we’ve included some information about the Kotak Mahindra Bank Classic Savings Account. Take a peek around!
Features | Details |
Interest Rates | 3.50% – 4.00% per annum |
Monthly Average Balance | Nil/INR 10,000 |
Maximum Balance | No Limit on Maximum Balance |
Debit Card | Virtual Debit Card Free Platinum International Chip Debit Card |
Account Operation | Single or Jointly |
Nomination Facility | Available |
Eligibility | Resident Indian Hindu Undivided Families (HUFs) Foreign Nationals living in India |
Other Features | Free NEFT through Internet Banking Free Cash Withdrawals at Domestic ATMs Scan and Pay to make payments for shopping, groceries, and much more |

DBS Bank Savings Account
If you’re seeking for the greatest savings account, a DBS Bank savings account could be a good alternative. Do you know that you may open a DBS Digi Savings Account without leaving your house? All you have to do is download the Digibank Mobile App to your smartphone and fill in the needed information. You will get INR 150 cashback on adding INR 10,000 to your Savings Account or spending INR 3,000 with your Debit Card, as well as welcome perks on creating a savings account with interest rates ranging from 3.25 percent to 3.75 percent per year. If you’re seeking for the greatest savings account, a DBS Bank savings account could be a good alternative. Do you know that you may open a DBS Digi Savings Account without leaving your house? All you have to do is download the Digibank Mobile App to your smartphone and fill in the needed information. You will get INR 150 cashback on adding INR 10,000 to your Savings Account or spending INR 3,000 with your Debit Card, as well as welcome perks on creating a savings account with interest rates ranging from 3.25 percent to 3.75 percent per year.
However, you must deposit this amount within 10 days of creating your account. Take a look at the table below to see some of its features.
Savings Account Aspects | Details |
Interest Rate | 3.25% – 3.75% per annum |
Monthly Average Balance | Nil |
Maximum Balance | No Limit |
Debit Card | DBS Digibank Debit Card |
Nomination Facility | Available |
Features | Branchless, Signatureless, Paperless Tap-to-pay facility Cashback upto 10% on shopping Free 24×7 fund transfers via UPI, NEFT, IMPS, RTGS |

RBL Bank Savings Account
RBL Bank is one of India’s most well-known private banks, offering a diverse range of banking services, including a popular Savings Account. You can earn greater interest rates with the basic savings account, which range from 4.50 percent to 6.25 percent, and you can open it even if you have no money in it. The interest rates, however, will fluctuate depending on the balance in your account. Take a look at the chart below for more information on why this might be the ideal savings account for you.
Features | Details |
Monthly Average Balance | Nil |
Maximum Balance | No Limit on Maximum Balance |
Debit Card | Free Rupay Debit Card with a withdrawal limit of INR 50,000 |
Chequebook Facility | 2 cheque books per annum(40 Leaves) for free |
Eligibility | Resident Indian |
Other Features | Free NEFT through Internet Banking Unlimited Free transaction at RBL ATMs Free Replacement of Damaged Card Higher FD rates |

IndusInd Bank Savings Account
IndusInd Bank, one of our country’s premier private banks, offers the option of creating a savings account immediately and without any fuss. IndusInd Bank offers a wide range of savings accounts from which you can simply select the right savings account for your needs. Indus Online, Indus Select, Indus Senior, and Indus Classic are a few of them. It could be a good option for you to keep your money safe, with interest rates ranging from 4.00 percent to 6.00 percent every year. The table below contains further information on the IndusInd Bank Savings Account. Please double-check!
Features | Details |
Interest Rates | 4.00% – 6.00% per annum |
Monthly Average Balance | Nil/INR 1,500/INR 2,500/INR 10,000 (depends on the location) |
Maximum Balance | No Limit on Maximum Balance |
Debit Card | IndusInd Titanium Debit Card with INR 50,000 withdrawal limit Platinum Plus Debit Card @ INR 1000 plus GST charges |
Eligibility | Valid for 1 year only; after which customer has to do face-to-face KYC |

FAQs (Frequently Asked Questions):
1) What does the requirement for an Average Monthly Balance mean?
The average monthly balance is the balance that must be maintained during the month. Certain banks provide savings accounts with no average monthly balance.
2) Is it possible to access my savings account if I travel to another city or state in India?
If you are travelling to a different state or city inside India, you can use your savings account. You can use Phone Banking, Internet Banking, or an ATM to get into your account.
3) Is it feasible to open multiple Basic Savings Bank Deposit Accounts with the same bank?
In a bank, you can only have one Basic Savings Bank Deposit Account.
4) Is it feasible to withdraw money from a bank account in a city where I don’t have one?
Yes, you can withdraw money from any ATM, both within and outside the country. However, depending on the ATM, there may be a transaction cost.
5) Which bank offers the greatest Fixed Deposit rates?
All of the banks mentioned above provide best-in-class services and are regarded as equally trustworthy and secure for financial purposes. You can choose any of the banks provided based on your locational convenience and other variables. All of these institutions provide the option of a fixed deposit.
6) Which form of account offers the best interest rate?
The interest rate paid on a savings bank account (3 percent to 6 percent) is lower than the interest rate offered on a fixed deposit (5 percent – 8 percent). As a result, when it comes to picking an account type, an FD gives the highest rate of interest.