Looking forward to opening a Savings Account? If that’s the case, you must understand that a credible Account needs to ensure a good rate of interest, a fairly affordable minimum balance requirement and above all, the flexibility to make deposits and withdraw money, as and when needed. Besides, you must enjoy some additional perks like the availability of the bank branch in the city of your residence, facilities like mobile and internet banking, the convenience of ATM withdrawals and round the clock assistance.

Thankfully, even with all these criteria to fulfil, there are more than just a handful of banks that you can look up to when it comes to offering you a great Savings Account. So, without further ado, let’s get to our list of the 10 best Savings Account options for Indian citizens.

1. SBI Insta Savings Account

What better a way than to start off this list, with India’s leading bank – State Bank of India! SBI Insta Savings Account is essentially a digital account, which can be opened in a matter of few minutes, with the help of the bank’s dedicated mobile application YONO.

Here are some of the salient features of this account:

• Singly operated account
• Limit of Rs. 49,999 per transaction
• Aggregate balance at the end of the day up to Rs. 1,00,000
• Total annual credit transactions up to Rs. 2,00,000
• Complimentary Rupay Debit Card
• Nomination facility
• To open this account, you should have no existing account with the SBI before.

No penalty for non-maintenance of minimum balance charges post 31^st March 2019

2. Axis Bank ASAP Account

This is one of the most promising Savings Accounts offered by AXIS bank, owing to the following list of features:

• Zero Balance Required
• Interest Rate of up to 7.10% per annum, for an account balance of Rs. 10,000 or above
• Flat Rs. 150 off on booking tickets on BookMyShow.com (one time offer)
• Complimentary Virtual Debit Card/ Optional VISA Online Rewards Debit Card
• Easy cash withdrawal using ATM card, through Axis Bank ATM and as well Non-Axis Bank ATM

You must remember, that the bank levies the following charges, on:

• Rs. 300 on the issuance of Debit Card/Rewards Debit Card
• Rs. 500 as the annual fee for Debit Card/Rewards Debit Card
• Rs. 500 for account closure

Rs. 5 per Rs. 1,000 or Rs. 150 for the transaction, whichever is higher for cash deposits or withdrawals above stipulated limits

3. Kotak Mahindra Bank 811 Savings Account

Yet another Zero Balance Savings Account on the list, the Kotak Mahindra Bank 811 is known for the following features –

• Interest rate of 6% per annum on account balance between Rs. 1 Lakh and Rs. 1 Crore.
• Interest rate of 5% per annum on account balance up to Rs. 1 Lakh.
• Interest rate of 5.5% per annum on account balance above Rs. 1 crore.
• Zero Charges on non-maintenance of the account balance
• Complimentary Virtual Debit Card
• Free funds transfer facility through IMPS/NEFT/RTGS

Exclusive offers on partner brands such as Jabong, BigBasket, PVR, Swiggy, and Goibibo amongst others

You must be aware of one charge levied by the bank, i.e. a cash deposit fee of Rs. 3.5 per Rs. 1000 for all deposits over and above 1 free deposit.

4. Digibank by DBS

This is a zero balance, high-interest Savings Account, making it one of the best on this list. Some of the compelling features of this account include:

• Interest rate of 5% per annum on account balance between Rs. 1 Lakh and Rs. 2 Lakh.
• Interest rate of 3.5% per annum on account balance up to Rs. 1 lakh.
• Interest rate of 4% per annum on account balance between Rs. 2 Lakh and Rs. 5 Lakh.
• Interest rate of 4% per annum on account balance over Rs. 5 Lakh.
• Unlimited free withdrawals at over 2 lakhs ATMs across India

Some of the charges levied by the banks on this account include:

• Rs. 500 on account closure, within 6 months of opening
• Rs. 150 on Debit Card replacement
• Rs. 150 as an annual fee on Debit Card
• Rs. 125 on every international cash withdrawal

5. Standard Chartered Bank Digital Savings Account

This Savings Account can be conveniently opened with the help of your PAN and Aadhaar based e-KYC. It offers the following line of features:

• 2 x reward points on every online transaction
• The minimum monthly average balance of Rs 10,000
• Complimentary International Platinum Debit Card
• 15% off across 600 restaurants
• 3.50% interest per annum on the daily end of day balances

6. ICICI Bank Regular Savings Account

Opening a regular Savings Account with ICICI Bank can prove to be beneficial for you in the following aspects:

• Complimentary Smart Shopper Silver Debit card
• Money Multiplier Facility for fixed deposit balances
• Daily cash withdrawal limit of Rs. 50,000
• Daily Purchase Limit of Rs. 1,00,000
• Zero Surcharge on Fuel Purchases
• 1 PAYBACK Reward Point on every Rs 200 spent using your ICICI Bank Smart Shopper Silver Debit Card

While the account offers numerous advantages, you must be wary of the following charges beforehand:

• Rs. 100 + 5% of the shortfall, in case of non-maintenance of Minimum Monthly Average Balance for accounts in Metro/Urban/Semi-Urban and Rural regions, and that of 5% of the shortfall in Gramin locations
• Rs. 150 per annum as a fee for Debit Card for other locations, and Rs. 99 for Gramin locations

7. HDFC Bank Savings Account

Being one of the largest banks in India, Savings Account in HDFC bank will lead you to a wide branch network of over 4,750 branches across India, as well as over 12,500 ATMs nationwide. Besides, you get to opt from over 19 distinct types of Savings Accounts with the bank, depending on your needs and preferences.

The benefits that you can expect from your account include:

• Interest rate of 3.5% per annum on account balance up to Rs. 50 Lakh.
• Interest rate of 4% per annum on account balance above Rs. 50 Lakh.
• Online access to PPF
• Convenient cash withdrawals through HDFC and Non-HDFC ATMs

8. IndusInd Bank Savings Account

Some of the salient features of this high-interest Savings Account are:

• Interest rate of 4% per annum on account balance up to Rs. 10 Lakh.
• Interest rate of 5% per annum on account balance between Rs. 10 Lakh and Rs. 1 Crore.
• Interest rate of 5.5% per annum on account balance between Rs. 1 Crore and Rs. 10 crores.
• Interest rate of 6% per annum on account balance above Rs. 10 Crore.
• Free ATM Card
• Free online fund transfers through NEFT and RTGS
• No penalty on non-maintenance of minimum average quarterly balance

While there are numerous benefits of this account, you must note that the bank does not facilitate foreign remittances.

9. IDFC Bank Zero Balance Account

This Zero balance Savings Account can be opened with the help of your Aadhaar Card, through any branch or micro ATM of the bank.

This account offers the following benefits:

• Interest Rate of 7% per annum
• Access to internet banking and mobile banking facilities
• Complimentary checkbook on special requests.
• Unlimited transactions at ATMs all over India.

10. RBL Bank Abacus Digital Savings Account

This is yet another Zero Balance Account, wherein it can be conveniently opened digitally. However, once the account is set up, the applicant must visit the bank within 1 year to submit their signature.

• Maximum deposit of Rs. 1 Lakh at the time of opening the account
• The interest rate of 5.5% per annum on account balance up to Rs. 1 Lakh.
• Interest rate of 6% per annum on account balance between Rs. 1 Lakh and Rs. 10 lakh.
• Interest rate of 6.5% per annum on account balance between Rs. 10 Lakh and Rs. 5 Crores.

All these banks also offer Senior Citizen Saving Scheme to accommodate applicants over 60 years of age. So, what are you waiting for? Take this chance to apply for a new Savings Account and reap the benefit of earning interest on your bank deposits.

Also Read: Guide to Open Zero Balance Savings Account in 2019

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