Best Savings Bank Account of 2020 in India

One of the common and oldest ways to save your hard-earned money is by opening a savings bank account. The reason why Indian people prefer this type of bank account is that the principal amount remains safe always despite the interest earned. In this way, with this account, you can very conveniently save your money in the bank and earn interest on it also.

With a savings account, it also allows you to perform online transactions. A debit card is issued to you when you open a savings account with a bank. This debit card enables you to withdraw money from ATMs on a go. For keeping a track on the withdrawal, deposits, etc. the bank also gives you a passbook, monthly account statement, and cheque book facility with this account.

Though fixed deposit accounts also provide you good interest rate but savings bank accounts are the simplest forms of investment. However, despite being the easiest investment option, you should keep an eye on a few criteria before you choose a bank for opening a savings bank account. Here we are providing you some of the best banks wherein you can open your savings bank account:

Saving Bank Account Offered by IndusInd Bank

The savings bank account offered by IndusInd Bank is suitable for all those who are looking to open a zero-balance account or is an investor of active stocks. If you opt for an IndusStox account. Then you get trading, Demat, and savings account for free. You will as well get a Titanium Debit card and will be able to earn reward points up to 5X to 6X every time you spend Rs.200 through a debit card. Some of the benefits that you get with IndusInd Savings Bank Account are:

  • IndusInd Bank offers one of the highest interest rates i.e. 7% per annum for its savings accounts.
  • Reward points are earned for every transaction of the card.
  • There is no need of maintaining minimum balance.
  • Provides free e-statement of bank account every month.
  • Gives discounts on insurance policies.
  • The facility of cashback through the Indus Money Program.
  • You can customize your account number.
  • You will be able to earn interest on all the funds that are allocated from the savings account for trading.
  • Provides zero brokerage on delivery.

Savings Bank Account Offered by Kotak Mahindra Bank

The savings bank account offered by Kotak Mahindra Bank is appropriate for those who want a higher interest account with zero balance facility. The 811 Edge account of Kotak is one of the best savings accounts that this bank has offered. The benefits of this account are mentioned below:

  • The instant and simple process of opening an account.
  • The complete accounting process of the bank is paperless.
  • You can open a zero-balance account.
  • The feature of scan and pay enables easy in-store purchases.

Savings Bank Account Offered by ICICI Bank

The experience of having a savings account in ICICI Bank is like having an account at the tips of your finger. The savings bank account by ICICI Bank is the best for tech-savvy people who want to use online banking instead of traditional banking. The benefits of having a savings bank account with this bank are:

  • iMobile Banking Application is one of the best mobile banking apps.
  • The technology used by ICICI Bank is much ahead of most other banks in India.
  • They offer banking services for 24X7.

Savings Bank Account Offered by HDFC Bank

For those who want customized and premium products from their banks should go for HDFC Bank savings accounts. This is one of the prestigious institutions in the banking sector.

  • For its loyal customers, the HDFC Bank provides credit cards at affordable rates.
  • The premium products of this bank come with many perks.
  • The bank waives off the annual maintenance charges for the first year.
  • Discounts on online shopping and various other offers.
  • Offers customized service.

Savings Bank Account Offered by Axis Bank

The savings bank account offered by the Axis Bank is the choice of those who want to get the best in class customer care service. The Axis Bank has won many awards and accolades such as Best Contact Centre for the experience of customers award 2018, in financial sector Best Loyalty Program award 2017 and 2018, and Best Rewards Program continuously for five years since the year 2015. Axis Bank is the only bank that provides reward points on various account transactions. You can as well get reward points for opening a recurring deposit account, Demat account, or for ECS. The bank provides two options for bank accounts – Prime and Easy Access that enables to open of a lower minimum balance account and Prime Plus, Burgandy, and Priority accounts that have to require higher balance. The benefit that Axis Bank offers with its savings bank account is:

  • Provides high-class customer service
  • Offers at least 15% off at the restaurants that have a partnership with the bank.
  • Preferential price for De-Mat and lockers.
  • Reward points for transactions.

Savings Bank Account Offered by IDFC Bank

The savings bank accounts offered by IDFC Bank provide the highest rate of interest. It is a preferred choice for those who want to earn income through interest without maintaining a minimum balance every month. The benefits of having a savings account with IDFC Bank are:

  • They give the highest interest rate, which varies from 6% per annum to 7% per annum.
  • The bank does not charge you if you fail to maintain a monthly minimum balance.
  • Availability of unlimited fund transfer.
  • Free transactions from ATMs anywhere in India.

Savings Bank Account Offered by RBL Bank:

The savings bank account offered by RBL Bank is for those who wish to enjoy the benefits of banking with a higher rate of interest. If you want locker benefits and property loan benefits, then go for the savings bank account of RBL Bank. The bank as well offers the facility of choosing your account number. The advantages that you get with this account are:

  • The interest rate is high.
  • Discounts on operations of the locker.
  • You can customize your account number.
  • If you cannot maintain the account, there would not be any charges.
  • You can open a savings bank account through the mobile application of RBL bank.
  • When you apply for property loans, there will be a waiver of 25% in processing charges.

Savings Bank Account Offered by State Bank of India

The savings bank account with SBI provides decent discounts and offers. You will find the branches of SBI anywhere to everywhere in India. There mobile and internet banking is great. Apart from the savings account, this bank offers some of the best banking products like De-mat, mutual funds, insurance, etc. The advantages of this bank account are:

  • The reach and services of this bank are widespread.
  • The bank provides an auto sweep facility.
  • The SBI is one of those banks that offers the lowest monthly balance.
You May also like to Read: Fixed Deposit Rates in SBI

Savings Bank Account Offered by Yes Bank

The savings bank account of Yes Bank allows you to customize your account. You can select the pricing and debit card options while opening an account. This gives the best option for those who want to earn a higher rate of interest and want a facility with other features of banking. Some of the advantages that the bank offers are:

  • Offers a higher interest rate.
  • Provides unlimited access to ATM.
  • Provides the option to customize the savings bank account.
  • Pay utility bills for free.
  • The facility of savings rewards.
  • The bank provides pricing options for maintaining an account with a minimum balance.

Savings Bank Account Offered by CitiBank

The savings bank account offered by CitiBank fulfills your global banking requirements. The bank can solve your various fund remittance through solutions like foreign currency draft, Citi Global transfer, wire transfer, etc. Some of the best features of this account are:

  • The bank has a global presence.
  • Offers wire transfer.
  • Enables easy money transfer and provides its receipts.
  • Free SMS and e-mail alerts.
  • Draft of foreign currency available.
  • At CitiBank affiliated outlets of Indian Oil, the transaction fees are nil.

Summing it Up!

The aforementioned list is for your reference, you can select a bank as per your requirements and needs. The list of documents that you may need in opening a savings bank account with any of these banks is

  • Identity Proof: Such as Voter ID, PAN Aadhar Card, permanent driving license.
  • Residential Proof: Gas bill, electricity bill, bill of property tax, rent agreement, voter ID, permanent driving license, etc, government employee card, etc.

The aforementioned is a generic list and most of the banks will require these documents. However, some banks can require a few of these documents and some may require few more documents for opening a savings bank account.

Written By: PolicyBazaar - Updated: 06 October 2020
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