Best Savings Bank Accounts
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A savings bank account is among the most useful banking services available. This is because of two reasons—to be able to earn interest on money that is lying idle in an account is something every bank user evaluates and to be able to use the account in the most convenient manner. For instance, in the world of digital banking, there are people still comfortable with conventional accounts, especially in India where the elderly are not very tech-savvy.
Forbes Advisor India has put together a list of the best savings accounts that could help you meet both these key requirements.
- Featured Partners
- Best Savings Bank Accounts Of 2023
- AU Bank Savings Account
- Yes Bank Savings Account
- Advantage Savings Account (Bandhan Bank)
- IDFC FIRST Bank
- DCB Bank
- Indus Multiplier Max Savings Account
- Forbes Advisor Ratings
- How to Open a Savings Bank Account?
- Services, Charges and Fees to Keep in Mind While Opening a Savings Account
- Terms to Know When Using a Savings Bank Account
- Featured Partners
Featured Partners
1
AU Bank Savings A/C
Interest rate:
Upto 7.25%
Balance required:
INR 2,000 onwards
Special feature:
Monthly interest payouts
2
Kotak 811 Zero Balance Savings Account
Interest rate:
Upto 7% p.a. with ActivMoney
Balance required:
Zero
Special feature:
Zero-contact, Video KYC Savings Account
Best Savings Bank Accounts 2023
AU Bank Savings Account
Interest Rate %
4 to 5
Minimum Balance
10,000
Extra Gifts
Available
Interest Rate %
4 to 5
Minimum Balance
10,000
Extra Gifts
Available
AU Bank Savings Account can be opened in a branch or their people can come to the residence of the applicant so it works both ways. It has good facilities other than the usual services that a bank provides.
Features
- Monthly average balance required is INR 5000/2000 depending on tier-I branches.
- NEFT/RTGS/IMPS are free if done digitally.
- Cash deposit above INR 2,00,000 is INR 4 per 1000.
- Swiggy: 25% off on minimum spends of INR 249, maximum discount INR 100
valid once per user per month - Tata CLiQ: up to 15% off
- INOX: up to 20% off
- JioMart: 10% cashback
- PharmEasy: Discount of INR 150 on a minimum transaction of INR 1200
- Good interest rates.
- Interest is credited every month.
- Extra facilities.
- There is a limit on depositing money in this account.
Yes Bank Savings Account
Interest Rate %
4 to 5
Minimum Balance
10,000
Extra Gifts
Available
Interest Rate %
4 to 5
Minimum Balance
10,000
Extra Gifts
Available
Yes Bank’s Saving Account is providing all the basic services required for a modern bank account and at the same time their branches and ATMs are very customer friendly as they have
voice-activated automatic teller machines to help visual impairments and elderly people make financial transactions.
Features
- Minimum balance required to maintain the account is INR 10,000
- Up to 500 YES reward points on opening an account.
- Reward points on booking FDs.
- Reward points on bill payments, debit card spends and fund transfers.
- There is no need to maintain a minimum balance after opting for a fixed deposit of INR 50,000.
- Lifestyle benefits worth INR 24,000 with the provided credit card debit card.
- This account can also be converted to a trading account.
- Discount on applying for loan.
- Relationship manager available to take care of the account related needs.
- UPI, NEFT, RTGS and YES MOBILE banking available for free if done through net banking.
WhatsApp banking available.
- Good interest rates.
- Extra facilities.
- This account can also be converted to a trading account.
- Reward points.
- Minimum balance to be maintained is 10,000.
Advantage Savings Account (Bandhan Bank)
Interest Rate %
3 to 6.25 %
Minimum Balance
25,000
Extra Gifts
Nil
Interest Rate %
3 to 6.25 %
Minimum Balance
25,000
Extra Gifts
Nil
Bandhan Bank’s savings account can also be considered a good savings account as the interest rate it provides is relatively higher than the other banks. This account has more or less all the facilities which a modern bank account should have.
Features
- Monthly average balance required is 25,000
- Cash deposit limit is INR 5 lakh per month.
- Branch cash withdrawal transactions limit is unlimited.
- 40 cheques leaves per month for free.
- 10 transactions per month are free from other bank ATMs.
- 10 free fund transfers from IMPS/RTGS/NEFT (through branch)/DD per month free.
- NEFT transactions through Internet banking and mobile apps are free.
- VISA Platinum Debit Card benefits.
- Good interest rates.
- 40 cheques leaves per month free
- There is a limit on depositing money in this account.
- Will have to maintain a balance of INR 25,000.
IDFC FIRST Bank
Interest Rate %
4 to 5
Minimum Balance
10,000
Extra Gifts
Available
Interest Rate %
4 to 5
Minimum Balance
10,000
Extra Gifts
Available
IDFC First Bank has launched its Vishesh savings account and is concentrating on rural and suburban areas. IDFC credits interest on a monthly basis, which is a big plus for them.
Features
- Monthly average balance required is INR 5000
- Monthly interest credit on deposits
- Waiver on fuel surcharge.
- Rupay Platinum DC with its own benefits
- Domestic airport lounge access
- Online fraud protection
- Free NEFT and RTGS.
- Good interest rates.
- Interest is credited every month.
- There is a limit on depositing money in this account.
DCB Bank
Interest Rate %
4 to 5
Minimum Balance
10,000
Extra Gifts
Available
Interest Rate %
4 to 5
Minimum Balance
10,000
Extra Gifts
Available
DCB has expanded in all these years, and providing all the basic facilities that an account needs, the interest is better than many mainstream banks.
Features
- INR 5,000 for tier-I branches and INR 2,500 for all other branches.
- NEFT/RTGS/IMPS are free if done digitally.
- DCB Visa debit card is available with this account.
- Five free transactions per month from other ATMs.
- All transactions are free from DCB ATMs.
- Good interest rates.
- No extra gifts.
Indus Multiplier Max Savings Account
Interest Rate %
4 to 5
Minimum Balance
10,000
Extra Gifts
Available
Interest Rate %
4 to 5
Minimum Balance
10,000
Extra Gifts
Available
Indus Multiplier Max Savings Account is to enable fixed deposits and provide better returns. Account holder will have to maintain a minimum balance of 10,000, in case this is not done, money from the fixed deposit will be pulled into the account prematurely.
Features
- Any balance above INR 20,000 in this savings account is automatically booked as fixed deposits.
- A minimum balance of INR 10,000 should always be maintained.
- Locker discount of 25%.
- Reward points can also be redeemed for cash back.
- Various offers from time to time on dining.
- Offers on travel, fashion and shopping from time to time.
- 5X rewards on shopping with your Platinum debit card.
- Good interest rates.
- Extra facilities.
- Reward points.
- Minimum balance to be maintained is 10,000.
Forbes Advisor Ratings
How to Open a Savings Bank Account?
Applicants have to visit the branch of the bank they want to open a savings account with the KYC documents to get an account started. They will have to select the preferred type of savings bank account, fill a form and get a passport size picture taken and deposit copies of KYC documents. Once the documents are checked the account can be activated.
You can also open a savings account online following the following steps:
- You will have to enter your mobile number preferably the one registered with the adhar. An Aadhar linked number will help the bank to pull your basic details before speaking to you, making the process quick. Where you can select a slot for the next working day covenant for you in most of the cases.
- After registering the number an agent from the company will get on a call with you for the KYC checks at that point in time you must have your Pan card or Aadhar card. The caller will get on a video call after taking your permission and take a picture of yours with a clear background from their end. This will finish the KYC process and the bank will start an account in your name.
- All required details of this account will be sent to the account holder in an email and a kit will be sent by post within seven working days carrying your checkbook and other details.
Services, Charges and Fees to Keep in Mind While Opening a Savings Account
There are many things that you need to know about before opening a bank account, understand the terms and conditions to judge the credentials of an account:
- Average Monthly Balance to Maintain: One needs to check the amount required to be maintained every month to escape any penalty. If this amount is too high then it can not be considered to be the best deal.
- ATM Cash Withdrawal: Banks limit the amount of ATM withdrawals and higher the number of withdrawals better the account.
- Debit Card Charges: Charges for keeping a debit card are also checked and if the bank is offering a proper debit card or not (as some banks are also offering e-debit cards).
- NEFT/RTGS/IMPS: You must check if these transactions are free or charged.
- Cheque Leaves Per Year: Number of cheque leaves are to be checked in a year.
- Cash Transactions: Banks give limited cash transactions to their customers, hence, one will have to check how many cash transactions one can do from the branch.
Terms to Know When Using a Savings Bank Account
What is AePS?
AePS (Aadhaar Enabled Payment System) is a AAdhaar authentication-based network of micro ATMs. This facilitates banking transactions at PoS(microATMs).
What is NEFT?
National Electronic Funds Transfer (NEFT) facilitates the transfer of money between any two bank accounts of the same or a different bank on a one-to-one basis, as long as both the bank accounts are NEFT-enabled. The money transfer is possible within minutes.
What is IMPS?
The Immediate Payment Service (IMPS) is governed by the National Payments Corporation of India (NPCI, which is an RBI body) for instant payment via the inter-bank electronic funds transfer system in India.
The Immediate Payment Service (IMPS) facilitates instant payment via the inter-bank electronic funds transfer system in India.
What is RuPay?
RuPay is a payment service system facilitating payments like any other international payment systems like Visa or Mastercard in India and Internationally.
Featured Partners
1
AU Bank Savings A/C
Interest rate:
Upto 7.25%
Balance required:
INR 2,000 onwards
Special feature:
Monthly interest payouts
2
Kotak 811 Zero Balance Savings Account
Interest rate:
Upto 7% p.a. with ActivMoney
Balance required:
Zero
Special feature:
Zero-contact, Video KYC Savings Account
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
