Top 10 Indian Banks To Open A Savings Account

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In 2021, everyone needs to have at least one savings account. They act as a safe deposit for our money. At the same time, the bank provides us with interest rates which help us to grow our money.  

It also provides additional services like debit card and credit card facilities, online money transfer, cheque book, provides financial tips, and monthly account statements.

Earlier, to open a bank account we had to visit the bank, stand in long queues, provide all necessary documents along with Xerox copies and physically open an account but times have changed now. 

With the help of the internet, we can now open a bank account with our smartphones in just a few minutes. 

In a few clicks, we can have a complete fully functional bank account which provides us numerous services. 

A few Benefits of opening a Bank account are:

  1. Safe Custody of Money
  2. Helps you in making your payments
  3. Easy access to advances and loans
  4. Availability of Safe deposit locker
  5. Provides High liquidity of money
  6. ATM facility to withdraw money almost anywhere.
  7. Provides businessmen with current account facilities.

Below are the top 10 banks to open a savings account in 2021.

10 Best Saving Account in India

1. HDFC Bank

HDFC Bank Indian Banks Savings account

Housing Development Finance Corporation was formed in August 1994 and is the largest private sector bank in India. 

It has more than 13000 ATMs all over India, yes you surely have one near your house. 

HDFC bank has been ranked as India’s No. 1 Bank in Forbes world’s best bank report in 2019. Its revenue is approximately $16 billion.

Minimum Amount to maintain in a savings accountThe minimum balance to be kept in a savings account for the metro branch is Rs 10,000.
Features of HDFC Bank1. Cross Product benefits
2. Easy Transactions 
3. Easy Payment of Bills
4. Nominal interest rates
5. India’s Most reputed bank
Savings account interest ratesThe interest rate is 3.25% for savings below 50 Lakhs and 3.75% for savings above 50 Lakhs. Interest will be paid at quarterly intervals
Fixed Deposit account interest ratesFor Senior citizens, it’s 6.10% and for others, it is 5.60% invested for 1-2 years.
Online Banking, net banking, IMPS, NEFT facilitiesIt supports Online Banking, Net Banking, IMPS, and NEFT.
Mobile App User interfaceIt has a good mobile app user interface called HDFC Bank.

If minimum balance is not maintained, a penalty of Rs 150 – 600 will be applicable according to its rules and regulations.

2. ICICI Bank

ICICI Bank Saving account

A very trusted Bank is ICICI Bank. ICICI’s headquarter is located in Mumbai. It has more than 4500 branches and more than 14000 ATMs. Its revenue is approximately 1300 crores USD. ICICI Bank has a great twitter presence where it constantly provides information to everyone.

Minimum Amount to maintain in a savings accountThe minimum balance to be kept in a savings account for urban and metro cities is  Rs 10,000.
Features of ICICI Bank1. Instant online investments
2. Complimentary insurance cover on the opening of FD a/c.
3. Free Credit Card on the opening of FD a/c.
Savings account interest ratesThe interest rate is 3.25% for savings below 50 Lakhs and 3.75% for savings above 50 Lakhs. 
Fixed Deposit account interest ratesFor Senior citizens, it’s 6.05% and for others, it is 5.55% invested for 1 year.
Online Banking, net banking, IMPS, NEFT facilitiesIt supports Online Banking, Net Banking, IMPS, and NEFT.
Mobile App User interfaceIt has a good mobile app user interface called Mobile by ICICI bank.

If minimum balance is not maintained, a penalty of Rs 350 will be applicable according to its rules and regulations.

3. Axis Bank

Axis Bank Indian Banks Savings account

Established in 1993, its headquarters is located in Gujarat. It is one of the Top 3 Private Banks in India. Axis bank has its Atm everywhere approximately 12000 over India.

Minimum Amount to maintain in a savings accountThe minimum balance to be kept in a savings account is Rs 10,000.
Features of Axis Bank1. Free checkbooks (1 per year)
2. Personal accident insurance cover
3. Low opening deposit
Savings account interest ratesThe interest rate is 3.50% for savings below 50 Lakhs and 4.00% for savings above 50 Lakhs. Interest will be paid at quarterly intervals
Fixed Deposit account interest ratesFor Senior citizens, its % and for others it is %
Online Banking, net banking, IMPS, NEFT facilitiesIt supports Online Banking, Net Banking, IMPS, and NEFT.
Mobile App User interfaceIt has a good mobile app user interface called Axis Mobile.

If minimum balance is not maintained, a penalty of Rs 150 – 750 will be applicable according to its rules and regulations.

4. Bank Of Baroda

Bank Of Baroda

Bank of Baroda was formed in July 1908. It has approximately 9583 branches in India and over 10000 ATMs. 

A lot of people have their accounts with Bank of Baroda and that’s why it is a very trusted bank. Its revenue is approximately $7.1 billion.

Bank Of Baroda has a good twitter presence where it constantly provides information to its customers.

Minimum Amount to maintain in a savings accountThe minimum balance to be kept in a savings account is Rs 2000
Features of Bank of Baroda1. 10000+ Atm facility
2. Free Platinum Debit card (1st Year)
3. Simple withdrawal terms and conditions.
Savings account interest ratesThe interest rate is for savings up to 1 Lakh is 3.25% and above 1 Lakh is 3.00%. 
Fixed Deposit account interest ratesFor Senior citizens, its 6.05% and for others, it is 5.55%
Online Banking, net banking, IMPS, NEFT facilitiesIt supports Online Banking, Net Banking, IMPS, and NEFT.
Mobile App User interfaceIt has a good mobile app user interface called M-Connect Plus.

If minimum balance is not maintained, a penalty of Rs 200 for metro and urban cities and Rs 100 for semi-urban cities will be applicable according to its rules and regulations.

5. Kotak Bank

Kotak Bank Indian Bank account

Kotak Mahindra Bank is an Indian private sector bank established in 2003. Its headquarters is in Mumbai and it has approximately 1500 branches and more than 2300 ATMs all over India. Its revenue is approximately $4.1 billion. Kotak Bank has a good twitter presence where it constantly provides information to its customers.

Minimum Amount to maintain in a savings accountThe minimum balance to be kept in a savings account is Rs 10000.
Features of Kotak Bank1. Easy transactions
2. Platinum chip debit card (additional Rs 150 per year)
3. Smooth Atm facility
Savings account interest ratesThe interest rate is for savings up to 1 lakh is 3.50% and above 1 lakh is 4.00%.
Fixed Deposit account interest ratesFor Senior citizens, its 5.75% and for others, it is 5.25% invested for 1-2 years
Online Banking, net banking, IMPS, NEFT facilitiesIt supports Online Banking, Net Banking, IMPS, and NEFT.
Mobile App User interfaceIt has a great mobile user interface called Kotak 811.

If minimum balance is not maintained, a penalty of 5% of the difference in the balance per month will be applicable according to its rules and regulations.

6. IndusInd Bank

IndusInd Bank bank account

IndusInd Bank was established in 1994 in Pune. The bank offers commercial, transactional, and electronic banking products and services. Its headquarters is located in Pune and it has more than 2400 Atm’s and more than 1500 branches all over India. Its revenue is more than $2.6 billion.

Minimum Amount to maintain in a savings accountThe minimum balance to be kept in a savings account is Rs 10000.
Features of IndusInd Bank1. Easy account opening process
2. Free Atm card
3. Free nomination facility
Savings account interest ratesThe interest rate for savings up to 1 lakhs is 4.00%, above 1 lakh and up to 10 lakh is 5.00% and above 10 lakhs is 6.00%. Interest is paid every quarter.
Fixed Deposit account interest ratesFor Senior citizens, its 7.50% and for others, it is 7.00% invested for 1-2 years
Online Banking, net banking, IMPS, NEFT facilitiesIt supports Online Banking, Net Banking, IMPS, and NEFT.
Mobile App User interfaceIt has a good mobile app user interface called IndusMobile.

If minimum balance is not maintained, a penalty of Rs 250 – 350 will be applicable according to its rules and regulations.

7. State Bank Of India (SBI)

State Bank Of India

SBI is the largest bank in India. SBI is a nationalized bank that comes under RBI. It has more than 27,000 branches and has 17,000 branches in India. Its revenue is more than $40 billion. State Bank Of India has a great twitter presence where it constantly provides written as well as video information to everyone.

Minimum Amount to maintain in a savings accountThe minimum balance to be kept in a savings account is Rs 3000 in the metro, Rs 2000 in semi-urban, and Rs 1000 in rural areas.
Features of State Bank Of India1. Safe deposit lockers
2. Easy transfer of accounts to different branches
3. Can be linked to MOD account
Savings account interest ratesThe interest rate is for savings up to Rs 2 crore is 2.75%.
Fixed Deposit account interest ratesFor Senior citizens, it’s 5.6% and for others, it is 5.1% invested for 1-2 years.
Online Banking, net banking, IMPS, NEFT facilitiesIt supports Online Banking, Net Banking, IMPS, and NEFT.
Mobile App User interfaceIt has a good mobile app user interface called Yono Sbi.

If minimum balance is not maintained, a penalty of Rs10 – 15 + GST will be applicable according to its rules and regulations.

8. Punjab National Bank

Punjab National Bank

Punjab National Bank was formed in 1894. Its head office is in New Delhi. It has more than 10, 000 ATMs and approximately 6937 branches in India. Punjab National Bank has a good twitter presence where it constantly provides facts and information to everyone.

Minimum Amount to maintain in a savings accountThe minimum balance to be kept in a savings account for metro cities is Rs 2000
Features of Punjab National Bank1. Fast remittance of funds
2. Online opening account facility
Savings account interest ratesThe interest rate is 3.50% for savings below 50 Lakhs and 3.75% for savings above 50 Lakhs. 
Fixed Deposit account interest ratesFor Senior citizens, its 6.25% and for others, it is 5.75%
Online Banking, net banking, IMPS, NEFT facilitiesIt supports Online Banking, Net Banking, IMPS, and NEFT.
Mobile App User interfaceIt has a good mobile app user interface called PNB ONE.

If minimum balance is not maintained, a penalty of Rs 25 – 250 will be applicable according to its rules and regulations.

9. Bank Of India

Bank Of India

Bank of India is a well known commercial bank used by a lot of people. It was established in September 1906. It has 5316 branches in India but its headquarters is located in Mumbai. 

Its core competencies include commercial banking, private banking, and retail banking. Its revenue is approximately $6.7 billion.

Minimum Amount to maintain in a savings accountThe minimum balance to be kept in a savings account is Rs 1000.
Features of Bank Of India1. Easy Internet Banking facilities
2. Nominal interest rates
Savings account interest ratesThe interest rate is for savings up to 1 lakh is 3.25% and above 1 lakh is 3.00%.
Fixed Deposit account interest ratesFor Senior citizens, its 6.40% and for others, it is 5.90%
Online Banking, net banking, IMPS, NEFT facilitiesIt supports Online Banking, Net Banking, IMPS, and NEFT.
Mobile App User interfaceIt has a good mobile app user interface called BOI Mobile.

If minimum balance is not maintained, a penalty of Rs 150 will be applicable according to its rules and regulations.

10. Canara Bank

Canara Bank

Canara Bank was established in 2006 in Mangalore. It has more than 8800 Atm stores. It also has its presence in places like Dubai, Hongkong, London, and New york. Its revenue is approximately $7 billion.

Minimum Amount to maintain in a savings accountThe minimum balance to be kept in a savings account is Rs 1000.
Features of Canara Bank1. 2 Free Demand draft (min balance = Rs 10000, Max amount = Rs 25000)
2. Instant credit of outstanding cheque
Savings account interest ratesThe interest rate is for savings below 50 Lakhs and for savings above 50 Lakhs. 
Fixed Deposit account interest ratesFor Senior citizens, its 6.75% and for others, it is 5.25%
Online Banking, net banking, IMPS, NEFT facilitiesIt supports Online Banking, Net Banking, IMPS, and NEFT.
Mobile App User interfaceIt has a good mobile app user interface called CANDI.

If minimum balance is not maintained, a penalty of Rs 150 or lower depending on balance will be applicable according to its rules and regulations.

The best saving account?

While choosing a savings account, we not only have to look at the interest rates but also the features the bank provides us, its solution if we have any problems, additional facilities, and great customer care service. 

Banks try their best to offer all these additional services which satisfy the customer and ensure the customer has a hassle-free experience.

Let me know down in the comments below which bank account do you trust and like the most?

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