Best Bank for Savings Account in India 2024 : List of best savings account in India?
A savings account is one of the most basic yet essential financial tools for managing your money. Whether you are looking to save for an emergency, future goals, or simply earn interest on your idle funds, a savings account offers a safe and secure place to park your money. However, with numerous options available, choosing the best bank for a savings account can be a daunting task. In this blog, we will explore the best banks for savings accounts in India in 2024, based on factors like interest rates, customer service, accessibility, and more.
Key Factors to Consider Before Choosing a Savings Account
- Before diving into the list of best banks, let’s briefly discuss the key factors to consider when choosing a savings account
- Interest Rate: The interest rate offered on savings accounts can vary from one bank to another. A higher interest rate can help you grow your savings faster.
- Minimum Balance Requirement: Some banks require a minimum balance to be maintained in the account, while others offer zero balance accounts. It’s important to choose a bank that aligns with your financial situation.
- Customer Service: Efficient customer service is essential, especially when you need help with your account or banking transactions.
- Accessibility: A bank with a wide network of branches and ATMs or digital banking options is more convenient for everyday banking.
- Additional Features: Look for value-added services like free mobile banking, debit cards, online transaction facilities, etc.
- Fees and Charges: Check the fees associated with the savings account, including charges for non-maintenance of minimum balance, ATM withdrawals, etc.
1. HDFC Bank
Interest Rate: 3.00% – 3.50% per annum
Minimum Balance Requirement: ₹10,000 (for Classic Savings Account)
Key Features:
- HDFC Bank offers competitive interest rates on savings accounts and provides a host of benefits such as free mobile banking, access to internet banking, and a wide network of ATMs and branches.
- The bank also offers specialized savings accounts like the Senior Citizen Savings Account and Zero Balance Savings Accounts.
- Customers can avail themselves of various value-added services, including debit card facilities, locker services, and more.
Why Choose HDFC Bank? - HDFC Bank is known for its robust customer service and digital banking facilities. With its extensive network of branches and ATMs across India, it is one of the best banks for a savings account.
2. ICICI Bank
Interest Rate: 3.00% – 3.50% per annum
Minimum Balance Requirement: ₹10,000 (for regular savings accounts)
Key Features:
- ICICI Bank offers multiple savings account options to cater to different needs, such as the Easy Savings Account for low balance requirements and Insta Save Account for those looking for instant account opening.
- The bank provides features like mobile banking, free internet banking, and a wide range of value-added services such as credit and debit cards, loans, and insurance.
- ICICI Bank’s savings accounts also come with benefits like reward points, cashbacks, and access to a wide ATM network.
Why Choose ICICI Bank?
ICICI Bank is one of India’s leading private-sector banks and provides an excellent mix of digital services, low-maintenance accounts, and customer support. It’s an ideal choice for those looking for a reliable and feature-rich savings account.
3. State Bank of India (SBI)
Interest Rate: 3.00% per annum
Minimum Balance Requirement: ₹3,000 (for regular savings accounts)
Key Features:
- SBI, being the largest public sector bank in India, offers competitive interest rates on savings accounts and has an extensive network of branches and ATMs across the country.
- It also provides specialized accounts like SBI Basic Savings Bank Account (BSBDA) with no minimum balance requirement and SBI Advantage Savings Account with added benefits.
- SBI offers facilities like internet banking, mobile banking, and a wide range of financial services, making it a convenient option for account holders.
Why Choose SBI?
SBI’s extensive branch and ATM network, low charges, and no-frills accounts make it a top choice for individuals looking for a reliable, government-backed savings account.
4. Axis Bank
Interest Rate: 3.50% – 4.00% per annum
Minimum Balance Requirement: ₹10,000 (for regular savings accounts)
Key Features:
- Axis Bank offers a range of savings account options, including Easy Access Savings Account, Premium Savings Account, and Edge Savings Account.
- With interest rates up to 4% per annum on certain accounts, Axis Bank is a strong contender in terms of growing your savings.
- Axis Bank provides digital banking services, zero balance accounts, and offers personalized services for premium account holders.
Why Choose Axis Bank?
- Axis Bank’s higher interest rate on savings accounts and a wide variety of account options make it an attractive choice for people who want to maximize their returns.
5. Kotak Mahindra Bank
- Interest Rate: 3.50% – 4.00% per annum
- Minimum Balance Requirement: ₹10,000 (for regular savings accounts)
Key Features:
- Kotak Mahindra Bank offers various savings accounts, including a Zero Balance Savings Account for individuals who want to maintain no balance and Kotak 811 for those looking for a digital-only savings account.
- It provides one of the highest interest rates on savings accounts, which helps grow your balance faster.
- Customers can benefit from features such as free access to mobile banking, internet banking, and a broad network of ATMs.
Why Choose Kotak Mahindra Bank?
Kotak Mahindra Bank offers high interest rates, convenient online banking services, and a zero-balance account option, making it an excellent choice for both tech-savvy and traditional customers.