Best Banks for Savings Accounts in India 2023

Best Savings Bank Accounts You Can Open

India is home to a large number of banks, both public and private, that offer a range of financial products and services to customers. One of the most popular banking products are savings accounts, which allow individuals to deposit their money and earn interest on their savings. With so many banks to choose from, it can be difficult to determine which is the best savings bank accounts you can open. In this article, we will discuss the best banks to open savings accounts in India based on several factors such as interest rates, fees, customer service, and technology. If you are wondering which is the best bank to open a savings account, the below are among the best options.

State Bank of India (SBI)

State Bank of India has over 24,000 branches across the country and offers a wide range of banking products and services. SBI's savings account is one of the most popular in India due to its high-interest rates and low fees. The bank offers interest rates of up to 2.70% per annum, which is one of the highest in the country. 

Additionally, SBI does not charge any fees for non-maintenance of minimum balance for its basic savings account. The bank also offers a range of digital banking services, including online account opening, mobile banking, and internet banking. Therefore, with so many advantages, one may easily say that State Bank of India (SBI) is one of the best savings bank accounts you can open.

ICICI Bank Saving Account

The ICICI Bank savings account is designed to help customers manage their money conveniently and securely, while also earning an interest on their savings.

One of the key benefits of an ICICI Bank savings account is the ease of access it provides. Customers can easily manage their accounts online through the bank's internet banking platform or mobile banking app, allowing them to check their balance, transfer funds, pay bills, and more, from the comfort of their own home or on-the-go.

In addition to this, ICICI Bank savings accounts also offer attractive interest rates and flexible deposit options. Customers can choose from a range of account types, each with different minimum balance requirements and benefits, making it easy to find an account that suits their specific needs.

Axis Bank Saving Account

Axis Bank is one of the leading private sector banks in India, offering a wide range of financial products and services. One of its most popular offerings is the Axis Bank Savings Account, which provides customers with a safe and convenient way to manage their money.

The Axis Bank Savings Account comes with a range of features and benefits that make it an attractive option for customers. These include competitive interest rates, zero balance facility, free ATM withdrawals, and online banking services. Customers can also opt for a personalised debit card, which can be used to make purchases at merchants both online and offline.

Kotak Mahindra Bank Saving Account

Kotak Mahindra Bank is among the best banks to open a savings account in India. It offers a range of financial products and services to its customers. One of its most popular offerings is its savings account, which is designed to help customers save money and manage their finances more efficiently.

The Kotak Mahindra Bank savings account comes with a range of benefits, including attractive interest rates, easy online account opening, free access to online banking and mobile banking, and a large network of branches and ATMs all around the country. Customers can also enjoy a host of other features, such as personalised debit cards, cashback offers, and discounts on various services.

DBS Bank Savings Account

DBS Bank is a well-known international banking institution with a strong presence in India. One of the bank's most popular products is its savings account. A DBS Bank savings account in India offers customers a range of benefits and features that are designed to make banking easy and convenient. 

Firstly, DBS Bank savings account holders can enjoy attractive interest rates on their savings. This means that their money will grow faster over time, giving them more financial security and freedom. Additionally, customers can access their savings account online and through the bank's mobile app, making it easy to manage their finances on the go. 

HDFC Bank Saving Account

HDFC Bank is one of the largest banks in India. It offers a range of financial products and services, including savings accounts. HDFC Bank's savings account is one of the best banks to open a savings account in India due to its high-interest rates and excellent customer service. 

HDFC Bank is one of the first private sector banks to start operations in India. Today, it has a large network of branches and ATMs across the country, making it easy for customers to access their accounts. 

It offers specialised savings accounts for different types of customers such as higher interest rate accounts, women’s savings accounts, digital youth accounts, senior citizens accounts, farmers accounts, and more. Customers can open savings accounts online as well as offline with HDFC Bank in a quick and easy way. 

IndusInd Bank Savings Account

IndusInd Bank is one of India's leading private sector banks, offering a wide range of financial products and services to its customers. One of the most popular products offered by the bank is its savings account. IndusInd Bank savings account is designed to cater to the needs of customers from all walks of life. 

With an IndusInd Bank savings account, customers can enjoy a host of benefits such as high-interest rates on their savings balance, free cash withdrawals at any IndusInd Bank ATM, and access to a range of exclusive discounts and offers on various products and services. 

Moreover, IndusInd Bank savings account holders can access their account from anywhere in the world through the bank's internet banking platform or mobile app. They can also set up automatic bill payments, transfer funds, and avail of other banking services through these channels.

RBL Bank Savings Account

RBL Bank, formerly known as Ratnakar Bank Limited, is a leading private sector bank in India that offers a variety of banking services, including savings accounts. RBL Bank savings account is designed to provide customers with a convenient and hassle-free way to save money while also offering a several features and benefits. 

One of the key benefits of an RBL Bank savings account is the high interest rates offered on deposits. This means that customers can grow their savings faster and achieve their financial goals sooner. Additionally, customers can access their savings account through the bank's online and mobile banking platforms, making it easy to manage their funds from anywhere, at any time. 

RBL Bank savings account holders can also enjoy a range of exclusive discounts and offers on various products and services, as well as free ATM withdrawals at any RBL Bank ATM across the country.

Conclusion

Savings accounts are among the most popular banking products. It helps customers save and grow money without committing the funds in a lock-in period. Most Indian banks offer savings account services. Above, we’ve listed a few prominent banks that offer savings accounts. You can research and find more.   

Disclaimer

The investment options and stocks mentioned here are not recommendations. Please go through your own due diligence and conduct thorough research before investing. Investment in the securities market is subject to market risks. Please read the Risk Disclosure documents carefully before investing. Past performance of instruments/securities does not indicate their future performance. Due to the price fluctuation risk and the market risk, there is no guarantee that your personal investment objectives will be achieved.