11 Best Savings Bank Accounts in India 2022 (With Highest Interest)

My friend moved to Bangalore for his new job in a start-up. The start-up did not have any tie-ups with banks to open a zero balance salary accounts for its employees. He was asked to open a savings bank account in a bank of his choice for crediting his monthly salary.

He wanted to open an account with ICICI or HDFC but they said that he needs to maintain a minimum of 10,000 INR in his account. His salary was not very high so he was unsure whether he would be able to maintain this balance.

He wanted to avoid PSU banks like SBI or Canara because he wanted to experience good customer service, offers on debit cards, and the latest technology-enabled banking.

I suggested him to open an account with RBL because they offer one of the best interest rates and are giving good competition to premium banks in terms of services and offers.

I did in-depth research on major Indian banks to find the best savings account in India in 2022 for various needs like high-interest rates, zero balance offers on debit cards, international debit card, mobile apps, customer service and global reach.

Here is the list of 11 Best banks for savings account in India 2022

• AU Digital Savings Account – Monthly interest payout
• Kotak Bank Savings Account – Best for fastest online account opening 
• IndusInd Bank Savings Account– Best for 3-in-1 account with discount broker 
• ICICI Bank Savings Account – Know for great technology 
• HDFC Bank Savings Account – Best for great customer products 
• Axis Bank Savings Account – Great for customer service
• RBL Savings Account – Best for highest interest rate 
• SBI Savings Account – Best bank for students 
• Paytm Payment Bank – Best digital bank 
• Bank of Baroda Savings Account – Best government bank 

Let’s review the top 10 savings account in India to open in 2022

Best Savings Bank Account in India 2022

#1. Kotak 811 Savings Account Review (Fastest Online Account Opening)

Kotak 811 Digital Bank is one of the best saving accounts provided by Kotak bank. 811 is a zero balance savings account that you can open online through your mobile or laptop.

You can complete the KYC through a video call in a single go. Your account will be activated within a few steps.

You will get 4% interest rate on your savings account which more than banks like SBI, HDFC, ICICI.

Benefits of Kotak 811 Account

• Instant account opening
• Zero balance account
• Virtual debit card (with an option to get physical debit card)
• The whole accounting process is paperless

You can seamlessly open the Kotak 811 savings account while sitting in your house without going to the bank branch.

The details for savings accounts are as under

Monthly Average Balance	0
Rate of Interest	3.5% up to 1 Lakh balance4% above 1 Lakh
Account Opening Process	Online through website
Channel of Access	Mobile, Netbanking, Branch & ATMs
Ease of use	Average

What We Like

• Higher rate of interest
• Online and paperless account opening
• Easy account opening process
• Virtual debit card

What We Didn’t Like

• No good apps

Best For

Persons who are looking for a higher interest rate and zero account balance.

#2. AU Digital Savings Account

AU Bank offers a digital savings account that can be opened online in a few minutes through video banking. All you need is your PAN card & Aadhaar card with decent internet.

AU bank offers one of the highest interest rates on savings accounts, up to 7%. You get the interest payout monthly, instead of quarterly like other banks. This is perfect for people who have a monthly dependency on their savings interest.

The digital savings account is a zero-balance savings account, so you don’t need to worry about maintaining the monthly balance.

AU Savings Account Interest Rate

Savings Account Amount slab	Rate of Interest (per annum)
Balances less than INR 1 Lac	3.50%
Balances from INR 1 Lac to less than INR 10 Lacs	5.00%
Balances from INR 10 Lacs to less than INR 25 Lacs	6.00%
Balances from INR 25 Lacs to less than INR 1 Crore	7.00%
Balances from INR 1 Crore to less than INR 10 Crores	6.00%

Benefits of AU Digital Savings Account

• Instant paperless account opening 
• Zero monthly average balance to maintenance 
• Up to 7% interest with monthly payout 
• Extended banking visit hours till 6 pm.

#3. Axis Bank Savings Account (For Good Services)

I don’t have any personal experience with Axis bank but I find that Axis is the only bank that gives rewards points on account-related transactions. Like you can earn reward points for making ECS, standing instructions, opening RD or demat account.

On opening savings account you get additional benefits like access to free Times Prime membership, offers and cashback on Amazon, Zee5, Ganna and Uber.

Axis Bank also offers two different sets of savings bank account. Easy access and prime with lower account balance requirements and Prime plus, Priority and Burgundy with higher balance requirements.

Best Axis Bank Savings Account

Savings Account	Minimum Average Balance
Axis Easy Access Savings Account	Monthly Rs. 10,000 (metro/ urban) to Rs. 5,000 (semi-urban)
Axis Prime Savings Account	Monthly Rs. 25,000 (metro/ urban) to Rs. 10,000 (semi-urban)
Axis Prime Plus Savings Account	Monthly Rs. 1 Lac
Axis Priority Savings Account	Quarterly Rs. 2 Lacs
Axis Burgundy Savings Bank Account	Quarterly Rs. 10 Lacs

The details for the savings bank account are

Rate of Interest	Up to 50 Lac – 3.0% Above 50 Lac- 3.5%
Account Opening Process	Online, Physical Branch Visit
Channel of Access	Mobile, Netbanking, Branch & ATMs
Ease of use	Average

What We Like

• Quality services
• Reward points for normal banking transactions

What We Didn’t Like

• Benefits only at higher relationship value
• Average customer support

Best For

Persons who are looking for the best services and benefits.

#4. IndusInd Bank Savings Account (3-in-1 account with Upstox)

Indusind bank offers a zero balance 3 in 1 (savings, trading & demat account) in collaboration with Upstox.

IndusStox comes with Smart Transfer feature, in which you don’t need to transfer money from the savings account to trading account for stock trading. The funds will keep remain in your savings account & you will earn interest on the amount.

You can earn up to 6% interest on your savings account. The savings account interest rate is higher than the fixed deposit interest rate of banks like SBI.

Benefits of 3-in-1 IndusStox Account

• Zero balance bank account
• Higher savings account interest rate
• Free demat & trading account opening
• 30 days Zero brokerage (limited time offer)
• Online account opening

Rate of Interest (on daily balance)	Up to 6%
Account Opening Process	Online through website
Channel of Access	Mobile, Netbanking, Branch & ATMs
Ease of use	Average

Best For

If you are looking to open an online savings account and also interested in stock investment then you must open the free IndusStox account (limited time offer)

#5. ICICI Bank Savings Account (For Best Technology)

Opening a savings bank account with ICICI is like banking at fingertips with 200+ banking services offered online.

The amazing tech experience startsthe with iMobile banking app which is user-friendly and is secured using PKI end-to-end 265-bit encryption.

You can check transactions and balances, transfer funds, open MF, FD, RD, PPF and NPS accounts, pay bills and insurance premiums, book tickets and even manage your Demat account portfolio with Mobile.

ICICI bank’s internet banking has a superior interface and navigation where you can find all the information at one place. All the authentication factors are present on the same page, making fund transfer quick and easy.

You need not scroll pages but can access all service requests from a single location. This saves time and offers a hassle-free user experience.

Best Savings Account Options by ICICI Bank

• ICICI Regular Savings Account
• ICICI Silver Savings Account
• ICICI Gold Privilege Savings Account
• ICICI Titanium Privilege Savings Account

Monthly Average Balance	Rs. 10,000 to Rs. 1,25,000 (depending on variant)
Rate of Interest	Up to 50 Lac – 3.00% Above Rs. 50 Lac- 3.50%
Account Opening Process	Online and Branch visit
Channel of Access	Mobile, Netbanking, Branch & ATMs
Ease of use	User-friendly and easy

What We Like

• Best mobile app
• Online banking is smooth & hasslefree
• Always 10 steps ahead in technology than any bank in India

What We Didn’t Like

• No extra benefits to a loyal customer
• Banking product benefits are average

#6. HDFC Bank Savings Account (For Best Products)

When you bank with HDFC, then you have access to the best products in the market – best credit cards, deposits rates, loans, Payzapp, Smarthub or Samsung pay.

Best or unique products from HDFC Bank

HDFC Diners Club Black Credit Card

Diners club black is a super premium credit card from HDFC where you save up to 33% while shopping at 10X partner brands like Flipkart, Amazon, Yatra & Cleartrip via Smart Buy.

The card lets you earn 1 reward points per Rs. 30 spent and has a higher reward value of 1 rupee per reward point.

HDFC Smart Buy

An online shopping platform linked to bank’s website where merchants display exclusive products and services for all the HDFC Bank’s customers.

The customers get the best deals from e-commerce companies such as Snapdeal, Flipkart and Amazon.

HDFC on Chat

HDFC on Chat is a natural language processing based artificial intelligence platform that lets you chat on Facebook messenger for making payments.

HDFC on Chat can be used even by non-customers to avail services like bill payments, mobile recharge, travel, movies and event bookings, etc.

HDFC Personal Loans on ATMs

For existing customers, HDFC banks provide an option of availing small instant personal loans at the ATM. The option shows on the ATM screen. All you need is to e-agreement on the screen and the money gets transferred to your account.

The facility is based on the customer’s financial details and fair assessment of their profile. ICICI and SBI are the other banks providing this facility.

HDFC Bank has another set of premier banking services and products where you have exclusive pricing, phone banking services and lifestyle benefits.

The premier banking includes customized solutions for needs related to

• Investments in equity & mutual funds,
• Tax payments,
• Insurance
• Portfolio management services.

All the premier banking needs are looked after by a dedicated relationship manager.

For availing of premium banking services, you need to have a higher monthly average balance in your savings account. Which starts from Rs. 1 Lakh for classic premier banking to Rs. 10 Lacs for Imperia premium banking.

Best Saving Accounts from HDFC Bank

• HDFC Savings Max Account
• HDFC Regular Savings Account
• HDFC Basic Savings Banks Deposit Account
• HDFC DigiSave Youth Account

Monthly Average Balance	Rs. 5,000 to Rs. 25,000 (depending on variant)
Rate of Interest	Up to 50 Lac – 3.0% Above 50 Lac- 3.5%
Account Opening Process	Online and Branch visit
Channel of Access	Mobile, Netbanking, Branch & ATMs
Ease of use	Average

What We Like

• They offer good products (like credit cards) to loyal customers
• Premium bank products have great benefits

What We Didn’t Like

• Average service
• Average technology (poor mobile app)
• Staff is not knowledgeable or may misguide the customers

Best For

Anyone who is looking for a premium, best and customized products.

#7. Citi Bank Savings Account (Global Presence)

Citibank can easily fulfill global banking requirements of your family members and near relatives. You will find support from 4000 Citibank branches across 42 countries for all your banking requirements whenever you want.

Citibank has robust fund remittances solutions like

• Citi Global Transfers
• Wire Transfers
• Automated Clearing House
• Foreign Currency draft

Wherein you can send funds up to Rs. 3 Lacs per day or receive up to Rs. 30 Lacs per day from your Citibank account to that of your family member’s Citibank account overseas.

Best Citibank Savings Account

Savings Account	Net Relationship Value Required over 3 months
Citi Bank Savings Account	Rs. 15 Lacs
Citi Priority Savings Account	Rs. 15 Lacs
Citigold Savings Account	Rs. 75 Lacs
Citigold Private Savings Account	Rs. 5 Crores

The details for the savings bank account are

Rate of Interest	2.5%
Account Opening Process	Online through website
Channel of Access	Mobile, Netbanking, Branch & ATMs
Ease of use	Average to poor

What We Like

• Global presence
• Easy money receipts and transfers

What We Didn’t Like

• Services are available only in 23 cities in India

Best For

People who require global banking services.

Best Banks with Highest Interest Rate on Saving Account in India 2022

#8. RBL Bank Saving Account

RBL Bank offers savings account interest up to 6.75% which is one of the highest among all the banks. Even the FD interest rate of SBI, HDFC and ICICI ranges between 5 to 6%.

You can earn the same fixed deposit interest rate on your savings account without locking your money.

RBL offers digital savings account that you can open online without going to the bank branch.

You need to follow just 3 easy steps

Step 1 – Provide Aadhar and PAN details

Step 2 – Choose an account variant

Step 3 – Update personal details

The details for savings accounts are as under

Monthly Average Balance	Rs. 5000
Rate of Interest	Up to 1 Lac – 4.75% Above 1 Lac – 6.00% to 6.25%
Account Opening Process	Online through website
Channel of Access	Mobile, Netbanking, Branch & ATMs
Ease of use	Average to better

What We Like

• Higher rate of interest
• Quick account opening process
• Quick bill pay facility
• Virtual debit card

What We Didn’t Like

• Higher interest rates are applicable only on the monthly balance greater than Rs. 1 Lac.

Best For

Persons who are looking to earn a higher interest income and other banking benefits.

Best Bank in India for Students (Savings Account for Students)

#9. State Bank of India Savings Account (For Widespread Reach & Services)

You are sure to find an SBI branch and ATM anywhere in the country, this helps in physical cash access. For students SBI has dedicated branches and extension counters at various schools, colleges and universities.

Which helps them in paying regular fees and exam fees with ease. Additionally, students have access to banking services that carry lower charges.

Best State Bank of India Savings Account

• SBI Basic Savings Bank Account
• SBI Small Savings Account
• SBI Savings Plus Account
• SBI Digital Savings Account

The details for savings accounts are as under

Monthly Average Balance	Nil
Rate of Interest	2.70%
Account Opening Process	Online through the website, YONO app, Branch
Channel of Access	Mobile, Netbanking, Branch and ATM
Ease of use	Average to good

What We Like

• Widespread reach and services
• NIL monthly balance

What We Didn’t Like

• No premium savings accounts or benefits

Best For

Students and for persons with a nearby branch.

Best Digital Bank in India 2022 (Payments Banks)

#10. Paytm Payments Bank Savings Account

With a Paytm savings account, your phone is your bank. You can enjoy the convenience of banking from your phone.

Paytm payments bank is for cashless payments transactions and minimal banking needs of unbanked sections of society.

You can open zero balance savings account with Paytm bank without any hassle to maintain a monthly average balance.

Unlike traditional banks, here you need not fill out forms for account opening. The account opening is simple and completely digital via the Paytm app. But you need to submit documents to complete your KYC at the nearby location.

The drawback with Paytm Savings Account is that you can hold only up to Rs. 1 Lac combined in your savings bank account + wallet. Any excess balance is auto-swept into the fixed deposit at IndusInd bank.

The details for the savings account are as under

Monthly Average Balance	NIL
Rate of Interest	2.75%
Account Opening Process	Paytm App
Channel of Access	Mobile
Ease of use	Average to good
Variants of Savings Accounts	NIL

What We Like

• Digital account opening via app
• Zero monthly average balance
• Real-time passbook updates

What We Didn’t Like

• One or 2 branches
• Account balance limited to Rs. 1 Lac

Best For

Individuals using mobile for payments and basic banking needs up to Rs. 1 Lac

You may also like to read – Best bank for current account in India

Best PSU (Government) Bank in India

#11. Bank of Baroda Saving Account

Bank of Baroda is the second largest PSU bank with good products and quality customer service. The bank offers a decent net banking service but the apps are average.

Best Bank of Baroda Savings Account

• Baroda Super Savings Account
• Baroda Basic Savings Bank Account
• Baroda Advantage Savings Account
• Baroda Platinum Savings Account

The details for savings accounts are as under

Quarterly Average Balance	Rs. 0 to Rs. 1 Lac (depending on the account)
Rate of Interest	2.75%
Account Opening Process	Branch
Channel of Access	Mobile, Netbanking, Branch and ATM
Ease of use	Average to good

What We Like

• Best customer services

What We Didn’t Like

• No premium savings accounts or benefits
• No good apps

Best For

Individuals looking for the best of services at a PSU bank.

List of Banks with Zero Balance Accounts in India

Almost all banks in India offer a zero balance savings account. The problem is few of them will tell you about it upfront.

You would not find bank employees advertising the zero balance savings account to you. The reason is that they do not get any incentive for opening a zero balance savings account.

Please note that zero balance accounts are basic savings bank deposit accounts. The main purpose of this is to connect the unbanked section of society and provide minimum banking services.

Hence, you will find a cap on the amount, number of transactions and restrictive services on zero balance accounts.

Below is the list of banks offering zero balance savings account

• Kotak Mahindra Bank
• Digibank by DBS
• State Bank of India
• Federal Bank
• Bank of Baroda
• ICICI Bank
• Axis Bank
• Standard Chartered Bank
• IDFC Bank
• IndusInd Bank
• HDFC Bank
• RBL Bank
• Paytm Payments Bank
• Airtel Payment Bank

Saving Bank Interest Rates Comparison

Bank	Below Rs. 1 Lac	Above Rs. 1 Lac
ICICI Bank	3.0%	up to 3.5%
HDFC Bank	3.0%	up to 3.5%
Axis Bank	3.0%	up to 3.5%
Citi Bank	2.5%	2.5%
IndusInd Bank	4%	up to 6%
IDFC Bank	4%	5%
Kotak Mahindra Bank	3.5%	up to 4%
RBL Bank	4.75%	up to 6.25%
Yes Bank	4.0%	up to 4.75%
Lakshmi Vilas Bank (now part of DBS Bank)	3.25%	up to 3.75%
Bandhan Bank	3.0%	up to 6%
Digibank by DBS	3.5%	up to 4%
State Bank of India	2.70%	2.70%
Paytm Payment Bank	2.75%	N.A.
Airtel Payments Bank	3%	N.A.
Bank of Baroda	2.75%	2.75%

Final Words

Every bank has some unique feature for the customers. You need to first list down your need and then choose the best bank that would fulfill your savings account need. If I have missed any information, let me know in the comments.

FAQs