11 Best Savings Bank Accounts in India 2023 (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 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 2023 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 2023

  • 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 accounts in India to open in 2023

Best Savings Bank Account in India 2023

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

Kotak 811 Digital Bank is one of the best savings 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 up to 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 a physical debit card)
  • The whole account opening 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 Balance0
Rate of Interest3.5% for daily balances up to 50 Lakh
4% for balances over 50 Lakh 
Account Opening ProcessOnline through website
Channel of AccessMobile, Netbanking, Branch & ATMs
Ease of useAverage

What We Like

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

What We Didn’t Like

  • Average mobile apps

Best For

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

#2. AU Digital Savings Account

AU Small Finance Bank’s digital savings account can be opened online in a few minutes through video banking.

All you need is your PAN card, Aadhaar card and decent internet.

AU bank offers one of the highest interest rates on savings accounts, up to 7.25%. 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 BalancesRate of Interest (per annum)
Less than INR 1 Lac3.50%
From INR 1 Lac to less than INR 10 Lacs5.00%
From INR 10 Lacs to less than INR 25 Lacs6.00%
From INR 25 Lacs to less than INR 1 Crore7.00%
From INR 1 Crore to less than INR 2 Crores7.25%
From INR 2 Crore to less than INR 5 Crores7.25%
From INR 5 Crore to less than INR 10 Crores7.25%

Benefits of AU Digital Savings Account

  • Instant paperless account opening 
  • Zero monthly average balance to maintenance 
  • Up to 7.25% interest with a 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, and opening RD or demat trading account.

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

Axis has two different sets of savings bank account. Easy access and liberty with lower account balance requirements and Prestige, Priority and Burgundy with higher balance requirements.

Best Axis Bank Savings Account

Savings AccountMinimum Average Balance
Axis Easy Access
Savings Account
Metro – Rs. 12,000 pm
Urban – Rs. 12,000
Semi-urban – Rs. 5000
Axis Liberty
Savings Account
Monthly Rs. 25,000
Axis Prestige
Savings Account
Quarterly- Rs. 75,000
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 InterestUp to 50 Lac – 3.0%
Above 50 Lac- 3.5%
Account Opening ProcessOnline, Physical Branch Visit
Channel of AccessMobile, Netbanking, Branch & ATMs
Ease of useAverage

What We Like

  • Quality services
  • Reward points & cashback 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
  • Online account opening
Rate of Interest (on daily balance)Up to 6%
Account Opening ProcessOnline through website
Channel of AccessMobile, Netbanking, Branch & ATMs
Ease of useAverage

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.

#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.

They have amazing tech experience. Take the iMobile banking app which is user-friendly and is secured using PKI end-to-end 265-bit encryption giving absolute peace of mind.

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 BalanceRs. 10,000 to Rs. 1,25,000 (depending on variant)
Rate of Interest (on end of day balance)Below 50 Lac – 3.00%
Rs. 50 Lac & above – 3.50%
Account Opening ProcessOnline and Branch visit
Channel of AccessMobile, Netbanking, Branch & ATMs
Ease of useUser-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)

With HDFC 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 3 reward points per Rs. 150 spent and has a higher reward value of 0.30 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

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 Speciale Gold & Speciale Platinum Account
  • HDFC DigiSave Youth Account
Monthly Average BalanceRs. 5,000 to Rs. 3,00,000 (depending on variant)
Rate of InterestUp to 50 Lac – 3.0%
Above 50 Lac- 3.5%
Account Opening ProcessOnline and Branch visit
Channel of AccessMobile, Netbanking, Branch & ATMs
Ease of useAverage

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. RBL Bank Saving Account

RBL Bank offers up to 6.50% interest which is higher compared to most banks. Even the FD interest rate of SBI, HDFC and ICICI ranges between 5 to 6%.

Without locking money, you earn an FD interest rate on your savings account.

RBL offers a 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 BalanceRs. 5000
Rate of InterestUp to 1 Lac – 4.25%
Above 1 Lac – 5.50% to 6.50%
Account Opening ProcessOnline through website
Channel of AccessMobile, Netbanking, Branch & ATMs
Ease of useAverage 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 Banks with Highest Interest Rate on Saving Account in India 2023

#8. Fincare Small Finance Bank Savings Account

RBI issued banking license to Fincare in 2017. Fincare serves 32+ lac customers and is present in 17 states and union territories.

Fincare offers full-scale banking facilities with 3D approach – Digital, Doorstep services with Delightful deposit rates.

Banking facilities include solutions like –

  • Savings & Current accounts
  • RD, FD & NRI deposits
  • Micro loan, two wheeler loan, home loan
  • Loan against gold, property and Institutional Finance

Best Fincare Savings Account

Savings AccountMinimum balance
Fincare Pro-Priority Savings AccountRs. 0
Fincare Prime Savings AccountRs. 50,000
Fincare Imperial Savings AccountRs. 5 Lacs (initial payment)

The details for the savings bank account are

Rate of InterestUp to Rs. 1 Lac – 4.11%
Up to Rs. 5 Lac – 6.11%
Above Rs. 5 Lac – 7.11%
Account Opening ProcessOnline through website
Channel of AccessMobile, Netbanking, Branch & ATMs
Ease of useAverage

What We Like

  • Instant account opening
  • Quarterly interest payout
  • Cashback and discounts on using debit card

What We Didn’t Like

  • Services are available only in 17 cities in India

Best For

People looking for the highest interest rates on savings account.

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

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

A widespread network of SBI branches and ATMs offers immediate physical cash access.

For students, SBI has dedicated branches and extension counters at their schools, colleges and universities premises.

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 BalanceNil
Rate of Interest 2.70%
Account Opening ProcessOnline through the website, YONO app, Branch
Channel of AccessMobile, Netbanking, Branch and ATM
Ease of useAverage 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 2023 (Payments Banks)

#10. Paytm Payments Bank Savings Account

Your phone is your bank with a Paytm savings account. 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. 2 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 BalanceNIL
Rate of Interest2.50%
Account Opening ProcessPaytm App
Channel of AccessMobile
Ease of useAverage to good
Variants of Savings AccountsNIL

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 is limited to Rs. 2 Lac

Best For

Individuals using mobile for payments and basic banking needs up to Rs. 2 Lac

You may also like to readBest bank for current account in India

Best PSU (Government) Bank in India

#11. Bank of Baroda Savings 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 BalanceRs. 0 to Rs. 1 Lac (depending on the account)
Rate of Interest 2.75%
Account Opening ProcessBranch, online
Channel of AccessMobile, Netbanking, Branch and ATM
Ease of useAverage 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 basic zero-balance savings account. The problem is few of them will tell you about it upfront.

Bank employees don’t advertise 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

BankBelow Rs. 1 LacAbove Rs. 1 Lac
ICICI Bank3.0%up to 3.5%
HDFC Bank3.0%up to 3.5%
Axis Bank3.0%up to 3.5%
Fincare Small Finance Bank4.11%up to 7.11%
IndusInd Bank4%up to 6%
IDFC First Bank4%up to 6.25%
Kotak Mahindra Bank3.5%up to 4%
RBL Bank4.25%up to 6.50%
Yes Bank4.0%up to 6%
DBS Bank3.25%up to 7%
Bandhan Bank3.0%up to 6.25%
State Bank of India2.70%2.70%
Paytm Payment Bank2.50%2.50% (max amount Rs. 2 Lac)
Airtel Payments Bank2.5%6% (max amount Rs. 2 Lac)
Bank of Baroda2.75%2.75%

Final Words

Every bank has some unique features for its 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.


Which bank is best for a savings account?

A bank that fulfills your savings account requirement is best for you to open a savings account. Like Fincare bank is best for high-interest-rate savings accounts. SBI is best for students as on campus you would find SBI branches.

Which bank gives the highest interest rate on saving accounts in India?

Fincare Small Savings bank offers the highest interest rate up to 7.11% on a savings account.

Which is the largest private bank in India?

HDFC is the largest private bank in India

About Pardeep Goyal

I talk about saving & investing money. You would love my articles related to Credit Cards, Travel, Shopping, Tax Saving. I share transparently how I am making passive income from multiple sources online.

67 thoughts on “11 Best Savings Bank Accounts in India 2023 (With Highest Interest)”

    • Recently we opened a joint account with Indus. The customer service is average but the saving account features are good.

      we have opened an account where we need to maintain 2L balance. It’s good to get a good interest rate and zero forex charges on debit card.

  1. Hi Pradeep, a wonderful blog, as usual !
    I have observed that currently, many banks like DBS, Stanchart, etc. do not have any information about Basic savings account or PMJDY account. They have removed that tab from their website. So, how and where do i complain about it ?
    Kindly guide.
    thank you.

  2. Hello Pradeep, thank you for such an informative blog.
    In my opinion and experience there are many scheduled cooperative banks having attractive savings account facilities. I have one and my bank has no cap on atm transactions, do not charge for cash deposits, withdrawls or any facilities which you avail by visiting the branch.
    This facility is very useful for senior citizens or anyone like me, who is an engineer, but , does not want to use technology.
    Most private and psu banks charge you for all such services which you do whilst visiting a branch. They charge you, so you are compleeled to use technology and then do not take any responsibility.
    Also, most private banks sell your data. Because how come an outsider know that i have an account with a particular bank, and how does he get my contact details ?
    Either they sell the data or their systems are fragile, both ways are dangerous.
    Thank you.

  3. Axis bank service is not good for closing accounts. They charge a lot and also after giving them a closure form they won’t close the account and now I’m getting a lot of fine in my account. worst experience with axis. For reference they charge a lot for brokering in de-mat accounts.

  4. After this article I choose IndusInd bank. After I complete sign up in their website for registration process. They completed online KYC by video call. But I am not able to login IndusInd mobile app.

    After multiple conversations with customer care today 3/dec/2020 I went to branch. First they don’t understand what is the issue and they ask me to complete KYC. After I explained about KYC by video call. They ask me to wait for two days.

  5. I have my account on sbi and Paytm payments bank but I really satisfied with Paytm payments bank because the server of this bank is much better and faster then sbi because today I’m going to purchase grocery from my svi account but it’s doesn’t respond and transaction get failed again and again and when I purchased the same product from the same website using Paytm payments bank then I get a better result because it paid my money without any inconvenience

  6. Thanks for article

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

    Is it impossible to create a basic saving bank account in these private banks if one has SB account in other banks ?

  7. Hey Pardeep,
    it’s such as good and the ultimate resource for the best savings account for Indians. The best part that I like that you mentioned the honest reviews and discussed both the good and the bad things and lastly I wasn’t expecting that you would mention for whom these accounts are best for.

    Actually I was researching on creating an account on Airtel payments and I stumbled on your site. Keep it up.

  8. You can also add Karur Vysya Bank savings account for its user friendly mobile banking and net banking facilities…

  9. Hi Pradeep,
    First of all, great content. I would like to know that the interest mentioned here are annually, monthly or quarterly?
    Thanks in advance.

  10. Great post Pardeep. However, I would like to know how safe is each bank in keeping a savings account or an FD with them? As you know what happened with PMC bank, I guess that should be a factor as well.

  11. I am looking for a savings account for getting max interest. I cannot opt for FD for higher interest is due to the loss from TDS. IDFC is looking great for my requirement. How good/safe is this bank? Can I expect hassle-free service?

  12. Thanks for taking the time. This was helpful.
    Axis bank never picked up calls and branch was not keen when you approach them for a savings account, so much for customer service am staying away from those guys.

  13. Very niece blog compared and listed clearly.
    Kindy bring a same kind of blog on FD in different bank and amount and their interest rate.

  14. Please compare cost of maintaining account also such as annual debit card charges, penalty for not maintaining aqb etc.
    PSU Banks don’t have concept of aqb. Your aqb may 10x but if you didn’t have required minimum balance even for a day, you will be penalized

  15. Sir ive an paypal account and its doesn’t support Indian debit card like rub pay debit card.
    so i want to open account in Hdfc bank so suggest me which visa debit card i should go,and how it will be annually cost and maintenance cost of my hdfc savings bank .
    thanks advance.


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