16 Best Savings Bank Account in India 2019

Last Updated – 14 June 2019

Do you know that saving account interest income (up to Rs. 10,000) is tax-free?

Private banks offer higher interest rate but they have some hidden clauses as well.

I did research on major Indian banks to find the best saving account in India. You should also consider technology, customer support and extra benefits that banks provide with saving account.

Prefer a bank that has low maintenance charges and gives you a discount on their products like loans and credit cards.

From the article, you can pick the best of the savings bank account as per your need.

At the end of the article,

you can find the list of banks offering zero balance accounts and the savings bank interest rates comparison.

Best Savings Bank Account in India

#1. Kotak Mahindra Bank (Highest Saving Interest Account)

Kotak Mahindra bank offers one of the highest saving account interest rate in India. You would get up to 6% interest rate on your saving account. Even the FD interest rate of SBI, HDFC and ICICI ranges between 6 to 7%.

So you can earn approximately the same fixed deposit interest rate on your saving account without locking your money.

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

Benefits of Kotak 811 Account

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

Quick link to open Kotak 811 Saving Account

The details for savings accounts are as under

A direct link to open Kotal 811 Saving Account

#2. ICICI Bank (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 starts 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 portfolio with iMobile.

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.

Further, you can access all service request from a single location. All of which provides a hassle-free user experience.

Even you can open a savings account online and can get account number instantly.

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

#3. HDFC Bank (For Best Products)

HDFC bank has one of the best products in the market – best credit cards, deposits rates, loans, Payzapp, Smarthub or Samsung pay.

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 premier banking 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

#4. Axis Bank (For Good Services)

I don’t have any personal experience with Axis bank but I find that they have won many awards related to customer support.

Axis is the only bank which gives rewards points on account-related transactions. You can earn reward points even for ECS, standing instructions, opening RD or demat account.

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

The details for the savings bank account are

#5. Citi Bank (Global Presence)

If you have global banking requirements for your family members or relatives, then look no other than Citibank.

You can find support from 4000 Citibank branches across 42 countries for all your banking requirements whenever you want.

Citibank solves your fund remittances through solutions like

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 family members Citibank account.

Best Citibank Savings Account

The details for the savings bank account are

The other details for savings accounts are as under

#8. RBL Bank

If you are looking for more benefits in terms of locker operation(15% discount) or property loans (25% waiver on processing charges) then you can pick advantage savings bank account from RBL Bank.

While opening savings bank account the bank even lets you select the account number.

Best RBL Bank Savings Account

The details for savings accounts are as under

#9. Yes Bank

Yes bank gives you the opportunity to customize your savings account.

While opening the account you have the flexibility to choose the debit card, pricing options (alternative to maintaining minimum balance) account related benefit packages and even the complimentary introductory offers.

Best Yes Bank Savings Account

The details for savings accounts are as under

#10. Lakshmi Vilas Bank

Pick Lakshmi Vilas bank for savings account only if you are located in the southern part of the country and the branch is nearby.

There are no great benefits except for the higher rate of interest.

Best Lakshmi Vilas Bank (LVB) Savings Account

The details for savings accounts are as under

#11. Bandhan Bank

If you are looking to banking with a new bank which has roots for social cause then go for Bandhan bank.

The bank has a good range of savings account products but mostly at the regular end with normal benefits.

Best Bandhan Bank Savings Account

The details for savings accounts are as under

#12. Digibank by DBS

You can open a savings bank account with Digi bank instantly with Aadhar. There is an online mechanism for customer support by no bank branches. The bank only has contact points.

The details for savings accounts are as under

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

#13. State Bank of India (For Widespread Reach & Services)

Anywhere you go in the country, you are sure to find an SBI branch and ATM. The best is that SBI as dedicated branches and extension counters at various schools, colleges and universities.

All of which saves students time and helps them in paying regular fees and exam fees with ease. Plus the students have access to banking services which carry lower charges.

The details for savings accounts are as under

Best Digital Bank in India (Payments Banks)

#14. Paytm Payment Bank

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

Paytm payments bank is basically to cater for cashless payments transaction and minimal banking needs of unbanked sections of society.

You can open zero balance savings account with Paytm banks with no hassle to maintain monthly average balance.

Unlike traditional banks, you need not to fill 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.

Paytm does not charge any money for all online fund transfers done via IMPS, UPI or NEFT to another Paytm bank account or Paytm wallet.

The details for savings accounts are as under

#15. Airtel Payments Bank

Airtel bank is best for making few banking transactions and making various payments like electricity and gas bills, mobile, telephone and water bills, DTH, data card and insurance.

The savings bank account can be opened via Airtel app, you even get an online debit card.

However, there is no physical branch but you can withdraw and deposit cash at 5 lac+ banking points. These banking points are the earlier recharge shops airtel outlets.

The details for savings accounts are as under

Best PSU (Government) Bank in India

#16. Bank of Baroda

Bank of Baroda is the second largest PSU banks with good products and quality customer service.

The bank offers a decent net banking service but the apps are average.

The best thing is that all the savings account variants require the lowest quarterly average balance when compared to other banks.

The details for savings accounts are as under

List of Banks with Zero Balance Account

Almost all the banks in India offers a zero balance savings account. The problem is few of them list up front others do not.

Hence, you will find 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

Saving Bank Interest Rates Comparison