Best banks for savings account in India
Opening a savings account is one of the most basic methods for investing and keeping your money secure with a financial institution. Anyone who wants to foray into an investment venture and needs a liquid medium of money from where the transactions can easily take place. Interest rate is given on the amount deposited in the bank but they are really low. So, it can only benefit you when you have a regular and steady source of income to always keep some amount of money in your savings bank account.
Almost all banks, private and public, provide the facility of opening different types of savings accounts with interest rates varying from 2.50 per annum to 7.00 per annum. So, as a beginner, it can get quite complex for you to pick out the one bank for opening your savings account. And to be very honest there is no single bank that is the absolute best. Every one of them has its features, so in this blog, I am going to give you a list of the best banks for savings accounts in India.
But before that, I need to tell you about the parameters that I have used in recommending best banks for savings account opening in India.
Rate Of Interest
One of the prime factors is the rate of interest the banks will pay on the amount in your savings account. Even a little variation in the rate of interest can make a big change in the long run. That is why I am going to advise you to choose very carefully before deciding on the best banks for savings account opening in India.
Minimum Account required
Most banks require you to keep a certain amount of balance in the account at all times. This amount can vary from bank to bank and you can choose one according to your convenience. There are also some banks that allow you to open a zero-balance savings account. Many people, especially youngsters who have started investing, want to open a zero-balance savings account as it gives them more freedom to spend their money while some people like to maintain some minimum balance in their account as it makes them responsible in expenditure. It is on personal preference and one can choose any of the best banks for savings account opening.
There are banks that put certain restrictions on the number of withdrawals and the amount that can be withdrawn each day. Keep these things in mind before you select any one bank.
Fees and Charges
If you carefully go through the fine print in all documents before opening an account, you will realize there are multiple kinds of fees that are deducted from your account monthly or annually like account maintenance fees.
Customer Service bank
Some of the best banks or savings account opening have one feature in common. They all have excellent customer care service. It is easy for customers to get in touch with bank representatives and get an immediate resolution to their problems without too many hassles.
Now, I am going to give you a list of some of the best banks for a savings account in India at the current times:
- SBI Bank
SBI bank has the trust of almost every Indian in the country with its history of more than 200 years. It is a Mumbai- based institution for public banking and financial matters. It has also made it to the list of Fortune 500 companies and has some qualities like no limit on maximum balance, SBI quick facility, etc. All this makes it one of the best banks for savings account opening in 2022.
- HDFC Bank
There are many unique features of HDFC banks like free debit cards, mobile banking, etc. which make this bank highly attractive to users. There some savings account specifically for senior citizens and women. All of these accounts have specific features for the benefit of particular clientele.
- Kotak Mahindra Text
Kotak Mahindra is undoubtedly one of the best banks for savings account opening in 2022 as it allows you to open a zero balance account or has the minimum requirement of a 2000 AQB which is very little compared to some other banks. Also, there is no limit to the maximum number of withdrawals that one can make without paying any extra fees.
- DCB Bank
What makes DCB one of the best banks for savings account are some really good and beneficial for the users like no requirement of minimum balance in the account, unlimited free cash withdrawals, minimum AQB requirement of 500 rupees, free ATM card, free replacement of damaged debit card, lifetime free NEFT, RTGS services, internet, and mobile banking.
- RBL Bank
The interest rate offered by RBL bank is good at 4.25% per annum. Apart from this, it has some additional features such as unlimited free transactions from RBL ATMs, a RuPay Debit card with a withdrawal limit of Rs. 50, 000, free replacement of debit card, etc. making it one of the best banks for savings account opening in 2022.
- Indusland Bank
There are many facilities provided by Indusland banks like a committed relationship manager, internet banking, phone banking, IVR support, and lots of exciting offers and discounts. All these make it our choice as one of the best banks for savings account opening in India.
- Axis Bank
Axis Bank offers five types of savings accounts and the interest rate begins from 3% per annum account interest rate. There is a condition of Rs. 10,000 minimum balance required in the bank at all times and a very low depositing amount while opening the account, many exciting deals, and offers, etc. It is definitely a good choice for putting in the list of the best banks for savings account opening in India.
Some Parting Thoughts
There are many best banks for savings account opening in India. There is no single bank that is fit for everyone. Each one has different financial goals, budgets, and income. One can compare all the features of the bank as given above and select the bank which seems most preferable to their solutions. Am account can be opened online and offline too, depending on your convenience.