What Are the Best Banks in India to Open Your Savings Account?

Banks have different accounts people can open. It depends on your needs and the banking facility. Often, we see more savings accounts than the rest. People want to make money deposits with a secure financial institution. Even though the interests are low, they still receive them. Savings accounts in banks are liquid investments.

You can withdraw your money when you want. But, research is crucial to find the best bank to open an account in India. So, compare the interest rates first.

We will see some bank options you can choose to open an account. But, before that, consider other features that might influence your choice.

Different banks have different offerings. That's because so much goes into a customer's choice, especially if they are knowledgeable. But unfortunately, not everyone knows how banks operate and such things.

If you don't, here are some aspects to know when choosing the best bank in India:

1) Withdrawal Limits

Many accounts have withdrawal restrictions per month. Get an account with frequent withdrawals without fees.

2) Minimum Balance

Most banks have a minimum deposit amount you can make before opening an account. Others need you to have a certain amount in the bank before lending you money. But, some don't have the minimal saving requirement.

Most people prefer the latter. There is more freedom to use their money when they want. The most crucial thing is a personal preference.

3) Charges

Savings accounts can have monthly fees, PIN regeneration charges, currency markup and others. Also, consider maintenance fees the bank deducts each year.

Ask the bank for the fine print. Then, go through it to understand all the fees before opening your bank account.

4) Interest Rates

Interest rates determine the interest amount your savings generate. Thus, be smart when choosing a bank. The smallest interest rate variation could pay off after a while.

5) Customer Support

Never gamble with customer service. You need to get help from the service desk to solve your problems. We advise banking with a facility with a solid reputation.

It is easy to get incomparable customer service in such banks.

Which bank is best for savings account in India when so many exist? Of course, there are many banks, but we are picking 10 of the best to help you decide on one that suits your needs.

1) Kotak Bank Savings Account

Kotak has over ten different savings account options. Each has its features. The Sanman account has a minimum balance requirement of Rs. 2,000. You can also try their 811 savings account with zero balance requirement.

Customers who choose this account enjoy unlimited withdrawals. They can do it at any Kotak bank ATM without any fees. Bankers here have various services and financial goods.

Most people prefer it because of its wide array of options.

2) DCB Bank

DCB bank doesn't need you to have a minimum balance to open a savings account. You also get a free ATM card. In addition, the customer can use RTGS and NEFT services for free.

The bank also offers mobile and internet banking without charges. Moreover, you can get bank statements to your email.

DCB bank's minimum account balance requirement is Rs. 500 for this saving account. Moreover, the bank replaces damaged debit cards for free. Besides, you enjoy free unlimited cash withdrawals.

3) IndusInd Bank Savings Account

IndusInd is the best bank for a savings account and boasts several of them. A popular one among Indians is the Indus Delite savings account. Also, the Indus Exclusive savings account. There are fantastic offers and discounts on the two accounts.

The Indus Exclusive savings account has an experienced relationship manager to help you. In addition, customers can enjoy phone and internet banking.

Another upside is the IVR support. There is a plan with regular payment of premiums if you'd like.

4) HDFC Bank Savings Account

HDFC offers one of the best savings account options in India. It offers all the banking solutions you might need.

The bank gives free debit cards and has mobile banking. In addition, women and senior citizens can get specific facilities in this bank.

All savings account programs by this bank have unique benefits and features. So you can access them fast and with ease.

The bank's saving account offers some of the best services and features. You can compare all the accounts HDFC offers and get the best for your needs. There is a reliable relationship manager on standby to help.

5) ICICI Bank Savings Account

ICICI bank offers a wide array of savings accounts to customers. For example, working women can get the Advantage Woman Aura Savings Account.

 It is the best bank in India for savings accounts among women. It offers unlimited withdrawals using any of the bank's ATMs.

Customers can enjoy offers on jewelry, shopping, and other things. ICICI is one of the largest banks in India among private-sector banks.

You can get a premium or basic account if you want to save with this bank. There are those for young people and others for the elderly.

6) RBL Savings Account

RBL bank offers various savings account options. The advantages and features vary with each account. For example, customers get interest rates from 4.25% per annum for investments they make.

Moreover, you get free unlimited transactions using the ATM. The bank gives you free RuPay debit cards, but cash withdrawal limits are Rs. 50,000. You can replace damaged cards for free. Phone and mobile banking are also available.

7) Paytm Payment Bank

The phone is your bank if you choose this bank. We all love the convenience that comes with phone banking. You will love it for cashless transactions.

It has low banking needs for societies with unbanked sections. The bank allows you to open a zero-balance savings account. Forget the hassle of maintaining an average balance every month.

You don't need to fill any forms like you would at traditional banks. Everything is digital through the Paytm application. But, you have to submit your documents to finish the KYC at the nearest location.

8) Axis Bank Savings Account

Axis is the best bank for students in India. It has a massive customer base and offers five different savings account options.

The Easy Savings Account is popular with a lower opening deposit. The minimum balance is Rs. 10,000.

A customer can choose from different saving account options. There are attractive benefits and individualized services. The bank offers its customers interest rates starting from 3% per annum.

9) SBI Savings Account

The State Bank of India is one of the oldest facilities in this country. It dates over 200 years, and most Indians trust it. It is also the best bank in India for students.

Moreover, it has a quick facility with no minimum account balance requirement. There are no restrictions on the maximum balance you can have. You can use the YONO mobile application to access its services.

10) Bank of Baroda Savings Account

Bank of Baroda falls among the biggest banks in India. It has quality customer service and products. For example, the bank offers impeccable baking services, including international banking.

But, we can rate their mobile applications as average. The bank has a Super, Basic, Advantage, and Platinum savings account.

1) Which Bank in India Is the Best One for Savings Account?

The best bank for a savings account is the one that fulfills all your savings needs. If you are looking for high-interest rates, RBL is the best. Also, the best bank for students in India is SBI. 

2) Can You Use Savings Account for Trading?

No, you can't use a normal savings account to trade. You can only use your trading account to fund an investment.

3) Which Bank in India Offers a Demat Account?

All big banks offer Demat accounts in India. Remember, you need a Demat account to open your trading account.

You can open a Demat account in YES, PNB, Citi Bank, and SBI banks. Others are Kotak, Axis, HDFC and ICICI banks. 

4) Which Is the Best Bank to Have Your Demat Account in India?

Some of the best banks in India that offer Demat accounts are SBI, Axis, Kotak Mahindra, HDFC and ICICI banks. Most of their offerings are similar. The customer services, trading platforms, and charges are almost the same.

Trading experts suggest opening a three-in-one account with HDFC bank.

So many questions revolve around the topic of the best banks in India. But unfortunately, it isn't easy to find precise answers online without the fluff.

Everyone's banking and saving needs are different. You can't only rely on the interest rates when choosing a bank. There are so many banks in India that you can choose from for different needs.

Ensure to compare all the features and benefits of each bank. While there might be a bank that ticks most boxes, most will be similar.

But, some factors will help you choose the best bank. We have made your research easier by giving you some basic features and benefits. It will help if you walk into these facilities to experience more. Thus, weigh the options and decide on the best bank in India for your needs!

Nevertheless, you can manage all your trades on user-friendly web and mobile platforms. Moreover, handling trades becomes easy if you hold the hands of the right broker. So, create an account with MiTrade and begin your trading journey!