Before opening a Savings Account, you need to compare and check which one offers you the best rates of interest. After all, we’re talking about your hard-earned money! You need to consider a lot of factors before choosing the right bank for yourself.
- To ensure that your money is safe, you need to choose a bank that has a good name in the banking industry.
- Choose a bank which offers good customer service. Most Private Sector banks are way ahead of Public Sector banks when it comes to offering reliable customer support.
- Although most banks provide online transaction facilities now, you must ensure that they offer all the latest Internet Banking options for a good banking experience.
- Select a bank that has a good number of branches across the country, particularly your city. If possible, choose a bank that has branches worldwide.
To simplify your quest for the right bank, here are the Top 5 Savings Accounts (Public and Private) for 2016:
- State Bank of India (SBI)
One of the most attractive features of an SBI Savings Account is that it doesn’t require a minimum balance and offers various other facilities like Internet Banking, Mobile Banking and Kiosk Banking. Although it’s a Public Sector bank, it is known to provide exceptional and prompt customer service. It offers an interest rate of 4% on all its savings accounts. Some other benefits include:
- Option to link it to a Multi Option Deposit (MOD) Account
- Multicity cheques
- Inter bank account transfer without changing the account number
- ICICI Bank
With an interest rate of 4% on all its savings account, ICICI has always been one of the most popular banks. It offers a wide range of unique features and personalised services. When it comes to accessing your money at any time, you’ll find an ICICI ATM pretty much everywhere. Here are some customised ICICI Savings Accounts:
- Titanium Privilege Account
- Gold Privilege Account
- Silver Savings Account
- Regular Savings Account
- Pockets Savings Account
- Young Stars Account
- Advantage Woman Savings Account
- Senior Citizens Savings Account
- Basic Savings Bank Account
- Punjab National Bank (PNB)
PNB currently has over 5,000 branches in India and undoubtedly has one of the largest banking networks in the country. Opening a PNB Savings Account is a good idea as it offers various saving schemes at competitive rates. This, therefore helps maximise your benefits as an account holder with PNB. Here’s a list of Savings Accounts offered by the bank:
- Saving Deposit- General Account
- PNB Premium Saving Account
- Family Suraksha Bachat Khata
- PNB Prudent Sweep
- PNB Junior SF Account
- PNB Vidyarthi SF Account
- Basic Savings Bank Deposit Account (BSBDA)
- Total Freedom Salary Account
- High End Salary Account
- Bank of Baroda
Owned by the government of Gujarat, Bank of Baroda currently has over 5,000 branches and 2,000 ATM counters across the country. It offers an interest rate of 4% for all its savings accounts. The bank offers a wide range of personalised services and the following types of Savings Accounts:
- Baroda Centenary Savings Account
- Savings Bank Account
- Super Savings Account
- Baroda Basic Savings Account
- Baroda Salary Advantage Savings Account
- Baroda Bachat Mitra
- Baroda Pensioners Savings Bank Account
- Baroda Jeevan Suraksha Savings Bank Account
- HDFC Bank
With the presence of over 11,000 ATMs across India, HDFC offers you the convenience to access your money anytime and anywhere. Some other facilities offered by the bank include Mobile Banking, Phone Banking and Net Banking. Here are the HDFC Bank Savings Account Offers:
- SavingsMax Account
- Regular Savings Account
- Women’s Savings Account
- Kid’s Advantage Account
- Senior Citizens Account
- Family Savings Group Account
- Basic Savings Bank Deposit Account
- Institutional Savings Account
- BSBDA Small Account
Hopefully, this list has helped you decide where to open a Savings Account this year. Didn’t find what you were looking for?