When you have to deal with financial emergencies, there is no better friend than your savings. With the habit of saving money instilled in us since childhood, most of us opt for the most traditional way of building our savings by maintaining a Savings Account. A good Savings Bank Account should ideally offer high interest rates, flexibility in withdrawal and deposit as well as a reasonable minimum balance in the account.
With so many Savings Account options out there, one might get confused which bank to choose. But don’t you worry as we bring you the top 6 Savings Bank Accounts in India and their benefits. So let’s get started!
1. Yes Bank Savings Account
Apart from being India’s 5th largest private sector bank, Yes Bank features in our list for its highly beneficial Savings Account scheme. Check out the features offered by Yes Bank Savings Account:
Interest Rate: Yes Bank offers a high interest rate of 6% per annum on Savings Account with balance below Rs. 1 crore.
Minimum Balance: With four Savings Account variants to choose from, Yes Bank provides a wide range of average quarterly balance for people with different requirements. Depending upon the type of Savings Account, the average quarterly balance varies from Rs. 5,000 to Rs. 1,00,000.
Convenience Banking: Apart from phone, SMS and net banking facilities, Yes Bank Savings Accounts offers unlimited access to any bank ATM across India.
- Tax exemption on interest up to Rs. 10,000
- Paying utility bills through net banking
- Quarterly savings interest payout
- Free Demand Draft Issuance
2. Kotak Mahindra Savings Bank Account
Check out what features Kotak Mahindra offers with its Savings Bank account:
Interest Rate: Kotak Mahindra offers up to 6% interest rate for any amount across different types of Savings Accounts.
Minimum Balance: With as many as 13 types of Savings Account schemes, Kotak Mahindra offers a wide range of minimum balance varying from average quarterly balance of Rs. 2,000 to average monthly balance of Rs. 1 lakh.
Convenience Banking: One can utilise services such as Net Banking, Phone Banking and SMS banking for free. Other than that, one can withdraw money from any Kotak Mahindra ATM, any number of times.
- 13 Savings Bank variants to choose from
- Alpha Savings Account provides a life cover of Rs. 20 lakhs for a minimal monthly premium of Rs. 300.
- Cash Back of up to Rs. 4,500 per annum for point of sale Debit Card spends.
3. IndusInd Bank Savings Account
This Mumbai-based private bank established in 1994 offers quite a few interesting features to Savings Account holders.
Interest Rate: IndusInd offers up to 6% of interest rate per annum on daily balance above Rs. 10 lakh. For accounts with balance ranging from Rs. 1 lakh to Rs. 10 lakh, the bank offers 5% interest rate per annum. For amount below Rs. 1 lakh, the bank offers an interest rate of 4%.
Minimum Balance: From average quarterly balance of Rs. 25,000 to average monthly balance ranging from Rs. 1,500 to Rs. 10,000, IndusInd Bank Savings Account schemes provide a wide range of minimum balance.
Convenience Banking: Free online and phone banking facilities.
- Free Platinum Debit Card with selected Savings Account schemes
- Multiple Savings Account variants to choose from
- Free NEFT and RGTS fund transfer services for a few Savings Account schemes
Additional Reading: Top 5 Kids’ Savings Accounts
4. Lakshmi Vilas Bank Savings Account
Lakshmi Vilas Bank offers some interesting benefits and features to its Savings Bank Account holders.
Interest Rate: The bank offers an interest rate of up to 6% for Savings Account balance above Rs. 5 lakh. And for accounts with balance less than Rs 5. lakh, Lakshmi Vilas Bank offers an interest rate of 5%.
Minimum Balance: With a wide variety of Savings Account schemes to choose from, the bank offers zero minimum balance to average monthly balance of Rs 1 lakh.
Convenience Banking: Free net banking and phone banking facilities.
- Over 10 Savings Account variants to choose from
- Free NEFT and RGTS fund transfer services for selected Savings Account schemes
- Free Gold Debit Card for selected Savings Account schemes
- Minimum deposit of Rs. 500 in rural and semi urban branches. Minimum deposit of Rs. 1,000 in urban and metro branches
5. Axis Bank Savings Account
India’s third-largest private bank offers some of the best Savings Bank Account features.
Interest Rate: Axis Bank Savings Account offers 4% interest rate on all amounts.
Minimum Balance: With multiple types of Savings Bank Account schemes to choose from, Axis bank provides a wide range of minimum balance ranging from average monthly balance of Rs. 2,500 to average monthly balance of Rs. 1 lakh.
Convenience Banking: Apart from free net banking and phone banking facilities, Axis Bank Savings account provides priority banking services too. Not just that, with over 11,500 ATMs across the country, handling your account has never been easier.
- Quarterly savings interest payout
- Multiple variants of Savings Bank accounts for different requirements
- Low minimum opening deposits
Additional Reading: Top 5 Savings Account Schemes for Women
6. ICICI Bank Savings Account
Check out what makes ICICI Bank Savings Account one of the top most Savings Bank Accounts in the country!
Interest Rate: 4% rate of interest for all users
Minimum Balance: ICICI Bank is one of the few banks which offers zero minimum balance facility. But for a few Savings Accounts, the minimum balance may range from Rs. 500 to Rs. 1,25,000.
Convenience Banking: Phone and internet banking
- Multiple variants of Savings Account
- Privilege to choose your own Savings Account number
- Discounts at Apollo clinics, hospital and pharmacies
Now that you are aware of the features and benefits of top 6 Savings Bank accounts in India, you can wisely choose the one that suits your needs the most.