A savings account is something that everyone now is familiar with. It is the most famous banking product among consumers across the globe. A prominent percentage of the nation’s population has over one savings account registered on their names. A savings account is one of the most basic banking services that any individual in this country uses. Now if you are wondering which bank is best for opening savings account? In this article, we will have a look at the top 6 savings accounts for individuals presently in India.
Top Bank Savings Accounts For Individuals
Before you know about the banks that offer the best savings account service in India, it is crucial to know what exactly a savings account is. As it is said, an individual can deposit their cash safely in a savings account that is offered by the bank, and in return, banks offer interest on that amount. The interest rates on savings accounts tend to differ from one bank to another bank. A savings account is thought to be one of the most liquid investments as they have the freedom to withdraw the total amount, anytime, anywhere when required.
With increased digitalization, now you can open a savings account sitting at your home with the help of your mobile phone. Leave aside, some banks also offer you the facility of opening a savings account by just dialing a number. You do not require to visit the bank branch along with all your documents to open an account. You are just required to fill the application form online, upload the needed KYC documents and you will have a Savings Account ready for yourself.
Now that you have got some idea about savings accounts and how easy it is in present days to have one, let us have a look at the 6 best savings accounts for individuals in India.
State Bank of India (SBI) Savings Account
State Bank of India (SBI) is the biggest bank of India that offers a wide range of banking items to the customers. SBI Savings Account is among the popular products in which an individual can deposit their cash safely. When it is about the interest rates, the SBI Savings Account offers 2.70% per annum. This tops our list of best savings accounts India.
HDFC Bank Savings Account
HDFC Bank is the leading private sector bank in India offering a wide range of financial items to its customers. One of the products that are widely used is its HDFC savings accounts for individuals that you can open instantly without any fuss and that too from the ease of your home only. HDFC provides a savings account with an interest rate that ranges from 3.00% – 3.50% every annum. This interest is measured on a quarterly basis.
HDFC Bank offers the Savings Account for all of your requirements, Zero deposit to highlight customized and rich accounts. Yes, you can select the type of account you wish to open with HDFC Bank. This is also ideal for online bank account opening with zero balance.
Kotak Mahindra Bank Savings Account
If you are someone who is searching to select the best savings account from the choices available, Kotak Mahindra Bank Savings Account could be among them. With an extended array of savings accounts offered by the Kotak Mahindra bank, you could handle your money effectively. The savings account offered by Kotak Mahindra yields an interest rate that is fixed at 3.50% – 4.00% every annum on a balance of more than INR 1 lakh. There are no monthly account or transaction fees that you are required to pay on its savings account. You can select an account as per your requirements from a range of savings accounts like 811 Digital Bank Account, Sanman Savings Account, Edge Savings Account, Classic Savings Account, and many more.
DBS Bank Savings Account
The savings accounts for individuals from DBS Bank could also be a useful choice for you if you are searching to select the best savings to account for yourself. Do you know that you are not required to even step out of your home to open a DBS Digi Saving Account? You are just required to download the Digibank Mobile app on your smartphone and fill in the needed details. With an interest rate that ranges from 3.25% – 3.75% per annum, the user also gets welcome benefits on opening a savings account like they will get INR 150 cashback on adding INR 10,000 in your Savings Account or even spending INR 3,000 with your Debit Card.
RBL Bank Savings Account
RBL Bank is among the leading private banks of this country that offers a wide range of banking products among which its Savings Account is one of the famous ones. With the basic savings account, the user can get higher rates of interest that range from 4.50% – 6.25% and the customer has the option to put this account even with zero balance. Even so, the interest rates will alter as per the balance in their account.
IndusInd Bank Savings Account
IndusInd Bank, which is also among the leading private banks of our nation, offers the facility for opening the savings account immediately without any hassle. There are numerous savings accounts from this bank from which you can easily select the best savings to account for you as per your requirements. Some of them are Indus Select, Indus Senior, Indus Online, Indus Classic. It is a wise choice to select this bank for keeping your money safe with the interest rate ranging from 4.00% – 6.00% per annum.
The Bottom Line
Anyone who is an Indian Citizen can open a savings account either jointly or individually. If you are wondering why you require a savings account, the main reasons can be many. But the prime thing is it keeps your money safe and also allows you to earn some interest by just doing nothing. So, in the above section, there are some of the banks that offer the best savings accounts for individuals. Now with so much data about all of them, you can make a better decision for yourself.