Do you know these top 10 best banks in India for opening savings account according to the RBI? The banking sector is vital to the progress of country’s economy.
Opening a savings bank account is one of the most popular and oldest ways to save your hard-earned money.
The fact that the main balance is still secure, considering the interest received, is one of the reasons why Indians choose this form of bank account.
As a result, with the savings account, you can easily save money in the bank while still earning interest.
With savings account, you can do online transactions like NEFT, RTGS, UPI transaction etc.
You will also receive debit card after opening the savings account.
You can use debit card to withdraw cash from ATM or you can do online transactions using secure pin or OTP.
After being the simplest investing option, you can consider a few factors before choosing a bank to open a savings account with.
We’ve compiled a list of top 10 best banks in India where you can open a savings account.
Top 10 Best Banks in India
Table of Contents
- Top 10 Best Banks in India
1. HDFC Bank Ltd.
HDFC Bank is an Indian financial company established in 1994 and headquartered in Mumbai, Maharashtra.
In March 2021, it had assets of INR 7.6 trillion, making it India’s fifth largest bank.
HDFC is India’s biggest private sector bank and the country’s largest bank.
Retail and wholesale banking, personal banking, home, auto, and business loans, lifestyle loans, and credit and debit cards are only a few of the goods and services offered by the bank.
HDFC Bank savings accounts are recommended for those who want personalized and quality offerings from their banks.
This is one of the most prestigious financial institutions.
The HDFC Bank offers credit cards at low rates to its loyal clients. This bank’s luxury offerings come with a slew of benefits.
For the first year, the bank waives the recurring maintenance fees. Discounts on internet purchases and other exclusive deals are available.
2. ICICI Bank Ltd.
ICICI Bank is India’s largest private sector bank. ICICI Bank reportedly has 5,288 branches and 15,158 ATMs in India.
Getting a savings account with ICICI Bank is like having a bank account right at your fingertips.
The ICICI Bank savings bank account is ideal for everyone who prefer online banking over traditional banking.
The following are some of the advantages of holding a savings account with this bank:
iMobile Banking App is one of the best mobile banking app in India.
ICICI Bank’s infrastructure is well ahead of that of any other Indian banks.
They have banking services 24 hours a day, seven days a week.
3. SBI Bank
When it comes to the number of branches, ATMs, net earnings, total assets, and other factors, SBI is without a doubt India’s largest bank.
SBI controls roughly 20% (approximately) of the Indian banking industry, with a workforce of close to 3 lakh employees.
SBI offers good deals and offers on savings bank accounts.
SBI branches can be found all over India, from east to west.
There is excellent mobile and internet banking available.
Apart from deposit accounts, this bank has some of the finest financial services, such as Demat, mutual funds, insurance, and so on.
The bank’s reach and services are comprehensive.
4. Axis Bank Ltd.
Axis Bank is India’s third largest private sector bank, with over 12,000 ATMs and 4,528 branches spread throughout the country.
Axis Bank’s savings bank account is the perfect choice for those who wish to get world-class customer support.
The Axis Bank has received several honors and awards including Best Customer Service Award 2018, Best Loyalty Program Award 2017 and 2018, and Best Rewards Program Award consistently for five years since 2015.
Axis Bank rewards you loyalty points for a variety of transactions.
The bank offers two types of bank accounts: Prime and Easy Access, which have a lower minimum balance requirement, and Prime Plus and Priority, which have a higher balance requirement.
Offers up to 15% off at restaurants that have partnered with the bank.
Demat and lockers are offered at a discounted rate.
5. Kotak Mahindra Bank
Kotak Mahindra Bank Limited is a private Indian bank with its headquarters in Mumbai, Maharashtra.
It provides corporate and retail clients with banking products and financial services in the fields of personal finance, investment banking, life insurance, and asset management.
Kotak Mahindra Bank’s savings bank account is ideal for those who want a higher-interest with no minimum balance requirement.
Kotak’s 811 Edge account is one of the best savings accounts compared with other products.
Advantages of this account:
The account opening procedure is quick and simple.
The bank’s whole accounting process is paperless.
You have the option of opening a zero-balance account.
6. IndusInd Bank
IndusInd Bank’s savings bank account is appropriate for someone trying to open a zero-balance account or who is an active equity investor.
If you want to open an account with IndusStox then you get a free trade account, Demat account, and savings account.
You will also get a Titanium Debit card, which will allow you to gain up to 5X to 6X loyalty points every time you spend Rs.200 on a debit card.
Advantages of an IndusInd Savings Bank :
IndusInd Bank provides one of the best interest rates on savings deposits, at 7% per annum.
Any purchase on the card earns you reward points.
7. IDFC Bank
The highest rate of interest is provided by IDFC Bank’s savings bank accounts.
It is the best option for those who want to raise money from interest without having to keep a minimum balance per month.
Advantages of getting a savings account with IDFC Bank:
They have the highest interest rate, which ranges from 6% to 7% a year.
If you don’t keep a monthly minimum balance, the bank won’t charge you.
Unrestricted fund transfers are available. ATM withdrawals are free in India.
8. RBL Bank
RBL Bank’s savings bank account is for those who want to take advantage of the perks of banking while earning a higher rate of interest.
Choose RBL Bank’s savings bank account if you want rewards with your locker or home loan.
The bank also allows you to pick your own account number.
Benefits of RBL’s savings account :
You will get a good interest rate. Discounts on lockers are available.
You have the option of changing your account number.
There are no charges if you do not maintain the account.
RBL bank’s mobile application allows you to open a savings bank account.
When you apply for a home loan, you can get a 25% discount on processing fees.
9. Suryoday Small Finance Bank Ltd
Suryoday Small Finance Bank Ltd, established in 2008, is a leading Small Finance Bank (SFB) in India.
In 2017, the firm began providing banking services.
The firm had 482 Banking Outlets and 14.3 lakh customers as of July 31, 2020.
Suryoday is offering two types of fixed deposit accounts: domestic fixed deposit accounts and tax saver fixed deposit accounts.
The bank mostly operates in urban and semi-urban areas.
MFI loans, Vikas Loans, Shopkeeper Loans, and other credit products are available.
They do offer attractive interest rate on savings account.
10. DBS Bank
If you’re looking for other benefits, a DBS Bank savings account might be a good choice.
Do you know that you can open a DBS Digi Savings Account without leaving your house?
All you have to do is download the Digibank Mobile App to your smartphone and fill in the necessary details.
With interest rates ranging from 3.50 percent to 5.00 percent a year.
You can also get welcome bonuses when you open a bank account, such as INR 150 cashback when you deposit INR 10,000 or spend INR 3,000 with your Debit Card.
That’s all folks, I hope you enjoyed the list of top 10 best banks in India.
Which is the largest private bank in India?
By sales and gross revenue for the year, HDFC Bank is the largest private bank in India.
Which is the safest bank in India?
ICICI Bank is India’s safest bank. ICICI Bank was founded in 1994 as a wholly-owned subsidiary of ICICI Limited, an Indian financial institution. It is one of India’s largest private banks.
What are the top 10 banks in India?
HDFC bank, Kotak Mahindra bank, ICICI bank, Axis Bank, IndusInd bank, SBI bank, IDFC Bank, RBL Bank, IDBI Bank, CSB bank are the top 10 banks in India.