My friend moved to Bangalore for his new job in a start-up. The start-up did not have any tie-ups with banks to open zero balance salary account for its employees. He was asked to open a savings bank account in a bank of his choice for crediting his monthly salary.
He wanted to open an account with ICICI or HDFC but they said that he needs to maintain a minimum of 10,000 INR in his account. His salary was not very high so he was unsure whether he would be able to maintain this balance.
He wanted to avoid PSU banks like SBI or Canara because he wanted to experience good customer service, offers on debit cards, and the latest technology-enabled banking.
I suggested him to open an account with RBL because they offer one of the best interest rates and are giving good competition to premium banks in terms of services and offers.
I did in-depth research on major Indian banks to find the best savings account in India in 2022 for various needs like high-interest rates, zero balance offers on debit cards, international debit card, mobile apps, customer service and global reach.
Here is the list of 10 Best banks for savings account in India 2022
- Kotak Bank Savings Account – Best for fastest online account opening
- IndusInd Bank Savings Account– Best for 3-in-1 account with discount broker
- ICICI Bank Savings Account – Know for great technology
- HDFC Bank Savings Account – Best for great customer products
- Axis Bank Savings Account – Great for customer service
- RBL Savings Account – Best for highest interest rate
- SBI Savings Account – Best bank for students
- Paytm Payment Bank – Best digital bank
- Bank of Baroda Savings Account – Best government bank
Let’s review the top 10 savings account in India to open in 2022
Best Savings Bank Account in India 2022
#1. Kotak 811 Savings Account Review (Fastest Online Account Opening)
Kotak 811 Digital Bank is one of the best saving accounts provided by Kotak bank. 811 is a zero balance savings account that you can open online through your mobile or laptop.
You can complete the KYC through a video call in a single go. Your account will be activated within a few steps.
You will get 4% interest rate on your savings account which more than banks like SBI, HDFC, ICICI.
Benefits of Kotak 811 Account
- Instant account opening
- Zero balance account
- Virtual debit card (with an option to get physical debit card)
- The whole accounting process is paperless
Click Here to Open Kotak 811 Account Online
You can seamlessly open the Kotak 811 savings account while sitting in your house without going to the bank branch.
The details for savings accounts are as under
| Monthly Average Balance | 0 |
| Rate of Interest |
3.5% up to 1 Lakh balance 4% above 1 Lakh |
| Account Opening Process | Online through website |
| Channel of Access | Mobile, Netbanking, Branch & ATMs |
| Ease of use | Average |
- Higher rate of interest
- Online and paperless account opening
- Easy account opening process
- Virtual debit card
- No good apps
Best For
Persons who are looking for a higher interest rate and zero account balance.
Open Kotak Zero Balance Online Account
#2. Axis Bank Savings Account (For Good Services)
I don’t have any personal experience with Axis bank but I find that Axis is the only bank that gives rewards points on account-related transactions. Like you can earn reward points for making ECS, standing instructions, opening RD or demat account.
On opening savings account you get additional benefits like access to free Times Prime membership, offers and cashback on Amazon, Zee5, Ganna and Uber.
Best For
Persons who are looking for the best services and benefits.
Axis Bank also offers two different sets of savings bank account. Easy access and prime with lower account balance requirements and Prime plus, Priority and Burgundy with higher balance requirements.
Best Axis Bank Savings Account
| Savings Account | Minimum Average Balance |
| Axis Easy Access Savings Account |
Monthly Rs. 10,000 (metro/ urban) to Rs. 5,000 (semi-urban) |
| Axis Prime Savings Account |
Monthly Rs. 25,000 (metro/ urban) to Rs. 10,000 (semi-urban) |
| Axis Prime Plus Savings Account |
Monthly Rs. 1 Lac |
| Axis Priority Savings Account |
Quarterly Rs. 2 Lacs |
| Axis Burgundy Savings Bank Account |
Quarterly Rs. 10 Lacs |
The details for the savings bank account are
| Rate of Interest | Up to 50 Lac – 3.0% Above 50 Lac- 3.5% |
| Account Opening Process | Online, Physical Branch Visit |
| Channel of Access | Mobile, Netbanking, Branch & ATMs |
| Ease of use | Average |
- Quality services
- Reward points for normal banking transactions
- Benefits only at higher relationship value
- Average customer support
#3. IndusInd Bank Savings Account (3-in-1 account with Upstox)
Indusind bank offers a zero balance 3 in 1 (savings, trading & demat account) in collaboration with Upstox.
IndusStox comes with Smart Transfer feature, in which you don’t need to transfer money from the savings account to trading account for stock trading. The funds will keep remain in your savings account & you will earn interest on the amount.
You can earn up to 6% interest on your savings account. The savings account interest rate is higher than the fixed deposit interest rate of banks like SBI.
Benefits of 3-in-1 IndusStox Account
- Zero balance bank account
- Higher savings account interest rate
- Free demat & trading account opening
- 30 days Zero brokerage (limited time offer)
- Online account opening
Open Free InduStox 3-in-1 Account now
| Rate of Interest (on daily balance) | Up to 6% |
| Account Opening Process | Online through website |
| Channel of Access | Mobile, Netbanking, Branch & ATMs |
| Ease of use | Average |
Best For
If you are looking to open an online savings account and also interested in stock investment then you must open the free IndusStox account (limited time offer)
Open Free InduStox 3-in-1 Account now
#4. ICICI Bank Savings Account (For Best Technology)
Opening a savings bank account with ICICI is like banking at fingertips with 200+ banking services offered online.
The amazing tech experience starts with iMobile banking app which is user-friendly and is secured using PKI end-to-end 265-bit encryption.
You can check transactions and balances, transfer funds, open MF, FD, RD PPF and NPS accounts, pay bills and insurance premiums, book tickets and even manage your Demat account portfolio with iMobile.
Best For
Individuals who are tech-savvy, have no time for branch visit and like to use mobile for doing most of the utility payments and banking transactions.
ICICI bank’s internet banking has a superior interface and navigation where you can find all the information at one place. All the authentication factors are present on the same page, making fund transfer quick and easy.
You need not scroll pages but can access all service requests from a single location. This saves time and offers a hassle-free user experience.
Best Savings Account Options by ICICI Bank
- ICICI Regular Savings Account
- ICICI Silver Savings Account
- ICICI Gold Privilege Savings Account
- ICICI Titanium Privilege Savings Account
| Monthly Average Balance | Rs. 10,000 to Rs. 1,25,000 (depending on variant) |
| Rate of Interest |
Up to 50 Lac – 3.00% |
| Account Opening Process | Online and Branch visit |
| Channel of Access | Mobile, Netbanking, Branch & ATMs |
| Ease of use | User-friendly and easy |
- Best mobile app
- Online banking is smooth & hasslefree
- Always 10 steps ahead in technology than any bank in India
- No extra benefits to a loyal customer
- Banking product benefits are average
#5. HDFC Bank Savings Account (For Best Products)
When you bank with HDFC, then you have access to the best products in the market – best credit cards, deposits rates, loans, Payzapp, Smarthub or Samsung pay.
Best or unique products from HDFC Bank
Diners club black is a super premium credit card from HDFC where you save up to 33% while shopping at 10X partner brands like Flipkart, Amazon, Yatra & Cleartrip via Smart Buy.
The card lets you earn 1 reward points per Rs. 30 spent and has a higher reward value of 1 rupee per reward point.
The customers get the best deals from e-commerce companies such as Snapdeal, Flipkart and Amazon.
HDFC on Chat is a natural language processing based artificial intelligence platform that lets you chat on Facebook messenger for making payments.
HDFC on Chat can be used even by non-customers to avail services like bill payments, mobile recharge, travel, movies and event bookings, etc.
For existing customers, HDFC banks provide an option of availing small instant personal loans at the ATM. The option shows on the ATM screen. All you need is to e-agreement on the screen and the money gets transferred to your account.
The facility is based on the customer’s financial details and fair assessment of their profile. ICICI and SBI are the other banks providing this facility.
HDFC Bank has another set of premier banking services and products where you have exclusive pricing, phone banking services and lifestyle benefits.
The premier banking includes customized solutions for needs related to
- Investments in equity & mutual funds,
- Tax payments,
- Insurance
- Portfolio management services.
All the premier banking needs are looked after by a dedicated relationship manager.
For availing premier banking services, you need to have a higher monthly average balance in your savings account. Which starts from Rs. 1 Lakh for classic premier banking to Rs. 10 Lacs for Imperia premium banking.
Best Saving Accounts from HDFC Bank
- HDFC Savings Max Account
- HDFC Regular Savings Account
- HDFC Basic Savings Banks Deposit Account
- HDFC DigiSave Youth Account
| Monthly Average Balance | Rs. 5,000 to Rs. 25,000 (depending on variant) |
| Rate of Interest | Up to 50 Lac – 3.0% Above 50 Lac- 3.5% |
| Account Opening Process | Online and Branch visit |
| Channel of Access | Mobile, Netbanking, Branch & ATMs |
| Ease of use | Average |
- They offer good products (like credit cards) to loyal customers
- Premium bank products have great benefits
- Average service
- Average technology (poor mobile app)
- Staff is not knowledgeable or may misguide the customers
Best For
Anyone who is looking for a premium, best and customized products.
#6. Citi Bank Savings Account (Global Presence)
Citibank can easily fulfill global banking requirements of your family members and near relatives. You will find support from 4000 Citibank branches across 42 countries for all your banking requirements whenever you want.
Best For
People who require global banking services.
Citibank has robust fund remittances solutions like
- Citi Global Transfers
- Wire Transfers
- Automated Clearing House
- Foreign Currency draft
Wherein you can send funds up to Rs. 3 Lacs per day or receive up to Rs. 30 Lacs per day from your Citibank account to that of family members Citibank account overseas.
Best Citibank Savings Account
| Savings Account | Net Relationship Value Required over 3 months |
| Citi Bank Savings Account | Rs. 15 Lacs |
| Citi Priority Savings Account | Rs. 15 Lacs |
| Citigold Savings Account | Rs. 75 Lacs |
| Citigold Private Savings Account | Rs. 5 Crores |
The details for the savings bank account are
| Rate of Interest | 2.5% |
| Account Opening Process | Online through website |
| Channel of Access | Mobile, Netbanking, Branch & ATMs |
| Ease of use | Average to poor |
- Global presence
- Easy money receipts and transfers
Services available only in 23 cities in India
Best Banks with Highest Interest Rate on Saving Account in India 2022
#7. RBL Bank Saving Account
RBL Bank offers savings account interest up to 6.75% which is one of the highest among all the banks. Even the FD interest rate of SBI, HDFC and ICICI ranges between 5 to 6%.
You can earn the same fixed deposit interest rate on your savings account without locking your money.
RBL offers digital savings account that you can open online without going to the bank branch.
You need to follow just 3 easy steps
Step 1 – Provide Aadhar and PAN details
Step 2 – Choose an account variant
Step 3 – Update personal details
The details for savings accounts are as under
| Monthly Average Balance | Rs. 5000 |
| Rate of Interest | Up to 1 Lac – 4.75% Above 1 Lac – 6.00% to 6.25% |
| Account Opening Process | Online through website |
| Channel of Access | Mobile, Netbanking, Branch & ATMs |
| Ease of use | Average to better |
- Higher rate of interest
- Quick account opening process
- Quick bill pay facility
- Virtual debit card
- Higher interest rates are applicable only on the monthly balance greater than Rs. 1 Lac.
Best For
Persons who are looking to earn a higher interest income and other banking benefits.
Best Bank in India for Students (Savings Account for Students)
#8. State Bank of India Savings Account (For Widespread Reach & Services)
You are sure to find an SBI branch and ATM anywhere in the country, this helps in physical cash access. For students SBI as dedicated branches and extension counters at various schools, colleges and universities.
Which helps them in paying regular fees and exam fees with ease. Additionally, students have access to banking services which carry lower charges.
Best State Bank of India Savings Account
- SBI Basic Savings Bank Account
- SBI Small Savings Account
- SBI Savings Plus Account
- SBI Digital Savings Account
The details for savings accounts are as under
| Monthly Average Balance | Nil |
| Rate of Interest | 2.70% |
| Account Opening Process | Online through the website, YONO app, Branch |
| Channel of Access | Mobile, Netbanking, Branch and ATM |
| Ease of use | Average to good |
- Widespread reach and services
- NIL monthly balance
- No premium savings accounts or benefits
Best For
Students and for persons with a nearby branch.
Best Digital Bank in India 2022 (Payments Banks)
#9. Paytm Payments Bank Savings Account
With Paytm savings account, your phone is your bank. You can enjoy the convenience of banking from your phone.
Paytm payments bank is for cashless payments transaction and minimal banking needs of unbanked sections of society.
You can open zero balance savings account with Paytm bank without any hassle to maintain monthly average balance.
Unlike traditional banks, here you need not fill forms for account opening. The account opening is simple and completely digital via the paytm app. But you need to submit documents to complete your KYC at the nearby location.
The drawback with Patym Savings Account is that you can hold only up to Rs. 1 Lac combined in your savings bank account + wallet. Any excess balance is auto swept into the fixed deposit at IndusInd bank.
The details for the savings account are as under
| Monthly Average Balance | NIL |
| Rate of Interest | 2.75% |
| Account Opening Process | Paytm App |
| Channel of Access | Mobile |
| Ease of use | Average to good |
| Variants of Savings Accounts | NIL |
- Digital account opening via app
- Zero monthly average balance
- Real-time passbook updates
- One or 2 branches
- Account balance limited to Rs. 1 Lac
Best For
Individuals using mobile for payments and basic banking with needs up to Rs. 1 Lac.
You may also like to read – Best bank for current account in India
Best PSU (Government) Bank in India
#10. Bank of Baroda Saving Account
Bank of Baroda is the second largest PSU banks with good products and quality customer service. The bank offers a decent net banking service but the apps are average.
Best Bank of Baroda Savings Account
- Baroda Super Savings Account
- Baroda Basic Savings Bank Account
- Baroda Advantage Savings Account
- Baroda Platinum Savings Account
The details for savings accounts are as under
| Quarterly Average Balance | Rs. 0 to Rs. 1 Lac (depending on the account) |
| Rate of Interest | 2.75% |
| Account Opening Process | Branch |
| Channel of Access | Mobile, Netbanking, Branch and ATM |
| Ease of use | Average to good |
- Best customer services
- No premium savings accounts or benefits
- No good apps
Best For
Individuals looking for the best of services at a PSU bank.
List of Banks with Zero Balance Account in India
Almost all banks in India offers a zero balance savings account. The problem is few of them will tell you about it upfront.
You would not find bank employees advertising the zero balance savings account to you. The reason is that they do not get any incentive for opening a zero balance savings account.
Please note that zero balance accounts are basic savings bank deposit accounts. The main purpose of which is to connect the unbanked section of society and provide minimum banking services.
Hence, you will find cap on the amount, number of transactions and restrictive services on zero balance accounts.
Below is the list of banks offering zero balance savings account
- Kotak Mahindra Bank
- Digibank by DBS
- State Bank of India
- Federal Bank
- Bank of Baroda
- ICICI Bank
- Axis Bank
- Standard Chartered Bank
- IDFC Bank
- IndusInd Bank
- HDFC Bank
- RBL Bank
- Paytm Payments Bank
- Airtel Payment Bank
Saving Bank Interest Rates Comparison
| Bank | Below Rs. 1 Lac | Above Rs. 1 Lac |
| ICICI Bank | 3.0% | up to 3.5% |
| HDFC Bank | 3.0% | up to 3.5% |
| Axis Bank | 3.0% | up to 3.5% |
| Citi Bank | 2.5% | 2.5% |
| IndusInd Bank | 4% | up to 6% |
| IDFC Bank | 4% | 5% |
| Kotak Mahindra Bank | 3.5% | up to 4% |
| RBL Bank | 4.75% | up to 6.25% |
| Yes Bank | 4.0% | up to 4.75% |
| Lakshmi Vilas Bank (now part of DBS Bank) | 3.25% | up to 3.75% |
| Bandhan Bank | 3.0% | up to 6% |
| Digibank by DBS | 3.5% | up to 4% |
| State Bank of India | 2.70% | 2.70% |
| Paytm Payment Bank | 2.75% | N.A. |
| Airtel Payments Bank | 3% | N.A. |
| Bank of Baroda | 2.75% | 2.75% |
Final Words
Every bank has some unique feature for the customers. You need to first list down your need then choose the best bank that would fulfil your savings account need. If I have missed any information, let me know in the comments.
FAQs
A bank that fulfils your savings account requirement is best for you to open savings account. Like RBL is best for high interest rate savings account. SBI is best for students as in campus you would find SBI branches.
RBL bank offers highest interest rate up to 6.25% on savings account.
HDFC is the largest private bank in India
if you were given one choice only, what would you choose- hdfc or icici?
I will go for HDFC for better customer service.
Hi Pradeep, a wonderful blog, as usual !
I have observed that currently, many banks like DBS, Stanchart, etc. do not have any information about Basic savings account or PMJDY account. They have removed that tab from their website. So, how and where do i complain about it ?
Kindly guide.
thank you.
Here is the link containing Basic Saving Account & PMJDY details for DBS bank – https://www.dbs.com/in/treasures/personal-banking.page
And the link for the Basic Banking Account of Standard Chartered Bank – https://www.sc.com/in/deposits/basic-banking-account/
Hello Pradeep, thank you for such an informative blog.
In my opinion and experience there are many scheduled cooperative banks having attractive savings account facilities. I have one and my bank has no cap on atm transactions, do not charge for cash deposits, withdrawls or any facilities which you avail by visiting the branch.
This facility is very useful for senior citizens or anyone like me, who is an engineer, but , does not want to use technology.
Most private and psu banks charge you for all such services which you do whilst visiting a branch. They charge you, so you are compleeled to use technology and then do not take any responsibility.
Also, most private banks sell your data. Because how come an outsider know that i have an account with a particular bank, and how does he get my contact details ?
Either they sell the data or their systems are fragile, both ways are dangerous.
Thank you.
Axis bank service is not good for closing accounts. They charge a lot and also after giving them a closure form they won’t close the account and now I’m getting a lot of fine in my account. worst experience with axis. For reference they charge a lot for brokering in de-mat accounts.
I recently opened account online in IDFC First bank that also gives good interest rate and free credit card
What do you think?
My opinion on IDFC account or IDFC credit card?
Great Article
Thank you so much for this post!
It saved me a lot of head ache and is super helpful.
After this article I choose IndusInd bank. After I complete sign up in their website for registration process. They completed online KYC by video call. But I am not able to login IndusInd mobile app.
After multiple conversations with customer care today 3/dec/2020 I went to branch. First they don’t understand what is the issue and they ask me to complete KYC. After I explained about KYC by video call. They ask me to wait for two days.
Nice Blog. Please try to make one on Wealth Management accounts in INDIA.
I have my account on sbi and Paytm payments bank but I really satisfied with Paytm payments bank because the server of this bank is much better and faster then sbi because today I’m going to purchase grocery from my svi account but it’s doesn’t respond and transaction get failed again and again and when I purchased the same product from the same website using Paytm payments bank then I get a better result because it paid my money without any inconvenience
Yes, PSU banks still need to work on making their platforms better
Thanks for article
” zero balance accounts are basic savings bank deposit accounts. The main purpose of which is to connect the unbanked section of society and provide minimum banking services.”
Is it impossible to create a basic saving bank account in these private banks if one has SB account in other banks ?
No. There is no such restriction.
best article I have so many times reading and thank you so much Pardeep Goyal Sir
Hey Pardeep,
it’s such as good and the ultimate resource for the best savings account for Indians. The best part that I like that you mentioned the honest reviews and discussed both the good and the bad things and lastly I wasn’t expecting that you would mention for whom these accounts are best for.
Actually I was researching on creating an account on Airtel payments and I stumbled on your site. Keep it up.
Thank you for the feedback
You can also add Karur Vysya Bank savings account for its user friendly mobile banking and net banking facilities…
Hi Pradeep,
First of all, great content. I would like to know that the interest mentioned here are annually, monthly or quarterly?
Thanks in advance.
The interest rate mentioned is annual
what is the best bank to open savings account with high interest sir ?
hope you response!!!!!!
I have given a table of comparison at the end of the article. You can go with any of these banks as per your preference.
Very good and useful
Thanks..
The benefit side is discussed.
What is comparison on Cost side including Charges.
Most banks do not charge anything for just opening and maintaining an account. There may be penal charges for not maintaining account balance or other things, which differs from bank to bank.
Good post, thanks!
Great post Pardeep. However, I would like to know how safe is each bank in keeping a savings account or an FD with them? As you know what happened with PMC bank, I guess that should be a factor as well.
Thanks bhavuk for your suggestions…
Pradeep Jee Can I have your Email address Please.
So that I can talk to you in details.
Regards:
Anil Niroula
Kathmandu, Nepal
You can email me at hello@cashoverflow.in
I am looking for a savings account for getting max interest. I cannot opt for FD for higher interest is due to the loss from TDS. IDFC is looking great for my requirement. How good/safe is this bank? Can I expect hassle-free service?
you miss canara bank…Savings Account.
Thanks for pointing out marella.. Can you suggest the benefits of canara bank’s savings account that can make him part of list?
haha you nailed it
Wat a great help. Thank you so much .
details about IOB – Indian Overseas Bank and Federal Bank are missing
Thanks Sarath.. I will add both in my research list & update once I go through the details.
Nice information about all bank details, good job.
Thank you Ramakrishna.. Glad that you liked it.
Very helpful and more information in this blog.
Thank you
Thank you Pradeep. Glad that you liked my article.
Sirji,
SBI interest rate upto 1lac is 3.25%, and above 1lac is 3%.
Thanks for pointing out Digvijay. Updated the content.
Thanks for taking the time. This was helpful.
Axis bank never picked up calls and branch was not keen when you approach them for a savings account, so much for customer service am staying away from those guys.
Thanks for acknowledging !!!!
Sir i am confuse between axis vs icici which one is best for saving account…
Hey Nishu, What are your points of confusion?
Go for icici for xustomer service,ease of banking and money assurance
Very niece blog compared and listed clearly.
Kindy bring a same kind of blog on FD in different bank and amount and their interest rate.
Thanks Manisha.. Glad that you liked it. I will try to cover FD comparison in the near future.
very nyc blog. Thank you for sharing this informative article
Thanks Pradeep.. Glad that you liked it..
it is very informative and useful for maintaining bank accounts in india
Thanks zaffar..
Glad that you liked it.
Please compare cost of maintaining account also such as annual debit card charges, penalty for not maintaining aqb etc.
PSU Banks don’t have concept of aqb. Your aqb may 10x but if you didn’t have required minimum balance even for a day, you will be penalized
Thanks for feedback. I will check and update.
Sir ive an paypal account and its doesn’t support Indian debit card like rub pay debit card.
so i want to open account in Hdfc bank so suggest me which visa debit card i should go,and how it will be annually cost and maintenance cost of my hdfc savings bank .
thanks advance.
Bimal, hdfc bank will provide platinum (Visa/Master) debit card..
Sir I’m a student, i need a saving account with less minimum balance, and good services for international money transfers for fees and forex card with good interest from the bank, Please suggest me a bank.