The most fundamental and commonest service people use from a bank is savings accounts. This enables them to save money and deposit it within a safe and secure financial institution while also receiving some amount as interest at regular intervals. Finding the best bank for savings account is an easy task.
Customers can withdraw their money from their savings accounts whenever they want with no limitations; therefore, these accounts work as liquid investments. This article aims to acquaint you with India’s ten best bank for savings accounts in 2022. We will also discuss the factors you must consider before investing in a savings account in India.
10 Best Bank For Savings Account In India 2022
- HDFC Bank Savings Account: HDFC Bank offers a diverse range of banking solutions to satisfy the needs of its customers. The bank gives free credit cards and mobile banking options, making it one of the Best banks for savings accounts in India.
- State Bank of India (SBI) Savings Account: State Bank of India is a financial institution based in Mumbai. Owing to its exceptional services, it is one of the banks Indians have the most faith in for public sector banking and other financial services in India. The features of the SBI savings account include no MAB requirement, SBI quick facility, YONO mobile app, and no restriction on the maximum balance.
- DCB Bank Savings Account: There is no minimum balance requirement in a DCB Savings Bank Deposit Account. Moreover, you will be provided with a free ATM card, free NEFT and RTGS services, and mobile banking.
- Kotak Mahindra Bank Savings Account: The bank offers more than ten types of saving accounts with different features. The bank offers the Sanman Savings Account with a minimum ABQ of 2,000 Rs. Customers can make unlimited cash withdrawals without having to pay any withdrawal fee.
- Indusind Bank Savings Account: This bank also offers a diverse range of savings accounts to satisfy the needs of its customers. Their features include IVR support, mobile banking, internet banking, etc.
- RBL Bank Savings Account: This bank offers different types of savings accounts with different features and advantages. You can choose anyone according to your preferences. Some features of their savings account include an unlimited number of free transactions, a saving account interest rate starting at 4.25 percent per annum and free replacement of the damaged card.
- Axis Bank Savings Account: Five different types of savings accounts are offered by this bank to satisfy its customers’ needs. Their interest rates start at 3 percent per annum.
- ICICI Savings Bank Account: This bank offers many different types of savings accounts, including the Advantage Woman Aura Savings Account, which has been specially designed for working women. Apart from allowing unlimited transactions on any of its ATMs, the bank provides offers for jewellery, shopping etc.
- Yes Bank: Apart from offering a range of savings bank accounts, Yes Bank offers you the option of customising your bank account according to your preferences. Their savings accounts include Savings Value, YES GRACE Savings Account, Digital Savings Account, Savings Value, and YES RESPECT Savings Account.
- Citibank: This international bank works efficiently in India and offers various exclusive savings bank accounts for its customers, including Global Banking, Citigold Private Client, Citibank Junior Account, Citibank Suvidha, and Citi Priority Account.
Factors You Must Consider Before Investing in the Best Bank For Savings Account in India
- Rate of interest: The saving account interest rate your bank offers to provide on your investment is an important factor to consider as it determines how much profit your investment in the savings account will generate for you.
- Minimum cash balance: Some banks have rules according to which you need a minimum balance in your savings to account throughout your relationship with them, while others don’t. Depending on whether you want to be free with spending your money to the last penny whenever you want, or you want to be thriftier to maintain that minimum balance, you can choose a bank account of your preference.
- Withdrawal rules: Some banks allow only certain numbers of withdrawals in a month. You might want to choose a bank account that offers frequent withdrawals to enjoy spending your money whenever you want.
- Customer service: Customer service is vital when it comes to banking. Getting access to customer service easily will allow you to seek help for your problems whenever you face them.
Conclusion
With so many options available, it is easy for you to get overwhelmed when deciding on the best savings bank account for you. Now that you know the best bank for savings account and there savings account interest rate, what factors you need to consider and why, it will be easier for you to choose an account that suits your needs.