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Which bank is best for savings account - 2022


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So, how do you choose the best savings bank account in India?

Many times, when we think about opening the savings account in India, we get puzzled with so many options available.

The answer lies in asking a very simple question, on which I can recommend some great options for you. And the question is …

What are you looking for?

Let us now look at various factors that you should consider and my recommendations on choosing the best savings bank account in India for the same.

1) Best Savings Bank account for high-Interest rates

The interest rate is one of the most important factors that one should consider while putting his money into his Bank account. As the higher the interest rate, the more money he will earn.

Best Savings accounts in India giving highest interest rates

  1. Digi Savings Bank by DBS
    • Balance up to Rs 1 Lac will get 5.5%
    • above Rs 1 Lac and up to Rs 2 Lac will get 7%
    • above Rs 2 Lac and up to Rs 5 Lac will get 5%
    • balances over and above Rs 5 Lac will get 4%
  2. RBL Bank
    • Balance up to Rs 1 Lac will get 5.5%
    • above Rs 1 Lac and up to Rs 10 Lac will get 6%
    • above Rs 10 Lac and up to Rs 3 Cr will get 6.5%
  3. Kotak Bank
    • Balance up to Rs 1 Lac will get 4.5%
    • above Rs 1 Lac and up to Rs 1 Cr will get 6%
    • above Rs 1 Cr will get 5.5%

2) Best Savings Bank Account for the security of money

When someone is looking for the best savings bank account in India, he is also looking for the safety of money. As per current laws, in case Banks default, which sometimes they do, your money is at risk.

Only Rs 1 lac is insured in case your Bank defaults. Hence we should look at the safest of Banks while parking our hard earned money.

Best Banks for Savings accounts in terms of security of money

  1. State Bank of India
  2. HDFC Bank
  3. Bank of Baroda
  4. Kotak Mahindra Bank.

3) Best Savings Bank account for Zero/Minimum balance

Banks generally look for Rs 10,000 to 20,000 as a minimum balance. If you don’t keep this money, you may be charged a fee or penalty.

Many times, you would just want to open a Bank account and are not sure if you would be willing to always keep the minimum balance.

Best Banks for zero balance account

  1. SBI Zero balance savings account
    • No minimum balance requirement
    • Basic RuPay ATM cum debit card is issues free of cost
    • Offers 3.5% interest rate
  2. Digi savings Bank by DBS
    • No minimum balance requirement
    • Digital only account with no physical debit card
    • Virtual Debit card
    • Offer high-interest rate up to 7%
    • Maximum daily value limits of Rs 1 Lac or 5 Lacs based on the mode of authentication.
  3. ICICI Bank zero balance Saving Account
    • No minimum balance requirement
    • Free Rupay Card facility
    • Free cash deposit/withdrawal facility
    • Offers 3.5% interest rate

4) Best Savings Bank Account for the best customer service

It is not uncommon to get harassed by the din and commotion of public, especially at public sector banks. You may also get hassled sometimes by the long wait or irritating customer care.

Best Indian Banks for customer service

In this category, as you would have guessed, private banks rules the roost.

  1. Indusind Bank
  2. RBL Bank
  3. Standard Chartered Bank 

5) Best Savings Bank Account for nearby Branch and ATMs

When you have to visit a branch and you find there is none in your city or maybe it is, but at the other corner of the city, the situation can become a nightmare.

No Bank can beat State Bank of India when it comes to the number of Banks and ATMs within the country and its reach among the NRI customers as well.



Indian Banks having largest number of Branches and ATMs

  1. State Bank of India
  2. HDFC Bank
  3. ICICI Bank

Concluding, I would suggest you open accounts in multiple Banks and do not park all your money in the same Bank in case you are depositing more than Rs 1 Lac.

Now that we have seen a lot of factors on which you can choose the best savings bank account, based on your requirements. Still, there is one question that you may or may not know.

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