Best Savings Bank Account in India

Written By: Manish Sharma

Last Updated: December 27, 2023

Best Savings Bank Account In India

Over the past couple of years, the number of savings banks accounts have reached new heights. Indian Prime Minister Shri Narendra Modi had announced the "Pradhan Mantri Jan Dhan Yojana" scheme on 28 August 2014, which aims to expand affordable financial services such as bank accounts, remittances, credit, insurance and pensions.

What is a Savings Account?

A savings account is a basic bank account that allows you to deposit your money, keep it safe, withdraw whenever you wish and most importantly earning interest. 

Various banks, financial institutions offer Savings Accounts.

Why Savings Account?

It's wise to have a savings bank account, as most of them are free and some have a monthly average balance(MAB) which depends on you which one you prefer. 

You should keep your money in Savings account if you don't have the plan to spend soon. Here's why:

  • Save your money
    Savings account helps you to save your money for future.
  • Earn Interest
    Savings account offers you interest on your account balance.
  • Keep your money Safe
    You can keep your hard-earned money safe in Savings account.

Best Savings Bank Account in India 2024

1. Kotak Mahindra Bank Savings Account

On our list, the top #1 in the list is Kotak Mahindra Bank savings account. You can even open your account online and complete your KYC in a few minutes via Video Call and start using it immediately. 

It's one of the best bank in terms of safety and best interest rate of 4%* which is better than SBI, HDFC and even Axis Bank. 

Kotak 811 is one of the best savings accounts available in India.

Benefits of Kotak 811 Account

  • Instant Account opening in few minutes
  • Zero balance account
  • You don't have to visit branch, everything is paperless.

Rate of Interest


MAB (Monthly Average Balance)


Access through

Online & Branch


  • High Rate of Interest
  • Minimum Average Balance is ZERO
  • Online paperless account process 
  • Labore suspendisse ultrices 


  • You have to pay if you want anything in physical.

2. ICICI Bank Savings Account

ICICI Bank offers a different varients of savings account based on your lifestyle. If you want everything at your fingertip hassle-free, you can go for ICICI Bank Savings Account.

You can pay bills, open FD, RD, MF, PPF and NPS accounts, transfer funds, insurance premiums, book tickets, and manage your Demat account portfolio with iMobile.

ICICI Bank Savings Account Varients:

  • Regular Savings Account
  • ICICI Silver Savings Account
  • Gold Privilege Savings Account
  • Titanium Privilege Savings Account

Rate of Interest

Up to ₹ 50 Lakh - 3.5%
Above ₹ 50 Lakh- 4%

MAB (Monthly Average Balance)

₹ 10,000 to ₹ 1,25,000 (Depends on varient)

Access through

Net Banking, Mobile, Branch, ATMs


  • Smooth Mobile/Online Banking
  • 24/7 Banking Service
  • They are ahead of other banks when we talk about technology


  • You don't get extra benefits when we compare ICICI to other banks.

3. HDFC Bank Savings Account

HDFC is always my favourite bank, and I'm already a Classic Customer at HDFC. I love their varieties of savings account based on Gender, Income, Occupation, etc.

Hdfc Bank Savings Account - Classic Customer

HDFC Bank is one of the best private bank in India. They are one of the banks that offers amazing perks, offers and shopping discounts. 

HDFC Bank Savings Account Varients:

  • Regular Savings Account
  • SavingsMax Account
  • Classic Savings Account
  • Women's Savings Account
  • Specialé Gold And Specialé Platinum

And few other varients you can check here.

Rate of Interest

Below ₹ 50 Lakh - 3%
Above ₹ 50 Lakh - 3.5%

MAB (Monthly Average Balance)

₹ 10,000 to ₹ 3,00,000 (Depends on varient)

Access through

Net Banking, Mobile, Branch, ATMs


  • Offers good shopping discount
  • Offers Pre-Approved Credit cards to customers(Maintains good balance)
  • Average Interest rates


  • Net Banking experience is very poor
  • Branch staff's are not well knowledgeable they might misguide

4. State Bank of India Savings Account

SBI is one of the largest banks in India and it's considered being the government’s own bank. When there are any policy changes that are first implemented in the market through SBI.

You will find SBI Branches, ATM's almost every part of the country it has the most number of ATM's and Branches. It's one of the safest bank in India.

SBI Savings Account variants:

  • Basic Savings Bank Deposit Account
  • Basic Savings Bank Deposit Small Account
  • Savings Bank Account
  • Savings Plus Account

Rate of Interest


MAB (Monthly Average Balance)


Access through

Net Banking, Mobile, Branch, ATMs


  • Highest Branches & ATM's
  • NIL Monthly Average Balance
  • Highest Customer Based Bank


  • Server remains down.

Here's what FinanceX Facebook Family has to say about the best savings bank account:

Savings Bank Account - Financex Facebook Group

To conclude, I suggest you look for safety, best service, reasonable interest rates and good customer support.

Well, I would select HDFC and SBI as the best bank for the savings account. Well, the individual opinion may vary from person to person.

Over to you, If you anything to ask or say please use the comment section below and let's discuss with everyone.

Stay safe and keep sharing 🙂

Best Savings Bank Account In India


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About the Author

I'm tech-savvy, loves to write about saving, investing and proper financial planning. Also, I am a blogger, share everything with 100% transparency and the best of my knowledge.

Manish Sharma

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  1. Hey Manish Sharma ,

    Excellent post with good information. Your Researches and hard-works are truly appreciable. I really like and appreciate the way you have presented each saving bank accounts. You have presented each saving bank account in an impressive way along with vital information and every necessary details that are true enough to understand. While scrolling through your post i have noticed that you have also talked about Saving account and its need that are really providing a good understanding. Yes having a saving account allows user to deposit & withdraw the money whenever required. saving account keeps the money safe & secured for further use and also offers interest. Your all the included saving bank account are helpful but an idea of SBI saving account and HDFC bank saving account will be the favorite of mine. SBI is one of a secured bank with low rate of interest.

    After going through this complete post i really gain information and am sure that this post will definitely help lots of people so that they could choose the best bank for opening saving accounts according to their need and requirement. Good work and keep sharing.

    Eventually thanks for sharing your knowledge and such an informative post.


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