Which is best bank to open Savings account in India?
- Asked By
- Updated On:04-Feb-2021
- Replies:4
Short Answer
Looking into the interest rates, minimum savings required in the account, easy online facilities are few of the many options you should consider while choosing a savings account with any respective bank.
Detailed Answer
There are so many private and public sector banks in India. It's not feasible to choose a lot of accounts. We need to select the right one meeting our requirements.
Which is the best bank to open savings account in India? Here are few important factors to consider while making the best choice:
1. A Good Interest rate: High interest rate usually attracts. Banks provide 3-4% interest normally. It is based on the amount held in your savings account and varies as per account balance.
2. Minimum balance required to maintain the savings account: Low minimum balance requirement is also one of the deciding factors for a personal bank account.
3. Bulk of facilities offered by the bank: Although, most of banks provide somewhat similar benefits. But, few may have an edge over the others in terms of faster net banking and easy online access.
4. Customer service plays a big role: A helpful and quick responding customer support is what we look for while availing a banking service.
5. Easy access to bank branch: Online facilities have eased out the banking process. But, in case there is need to visit the the bank branch, it should be located within your reach.
Do you know any other important factors to consider while selecting the best bank to open a savings account in India? Do share your experience and feedback on the same.
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Discussion (3)
Hi, I personally trust SBI. I have a savings bank account here. I know there are so many private banks competing for providing better services and getting more customers. But, its been a long period now. Retired people don't wish to switch over bank accounts easily. SBI has proved to be the best bank for me. I had faced minor issues initially. But, I am their regular customer. The staff respects me and responds fast when I visit the branch.
Interest on savings bank account is calculated on daily basis as per the closing amount. But, interest is credited to the savings account on quarterly basis only. Monthly Interest= Daily balance*(No.of days)*Interest/(Days in the year) The normal rate of interest on savings bank account is 3-4% p.a. only these days. Few banks may provide a bit higher, that too if you have high balance in your savings account.
There are mainly 5 types of bank accounts in India. These include Savings account, Current account ,Fixed deposit account, Recurring deposit account and NRI accounts.
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The bank account can be opened both online and offline. You need to visit the bank branch or bank website and submit the account opening form. After successful verification, your account will be opened on the same day.
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Harleen Kaur
Keeping huge money in a savings bank doesn't seem to be a good idea. One should invest it somewhere else like PPF, mutual funds etc. to get better returns. The interest on savings bank account is too less. So, it anyways doesn't seem wise to keep big amounts in savings account. We should diversify it in other investment instruments.