Which is best bank to open Savings account in India?

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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Categories: Investment
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Discussion (3)

    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.

    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.

Related FAQs

How much money can we keep in savings account in India?

Savings bank account is one of the most popular banking services. There is no maximum amount of money that needs to be maintained. A person is liable to keep any amount of money in the savings bank account.

Can I open a trading account using a joint bank account?

Yes, you can open a trading account using a joint bank account. But, you have to keep a few things in mind before opening a trading account.

Can I apply more than one IPO application in my name from different saving bank accounts in same bank or different banks?

Only one PAN card can be used for one application. No matter how many different savings account details you might utilize, if there is the same PAN number in more than two applications, then all of them would be revoked.

What are documents required for Demat account opening online in India?

To open a demat account, users will require a filled applciation, Aadhar card, PAN card, address proof, photographs, bank statement, and income proof.

What are Best Government Saving Schemes in India?

Government investment schemes are aimed to provide a reliable and safe way of investment with nominal returns. Grab list of best government schemes in India. There are many government schemes that you can invest in. However, the best amongst them are PPF, NPS, and SSY.

Is opening a demat account free in India?

Yes opening a Demat account in India might be free with some brokers but not all. Apart from the opening charges, a Demat account is not completely free. You will have to pay an Annual Maintenance charge or Demat fee, every year.

Can one apply an IPO from sweep in/out saving bank account?

There is no possibility of a user having a sweep in/out account linked to their IPO application. It would simply get rejected.

Can I apply IPO in name of family members & friends from my saving bank account?

Yes, you can apply for an IPO application for your family and friends through your savings bank account details. However, keep in mind that only five applications can be filled with the same bank account details.

How to activate dormant or inoperative account in India?

To activate such accounts, you will have to write to the bank and get it active once again. It should take at least 2-3 businesses days for the entire procedure to be completed form when the letter is submitted to getting it reactivated.

Can I apply in an IPO from my current bank account?

There is no provision for users to apply for an IPO through a current account. They would have to choose a savings account to get an IPO applciation processed further.