Nowadays, opening a Savings Account is one of the basic needs. It is similar to holding a safety box to store all your cash that only you have access to it. But when it comes to opening a Savings Account in India, we are faced with a variety of choices. However, to limit our choice we need to first clarify our needs based on our current financial situation, future’s need, and existing bank pattern. You can figure out the options on the basis of certain interest earning, netbanking options, vast network of ATMs, personal banker services, security prospects, flexibility in deposits and withdrawals, and overall facilities.

In Savings Bank Account you can choose options from – Senior Citizen, Regular, Women’s, Students or Kids Savings Account. With the recent incidents of the PMC Bank and Yes Bank, depositors also need to also check out the financial standing of these banks. Below we’ll analyse the banks in relation to their interest rates and services they provide.

Kotak Mahindra Bank

If you are figuring out the bank which gives highest interest rate on savings account in India, then you should probably go for Kotak Mahindra bank. Kotak Mahindra Bank offers a variety in terms of Savings account features. “811 digital bank account” gives you the full digital banking service on your mobile phone.

The main Saving Bank Accounts in the bank are Saving Edge, Saving Pro and Saving Ace. The AMB (Average Monthly Balance) that needs to be maintained is 10K for Saving Edge, 20K for Saving pro, and 50K for Saving Ace.

Some key features of the bank:

• Depositor access account via net banking or mobile banking at no extra charges
• The Bank ATMs give you easy access to your money all across the country
• Scan & Pay facility for in-store purchases
• You can set up the account for automatic bill payments
• Features you can access through app – Book travel tickets from goibibo, Shop online using Flipkart, or Book movie tickets with PVR
• Home banking facility available at nominal charge

Interest Rate:

Daily Balance	Interest Rate in %
Up to Rs. 1 lakh	3.5
Above Rs. 1 lakh	4.0

HDFC Bank

HDFC Bank has always been a favorite option as the bank has one of the best products in the market – best credit cards, loans, Payzapp, deposits rates, PayZapp, Smarthub or Samsung pay. The bank has a numerous of saving account solutions for customers with all types of needs and requirements. In India, the variety of savings accounts in the bank depends on gender, income groups, occupation, etc. that make the account ideal for the individual account holder.

The AMB (Average Monthly Balance) that needs to be maintained in Metro/Urban branches is INR 10000, Semi urban branches is INR 5000, and in Rural branches is INR 2500.

Some key features of the bank:

• Banking facilities like Mobile Banking, NetBanking, and PhoneBanking services.
• Free insurances facilities like Accidental Death Insurance cover and Accidental Hospitalization Insurance cover
• Investments in equity and mutual funds
• Tax payments
• Portfolio management services

Interest Rate:

Daily Balance	Interest Rate in %
Above Rs. 50 lakh	3.5
Below Rs. 50 lakh	3.0

Axis Bank

Axis bank is the only bank which gives rewards points on transactions which are related to account. You can earn reward points even for opening RD or demat account, Electronic Clearing Services, and standing instructions.

Axis bank gives its customers a wide range of Savings Accounts with a variety of features and benefits.

The AMB (Average Monthly Balance) that needs to be maintained in Metro/Urban branches is INR 10000, Semi urban branches is INR 5000, and in Rural branches is INR 2500.

Interest Rate:

Daily Balance	Interest Rate in %
Above Rs. 50 lakh	3.5
Below Rs. 50 lakh	3.0

IDFC First Bank

IDFC first bank was formerly known as IDFC Bank. The bank offers one of the highest interest rates earning of up to 7% interest on your savings account. IDFC offers a very basic Savings Account but its high interest is the main attraction. In India, the bank offers a Savings Account with Signature Visa Debit Card or Classic Debit Card.

The AMB (Average Monthly Balance) that needs to be maintained in Savings Account with – Signature Visa Debit Card is INR 25000, Classic Debit Card is INR 10000, and in Rural branches the AMB is INR 2500.

Interest Rate:

Daily Balance	Interest Rate in %
Above Rs. 1 lakh	7.0
Below Rs. 1 lakh	6.0

ICICI Bank

ICICI bank offers 200+ banking services online at your fingertips. Standard transactions such as bill payments, open Fixed Deposit (FD) and balance enquiry can be done online through Mobile Banking, Internet Banking, or Customer Care. ICICI Bank offers a variety of Savings Accounts based on your lifestyle. There are almost 15 types of Saving Bank Accounts to pick from ICICI range. Their sole purpose is to satisfy customer needs and they have designed the product portfolio to suit every type of customer.

The AMB (Average Monthly Balance) that needs to be maintained in Metro/Urban branches is INR 10000, Semi Urban branches is INR 5000, and Rural branches is INR 2000.

Some key features of the bank:

• The 3-In-One account that connects your banking, demat and trading accounts with their Secure and Integrated 3-in-1 trading platform.
• You can convert your Savings Account in Fixed Deposit on request by setting a balance limit to earn a higher interest rates

Daily Balance	Interest Rate in %
Above Rs. 50 lakh	3.5
Below Rs. 50 lakh	3.0

State Bank of India

The country’s largest and oldest bank has a number of branches and ATMs, which is widely spread across the country. The complete banking system “Insta SBI Savings Account” is an instant savings account on your mobile. The bank also provides “SBI Yono mobile application or Yono online portal” which helps you to open an online Savings Account within a matter of minutes. The Average Monthly Balance which is to be maintained in the bank is low as compared to the other banks, but yet they offer similar features.

The AMB (Average Monthly Balance) that needs to be maintained in Metro/Urban branches is INR 3000, Semi Urban branches is INR 2000, and Rural branches is INR 1000.

Daily Balance	Interest Rate in %
Above Rs. 1 lakh	2.70
Below Rs. 1 lakh	2.70