8 Dec 2021

Savings Account

Savings Account is the oldest and most common form of savings. The reason behind people preferring a savings account over any other form of savings is that here the principal amount is always safe no matter how much interest is earned. It can thus be said that the convenience of keeping the money in a savings bank account and earning interest is also the simplest form of investment.

Features & Benefits of Savings Account

Even though there are so many options to save money, the charm of Savings Account is still noticeable. Zero balance savings account has also got so much attention for its advantage of having the privileges of a savings account without maintaining any minimum balance in it. The features and benefits of Savings Account are as follows

Safe and secure way to save money
You can earn interest up to 8% per annum
There is no minimum balance requirement for zero balance accounts
Any Indian resident with valid ID proof can open this account
There are no restrictions on how many bank accounts you can have
You get ATM withdrawal option and Netbanking
You can open a joint account with your family member
Debit card issued can be used for payments

List of All Banks Savings Account Interest Rates and Minimum Balance 2021

SL	Savings Account Banks	Minimum Balance Required(INR)	Savings Account Interest Rates (p.a.)	Features
1	Bank of Baroda	0/5/1000	2.75% – 3.00%	Zero Balance Facility Unlimited Chequebook Facility Free Debit Card Interest on quarterly basis Individuals eligible to open Savings Account singly / jointly and having attained the age of 18 Years
2	Bandhan Bank	0/2000/5000/25000/100000	4.00% – 7.15%	24-hour customer care facility Nomination facility Complimentary passbook, monthly e-statement, consolidated annual statement, Debit cum ATM card, Net Banking, Phone Banking, Mobile Banking, Electronic Fund Transfer
3	Bank of India	500/5000/10000/20000/100000	3.00% – 3.25%	Internet Banking facility Unlimited ATM transactions (Only at BOI ATMs) Online Income Tax return filing facility Personalised cheque book on request Free utility bills payment facility through Epay
4	Bank of Maharashtra	1000	2.75%	Telebanking facility, SMS Banking facility, Mobile banking facility and Internet Banking are available. TDS is not applicable for interest earned on the account. Free Mahabank VISA ATM/Debit Card. Deposit Insurance Cover upto INR 1 lakh.
5	Allahabad Bank	1000	3.00%	Only for individuals Initial Deposit- NIL Minimum Balance- NIL No charge will be levied for non-operation/activation of in-operative ‘AllBank Saral Savings Account’ Option to switch to normal SB account and to maintain applicable minimum balance No charges for closure of account.
6	Andhra Bank	0/5/100/1000	3.00%	Minimum balance of INR 5/- No Charges on non maintenance of Minimum Balance No other service charges No Restrictions on the number of withdrawals in the account. No cheque book shall be issued No ATM / Debit card facility No ABB facility
7	Axis Bank	0/10000/25000/100000	3.50% – 4.85%	Instant account number. Auto FD feature for balances above INR 10,000 Zero Balance Account Complimentary online debit card/ Optional physical debit card Unlimited ATM transactions at all Axis Bank and other banks’ ATM Preferential Pricing on Lockers and De-Mat INR 150 discount on BookMyshow, INR 1,000 cashback on Cleartrip App, 2 months free subscription of Airtel Wynk Minimum 15%* off at our partner restaurants
8	Central Bank of India	50	2.75% – 3.00%	An account can be opened with initial deposit of INR 50/-. -Minimum balance of INR 50/- One cheque book per year free of charge 50 (Fifty) withdrawals per year free of charge Annual credit allowed is INR 1,00,000/- lakh Annual balance should not exceed INR 50,000/-
9	Canara Bank	500/1000	3.00%	ATM-cum-Debit Card, Pass book/Pass sheet, Nomination Standing Instructions, Cheque Collection Instant Credit of Outstation Cheque upto INR 15,000/-, Internet & Mobile Banking etc
10	Citibank	200000	2.75%	Citibank Online Mobile & SMS Banking,CitiPhone Banking, Branch Banking facilities Free SMS & E-mail alerts. Zero transaction fee at Citibank affiliated IndianOil outlets.
11	Corporation Bank	0/250/500/2500/15000/100000	3.00%	40 Free Cheque leaves per FY Interest paid quarterly Instant Debit card, Internet Banking SMS/ Mobile Banking & IMPS Personalized Cheque Book Fund Transfer through NEFT & RTGS etc. LIC Premium payment through internet & ATM Advance Tax Payment through ATM e-Payment of Tax Card to Card fund transfer Online opening of Deposit [FD/KCC] through internet Applying IPO through ASBA. Insurance & Mutual Funds Email statement, E –passbook, E- mandate, missed call facility, Apna-App, E-purse
12	Digibank	0	3.50% – 6.00%	Zero balance savings account with no minimum balance charges India’s First paperless, signatureless and branchless bank Open Digibank e-wallet within 90 seconds Convert digibank e-wallet into DigiSavings Account with Aadhaar OTP Earn up to 7% interest per annum Unified Payments Interface (UPI) facility to manage all bank accounts Purchase, track and redeem mutual funds with SIP investments 24X7 Virtual Assistance Up to 10% cashback from a wide range of online merchants Free Visa Virtual Debit Card Make payments using Digibank App Intuitive Budget Optimizer Inbuilt security for easy and secure payments
13	Dhanlaxmi Bank	0/5/1000/5000/10000/25000	3.50%	No minimum balance requirement Door Step Banking facility Free cash withdrawal from any other banks’ ATM
14	Dena Bank	0	2.75% – 3.00%	Basic Savings Bank Deposit Account’ is available to all Indian Residents No minimum balance requirement Nomination facility is also available No charge will be levied for non-operation/activation of the savings account Debit cum ATM card facility.
15	HDFC Bank	2500/5000/10000/25000	3.00% – 3.50%	Discounts and offers through online shopping Safe deposit lockers Customized banking service No annual maintenance charges for the first year
16	ICICI Bank	0/1000/2000/2500/5000/10000	3.00% – 3.50%	Choose your own account number Get added advantages with ICICI EPF account 24*7 Banking service Mobile Banking and Contactless Mobile Payments
17	IDFC Bank	25000	6.00% – 7.00%	Aadhaar based account opening facility Free ATM transactions in India Free VISA signature Debit card Unlimited fund transfer
18	IDBI Bank	500/2500/5000	3.30% – 3.80%	Instant fund Online options to pay your bills or tax International Debit Card Demand drafts and Pay order Easy Payments Travel and Gift Solutions Free five ATM transactions
19	Indian Bank	250/500/1000	3.00%	ECS/RTGS/NEFT facility No charges for Intra city for transactions above INR 50000/- ATM cards/Debit cards free for the first year 5 transactions free at ATMs Intra city, intercity transactions, Internet/ mobile /phone banking facilities are available at all branches Nomination facilities available. 50 withdrawals permitted free per half year excluding debit entries related to ATM / IRCTC transactions /POS / Internet, Mobile transactions No TDS on interest earned on SB deposits
20	Indian Overseas Bank	500-1000	3.25% – 3.50%	International VISA Debit Card Instant Credit of Outstation Cheque upto INR 15,000/- Internet banking facility. Multicity Cheque facility Nomination facility Standing Instruction Facility Speedy transfer of funds Banking Insurance Product
21	IndusInd Bank	0/10000/25000/2500000	4.00% – 6.00%	Reward points on every card transaction Free monthly e-statement Insurance and medical discounts Cashback through Indus Money Program
22	Karnataka Bank	0/500/1000/2000	3.00% – 5.00%	Anywhere Cash deposit at Branch Free cash deposit at BNA Cash withdrawal at any branch SMS alert facility on subscription Free monthly e-statement Free 25 Cheque leaves per calendar year Fastest way of Inter Bank fund transfer through RTGS/NEFT/IMPS MoneyPlant Visa/Rupay classic Debit Card/EMV Chip card available for eligible account holders Free Internet/Mobile Banking facility. Free Mobile Apps -Interbank fund transfer through IMPS Demand Drafts from any branch Fastest collection of cheques Account portability facility Free Missed Call Banking facility 24×7 Customer Care Centre with IVR facility Free fund transfer within the bank
23	Kotak Mahindra Bank	0/2000/3000/5000/10000/20000	Upto 4.00%	Digital Bank Account Open account through Kotak 811 Plan Instant Account opening with Aadhaar card Free online transfers (NEFT, RTGS, IMPS)
24	Punjab National Bank	500/1000/2000/50000	3.50% – 3.75%	Interest calculated on daily product basis payable quarterly. 20 free personalized multi city cheque leaf per half year Free transfer of fund within PNB accounts Free internet banking Transferability of accounts to any P.N.B Branch without changing the account number Deposits are insured by DICGC ATM Cum Debit card(individuals account) Fast remittance of funds through NEFT/RTGS Acceptance of standing instructions Safe Deposit Lockers Online opening of account facility
25	Punjab and Sind Bank	500/1000	3.10% – 3.50%	Normal banking services available to all No minimum balance required ATM cum Debit card facility Interest Payable on quarterly rest on Daily product
26	South Indian Bank	0/2500/5000	2.35% – 5.00%	Accounts can be opened in joint names of family members First cheque book of 10 leaves free Unlimited withdrawal facilities No Income tax deduction at source on interest Standing instruction for remittance of insurance premium, rent and similar payments Nomination facility available
27	State Bank of India	0/1000/2000/25000	2.70%	Safe Deposit Lockers as per availability. Nomination facility is available and recommended. SMS Alerts and e-Statement facility Auto sweep facility Special salary accounts ATM cum Debit card Mobile and Internet Banking facility Banking services on missed call Personal accident and health insurance cover
28	Union Bank of India	0/20/100/250/500/1000	3.00%	Simplest deposit option available to the depositor. Free ATM cum Debit card 20 leaves of cheque book free per year Free Accidental Insurance cover by Debit Card usage. Tabulous Banking facility to open accounts from your home/office Earn Rewards points on your Debit card spend Free Internet Banking facility
29	United Bank of India	0/50/100/500	3.50% – 3.75%	Nomination facility for quick disposal of balance in case of death of a/c holder(s) Facility for standing instruction involving credit to another a/c Cheque book / pass book facility Opening joint a/c with relatives / partners / etc Opening of a/c in the name of minor, illiterate, blind, etc Instant credit upto INR 15000 against collection of outstation cheques Coverage of insurance benefit upto INR 1.25 lac by paying nominal premium of INR 17 per year under United Suraksha Scheme ATM-cum –Debit card Safe custody of article facility, safety lockers facility
30	YES Bank	0	Upto 6.00%	Customized savings account facility Higher rate of interest Internet and Banking facility available Mobile and SMS banking Unlimited access to ATMs Free Utility Bill payments Savings Rewards facility
31	Vijaya Bank	500/1000/2000	2.75% – 3.00%	An individual can open the account Non-maintenance of minimum balance attracts charges Free ATM cum Debit card ATM withdrawal facility
32	Syndicate Bank	0/100/500/1000	3.00%	Indian Residents can open the account Internet and Mobile banking facility Free ATM cum Debit card Customized Debit card facility SMS alert on transactions
33	Lakshmi Vilas Bank	1000/3000/5000	3.25% – 6.00%	Pass Book facility available -Standing instructions facility is available on a nominal charge No restrictions on the number or amount of deposits. Nomination facility is available
34	Jammu & Kashmir Bank	0/500/1000	3.00%	Free cash withdrawals at branch Free Instant Debit Card Nomination facility is available Free e-banking facility. Interest paid at quarterly intervals and calculated on daily products

How to Open a new Savings Account Online

The procedure for online savings account opening with zero balance is very simple through Wishfin. The portal allows paperless process with no upfront verification. There is instant approval facility available which makes account opening process the easiest thing ever. The details required to apply for online savings account are as follows:

Full name
Mobile number
Email ID
City

Once the above details are provided, the applicants can compare different banks offering a savings account with zero balance and then apply for the bank as per the choice. The complete process just takes a few minutes.

How to check your Savings Account balance?

You can check your Savings Account balance through ATM, NetBanking, SMS and Passbook.

DoP Internet Banking – Post Office Internet Banking

India Post also facilitates internet banking service through DoP internet banking. You can check your account balance or for any other banking services, you can login through its internet banking portal with the help of a username and password.


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How to Open a new Savings Account Online

How to check your Savings Account balance?

DoP Internet Banking – Post Office Internet Banking