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Your ideal savings bank account in India should offer good interest rates, flexibility in deposits and withdrawals, reasonable minimum balance mandate in the account, substantial number of branches across the country (particularly the city you live and hold account in), personalized services and overall convenience. Choosing the best bank for saving account can help you to manage your finances well without paying a lot for services you have availed.

With numerous bank choices for you to open a savings account, getting bit confused is a natural phenomenon. To know which bank gives highest interest rate in India, go through the following list of six best savings bank account options.

Best Savings Account 2023

Best Savings Bank Account Debit Card Product Features Offers & Discounts
ASAP Instant Savings Account Virtual Visa Debit Card

Daily Withdrawal Limit Rs. 1 lakh

Online Rewards Debit Card

Daily Withdrawal Limit Rs. 50,000

Purchase limit Rs. 1 lakh

 Zero Balance Savings Account

Auto Sweep in Feature i.e. Balances above Rs. 10000 automatically become an FD

 Rs. 150 discount on BookMyshow

Rs. 1,000 cashback on Cleartrip App

Airtel Wynk 2 Months Free subscription
Kotak Mahindra Bank 811 811 Virtual Debit Card / Classic Debit Card Zero Balance Savings Account

Earn up to 4%* interest annually on your account balance

 Get exclusive offers and discounts on Jabong, BigBasket, PVR, Swiggy, Goibibo and much more
digiBank by DBS Complimentary VISA Debit Card

Unlimited free withdrawals

 Zero Balance Savings Account

Earn up to 6% p.a. interest on account balance above Rs. 1 lakh and up to Rs. 2 lakh

 Cashback of up to 10% on shopping from a wide range of online merchants
Standard Chartered Bank Digital Account International Platinum Debit Card

Free for first year

 Earn 2x reward points on every online transaction

Earn 3.50% interest p.a. on savings bank balance above Rs.50 lakh & up to Rs.150 crore

 Complimentary 3 months Saavn Pro Subscription

15% discount on 600+ restaurants
SBI Insta Savings Account Rupay Debit Card Paperless account opening (OTP based e-KYC)

Free Rupay debit card

Earn up to 2.70% interest p.a. on savings bank balance up to and above Rs. 1 lakh

 With SBI Rewardz get exclusive offers & discounts on shopping, travel and much more
ICICI Bank Regular Savings Account Smart Shopper Silver Debit card

Cash withdrawal limit of Rs. 50,000

Daily Purchase Limit of Rs. 1,00,000

 Free Internet and Mobile Banking

Money Multiplier Facility (Auto Sweep Facility)

 Amazon voucher up to Rs. 1,200 off for household needs from the 1st to the 3rd of every month

Get 10% instant discount on shopping at Myntra
Axis Bank ASAP Account
Kotak Mahindra Bank 811
digiBank by DBS (digiSavings)
Standard Chartered Bank Digital Savings Account
SBI Insta Savings Account
ICICI Bank Regular Savings Account
7 Best Savings Bank Account Options
Axis Bank
Kotak Mahindra Bank
Development Bank of Singapore (DBS Bank)
Standard Chartered Bank
State Bank of India (SBI)
ICICI Bank
HDFC Bank

Axis Bank ASAP Account

Out of all the savings accounts offered by Axis Bank, ASAP Instant Savings Account stands out at the top in terms of features and benefits. Axis Bank is considered as the best bank for savings account in India as it provides customers with various features and benefits to make banking experience hassle-free. Some of the features & benefits are as follows:

  • Zero Balance Savings Account
  • Offer interest rate of 3.50% p.a on account balance less than Rs. 50 lakh
  • Get a flat Rs. 150 off (one-time offer) on booking tickets on BookMyShow.com
  • Get a complimentary Virtual Debit Card or an optional VISA Online Rewards Debit Card
  • Get Instant Account Number

Fees & Charges

Check the fees and charges of the Axis ASAP account.

Axis ASAP Account Fees / Charges
Primary Card: Issuance Fees Virtual Visa Debit Card (No charge) / Visa Online Rewards Debit Card (Rs. 300)
Primary Card: Annual Fees Virtual Visa Debit Card (No Charge) / Visa Online Rewards Debit Card (Rs. 500)
Account Closure Rs. 500**
Fees on Cash Deposits and Withdrawals above limits Rs. 5 per Rs. 1000 or Rs. 150, whichever is higher
Axis Bank ATM: No. of Free Transactions First 5 transactions – No charges
Non- Axis Bank ATM: No of Free Transactions

First 3 transactions free in Metro Locations (Mumbai, Delhi-NCR, Chennai, Kolkata, Bangalore and Hyderabad )

First 5 transactions free in all Other Locations

**Charges are levied if account is closed between 14 days and 6 months. No charges would be levied if account is closed within 14 days of account opening or after 6 months.

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Kotak Mahindra Bank 811

Second in the list is the 811 Digital savings account offered by Kotak Mahindra Bank. 811 is a zero balance savings account which offers 4% interest per annum on account balance above Rs. 1 lakh. Kotak 811 account is considered as the best savings account in India and provides customers with various features and benefits, which are as follows:

  • Zero Charges on non-maintenance of account balance
  • Complimentary 811 Virtual Debit Card
  • Earn 3.50% p.a. interest on balance up to Rs. 1 lakh and 4% p.a. interest on balance above Rs. 1 lakh
  • Transfer funds via IMPS/NEFT/RTGS for free
  • Get exclusive offers and discounts on Jabong, BigBasket, PVR, Swiggy, Goibibo and much more

Note: The interest rates are updated as on 12th October 2020.

Fees & Charges

Check the fees and charges of Kotak Mahindra Bank 811 Savings Account.

Kotak 811 Account Fees / Charges
Primary Card: Issuance Fees Virtual Visa Debit Card (No charge)
Primary Card: Annual Fees Virtual Visa Debit Card (No Charge)
Fees on Cash Deposits Nil charges for 1 Deposit / month up to Rs. 10,000 (Rs. 3.5 / 1000 with minimum Rs. 50)
Kotak Mahindra Bank ATM: No. of Free Transactions

First 5 transactions – No charges

After First 5 (Financial Transaction) – Rs. 20.00 per transaction

After First 5 (Non-Financial Transaction) – Rs. 8.50 per transaction
Non- Kotak Bank ATM: No of Free Transactions

Maximum 5 transactions – No charges in a month with a cap of Maximum 3 transactions – No charges in Top 6 Cities

Thereafter Financial Transaction – Rs. 20.00 per transaction

Non-Financial Transaction – Rs. 8.50 per transaction
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digiBank by DBS (digiSavings)

DigiBank by DBS is a zero balance savings account, which brings a complete digital banking ecosystem to your mobile. DBS is the best bank in India when it comes to high interest rate with a zero balance savings account. You can easily set up an e-wallet in just 90 seconds and convert it to a digiSavings account Aadhaar based e-KYC to earn interest on your funds and enjoy various features on your savings as well. Following are the features & benefits of a digiBank savings account:

  • Earn 3.5% interest p.a. on balance up to Rs. 1 lakh, 6% interest p.a. on your incremental balance over and above Rs. 1 lakh and up to Rs. 2 lakh, 4% interest p.a. on balance above Rs. 2 lakh and up to Rs. 5 lakh, 4% interest p.a. on balance above Rs. 5 lakh
  • Enjoy a no strings attached zero balance savings account
  • Get unlimited free withdrawals at over Rs. 2 lakh ATMs only with digiBank
  • Enjoy discounts and offers with your digiBank VISA debit card at partner restaurants

Note: The interest rates are updated as on 12th October 2020.

Fees & Charges

Check the fees and charges of the digiBank savings account by DBS / digiSavings.

DBS digiSavings Account Fees / Charges
Account closure (within 6 months of opening) Rs. 500
Debit card replacement (lost, stolen, damaged) Rs. 150
Debit card annual fee (second year onwards) Rs. 150
International cash withdrawal Rs. 125
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Standard Chartered Bank Digital Savings Account

Standard Chartered Digital Savings Account can be opened instantly using your PAN and Aadhaar based e-KYC. Standard Chartered is also considered as the best bank to open savings account instantly. Following are the features & benefits of Digital Savings Account:

  • Earn 2x reward points on every online transaction with 360° rewards program
  • Get an International Platinum Debit Card free for first year
  • Enjoy 15% off across 600 restaurants
  • Monthly average balance of Rs. 10,000
  • Earn up to 3% interest p.a. on balance up to Rs. 50 lakh, 3.50% on balance above Rs.50 lakh & up to Rs.150 crore, 1.00% on >=Rs.150 crore to < Rs.300 crore and 0.50% on >= Rs.300 crore

Note: The interest rates are updated as on 12th October 2020.

Fees & Charges

Check the fees and charges of the Standard Chartered Digital Savings Account.

Standard Chartered Bank Digital Savings Account Fees / Charges
Platinum Debit Card (First year fee) Nil
Platinum Debit Card (Annual fee) Rs. 199
First 5 (Financial & Non-Financial) transactions in a month Nil

Above first 5 (Financial & Non-Financial) transactions in a Month (Per Transaction)

 Rs. 20
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SBI Insta Savings Account

SBI Insta Savings Account is a complete digital account, which can be opened in minutes with SBI Yono mobile application or Yono online portal in a matter of minutes. The features and benefits are as follows:

  • Singly operated account only with a transaction limit of Rs. 49,999 per transaction
  • Aggregate balance at end of day can be up to Rs. 1,00,000 & total annual credit transactions can be up to Rs. 2,00,000
  • Complimentary Rupay Debit Card
  • Nomination facility available
  • The account is for new customers with no existing relationships with SBI

Fees & Charges

Check the fees and charges of the SBI Insta Savings Account.

SBI Insta Savings Account Fees / Charges
Rupay Debit Card Nil
Penalty for Non-maintenance of AMB – Metro &Urban (AMB= Rs. 3000/-) Up to Rs. 15 + GST
Penalty for Non-maintenance of AMB – Semi-Urban (AMB Rs. 2000/-) Up to Rs. 12 + GST
Penalty for Non-maintenance of AMB – Rural (AMB) Rs. 1,000/-) Up to Rs. 10 + GST
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ICICI Bank Regular Savings Account

With ICICI Bank Regular Savings Account, you can do your routine transactions like bill payments, FD creation requests and balance enquiry. ICICI Bank is also considered as the best bank in India when it comes to provide various features, benefits and rewards to its customers. Following are various features and benefits of ICICI Regular Savings Account:

  • Get Smart Shopper Silver Debit card with exciting offers & Visa Privileges
  • Money Multiplier Facility helps you to earn higher earnings of a Fixed Deposit (390 days tenure)
  • Daily cash withdrawal limit of Rs. 50,000 and Daily Purchase Limit of Rs. 1,00,000
  • Zero Surcharge on Fuel Purchases
  • Earn 1 PAYBACK Reward point on every Rs. 200 spent using your ICICI Bank Smart Shopper Silver Debit Card

Fees & Charges

Check the fees and charges of the ICICI Bank Regular Savings Account.

ICICI Bank Regular Savings Account Fees / Charges
Charges for non-maintenance of minimum monthly average balance (Metro/Urban/Semi-Urban/Rural) Rs. 100 + 5% of the shortfall in required MAB
Charges for non-maintenance of minimum monthly average balance (Gramin locations) 5% of the shortfall in required MAB
Debit Card Fees for first Account Holder Rs. 150 p.a. (For Gramin locations – Rs. 99 p.a.)
ATM Transaction Charges (Transactions at Non ICICI Bank ATMs) Free First 3 transactions in metro locations* in a month

Free First 5 transactions in other locations in a month

Thereafter, Rs. 20 per financial transaction and Rs. 8.50 per non-financial transaction
Transactions at ICICI Bank ATMs First 5 transactions in a month – Free

Thereafter, Rs. 20 per financial transaction & Rs.  8.50 per non-financial transaction

*Metro Locations – Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad

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7 Best Savings Bank Account Options

Your ideal savings bank account option should offer higher interest rates; have a good branch and ATM network, diverse savings account choices and personalized services. To know which bank offers the highest interest rate on saving account with wide bank network, check the 7 best savings bank account choices listed below.

Axis Bank

Branch Network

branch network icon3,779 Domestic Branches

Number of ATMs

12,834 ATMs Nationwide

Interest Rate

3.50%*

Savings Accounts

savings account iconOffers 21 Different Savings Accounts

Additional Features

features iconPPF Online Access

*Axis Bank provides 3.50% p.a. interest on savings account balance less than Rs. 50 lakh. On balance above Rs. 50 lakh and up to Rs. 10 crore, Axis Bank provides 3.50% p.a. interest.  The interest rates are updated as on 12th October 2020.

Listed below are the best savings bank accounts offered by Axis Bank:

Axis Bank Savings Accounts

ASAP Instant Savings Account

 EasyAccess Savings Account Prime Plus Savings Account

Prime Savings Account

Women’s Savings Account

 Senior Privilege Savings Account Future Star Savings Account

Pension Savings Account

Trust / NGO Savings Account

 Insurance Agent Account YOUth Account (For minors)

Basic Savings Account

Small Basic Savings Account

 Inaam Personal Account Axis Republic Salary Account

Easy Access Salary Account
Prime Salary Account Priority Salary Account Defence Salary Account (Power Salute)

Employee Reimbursement Account

Kotak Mahindra Bank

Branch Network

branch network icon1,391 Domestic Branches

Number of ATMs

2,231 ATMs Nationwide

Interest Rate

4%*

Savings Accounts

savings account iconOffers 20 Different Savings Accounts

Additional Features

features iconPreferential Rates on Kotak Life Insurance

*Kotak Mahindra Bank provides 3.50% p.a. interest on balance up to Rs. 1 lakh and 4.00% on balance above Rs. 1 lakh. The interest rates are updated as on 12th October 2020.

One of the best savings account banks in India, Kotak Mahindra Bank offers diverse savings accounts to cater to various customer’s needs.

Kotak Mahindra Bank Savings Accounts
811 Digital Bank Account 811 Edge Digital Bank Account Edge Savings Account Junior – The Savings Account for Kids
My Family Savings Account Silk Women’s Savings Account Pro Savings Account Ace Savings Account
Sanman Savings Account Grand – Savings Programme Classic Savings Account Nova Savings Account
Alpha – The Savings & Investment Programme Kotak 3-in-1 Account Edge Salary Account Platina Salary Account
Neo Salary Account Ace Salary Account Kotak Basic Savings Bank Deposit Account (BSBDA) Kotak Small Savings Account

Development Bank of Singapore (DBS Bank)

Branch Network

branch network iconPaperless & Branchless Banking

Number of ATMs

Use Any Bank ATMs in India (Free 10 transactions per month)

Interest Rate

6%*

Savings Accounts

savings account iconOffers 4 Different Savings Accounts

Additional Features

features iconInvest in Mutual Funds online through digiBank Mobile App

*DBS Bank provides 3.50% p.a. interest on balance up to Rs. 1 lakh; 6.00% p.a. on balance above Rs. 1 lakh and up to Rs. 2 lakh; 4.00% p.a. on balance above Rs. 2 lakh and up to Rs. 5 lakh; 4% p.a. on balance above Rs. 5 lakh.The interest rates are updated as on 12th October 2020.

Customers can open DBS Savings Account to earn the highest interest rates on savings accounts. Following are the best savings bank account offered by the Development Bank of Singapore:

DBS Bank Savings Accounts
digiBank by DBS (digiSavings) DBS Global Indian Account DBS Auto Saver (Auto Sweep in) Basic Savings Bank Deposit Account

Standard Chartered Bank

Branch Network

phone banking icon24 x 7 Phone Banking

Number of ATMs

investment iconOnline Mutual Fund Investments

Interest Rate

3.50%*

Savings Accounts

savings account iconOffers 10 Different Savings Accounts

Additional Features

features iconHigh Interest Rates on Fixed Deposits

*Standard Chartered Bank provides 3.00% p.a. interest on account balance up to Rs. 50 lakh; 3.50% p.a. interest on balance above Rs.50 lakh & up to Rs.150 crore. The interest rates are updated as on 12th October 2020.

One of the best saving account bank in India, Standard Chartered Bank offers diverse savings accounts to cater various customer’s needs.

Standard Chartered Bank Savings Accounts
SC Digital Account Employee Banking Account aXcessPlus Account SuperValue Account
Parivaar Account eSaver Account 2-in-1 Savings Account 3-in-1 Account
Basic Banking Account Aasaan Account

State Bank of India (SBI)

Branch Network

branch network icon22,414 Domestic Branches

Number of ATMs

59,541 ATMs Nationwide

Interest Rate

2.70%*

Savings Accounts

savings account iconOffers 8 Different Savings Accounts

Additional Features

features iconOnline NPS Registration for Accountholders

*State Bank of India provides 2.70% p.a. interest on account balance up to Rs. 1 lakh and 2.70% p.a. interest on balance above Rs. 1 lakh. The interest rates are updated as on 12th October 2020.

SBI is considered as the best bank to open savings account in India. Following are the different savings account offered by SBI:

State Bank of India Savings Accounts
Insta Savings Account Digital Savings Account General Savings Account Savings Plus Account
Special Salary Account 3-in-1 Demat & Online Trading Basic Savings Bank Account Small Savings Account

ICICI Bank

Branch Network

branch network icon4,867 Domestic Branches

Number of ATMs

14,367 ATMs Nationwide

Interest Rate

3.50%*

Savings Accounts

savings account iconOffers 16 Different Savings Accounts

Additional Features

features iconOpen PPF Online on Internet Banking & iMobile App

*ICICI Bank provides 3.00% p.a. interest on account balance below Rs. 50 lakh; 3.50% p.a. interest on account balance of Rs. 50 lakh and above. The interest rates are updated as on 12th October 2020.

Listed below are the best savings bank accounts offered by ICICI Bank:

ICICI Bank Savings Accounts
Titanium Privilege Account Gold Privilege Banking Gold Plus Savings Account Silver Savings Account
Regular Savings Account Advantage Woman Savings Account Seniors Club Savings Account Young Stars Account
3-in-1 Account Smart Secure Savings Account Basic Savings Bank Account No Frills Account
Family Banking Professional Savings Account Resident Foreign Currency Account Easy Receive Savings Account

HDFC Bank

Branch Network

branch network icon4,787 Domestic Branches

Number of ATMs

12,635 ATMs Nationwide

Interest Rate

3.50%*

Savings Accounts

savings account iconOffers 19 Different Savings Accounts

Additional Features

features iconPPF Online Access

*HDFC Bank provides 3.00% p.a. interest on account balance less than Rs. 50 lakh; 3.50% p.a. interest on balance of Rs. 50 lakh and above. The interest rates are updated as on 12th October 2020.

One of the best saving account bank in India, HDFC Bank provides various savings accounts to fulfill several customer’s needs.

HDFC Bank Savings Accounts
SavingsMax Account Women’s Savings Account Regular Savings Account Senior Citizens Account
DigiSave Youth Account Kids Advantage Account Family Savings Group Account Government / Institutional Savings Account
Basic Savings Bank Deposit Account Government Scheme Beneficiary Savings Account BSBDA Small Account Premium Salary Account
Regular Salary Account Defence Salary Account Classic Salary Account Basic Savings Bank Deposit Account – Salary
Salary Family Account Reimbursement Account Pension Accounts
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