Savings Account is the ideal option for the ones looking for future savings while earning monetary interest on the deposits. Savings accounts let individuals keep their savings safe and earn interest on the money kept idle as well. Banks provide the facility of opening a savings account offline as well as online. So, you can now easily open savings account online from the convenience of your home. Following is the list of the best online savings account that you can open in 2024.
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Given below is the list of 10 Best Online Savings Accounts along with the interest rates and their primary features, provided by top banks in India. However, before opting for the best suited, you should keep in mind certain significant parameters including minimum balance requirement, savings account interest rate, transaction charges, withdrawals & deposit limits and much more.
| Best Online Savings Bank Account 2024 | ||
| Account Name | Interest Rate (up to Rs. 1 lakh) % p.a. | Primary Features |
| Digital Savings Account by RBL Bank | 4.25% |
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| Savings Account with Signature Debit Card by IDFC First Bank | 3.00% |
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| IndusInd Online Savings Account by IndusInd Bank | 3.50% |
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| Savings Value by YES Bank | 3.00% |
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| Kotak 811 Savings Account by Kotak Mahindra Bank | 3.50% |
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| DigiBank by DBS | 3.25% |
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| Regular Savings Account by HDFC Bank | 3.00% |
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| Insta Savings Account by ICICI Bank | 3.00% |
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| Digital Savings Account by Standard Chartered Bank | 2.75% |
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| Insta Savings Account by State Bank of India | 2.70% |
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Note: The above-mentioned savings account interest rates are updated as on 11th September 2024.
If you do not wish to maintain the minimum balance in your account, then opting for a Zero Balance Savings Account is the most suitable option. There are many banks in India that provide users with the option of opening balance savings account online. Given below are the primary features, fees and charges of the 10 best savings accounts you can open online in 2024.
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You can open a Digital Savings Account at RBL Bank by providing PAN Number and Aadhaar Number only. The account comes with higher interest rates, anytime banking and instant and paperless account opening. For instant account opening, you can either go to the bank’s official website or download RBL mobile banking app.
| Primary Features | Fees & Charges |
| Minimum Balance Requirement | Rs. 5,000 (Monthly Average Balance) |
| Interest Rate (% p.a.) | Up to Rs. 1 lakh – 4.25% Above Rs. 1 lakh up to Rs. 10 lakh- 5.50% Above Rs. 10 lakh up to Rs. 25 lakh – 6.00% Above Rs. 25 lakh up to Rs. 2 crore – 7.50% Above Rs. 2 crore up to Rs. 3 crore – 7.00% Above Rs. 3 crore up to Rs. 7.5 crore – 6.50% Above Rs. 7.5 crore up to Rs. 25 crore – 6.25% Above Rs. 25 crore up to Rs. 50 crore – 6.25% Above Rs. 50 crore up to Rs. 100 crore – 5.25% Above Rs. 100 crore up to Rs. 200 crore – 6.00% Above Rs. 200 crore up to Rs. 400 crore – 4.00% Above Rs. 400 crore – 6.75% |
| Debit Card Type | Titanium First Debit Card |
| ATM Transactions | Free (Any RBL Bank ATM) Chargeable 6th transaction onwards (Other bank ATMs) |
| Other Benefits | Complimentary accident and air insurance |
| NEFT / RTGS / IMPS | Free |
Note: * On daily balances in excess of Rs. 1 lakh. Rates are subject to change at the sole discretion of RBL Bank.
This Savings Account variant is a low balance account with no hidden charges and optimal fund usage facility. You can avail privileges including bill payment, mini statement, account balance enquiry, money transfer, deposit and withdraw and more.
| Primary Features | Fees & Charges |
| Minimum Balance Requirement | Rs. 25,000 |
| Interest Rate (% p.a.) | Less than or equal to Rs. 1 lakh- 3.00% Above Rs. 1 lakh to less than or equal to Rs. 5 lakh – 4.00% Above Rs. 5 lakh to less than or equal to Rs. 50 crore – 7.00% Above Rs. 50 crore to less than or equal to Rs. 100 crore- 5.00% Above Rs. 100 crore to less than or equal to Rs. 200 crore – 4.50% Above Rs. 200 crore – 3.50% |
| Debit Card Type | Signature Debit Card |
| ATM Transactions (Any ATM in India) | Financial & Non-financial- Free and Unlimited |
| International ATM or POS transaction | Free, only forex markup 2% of the transaction value will be applicable |
| NEFT / RTGS / IMPS | Free |
To open IDFC First Savings Account instantly, click on the button provided below:
The YES Savings Value Account is the type of account with low minimum balance requirement and host of banking services. You can get unlimited access to ATMs of any bank across India. Get the convenience of a single personal identification number for all electronic channels including Internet, Mobile, Phone and ATM Banking.
| Primary Features | Fees & Charges |
| Minimum Balance Requirement | Rs. 5,000 |
| Interest Rate (% p.a.) | Less than or equal to Rs. 1 lakh – 3.50% From Rs. 1 lakh to less than Rs. 5 lakh – 4.00% From Rs. 5 lakh to less than 10 lakh- 5.00% From Rs. 10 lakh to less than Rs. 5 crore – 7.00% Frrom Rs. 5 crore to less than Rs. 25 crore – 6.00% |
| Cash Deposit Limit | Free up to 5 transactions per month |
| ATM Transactions | At own bank ATMs – Free At other bank’s ATMs – First 5 free p.m. |
| Non-maintenance charges | Rs. 500 |
| NEFT / RTGS / IMPS | Free |
To open YES Bank Savings Account instantly, click on the button provided below:
Kotak 811 is a new generation digital bank account offered by Kotak Mahindra Bank. The account can be easily and instantly opened by providing Aadhaar card and few other details. The account comes with no minimum balance along with loads of other banking features and services.
| Primary Features | Fees & Charges |
| Minimum Balance Requirement | No minimum balance required |
| Interest Rate (% p.a.) | Up to Rs. 50 lakh – 3.50% Above Rs. 50 lakh and up to Rs. 100 crore – 4.00% |
| Debit Card Type | Virtual Debit Card (Physical card on request, charges applicable as per GSFC) |
| Maximum balance allowed at any given point of time | No restrictions |
| Cheque Book | Available |
| NEFT / RTGS / IMPS | Free |
To open Kotak Savings Account instantly, click on the button provided below:
The IndusInd Online Savings Account can be opened instantly by simply completing the online application. This account variant comes with no minimum balance requirement and can be opened by opting for a Premium debit card or by doing high instant funding. The account comes in 3 variants including Indus Online Account – Premium Debit Card, Indus Online Account- Instant Funding and Indus Privilege Online Account.
| Primary Features | Fees & Charges |
| Minimum Balance Requirement | No minimum balance required |
| Interest Rate (% p.a.) | Balance up to Rs. 1 lakh 3.50% Balance above Rs. 1 lakh and up to Rs. 10 lakh 5.00% Balance above Rs. 10 lakhs and up to Rs. 25 lakh 6.75% Balance above Rs. 25 lakh and up to Rs. 5 crore 6.75% Balance above Rs. 5 crore and up to Rs. 50 crore 6.75% (Flat rate applicable on entire balance) Balance above Rs. 50 crore up to Rs. 100 crore 6.75% (Flat rate applicable on entire balance) |
| Debit Card Type | Platinum Plus Debit Card |
| ATM Transactions | ATM limit of Rs. 1 lakh per day and POS limit of Rs. 2 lakh per day |
| Initial Funding | Rs. 10,000 |
| NEFT / RTGS / IMPS | Free (on online channels) |
This account variant can be opened in seconds by using your Aadhaar Card. You need to verify your details through an OTP received on your Aadhaar linked mobile number. digiSavings Account is completely seamless, paperless and hassle-free. You can also avail cashback up to 10% on your shopping from a wide variety of online merchants.
| Primary Features | Fees & Charges |
| Minimum Balance Requirement | Monthly Average Balance of at least Rs. 5,000 |
| Interest Rate (% p.a.) | Up to Rs. 1 lakh – 3.25% Above Rs. 1 lakh and up to Rs. 2 lakh – 3.50% Above Rs. 2 lakh and up to Rs. 3 lakh – 3.25% Above Rs. 3 lakh and up to Rs. 4 lakh – 3.50% Above Rs. 4 lakh and up to Rs. 5 lakh – 7.00% Above Rs. 5 lakh and up to Rs. 10 lakh – 5.00% Above Rs. 10 lakh and up to Rs. 50 lakh– 4.00% Above Rs. 50 lakh and up to Rs. 1 crore – 5.00% Above Rs. 1 crore – 3.00% |
| Debit Card Type | Digibank debit card is enabled with VISA Tap to Pay feature |
| ATM Transactions (non-DBS ATMs) | Cash Withdrawal: Bal < Rs. 2 lakh: Metro – First 3 txns / Non-Metro – First 5 txns (Free) Bal > Rs, 2 lakh: First 10 txns (Free) – Metro / Non-Metro Rs. 21 per transaction (Beyond free withdrawal limit) |
| International Cash Withdrawal | Rs. 125 |
| Account Closure Charges (within 6 months of opening) | Nil |
The Regular Savings Account variant provided by HDFC Bank comes with a low minimum balance requirement. You can get a free passbook, free 25 cheque leaves in a financial year, free TDS and Balance certificate, free ATM card, free internet banking and more. Also, get safe deposit lockers and save more with super saver facilities on your account.
| Primary Features | Fees & Charges |
| Minimum Balance Requirement | Metro / Urban branches- Rs. 10,000 (monthly) Semi-Urban branches- Rs. 5,000 (monthly) Rural branches- Rs. 2,500 (average quarterly balance) or an FD of Rs.10,000 for a minimum tenure of 1 year 1 day |
| Interest Rate (% p.a.) | <= Rs. 50 lakh >= Rs. 50 lakh |
| Debit Card Type | Regular debit card for Rs. 150 |
| ATM Transactions (HDFC Bank ATMs) | Financial transactions – first 5 free per month across all cities Non-financial transactions – No charges |
| InstaPay | Zero transaction charges |
| NEFT / RTGS / IMPS | Free (online mode) |
This is an Aadhaar based instant savings account that can be opened online by resident Indians above 18 years of age. It lets you experience 24×7 banking with iMobile App and internet banking services along with free monthly email statements.
| Primary Features | Fees & Charges |
| Monthly Average Balance | Rs. 10,000 |
| Interest Rate (% p.a.) | Below Rs. 50 lakh – 3.00% Rs. 50 lakh and above – 3.50% |
| Debit Card Type | Platinum debit card and reward points on spends |
| ATM Transactions (ICICI Bank ATMs) |
|
| Value Added SMS Alert Facility | Rs. 15/quarter |
| Charges for Non-Maintenance of Minimum Monthly Average Balance | Rs. 100 + 5% of the shortfall required in the monthly average balance |
Digital Savings Account is the new generation digital savings account offered by Standard Chartered Bank. You can open this account instantly online using your PAN and Aadhaar based e-KYC. You can also earn 2x reward points on every online transaction done plus avail complimentary 3 months Saavn Pro Subscription.
| Primary Features | Fees & Charges |
| Minimum Balance Requirement | Rs. 10,000 (Monthly Average Balance) |
| Interest Rate (% p.a.) | Up to Rs. 50 lakh – 2.75% Above Rs. 50 lakh to up to Rs. 40 crore – 3.25% Above Rs. 40 crore to up to Rs. 300 crore – 4.00% Above Rs. 300 crore – 4.00% |
| Debit Card Type | Free Platinum Debit Card for first year |
| ATM Transactions | First 3 transaction free in a month |
| Cheque Book | First 25 cheque leaves free in financial year |
| NEFT / RTGS / IMPS | Free |
This account variant can be opened by either visiting the bank’s official website or via SBI YONO App. Also, the nomination facility is available within the SBI YONO App and is mandatory for Insta Savings Account.
| Primary Features | Fees & Charges |
| Minimum Balance Requirement | No minimum balance required |
| Interest Rate (% p.a.) | Balances less than Rs. 1 Crore – 2.70% Balances Rs. 10 Crore and Above – 3.00% |
| Debit Card Type | Basic RuPay debit card |
| Maximum Balance | Maximum balance should not exceed Rs.1 lakh |
| Credit Summations | Total credit summations in a year allowed for account is Rs. 2 lakh |
| Transaction Limit | Transaction limit cap of Rs. 49,999 per transaction |
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Just like it is important to carefully handpick and select things before purchasing, it is equally significant to choose the right type of savings account to keep your hard-earned money safe and growing. On the basis of interest rate, “Digital Savings Account by RBL Bank and Savings Account with Signature Debit Card by IDFC First” would be the most appropriate choice as these banks provide a higher interest rate of up to 6.00%, as compared to other popular banks.
Proper planning and research about different online savings account variants provided by different banks in India will surely aid to solve the confusion. However, certain parameters like interest rate, minimum balance requirement, transaction charges, deposit and withdrawal limits will help in deciding the best-suited account type. The choice will vary according to the customer’s individual requirements. For example, if the user does not want to block his or her money, then a zero balance savings account is the appropriate choice. Hence, the set parameter should be kept in mind before opting for the best one.
