Savings Account has been the primary investment option for all investors. Individuals who are earning a steady income by way of salary or any other source are the perfect contender for a savings account. The first step towards saving and investing is keeping your funds in a savings account. An online savings account comes with amazing benefits and earns you interest on your savings that can help you to go toward the right path of savings and investment.
Today it is known to all that the savings account interest rates are too low and barely bring monetary benefit to the account holders. But, there is no alternative to savings accounts either as will you not get a safer place to park your savings while you are earning at your highest. Nowadays, some banks are offering online savings account that provides higher interest rates. The primary benefit of the following mentioned savings account is that it is structured to suit the needs of the majority of the customer base. With the best high earning online savings account, you get a safe place to park your hard-earned money while you are earning top rates.
Grow your savings by looking for accounts that help you in earning high interest on your savings with great features. There are several banks in India that offer customers the facility of opening savings accounts online with high-interest rates. Some of the major banks to do so are listed as follows:
Best Online Savings Accounts 2023
| Online Savings Account | Interest Rate |
| Digibank by DBS | Up to 5% p.a. |
| Kotak 811 | Up to 4% p.a. |
| IndusInd Privilege Active Savings Account | Up to 6% p.a. |
| Axis ASAP Savings Account | Up to 3.50% p.a. |
| IDFC First Bank Savings Account | Up to 6.25% p.a. |
Note: The above-mentioned interest rates are updated as on 3rd January 2023.
Digibank by DBS
To earn high interest on your savings, you can start by opening a DBS Digibank wallet that can be opened by downloading an application which is a matter of few seconds. To start using a savings account by DBS, you can easily convert your Digibank wallet to digisavings account. For an online savings account, all you need is your Aadhaar card and Pan Card. To open savings account online, you can verify your details through an OTP on your Aadhaar linked mobile number and your digiSavings account is opened instantly. But to complete this process you need to provide a fingerprint authentication at any of their partner stores or by calling their agent to come to visit you within one year.
Features & Benefits
The features include a superior interest rate up to 7% on your savings, a visa payWave enabled debit card with access to over 20000 ATMs and no minimum balance requirement. This brings its customers a big advantage that they no longer have to worry about their minimum balance.
One of the major benefits with digiSavings account is the 24 x 7 artificial intelligence driven virtual assistant. It understands the natural languages and has learning ability, which helps it to respond in real time.
DBS will provide customer service through a 24×7 artificial intelligence-driven virtual assistant, which understands natural language and has learning ability, in order to respond in real-time. The digital bank will also come equipped with a budget optimiser that will enable its customers to do their budgeting, track expenses, analyse purchasing trends and also give investment advice.
Kotak 811
Kotak 811 is a new initiative started by Kotak Mahindra Bank. It is a full working digital banking ecosystem available to you on your mobile. The primary goal of 811 online savings account is to bring you all the banking facilities in a single application, just like Digibank by DBS. From zero balance account to attractive shopping, traveling and entertainment offers and discounts, Kotak 811 provides you everything. Now you only need one App which is Kotak 811 to enjoy infinite possibilities brought to you by Kotak Mahindra Bank.
Features & Benefits
With Kotak 811 you can earn a higher interest rate up to 4%* p.a. on your savings and enjoy your savings accounts without any stress of fulfilling minimum balance requirements as there are no charges involved. With the help of a mobile application, you can provide your personal details to open a savings account online instantly and experience mobile banking like never before. You will also get a cheque book on-demand and transfer funds via IMPS/NEFT and enjoy all the other benefits of a regular savings account. You will also get a virtual debit card which can be used to shop, pay bills or recharge mobile / DTH online in a few simple steps. Kotak 811 also brings you discounts and offers on shopping, traveling and entertainment combined with your seamless banking.
IndusInd Privilege Active Savings Account
IndusInd Bank brings a new savings account which can only be opened through online channel. Privilege Active Online Savings Account by IndusInd Bank brings you a convenient and rewarding banking experience. You can also get this account with zero balance facility depending on your existing relationship and monthly spend or transactions made. IndusInd Privilege Active Savings Account provides an interest up to 6% p.a. on your savings.
Features & Benefits
With IndusInd Privilege Active Savings Account, you can get an account number of your choice. You can also get a zero balance savings account depending on your monthly transactions. It will come with a specially crafted Platinum plus Debit card, which is designed to cater amazing benefits such as offers and convenience of cashless payments for shopping, dining, entertainment and much more.
Axis ASAP Savings Account
Axis ASAP Savings Account is a digital savings account that you can open anytime and anywhere by simply using your Aadhaar and PAN details online. With just 3 simple steps, it is the fastest way to open a bank account. You don’t have to present physical documents or visit your bank branch to open this savings account. It is a zero balance savings account which provides up to 3.50% p.a. interest on your savings using auto-sweep feature and promises to deliver convenient, stress-free banking experience to all its customers.
Features & Benefits
Enjoy a no-strings-attached zero balance savings account which also comes loaded with the benefits of higher interest rates through auto sweep Fixed Deposits above Rs. 10000. You will also get a complimentary virtual debit card with a ton of value-added benefits through deals, offers and more.
IDFC Bank Savings Account
IDFC Bank presents a completely digital savings account option that you can open instantly without the stress of maintaining a minimum balance. You can open new online savings account with IDFC online in just a few minutes using your Aadhaar Card and Pan Card. With IDFC Bank Savings Account, you can earn 7% p.a. interest on your savings.
Features & Benefits
With IDFC Bank Savings Account, you will get a Visa Platinum Debit Card to shop, dine, pay your bills whether offline, online or abroad. Customers will also get unlimited free fund transfer, free ATM transactions at any bank, fuel surcharge waiver and much more.