Guide to Best Savings Bank Account from Start to Finish – Krow

A savings account is the most fundamental financial instrument that banks provide. By opening a savings account, people can deposit their money and keep it safe with a financial organization. At the same time, they also get interest, albeit very little.

Savings accounts are preferred by those who are new to banking and investing since they are a great way to invest in short- or long-term savings. is the greatest choice for those who are salaried or have a steady source of income. Numerous public and private sector banks in India provide people with a variety of savings accounts to suit their needs. Depending on the amount saved; all banks establish interest rates on their savings accounts that typically range from 2.50% per year to 7.00% per year. Before opening a savings account with a bank, a person should be aware of the interest rates offered by the institution and the kind of savings account they are being provided with in terms of additional services.

The most fundamental financial product used by people globally is a savings account. The zero balance savings accounts are one of the appealing features that Indian banks have adopted to increase the popularity of their bank accounts. This account does not require a minimum balance.

Customers can withdraw money from their savings bank accounts whenever they wish and without any restrictions, making them liquid investments. The interest rates and other features of the available options must be compared to choose which Savings Account in India is the best.

Listed below are a handful of the top savings bank accounts.

Best Bank Savings Accounts

Savings accounts from the following institutions are available:

  • State Bank of India (SBI) Savings Account

  • HDFC Bank Savings Account

  • Kotak Mahindra Savings Account

  • DCB Savings Account

  • RBL Savings Account

  • IndusInd Savings Account

  • ICICI Savings Bank Account

  • Axis Savings Account

Considerations before Investing in the Best Savings Account in India.

Interest Rates

Because it influences how much income your savings will earn you, the interest rate offered is a crucial consideration when deciding where to put your money.

Make a wise decision because even a small difference in the provided interest rate can have a positive effect over time!

Lowest Cash Balance

To start a savings account with many banks, you must make a small deposit first. Similarly to this, some lenders demand that you maintain a specific minimum balance in your account throughout your partnership with them.

Of course, some institutions don’t require a certain minimum balance in your savings account. Others love the idea of a minimum balance because it drives them to be more frugal and financially responsible. Some people prefer this choice since it provides them with more freedom in how they can use their money.

Everything ultimately comes down to personal taste.

The frequency of Withdrawals

Many accounts have limitations on monthly withdrawals. If you think you might need to make frequent withdrawals, pick an account that doesn’t charge fees for doing so.

Charges & Fees

Several charges, such as monthly fees, cross-currency markup, PIN regeneration costs, and more, could apply to your savings account.

You should also consider the annual maintenance fees that will likely be charged to your account. You may learn more about these costs by carefully reading the tiny print because, at the end of the day, creating a savings account is all about saving money.

Consumer Assistance

In the banking sector, providing excellent customer service is crucial. You should be able to contact customer care immediately away and ask them to handle any issues you may be having.

Whether the problem is a lost or stolen debit card or you are unable to transfer funds, you should make an active effort to stay in touch with a bank that has an outstanding reputation for offering exceptional customer care.


  • When rating a specific bank for its savings accounts, the following factors were taken into consideration.

  • Opening an account is easy.

  • Since debit cards have their facilities as well, they score one point.

  • Extra services are provided for free by the particular bank, like cash back, insurance, and shopping discounts.

  • When consumers get value for their money.

  • What kinds of companies a bank has worked with—are they reputable or just there for show?

Opening a Zero-Balance Savings Account: Documents needed A zero-balance savings bank account must be opened with the essential papers listed below:

Both independent contractors and salaried workers must show identification:

  • Driver’s license

  • Passport

  • Voter identification card

  • NREGA card, letter, or card

  • PAN card

All of the aforementioned documents may be used for KYC, however, according to current government laws, a PAN card or an Aadhaar card is required to open a bank account. For the remaining documents, the credit might not be the same. If the applicant is an NRI, they may also submit other documents in addition to Aadhaar and PAN (non-resident Indian).

Advice for Opening a Savings Account with a Zero Balance as well as Service Fees and Fee Reminders

Indian businesses do not charge an account starting fee; however, there may be other fees that a customer should be aware of before creating an account.

  • Required Average Monthly Balance: Each account must maintain an average monthly balance, and failure to do so will result in a fee. If this punishment isn’t excessive, one needs to check.

  • Cash Withdrawal from ATM: Users must verify whether the number of withdrawals from ATMs is free or charged and if free, how much is free.

  • Debit Card Fees: Another thing to consider is whether the fees are excessive or whether the bank is offering a reliable debit card.

  • NEFT/RTGS/IMPS: Applicants need to confirm if these transactions cost money or are free.

  • Annual Cheque Leaves: The costs associated with a chequebook must be considered.

  • Cash Transactions: One needs to confirm whether cash transactions are free or charged.

Using a Savings Bank Account: Terms to Know

AePS: What is it?

Aadhaar Enabled Payment System, or AePS, is the full name for the Aadhaar authentication-based network of micro ATMs (AePS). Through the business correspondent of any bank and employing Aadhaar verification, this enables banking transactions at PoS (micro ATMs).

NEFT: What is it?

The Reserve Bank of India established the National Electronic Funds Transfer (NEFT) to assist customers in making one-to-one transfers of money between any two bank accounts, whether they are held by the same or a different bank. A money transfer can be made in a matter of minutes as long as both bank accounts support NEFT.

IMPS: What is it?

The National Payments Corporation of India (NPCI, an RBI entity) oversees the Immediate Payment Service (IMPS) for instant payments made through the inter-bank electronic funds transfer system in India.

RUPAY; what is it?

By offering banks and other financial institutions a card that is exclusively Indian and has global acceptance, the NPCI has introduced RuPay cards.

Top Savings Bank Account Performance

An account with State Bank of India (SBI)

With its headquarters in Mumbai, the Fortune 500 company State Bank of India (SBI) is a statutory institution for public sector banking and financial services in India. SBI is the best bank in India for savings accounts because Indians have had the most faith in it over its lengthy history, which spans more than 200 years.

Some characteristics of this SBI savings account include the following:

  • SBI Quick service

  • No need for MAB

  • There is no cap on the maximum balance.

  • YONO app for mobile

Bank Savings Account with HDFC

HDFC Bank provides comprehensive banking solutions to meet the demands of its customers. An HDFC savings account has several unique advantages, including free debit cards, mobile banking, and other services that aren’t common. This bank is another one that is great for savings accounts.

This banking organization also provides special savings accounts for women and senior citizens. Each HDFC savings account program has a special set of features and advantages that are readily and quickly accessed.

The best banking features and services are accessible with the savings account. Customers can compare accounts to choose which one best meets their needs and a dedicated Relationship Manager is always available to assist.

Account for Savings at Kotak Mahindra Bank

There are more than ten different types of savings accounts offered by Kotak, each with a different set of advantages. The Sanman Savings Account at the bank requires a minimum AQB of Rs. 2,000. Additionally, anyone who opens an account with Kotak Mahindra Bank is permitted an unlimited number of fee-free cash withdrawals from any ATM.

Customers of Kotak Mahindra Bank have access to a variety of financial goods and services. One of the best banks in India to open an account with is Kotak Mahindra Bank due to the popularity and diversity of possibilities offered by their savings account.

Savings Account at DCB Bank

DCB Savings Bank Deposit Account doesn’t need to maintain a minimum amount, and it also comes with a free ATM card. The NEFT, RTGS, internet, mobile, and phone banking services are all provided without cost for an indefinite amount of time.

In addition to email statements, physical statements of accounts are available. The savings account provided by DCB Bank is the best one available in India. The DCB Bank Savings Account has the following qualities:

This savings account has the following benefits

  • Free repair of a damaged debit card

  • Unlimited free cash withdrawals from DCB Bank ATMs

  • The minimum AQB requirement is Rs. 500

Bank Savings Account with RBL

Savings account types from RBL Bank come with a choice of features and benefits. The bank offers interest rates for any deposits placed into the account starting at 4.25 percent annually.

The following are some benefits of the savings account at RBL Bank:

• Free RuPay debit card with a 50,000 rupee cash withdrawal cap

• Unlimited free transactions at RBL ATMs

• Free repair of damaged cards

• Mobile banking, phone banking, etc.

Account for Savings at IndusInd Bank

The Indus Delite Savings Account and the Indus Exclusive Savings Account are only two of the many specialty savings accounts offered by IndusInd Bank. On both accounts, these wonderful savings and deals are available. One of the latter’s main traits is a dedicated relationship manager.

IndusInd Bank provides a range of savings account options to cater to the demands of different customer categories. The bank provides its customers with services like IVR help, phone banking, internet banking, and more. It is a plan with the choice of monthly premium payments.

Savings Bank Account with ICICI

Customers of ICICI Bank have access to a wide selection of savings accounts. For working women, there is a savings account called the Advantage Woman Aura. The best bank account in India is this one. In addition to enabling limitless cash withdrawals from any bank’s ATM, it also offers a variety of discounts on jewelry, shopping, and other things.

To assist consumers with all of their banking needs, ICICI Bank, one of the largest private-sector banks in India, offers a variety of savings bank accounts. ICICI Bank offers premium and basic savings accounts as well as accounts for young people and the elderly.

Account Savings at Axis Bank

If someone is seeking the best bank account in India, they might give Axis Bank some thought. This is yet another of India’s top banks for savings accounts. To meet the needs of its sizable customer base, it offers five different savings accounts.

The Easy Savings Account offered by this bank has a low beginning deposit requirement and  requires a minimum balance of Rs. 10,000. Axis Bank offers a comprehensive selection of savings accounts, as well as customized services and appealing benefits. The bank offers interest rates on savings accounts starting at 3% p.a.


As a conclusion to our blog post on the greatest savings bank accounts in India, we would advise that choosing the best bank account in India shouldn’t be based just on the interest rate.

Before making a decision, one should weigh the benefits and drawbacks of the various possibilities and contrast their qualities. These are India’s top savings account alternatives right now, but there isn’t a specific bank that every person deciding to open a savings account chooses. The account opening processes mentioned above are all for online services.

You can still finish the process offline by traveling to the chosen bank’s branch and interacting with the assigned bank representative because you can’t access the online portals.


What is a savings account with no balance?

An account that does not need maintenance of a monthly balance. In a few extremely unusual circumstances, opening an account may require a deposit of funds; nevertheless, once the account is created, the funds can be removed immediately ( even within five minutes). Most zero-balance accounts do not require a deposit to open, thus there are no fees associated with failing to maintain the required minimum balance.

How can I start a savings account with no balance?

To open an account, bring your KYC documentation to the branch of the bank that offers zero-balance savings accounts. Candidates must choose among the several types of savings accounts that are offered and expressly state to the branch that they are exclusively interested in zero-balance savings accounts. The account can be authorized after the documents have been reviewed.

The applicant’s mobile number must be entered, ideally the one on file with the adhar. Before interacting with you, the bank would be able to easily get your basic information thanks to the Aadhaar-registered phone number. In some instances, you can even choose a time window for the following business day there.

Once the number is registered, a representative from the company will call you to conduct the KYC checks; at that time, you will need your Pan card or Aadhar card. With your permission, bank workers will start a video call and capture a picture of you with a plain background from their end. As soon as this is done, the bank will open an account and complete the KYC procedure.

Cheque book and other information will be included in a kit that will be mailed to you in seven business days after you receive an email with specifics about the account.

Can I start a savings account with no balance online?

Zero balance accounts can be started by submitting an online application and completing the KYC procedures through video calls. Additionally, you can do this by going to websites that have partnered with the service provider.

How may a savings account be changed into a savings account with no balance?

Customers who want to convert their savings account to a zero-balance account must go to their branch and complete the necessary paperwork before their regular savings account can be converted to a zero-balance account.

Which banks provide savings accounts with no balance?

To enable citizens to take advantage of various government programs like the Pradhan Mantri Jan Dhan Yojna, the Government of India is encouraging all banks to offer the option of zero-balance savings accounts. As a result, all private and public sector banks have developed zero-balance savings accounts. People who want to open a zero-balance savings account can pick their preferred bank from a broad range of options.