Best Banks For Savings Accounts


Choosing the best bank for a savings account in India is crucial for maximizing your savings while enjoying benefits like higher interest rates, low minimum balance requirements, and easy accessibility. Many banks also offer zero balance savings accounts, allowing you to open and maintain an account without a minimum balance.

A good savings account ensures your money stays secure while providing features like free ATM withdrawals, online banking, and reward programs. This guide highlights the top banks for savings accounts in India, including options for zero balance accounts, to help you make an informed decision.


Best banks for savings accounts in India offer an interest rate ranging from 2.7% to 7.0% on your deposits. You might also get additional benefits from the bank on these accounts.

Several banks also offer better interest rates on your savings banks which can be around 7%. So, with such savings accounts, you can earn FD returns!

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Table of Contents:

Top Savings Bank Accounts of 2025

Check the best interest rates on savings accounts across major banks in India. Here are some of the options for the best savings account for 2025:

Bank Interest Rate
SBI 2.70% - 3.00%
HDFC Bank 3.00% - 4.50%
ICICI Bank 3.00% - 4.00%
Kotak Mahindra Bank 3.50% - 4.00%
Axis Bank 3.00% - 4.10%

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State Bank of India Savings Account

SBI is one of the leading banks to provide services such as savings accounts at reasonable interest rates. This public sector bank has been the pillar for the development and growth of financial services in India.

Following are some of the best features of an SBI bank savings account:

  • Interest rate: 2.70% - 3.00% p.a.
  • Minimum amount: Zero balance
  • Maximum amount: No limit
  • Annual maintenance charges: ₹125 per annum
  • Types of savings account schemes:
    • Regular Savings
    • Basic Savings Bank Deposit (BSBD) (zero balance savings account)
    • Youth Savings account
  • Debit card services:Free debit cards for students and seniors
  • Special feature:Wide branch network

HDFC Bank Savings Account

HDFC is known for their strong presence in digital banking and customer care support. As a bank with top-notch services to offer, HDFC stands out in terms of the best banks for savings accounts, in customer opinion.

Following are some of the best features of an HDFC bank savings account:

  • Interest rate: 3.00% - 4.50% p.a.
  • Minimum amount: ₹10,000 (regular savings account)
  • Maximum amount: No limit
  • Annual maintenance charges: ₹200 per annum
  • Types of savings account schemes:
    • SavingsMax
    • Women's Savings
    • Digital Savings
    • HDFC Basic Savings Account (zero balance savings account)
  • Debit card services: Complimentary debit card with cashback offers
  • Special feature: Family banking with smart digital tools

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ICICI Bank Savings Account

ICICI Bank offers a seamless management experience in finances, focusing on digital convenience and exclusive benefits. Designed for individuals, families, and NRIs, these accounts ensure security, flexibility, and rewarding banking experiences.

Following are some of the best features of an ICICI bank savings account:

  • Interest rate: 3.00% - 4.00% p.a.
  • Minimum amount: ₹10,000 (regular savings account)
  • Maximum amount: No limit
  • Annual maintenance charges: ₹150 per annum
  • Types of savings account schemes:
    • Advantage Savings
    • Titanium Privilege
    • Young Stars Account
    • ICICI Basic Savings Account (zero balance savings account)
  • Debit card services: Free digital debit card
  • Special feature: Superior mobile banking and flexible joint account options

Kotak Mahindra Bank Savings Account

Kotak Mahindra Bank offers high flexibility, high interest rates, and digital convenience. With flexible options for individuals, families, and NRIs, Kotak bank accounts enhance banking experiences.

Following are some of the best features of a Kotak bank savings account:

  • Interest rate: 3.50% - 4.00% p.a.
  • Minimum amount: Zero balance (Kotak 811)
  • Maximum amount: No limit
  • Annual maintenance charges: ₹100 per annum
  • Types of savings account schemes:
    • Kotak 811 savings
    • Silk Women’s Savings
    • Junior Savings
    • Kotak 811 Digital Savings (zero balance savings account)
  • Debit card services: Virtual debit card for online transactions
  • Special feature: Instant zero-balance account opening via the app

Kotak’s ActivMoney Savings Account helps you earn interest of 7%* p.a.. You get FD returns in a savings account with Kotak Mahindra Bank!

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Axis Bank Savings Account

Axis Bank savings accounts offer high interest rates, digital access, and exclusive benefits. Designed for individuals, families, and NRIs, they provide a seamless banking solution for everyone.

Following are some of the best features of an Axis Bank savings account:

  • Interest rate: 3.00% - 4.10% p.a.
  • Minimum amount: ₹10,000 (regular savings account)
  • Maximum amount: No limit
  • Annual maintenance charges: ₹250 per annum
  • Types of savings account schemes:
    • Prime savings account
    • Future Stars (Child)
    • Senior Privilege Savings
    • Axis Basic Savings Account (zero balance savings account)
  • Debit card services: Personalised debit cards with rewards
  • Special feature: Priority banking services and business-friendly account options

IDFC First Bank Savings Account

IDFC FIRST Bank savings accounts offer a modern banking experience for users, with high interest rates, digital convenience, and customer-friendly features. IDFC bank accounts to ensure seamless money management.

Following are some of the best features of an IDFC bank savings account:

  • Interest rate: 4.00% - 7.00% p.a.
  • Minimum amount: Zero balance
  • Maximum amount: No limit
  • Annual maintenance charges: ₹150 per annum
  • Types of savings account schemes:
    • First Power savings account
    • Senior Citizen Savings
    • Future First (Youth)
    • IDFC First Digital Savings (zero balance savings account)
  • Debit card services: Free virtual debit card
  • Special feature: Industry-leading interest rates with zero balance requirement

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RBL Bank Savings Account

RBL Bank provides savings accounts that can help you grow and manage your money at high interest rates and digital convenience compared to other banks.

Following are some of the best features of an RBL bank savings account:

  • Interest rate: 4.00% - 6.50% p.a.
  • Minimum amount: ₹5,000
  • Maximum amount: No limit
  • Annual maintenance charges: ₹120 per annum
  • Types of savings account schemes:
    • Digital Savings
    • Advantage Plus savings
    • Prime Savings
    • RBL Digital Savings Account (zero balance savings account)
  • Debit card services: Free debit card with digital rewards
  • Special feature: Fully digital account opening with instant activation

YES Bank Savings Account

As one of the newest banks in service, YES Bank savings accounts offer a secure and feature-rich banking experience with competitive interest rates and seamless digital access.

Following are some of the best features of a YES bank savings account:

  • Interest rate: 3.50% - 6.25% p.a.
  • Minimum amount: ₹10,000
  • Maximum amount: No limit
  • Annual maintenance charges: ₹200 per annum
  • Types of savings account schemes:
    • Smart Salary savings
    • Yes First savings
    • Business Savings
    • Yes Basic Savings Account (zero balance savings account)
  • Debit card services: Premium debit card with high transaction limits
  • Special feature: Tailored business savings account options

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IndusInd Bank Savings Account

With a high interest rate on savings accounts and low maintenance charges, IndusInd Bank offers a highly versatile experience for its customers through its savings account scheme.

Following are some of the best features of an IndusInd bank savings account:

  • Interest rate: 4.00% - 6.00% p.a.
  • Minimum amount: Zero balance
  • Maximum amount: No limit
  • Annual maintenance charges: ₹175 per annum
  • Types of savings account schemes:
    • Indus Exclusive
    • Indus DigiSmart
    • Women’s Savings
    • Indus DigiSmart Savings Account (zero balance savings account)
  • Debit card services: Cashback-enabled debit card
  • Special feature: Seamless digital banking with zero-balance savings accounts

Bank of Baroda Savings Account

Bank of Baroda savings accounts make managing money simple, secure, and rewarding. With options offering great benefits, BoB ensures the customer absolute ease of banking.

Following are some of the best features of a BoB bank savings account:

  • Interest rate: 3.00% - 5.50% p.a.
  • Minimum amount: ₹1,000
  • Maximum amount: No limit
  • Debit card services: Free debit card for seniors
  • Annual maintenance charges: ₹100 per annum
  • Types of savings account schemes:
    • Baroda Advantage
    • Pensioners’ Savings
    • Super Savings
    • Baroda Basic Savings Account (zero balance savings account)
  • Special feature: Special senior citizen rates

A zero-balance account can be done online directly from the bank’s website or official app, even if you are completely new to the bank.

Factors to Consider for a New Savings Account

As an individual planning to open a savings account, you should be aware of the following factors:

  1. Interest Rates: Opt for banks offering the best savings account interest rates for higher returns.
  2. Minimum Balance Requirement: Prefer banks with zero balance account schemes if you want to avoid penalties. However, accounts with a minimum balance do provide better benefits in some cases.
  3. Annual Maintenance Charges: Check for hidden fees like debit card services or account maintenance.
  4. Digital Banking Services: Make sure the bank offers digital services like netbanking or mobile banking for your added convenience of accessing it anytime from anywhere.
  5. Debit Card Benefits: Look for cashback offers, rewards programs, and free withdrawals.
  6. Special Features: Look for additional perks such as cashback, rewards, and insurance coverage, which are offered by most banks. Select the one that is best suited for you.

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Types of Saving Account

Even though savings accounts are generally the same, there are different types of savings accounts, offering different benefits for the users. Here is the list of some:

  • Regular Savings Account: It is offered by most banks as savings account for everyday banking needs with moderate interest rates.
  • Zero Balance Savings Account: This is a perfect solution for students and salaried individuals, requiring no minimum balance for the savings account.
  • High-Interest Savings Account: Offers the highest interest rates, often with conditions such as maintaining a higher minimum balance in your account.
  • Joint savings account: Suitable for couples, business partners, or even underaged, enabling shared account access.
  • Children’s Savings Account: Specifically focused on helping parents save for their child’s future with added parental controls.
  • Senior Citizens’ Savings Account: These are some of the accounts that provide the highest interest rates and exclusive benefits like health insurance.
  • Business Savings Account: Designed for business owners, with higher transaction limits and cash management services.
  • Salary Account: Specially offered to salaried employees, often with zero balance facilities and salary credits.
  • Women’s Savings Account: These provide exclusive benefits for women, such as discounted loan rates and cashback offers.
  • Digital Savings Account: A fully online account with a fast and paperless setup, with instant debit card issuance. Most banks offer these through net banking services or mobile banking and are sometimes zero-balance savings accounts.

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Eligibility & Documents to Open Savings Account

As easy as the process of opening a savings account is, customers are required to present themselves with specific documents if they qualify for the specific savings account scheme. General eligibility includes factors such as:

  • Indian resident or Non-Resident Indian (NRI)
  • Minimum age: 18 years (minors can open with a guardian)

Customers who satisfy the basic details need to have the following documents:

  • Identity Proof: Aadhaar Card, Passport, or PAN Card
  • Address Proof: Voter ID, Utility Bill, or Passport
  • Photographs: Recent passport-size photos
  • PAN Card: Mandatory as per banking norms

For different savings accounts, there are different eligibility criteria, such as a salary account that needs your employer's details and a joint account that needs consent and details from both parties.

Benefits of Opening a Savings Account

Opening a savings account is a smart step towards better financial health. It offers a secure, convenient way to manage money while earning interest on deposits. Key benefits include:

  • Secure Savings: Protect your funds with bank security, reducing theft risks and enabling contactless payments.
  • Earn Interest: Grow your savings with high-interest accounts that suit your needs.
  • No Minimum Balance: Opt for zero-balance accounts to avoid extra charges.
  • Debit Card Rewards: Enjoy cashback, rewards, and redeemable points on debit card usage.
  • Online Banking: Access 24/7 banking through mobile apps and UPI services.
  • Custom Schemes: Explore specialized options for children, seniors, women, and business owners.
  • Auto-Sweep Feature: Maximize returns by auto-converting surplus savings into fixed deposits.
  • Loan Facilities: Get easy access to loans or overdrafts against your savings with a good credit score.

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Frequently Asked Questions

The best bank to open a zero-balance savings account could be a matter subject to your personal preference and needs. However, various options like SBI, HDFC, Axis, ICICI etc. are top in demand.

Banks like IDFC and RBL claim to provide the highest interest rates, but in real situations, it may be dependent on the type of savings account or other factors related to your financial status.

Choosing a ‘better bank’ is subject to the user's needs. An online bank may offer higher interest rates, lower fees, and better accessibility. However, offline banks would suit you better if you are someone in need of loans and lockers, face-to-face banking, or a long-standing relationship with a bank.

You should expect an annual maintenance fee, subject to each bank’s policy, to be deducted from the account. Apart from that, you might be required to pay charges if you fail to maintain a minimum balance in your account at the time of periodic check.

While some bank accounts require a minimum balance to be kept in the account, not all savings accounts are required to maintain this requirement. These accounts include zero-balance savings accounts, salary accounts, etc.

FDIC (Federal Deposit Insurance Corporation) insurance is a scheme that protects your savings account by covering deposits up to $250,000 per depositor, per bank, per ownership category in case the bank fails. However, it is for U.S. citizens only. For Indians, we have DICGC (Deposit Insurance and Credit Guarantee Corporation), which covers deposits up to ₹5 lakh per depositor, per bank, including principal and interest.

Yes. You can open a joint savings account with a willing person. This can be anyone but should be at least 18 years of age and Indian citizenship.

A savings account is primarily focused on everyday banking, offering easy access to funds with a low or zero minimum balance. A money market account (MMA) provides higher interest rates and may provide check-writing or debit card access, but it requires a higher minimum balance.

Yes. In India, as per RBI regulations, banks offer unlimited withdrawals at the home branch but you might receive charges for withdrawals from other branches. However, banks will charge you for 3rd or 5th withdrawals, even at home branches.

Most banks offer attractive features and benefits for savings accounts. Finding the best savings account by comparing the benefits of various banks will help you find the best savings account.

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