5 Best banks for savings accounts in India 2023

Updated on: 17 July 2023

Published on: 5 July 2023

Bank accounts play a critical role in ensuring that you can access your funds whenever you want. One of the most common and easily accessible bank accounts is savings accounts. The interest rates on savings accounts that banks offer allow you to save while growing your wealth. 

Today, there are numerous banks for savings accounts, each offering options that cater to unique requirements and added benefits. So, knowing the best banks for a savings account in India is crucial in ensuring you get the maximum returns from your funds. 

Read on to know some of the best banks for savings accounts in India.

Best banks for savings accounts in 2023

Disclaimer: The above interest rates are subject to change at the bank’s discretion.

Here is a brief overview of these banks and their savings account options.

DBS Bank 

DBS Bank offers an online savings account wherein you get competitive interest rates going up to 7% per annum. You also get gift cards, exclusive offers based on your lifestyle and membership benefits of up to ₹25,000.

Alongside a low minimum balance requirement, you also get no limit on your deposits. With an intuitive platform, you can enjoy efficient and seamless transactions. To get all these benefits, all you have to do is complete a simple and quick online application.

RBL Bank 

The interest rates on savings accounts with RBL Bank also go up to 7% per annum. The bank allows you to open a savings account instantly through an online KYC process. You also get a virtual debit card and exclusive offers to enhance your transactions.

In addition, fund transfer services are available 24X7 and there is no charge for non-maintenance of the account balance. This means that you can use your funds without any restrictions.

IndusInd Bank 

IndusInd Bank is among the best banks for savings accounts because you get to choose from 15+ savings account options. This will help you ensure you get one that best suits your needs. All IndusInd Bank savings accounts are tailored to meet different customer needs.

With competitive interest rates going up to 6%, you can get customised offers across lifestyle, fee waivers, entertainment, cashback and more. These perks depend on the account you choose. 

HDFC Bank 

Another one on the list of best banks to open a savings account in India is HDFC Bank. It offers exclusive savings account options for women, young customers, senior citizens, premium account holders and more.

The bank also offers a personalised chequebook, competitive interest rates and an automatic sweep-out facility based on the account you choose. In addition to cashback and exclusive offers, you get attractive benefits like lower interest on loans and other products offered by the bank. With easy HDFC balance enquiry options, you can check your account balance instantly. 

Kotak Mahindra Bank

Kotak Mahindra Bank is also one of the best banks for savings accounts in India, as it offers options tailored to the needs of different account holders. In addition to competitive interest rates, the bank offers additional benefits like cashback, discounts and more.

Depending on your account, you also get unique benefits like a 15% discount on locker rental, healthcare benefits and more. With its varied account options, you also receive reward points and automatic conversion of your idle money into term deposits to maximise financial growth.

When choosing the ideal bank, remember the interest rates on savings accounts differ across banks and accounts and are subject to change at the bank’s discretion. However, since you can have more than one savings account, you can choose a few from the list of best banks to open an account in India. This will allow you to maximise your benefits and ensure the security of your funds.

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FAQs on savings accounts in India

What will savings account rates be in 2023?

The interest rates on savings accounts depend on numerous factors, including the bank’s policy. However, as of now, you can get up to 7% interest on your savings account. Since this is subject to change, be sure to stay updated with the latest rates.

Which bank gives 7% interest on savings accounts in India?

DBS Bank and RBL Bank, two of the best banks for savings accounts, offer interest rates of up to 7% per annum. However, this depends on your account balance and is subject to change. 

Is my money safe in the bank in 2023?

Yes, generally speaking, your money is safe in a bank. In the event that the bank fails, your account is insured by the DICGC (Deposit Insurance and Credit Guarantee Corporation).

What is the minimum balance in any Indian Bank in 2023?

The minimum balance in your bank account, savings or otherwise, depends on the bank and your account type. As of today, you can open a savings account with zero balance at a few banks such as SBI, HDFC and RBL. However, check the interest rates on these accounts before signing up. 

What will interest rates be in 2023 and 2024?

The interest rates depend on numerous factors, including the RBI’s interest rate. As of now, experts expect the interest rate to be the same for 2023 and face a cut in early 2024. However, this is speculative, so check the actual rates before you decide. 

Will interest rates continue to rise in 2024?

Experts and researchers speculate that the interest rate may face a reduction in early 2024. However, this depends on many factors and it is best for you to check the current rates before you make any financial decision.