Bank accounts are pivotal in ensuring hassle-free access to funds whenever required. One of the most common and easily accessible accounts is savings accounts. Today, numerous banks offer several savings account options, each catering to unique requirements and added benefits.
That said, you shouldn’t open an account without checking the details, especially the rates offered by the bank. The interest rates that banks offer on these accounts allow you to grow your idle wealth. As such, choosing the right bank is crucial in maximising your benefits from a savings account.
Read on to know some of the best banks for savings accounts in India to maximise your returns.
| Banks | Interest Rates |
|---|---|
| DBS Bank | 3.00% to 7.00% per annum |
| RBL Bank | 4.00% to 7.50% per annum |
| IndusInd Bank | 3.50% to 6.75% per annum |
| HDFC Bank | 3.00% to 3.50% per annum |
| Kotak Mahindra Bank | 3.50% to 4.00% per annum |
Disclaimer: The above interest rates are subject to change at the bank’s discretion.
Here is a brief overview of these savings account options.
You can open an online savings account wherein you get competitive interest rates going up to 7% per annum. Apart from that, here are some crucial points to note:
The interest rates on savings accounts with RBL Bank also go up to 7.50% per annum. Check out some of the must-know features and benefits of this option:
IndusInd Bank is among the best banks for savings accounts offering competitive interest rates going up to 6.75%. Here are other key points you should know:
Also Read: Salary Account VS. Savings Account
Another one on the list of best banks to open a savings account in India, the bank offers accounts with rates ranging from 3.00% to 3.50% per annum. Some key advantages and characteristics are:
You can open an account that offers interest rates of 3.50% to 4.00% per annum. Apart from that, here are the features to know:
When choosing the right option, remember the interest rates differ across banks and accounts and are subject to change at their discretion. Remember, you can have more than one savings account, so choose a few from the best banks to open an account in India. This will allow you to maximise your benefits and ensure the best use of your funds.
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As of now, you can get up to 7.50% interest on your savings account. However, check the latest interest rates since these are subject to change based on several factors, such as:
As of January 2024, here are a few banks that offer good rates
However, this depends on your account balance and is subject to change.
Yes, if the bank fails, your account is insured by the DICGC (Deposit Insurance and Credit Guarantee Corporation).
The minimum balance in your bank account depends on:
As of today, these banks offer savings accounts with zero balance requirements:
The interest rates depend on numerous factors, including:
While some banks have increased their interest rates in 2024, they are expected to decline as per forecasts. Check the actual rates before you open an account.
Experts and researchers speculate that there may be a decline in rates in early 2024. However, this depends on many factors, and you must check the current rates before making the decision.
