5 Best banks for savings accounts in India 2023

  • Updated on: 22 Feb 2024
  • Published on: 5 Jul 2023
5 Best banks for savings accounts in India 2023

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.

Best Banks for Savings Accounts in 2024

BanksInterest Rates 
DBS Bank3.00% to 7.00% per annum
RBL Bank4.00% to 7.50% per annum
IndusInd Bank3.50% to 6.75% per annum
HDFC Bank3.00% to 3.50% per annum
Kotak Mahindra Bank3.50% 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.

DBS Bank 

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: 

  • Amazon Pay Gift Card worth up to ₹250
  • Exclusive offers based on your lifestyle
  • Membership benefits of up to ₹25,000
  • Quick and easy account opening
  • Low minimum balance requirement
  • No limit on your deposits
  • Hassle-free account management with the Digibank App
  • Unlimited ATM withdrawals via the DBS Bank Debit Card 

RBL Bank 

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: 

  • Instant account opening through an online KYC process
  • Zero balance accounts to eliminate the hassle of minimum balance
  • Debit cards for easy ATM withdrawals and seamless payments
  • 24/7 fund transfer services
  • Joining vouchers from leading banks
  • Complementary insurance for your protection

IndusInd Bank 

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:

  • 15+ savings account options for your various needs
  • Customised offers across lifestyle, fee waivers, entertainment
  • Minimum documentation requirements at the time of account opening
  • Facility of choosing an account number of your choice
  • Various digital banking services for a seamless experience

Also Read: Salary Account VS. Savings Account

HDFC Bank 

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:

  • Exclusive accounts for women, young customers and senior citizens
  • Safe deposit lockers to store your valuable items
  • Personalised chequebook for safe transactions
  • Automatic sweep-out facility based on the account
  • Additional savings with the super saver facilities
  • Cashback, discounts and offers with debit cards
  • Waiver of annual maintenance charges for your first demat account (1st year)
  • Easy account balance checks through the HDFC balance enquiry options

Kotak Mahindra Bank

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:

  • Various options tailored to the needs of different account holders
  • Video KYC service for a seamless account opening experience
  • Mobile app with 180+ features offering the best net banking and mobile banking services
  • Annual savings of up to ₹40,000 through discounts
  • 100+ offers on medicines, groceries, health checkups, education, entertainment and shopping

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.

If you are short on funds or want to continue with your savings, you can get money in no time from Fibe. Get a Personal Loan of up to ₹5 lakhs at attractive interest rates to meet any of your needs. Download our Instant Loan App or sign up on our website for an entirely digital and hassle-free process.

FAQs on Savings Accounts in India

What will savings account rates be in 2024?

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:

  • Policies and profitability preferences of banks
  • RBI policies and rates 
  • Liquidity

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

As of January 2024, here are a few banks that offer good rates

  • DBS Bank offers interest rates of up to 7% per annum
  • RBL Bank offers interest rates of up to 7.50% per annum

However, this depends on your account balance and is subject to change. 

Is my money safe in the bank in 2024?

Yes, if 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 2024?

The minimum balance in your bank account depends on:

  • The bank
  • Your account type

As of today, these banks offer savings accounts with zero balance requirements:

  • SBI
  • HDFC Bank
  • RBL Bank

What will interest rates be in 2024 and 2025?

The interest rates depend on numerous factors, including:

  • Banks’ policies and profitability preferences
  • RBI policies and rates 
  • Liquidity

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. 

Will interest rates continue to rise in 2024?

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.


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