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Best Bank for Savings Account

best banks for savings account

Best Banks for Savings Account in India

Types of Savings AccountsForward arrow
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A savings bank account is a basic type of bank account that allows you to make deposits and withdraw money as needed. You can use savings accounts to receive salaries and make UPI payments, as well as to withdraw cash using the ATM or Debit card given to you.

The top banks for savings accounts in India include State Bank of India, Union Bank of India, HDFC Bank, and ICICI Bank.

You can earn interest on funds parked in your savings bank accounts. The interest depends on the amount in your account and how many days the money was left in your account. However, banks check the closing balance daily and calculate the interest based on the current rates.

List of Banks for Savings Account

  • State Bank of India    
  • Union Bank of India    
  • HDFC Bank    
  • ICICI Bank    
  • Axis Bank    
  • Bank of Baroda    
  • IDFC First Bank    
  • Bank of India    
  • Kotak Mahindra    
  • RBL Bank
Also Read: Private Banks in India

News Update

RBI has expanded the range of services offered to zero-balance or basic savings bank accounts. Customers of these bank accounts are entitled to a free ATM/ATM-cum-Debit card, a 25-leaf cheque book a year, free internet and mobile banking, free passbook or monthly statement, and a free continuation passbook. Apart from these, at least 4 free withdrawals will be allowed.

- (As reported by The Times of India on 5 December 2025)

Top Savings Bank Accounts of 2026

Banks give attractive interest rates even on savings bank accounts. Here are the top 11 banks in India in 2024, the interest rates they offer as well as the minimum balance you need to hold a savings bank account in these banks - 

Bank Logo

Bank Name

Interest Rate of Savings Bank Account

Minimum Balance

 sbi bank

State Bank of India

Balance less than ₹10 Crore

2.50% per annum

Nil

Balance ₹10 Crore and above

2.50% per annum

 union bank of india

Union Bank of India

Balance up to ₹50 Lakh

2.50% per annum 

Nil

Balance from ₹50 Lakh to ₹50 Crore

2.55% per annum

Balance from ₹50 Crore to ₹100 Crore

2.60% per annum

Balance from ₹100 Crore to ₹500 Crore

2.80% per annum

Balance from ₹500 to  ₹1,000 Crore

3.15% per annum

 hdfc bank

HDFC Bank

Across all accounts

2.50% per annum

₹2,500, ₹5,000, or ₹10,000, depending on the location

 icici bank

ICICI Bank

Across all accounts

2.50% per annum

₹2,000, ₹5,000, or ₹10,000, depending on the location

 axis bank

Axis Bank

Less than ₹2,000 Crores

2.50% per annum

₹2,500, ₹5,000, or ₹12,000, depending on the location

₹2,000 Crores and above

Overnight MIBOR + 1.01%

 bank of baroda

Bank of Baroda

Balance up to ₹50 Crore

2.50% per annum

₹500, ₹1,000, ₹2,000, depending on the location

Balance above ₹50 Croreup to ₹500 Crore

2.75% per annum

Balance of ₹500 Crore and above up to ₹1,000 Crore

3.50% per annum

Balance of ₹1,000 Crore and above up to ₹2,000 Crore

4.50% per annum

Balance of ₹2,000 Crore and above

4.75% per annum

 idfc first bank

IDFC First Bank

Up to ₹3 Lakhs

2.50% per annum

₹25,000

Above ₹3 Lakh up to ₹25 Crore

6.50% per annum

Above ₹25 Crore

5.00% per annum

 bank of india

Bank of India

Up to ₹ 1 Lakh

2.50% per annum

₹500 onwards, depending on the type of account

Above ₹1 Lakh to up to ₹50 Crore

2.50% per annum

Above ₹50 Crore to up to ₹250 Crore

2.60% per annum

Above ₹250 Crore to up to ₹500 Crore

2.75% per annum

Above ₹ 500 Crore to up to ₹ 1000 Crore

3.00% per annum

Above ₹ 1000 Crore to up to ₹ 1500 Crore

3.15% per annum

Above ₹ 1500 Crore to up to ₹ 2000 Crore

3.30% per annum

Above ₹ 2000 Crore to up to ₹ 2500 Crore

4.75% per annum

Above ₹ 2500 Crore

5.50% per annum

 kotak mahindra bank

Kotak Mahindra Bank

Up to ₹1,000 Crore

2.50% per annum

₹10,000

Above ₹1,000 Crore

MIBOR + 101 bps per annum

 rbl bank

RBL Bank

Balance up to ₹1 Lakh

3.00% per annum

Nil, ₹1,000, ₹10,000, or ₹25,000, depending on the type of account 

Balance above ₹1 Lakh up to ₹5 Lakh

3.00% per annum

Balance of ₹5 Lakh and above up to ₹10 Lakh

5.00% per annum

Balance of ₹10 Lakh and above up to ₹7.5 Crore

6.00% per annum

Balance of ₹7.5 Crore and above up to ₹100 Crore

5.50% per annum

 indusind bank

IndusInd Bank

Balance up to ₹1 Lakh

2.50% per annum

Nil to ₹20,000, depending on the type of account

Balance above ₹1 Lakh up to ₹25 Lakh

3.00% per annum

Balance of ₹25 Lakh and above up to ₹5 Crore

4.00% per annum

Balance above ₹5 Crore upto ₹100 Crore

5.00% per annum

Balance above ₹100 Crore upto ₹150 Crore

7.05% per annum

Balance above ₹150 Crore upto ₹1400 Crore

7.00% per annum

Note: Rates mentioned as of 8th June, 2026, and can be revised by the bank without any notice. Please check with the bank before opening an account.

Also Read: Government Banks in India

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Which Bank is Best for a Savings Account in India?

The answer to the question of which bank is best for a savings account in India depends on many factors. Each bank also offers various kinds of bank accounts, which may have different minimum balance requirements and different limits to withdrawals. 

Here are some of the factors discussed that you must consider before choosing the best bank for you - 

All banks offer interest on the money stored in savings bank accounts. Of course, the rate of interest is higher for Fixed Deposits and Recurring Deposits, but you can also look at which bank offers the highest rate of interest on savings accounts.

The interest rate will depend on the amount of money that is parked in your account. In most cases, you will receive a higher rate of interest if you keep higher sums of money in your account.

You can check this information by visiting a bank’s website and searching for ‘Interest Rates’.

Banks have various kinds of savings bank accounts that they offer, including special accounts for pensioners, students, and women. The minimum balance may be nil if you have opened a zero balance account, while it may go up to Rs.25,000. 

You can choose a bank that has an affordable minimum balance, as you would need to deposit that amount while opening the bank account. 

When you open a bank account, considering both online and offline accessibility is important. Given your busy lifestyle, you will mostly be conducting your banking transactions online. Thus, whether the bank has a functional app and website, as well as how secure and easy to use they are should be considered before opening an account. 

Apart from this, it is inevitable that you might have to visit the bank branch for something or the other. Thus, checking if the bank has a branch close to where you stay is important. 

The fees and charges include charges for failing to maintain the minimum balance, yearly charges for sending SMS notifications, ATM charges, etc. All banks charge some fee for maintaining your account. Don’t forget to check how high they are before you choose a bank to open an account.

Also Read: Types of Bank Accounts

Banks have certain rules regarding the highest amount that can be withdrawn from your account. 

Pay close attention to your lifestyle and requirements, as that will determine how much you will need to withdraw on a daily basis. That, in turn, might determine which bank will be the best choice for you. 

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Conclusion

There is no definite answer to the question ‘which bank is best for savings account in India’ as it depends on your specific needs. You can compare various aspects of the top banks and choose one that is best for you.

Having a bank account also helps you to get loans when you are in need of urgent money. It becomes easier to submit proof of income when your income gets deposited directly in your account. 

Best Banks for Savings Accounts in India - Related FAQs

Which bank has the best savings account depends on what factors you choose to compare them on. If you are looking for a zero-balance account, you can choose SBI, UBI, RBL, or IndusInd Bank. But if are looking for good interest rates, then RBL Bank would be the best choice for you.
Yes, SBI has the option of opening a zero-balance savings bank account.
Consider factors like accessibility, distance to the nearest bank branch, facilities provided, minimum balance required, interest rates offered, etc. to choose which bank account will be best for you.
Both are top banks that offer an array of services to their customers. Their online banking facilities are also top-notch. Thus, you should go through the fees and charges, and the minimum balance that needs to be maintained before you decide which will be better for you.

Yes, you can easily have two accounts in one bank. 

The starting interest rate depends on factors such as credit history, financial obligations, specific lender's criteria and Terms and conditions. Moneyview is a digital lending platform; all loans are evaluated and disbursed by our lending partners, who are registered as Non-Banking Financial Companies or Banks with the Reserve Bank of India.

This article is for informational purposes only and does not constitute financial or legal advice. Always consult with your financial advisor for specific guidance.

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