Savings Accounts have been the easiest and most convenient investment option for all beginner investors. Those who have a steady income through salary or any other source serve as the ideal candidates for savings accounts. This type of account brings along many benefits that can assist one in starting off on the path to savings and then gradually develop their investment portfolio. Most Indian banks offer the facility of various types of Savings Accounts that are designed to suit the necessities of a diverse customer base.
There are innumerable banks in India that offer their customers the facility to open Savings Accounts. One may consider the banks as listed as follows:
Kotak Mahindra Bank
This bank caters to a varied customer base. It offers Savings Accounts for various customers based on their residence status. Domestic Savings Account holders get an interest rate of 6% per annum, while all non-resident Savings Account holders, receive an interest rate of 4% per annum.
State Bank of India (SBI)
SBI offers different types of Savings Accounts such as Basic Savings Account, Yuva Savings Bank Account, Savings Plus Account and many more. These various accounts target different levels of customers. All the SBI Savings Accounts carry a flat interest rate of 4.00% per annum.
Being one of the leading banks in India, ICICI Bank offers many types of Saving Accounts to its customers such as the Silver Savings Account, Freedom Savings Account, Advantage Woman Savings Account, Basic Savings Bank Account, etc. All of ICICI’s Savings Accounts offer a uniform rate of interest, fixed at 4.00% per annum.
Yes Bank offers a desirable interest rate for Savings Accounts. The bank has recently revised their interest rates. It now offers an interest rate of 7% for all Savings Accounts that have a balance over Rs 3 lakh and 6% for the ones with a balance below Rs 3 lakh.
Citibank, being one of the most notable international banks operating in India, offers several types of Savings Accounts. Customers can opt for the Citibank Savings Account or the Citibank Suvidha Salary Account or the Citibank Savings Account for expatriates and more. The bank offers a 4% interest rate on these savings accounts. It is earned on the daily balance maintained in the account, and it is credited on a half-yearly basis.
Axis bank is no doubt one of the premier financial institutions of India. It offers a diverse choice of Savings Accounts that are specifically designed to match specific sets of customer requirements. Axis Bank also offers a 4% interest rate its Savings Accounts.
IndusInd Bank strives to cater to the requirements of a diversified customer base. It also offers a variety of Savings Accounts specifically designed for different financial needs of their customers. They offer an interest rate of 4% on savings accounts to those who maintain a daily balance of up to Rs 1 lakh; 5% for those maintaining a daily balance between Rs 1 lakh and Rs 10 lakhs, and 6% for those with a daily balance exceeding Rs 10 lakhs.
DCB Bank is another leading scheduled commercial banks. It offers its customers the convenience of opening various types of Savings Accounts. The bank offers competitive interest rates on all of these accounts so that the account holders can obtain the maximum benefit from their savings. DCB Shubh-Labh Savings Account holders can enjoy the interest rate of 4% per annum.
RBL is one of India's emerging scheduled commercial banks. It offers customized savings account schemes to its customers. The bank offers ranging rates of interest to its savings account holders, credited on a half-yearly basis. The interest rate varies, depending on the average daily balance maintained in the account. At the moment, a savings account in RBL with a daily balance of Rs. 10 lakh and above gets 7% interest; the ones with a daily balance of less than Rs. 10 lakhs get 6.1% interest. Accounts with daily balance up to Rs. 1 lakh gets 5.1% interest.
HDFC Bank offers plenty of attractive feature-rich options for customers to choose from. Each account is accompanied by some unique features and privileges, which make it much easier for a customer to manage his or her money. HDFC offers an interest rate of 4% per annum on its savings accounts, earned on the average daily account balance and credited on a half-yearly basis.