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Savings Account - Check Complete Information in India 2024
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href="/credit-card/best-co-branded-credit-cards-in-india.html" title="Co-branded Credit Cards" aria-label="Co-branded Credit Cards">Co-branded Credit Cards</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/credit-card/rbl-bank-bankbazaar-savemax-credit-card.html" title="RBL SaveMax Credit Card" aria-label="RBL SaveMax Credit Card">RBL SaveMax Credit Card</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/credit-card/finbooster-yes-bank-bankbazaar-co-branded-credit-card.html " title="Yes Bank FinBooster Credit Card" aria-label="Yes Bank FinBooster Credit Card">Yes Bank FinBooster Credit Card</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/hdfc-credit-card.html" title="HDFC Credit Cards" aria-label="HDFC Credit Cards">HDFC Credit Cards</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/sbi-credit-card.html" title="SBI Credit Cards" aria-label="SBI Credit Cards">SBI Credit Cards</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/indusind-credit-card.html" title="Indusind Bank Credit cards" aria-label="Indusind Bank Credit cards">Indusind Bank Credit cards</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/credit-card/top-10-credit-cards-in-india.html" title="Top 10 Credit Cards" aria-label="Top 10 Credit Cards">Top 10 Credit Cards</a></li></ul></div></details></div><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-school mr-2 h-full"><path d="M14 22v-4a2 2 0 1 0-4 0v4"></path><path d="m18 10 4 2v8a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2v-8l4-2"></path><path d="M18 5v17"></path><path d="m4 6 8-4 8 4"></path><path d="M6 5v17"></path><circle cx="12" cy="9" r="2"></circle></svg>Home Loans<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ul class="list-none "><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan.html" title="Compare Home Loans" aria-label="Compare Home Loans">Compare Home Loans</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan/emi-calculator.html" title="Home Loan Calculator" aria-label="Home Loan Calculator">Home Loan Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan-interest-rate.html" title="Home Loan Interest Rates" aria-label="Home Loan Interest Rates">Home Loan Interest Rates</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan-eligibility.html" title="Home Loan Eligibility" aria-label="Home Loan Eligibility">Home Loan Eligibility</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan-balance-transfer.html" title="Home Loan Transfer" aria-label="Home Loan Transfer">Home Loan Transfer</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan/pradhan-mantri-awas-yojana.html" title="PMAY" aria-label="PMAY">PMAY</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/sbi-home-loan.html" title="SBI Home Loan" aria-label="SBI Home Loan">SBI Home Loan</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/hdfc-home-loan.html" title="HDFC Home Loan" aria-label="HDFC Home Loan">HDFC Home Loan</a></li></ul></div></details></div><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-indian-rupee mr-2 h-full"><path d="M6 3h12"></path><path d="M6 8h12"></path><path d="m6 13 8.5 8"></path><path d="M6 13h3"></path><path d="M9 13c6.667 0 6.667-10 0-10"></path></svg>Personal Loans<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ul class="list-none "><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/personal-loan.html" title="Compare Personal Loans" aria-label="Compare Personal Loans">Compare Personal Loans</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/personal-loan/emi-calculator.html" title="Personal Loan Calculator" aria-label="Personal Loan Calculator">Personal Loan Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/personal-loan-interest-rate.html" title="Personal Loan Interest Rates" aria-label="Personal Loan Interest Rates">Personal Loan Interest Rates</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/personal-loan-eligibility.html" title="Personal Loan Eligibility" aria-label="Personal Loan Eligibility">Personal Loan Eligibility</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/sbi-personal-loan.html" title="SBI Personal Loan" aria-label="SBI Personal Loan">SBI Personal Loan</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/hdfc-personal-loan.html" title="HDFC Personal Loan" aria-label="HDFC Personal Loan">HDFC Personal Loan</a></li></ul></div></details></div><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-indian-rupee mr-2 h-full"><path d="M6 3h12"></path><path d="M6 8h12"></path><path d="m6 13 8.5 8"></path><path d="M6 13h3"></path><path d="M9 13c6.667 0 6.667-10 0-10"></path></svg>Other Loans<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ul class="list-none "><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/car-loan.html" title="Car Loan" aria-label="Car Loan">Car Loan</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/two-wheeler-loan.html" title="Two Wheeler Loan" aria-label="Two Wheeler Loan">Two Wheeler Loan</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/education-loan.html" title="Education Loan" aria-label="Education Loan">Education Loan</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/gold-loan.html" title="Gold Loan" aria-label="Gold Loan">Gold Loan</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan/loan-against-property.html" title="Loan Against Property" aria-label="Loan Against Property">Loan Against Property</a></li></ul></div></details></div><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-calculator mr-2 h-full"><rect width="16" height="20" x="4" y="2" rx="2"></rect><line x1="8" x2="16" y1="6" y2="6"></line><line x1="16" x2="16" y1="14" y2="18"></line><path d="M16 10h.01"></path><path d="M12 10h.01"></path><path d="M8 10h.01"></path><path d="M12 14h.01"></path><path d="M8 14h.01"></path><path d="M12 18h.01"></path><path d="M8 18h.01"></path></svg>Calculators<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ul class="list-none "><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/finance-tools/emi-calculator.html" title="EMI Calculator" aria-label="EMI Calculator">EMI Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan/emi-calculator.html" title="Home Loan EMI Calculator" aria-label="Home Loan EMI Calculator">Home Loan EMI Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/personal-loan/emi-calculator.html" title="Personal Loan EMI Calculator" aria-label="Personal Loan EMI Calculator">Personal Loan EMI Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/car-loan/emi-calculator.html" title="Car Loan EMI Calculator" aria-label="Car Loan EMI Calculator">Car Loan EMI Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/tax/income-tax-calculator.html" title="Income Tax Calculator" aria-label="Income Tax Calculator">Income Tax Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/fixed-deposit/fd-calculator.html" title="FD Calculator" aria-label="FD Calculator">FD Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/recurring-deposit/rd-interest-calculator.html" title="RD Calculator" aria-label="RD Calculator">RD Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/calculators.html" title="All Financial Calculators" aria-label="All Financial Calculators">All Financial Calculators</a></li></ul></div></details></div><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-indian-rupee mr-2 h-full"><path d="M6 3h12"></path><path d="M6 8h12"></path><path d="m6 13 8.5 8"></path><path d="M6 13h3"></path><path d="M9 13c6.667 0 6.667-10 0-10"></path></svg>Investments<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ul class="list-none "><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/fixed-deposit-rate.html" title="Fixed Deposit" aria-label="Fixed Deposit">Fixed Deposit</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/recurring-deposit-rates.html" title="Recurring Deposit" aria-label="Recurring Deposit">Recurring Deposit</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account.html" title="Savings Account" aria-label="Savings Account">Savings Account</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/saving-schemes.html" title="Saving Schemes" aria-label="Saving Schemes">Saving Schemes</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/gold-rate-india.html" title="Gold Rate" aria-label="Gold Rate">Gold Rate</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/silver-rate-india.html" title="Silver Rate" aria-label="Silver Rate">Silver Rate</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/mutual-fund.html" title="Mutual Funds" aria-label="Mutual Funds">Mutual Funds</a></li></ul></div></details></div><span><a href="/credit-score.html" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 minW-auto bg-inherit text-inherit hover:bg-inherit no-underline h-auto text-wrap font-medium focus-visible:ring-0 w-full py-4"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-wallet-cards mr-2 h-full"><rect width="18" height="18" x="3" y="3" rx="2"></rect><path d="M3 9a2 2 0 0 1 2-2h14a2 2 0 0 1 2 2"></path><path d="M3 11h3c.8 0 1.6.3 2.1.9l1.1.9c1.6 1.6 4.1 1.6 5.7 0l1.1-.9c.5-.5 1.3-.9 2.1-.9H21"></path></svg><span class="flex-auto "><strong><p class="text-sm ">Credit Score</p></strong></span><img src="https://static.bankbazaar.com/images/common/bbicons-menu-free-badge.webp" alt="FREE" title="FREE" width="40" height="20" style="max-width:100%;display:inline"/></a></span><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-file-text mr-2 h-full"><path d="M15 2H6a2 2 0 0 0-2 2v16a2 2 0 0 0 2 2h12a2 2 0 0 0 2-2V7Z"></path><path d="M14 2v4a2 2 0 0 0 2 2h4"></path><path d="M10 9H8"></path><path d="M16 13H8"></path><path d="M16 17H8"></path></svg>Govt. Utility Documents<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ul class="list-none "><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/pan-card.html" title="Pan Card" aria-label="Pan Card">Pan Card</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/aadhar-card.html" title="Aadhaar Card" aria-label="Aadhaar Card">Aadhaar Card</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/voter-id.html" title="Voter ID" aria-label="Voter ID">Voter ID</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/electricity-bill.html" title="Electricity Bill" aria-label="Electricity Bill">Electricity Bill</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/driving-licence.html" title="Driving Licence" aria-label="Driving Licence">Driving Licence</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/passport.html" title="Passport" aria-label="Passport">Passport</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/visa.html" title="Visa" aria-label="Visa">Visa</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/gas-connection.html" title="Gas Connection" aria-label="Gas Connection">Gas Connection</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/ration-card.html" title="Ration Card" aria-label="Ration Card">Ration Card</a></li></ul></div></details></div><span><a href="/getapp.html" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 minW-auto bg-inherit text-inherit hover:bg-inherit no-underline h-auto text-wrap font-medium focus-visible:ring-0 w-full py-4"><span class="mr-2"><img src="https://static.bankbazaar.com/images/common/bbicons-menu-download-app.webp" alt="Download App" title="Download App" width="25" height="28" style="max-width:100%;display:inline"/></span><span class="flex-auto "><strong><p class="text-sm ">Download Mobile App</p></strong></span><img src="https://static.bankbazaar.com/images/common/bbicons-menu-android-star-badge.webp" alt="Badge" title="Badge" width="12" height="20" style="max-width:100%;display:inline"/></a></span><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-umbrella mr-2 h-full"><path d="M22 12a10.06 10.06 1 0 0-20 0Z"></path><path d="M12 12v8a2 2 0 0 0 4 0"></path><path d="M12 2v1"></path></svg>Insurance<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 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Savings Account</h4><ul class="list-none "><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account.html" title="Savings Account" target="_blank" aria-label="Savings Account">Savings Account</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/best-zero-balance-savings-account-for-indian-citizens.html" title="Best Zero Balance Savings Account" target="_blank" aria-label="Best Zero Balance Savings Account">Best Zero Balance Savings Account</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/steps-to-open-sbi-savings-account.html" title="SBI Savings Account" target="_blank" aria-label="SBI Savings Account">SBI Savings Account</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/hdfc-bank-savings-account.html" title="HDFC Bank Savings Account" target="_blank" aria-label="HDFC Bank Savings Account">HDFC Bank Savings Account</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/axis-bank-savings-account.html" title="Axis Bank Savings Account" target="_blank" aria-label="Axis Bank Savings Account">Axis Bank Savings Account</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/union-bank-of-india-savings-account.html" title="UBI Savings Account" target="_blank" aria-label="UBI Savings Account">UBI Savings Account</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/citibank-savings-account.html" title="Citibank Savings Account" target="_blank" aria-label="Citibank Savings Account">Citibank Savings Account</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/punjab-national-bank-savings-account.html" title="PNB Savings Account" target="_blank" aria-label="PNB Savings Account">PNB Savings Account</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/savings-account-interest-rates.html" title="Savings Account Interest Rates" target="_blank" aria-label="Savings Account Interest Rates">Savings Account Interest Rates</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account-guide/savings-bank-accounts-vs-current-accounts.html" title="Savings Account vs Current Account" target="_blank" aria-label="Savings Account vs Current Account">Savings Account vs Current Account</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/banks-with-highest-savings-account-interest-rates-in-india.html" title="Banks with Highest Interest Rates in India" target="_blank" aria-label="Banks with Highest Interest Rates in India">Banks with Highest Interest Rates in India</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/sbi-quick-missed-call-banking.html" title="SBI Balance Enquiry" target="_blank" aria-label="SBI Balance Enquiry">SBI Balance Enquiry</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/sbi-salary-account.html" title="SBI Salary Account" target="_blank" aria-label="SBI Salary Account">SBI Salary Account</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/kotak-811.html" title="Kotak 811" target="_blank" aria-label="Kotak 811">Kotak 811</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/demonetisation.html" title="Demonetisation" target="_blank" aria-label="Demonetisation">Demonetisation</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/internet-banking.html" title="Internet Banking" target="_blank" aria-label="Internet Banking">Internet Banking</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/sbi-net-banking.html" title="SBI Net Banking" target="_blank" aria-label="SBI Net Banking">SBI Net Banking</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/pnb-net-banking.html" title="PNB Net Banking" target="_blank" aria-label="PNB Net Banking">PNB Net Banking</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/idbi-bank-net-banking.html" title="IDBI Bank Net Banking" target="_blank" aria-label="IDBI Bank Net Banking">IDBI Bank Net Banking</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/canara-bank-net-banking.html" title="Canara Bank Net Banking" target="_blank" aria-label="Canara Bank Net Banking">Canara Bank Net Banking</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/bank-of-baroda-net-banking.html" title="BOB Net Banking" target="_blank" aria-label="BOB Net Banking">BOB Net Banking</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/union-bank-of-india-net-banking.html" title="UBI Net Banking" target="_blank" aria-label="UBI Net Banking">UBI Net Banking</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/indusind-net-banking.html" title="Indusind Net Banking" target="_blank" aria-label="Indusind Net Banking">Indusind Net Banking</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/axis-net-banking.html" title="Axis Net Banking" target="_blank" aria-label="Axis Net Banking">Axis Net Banking</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/hdfc-netbanking.html" title="HDFC Net Banking" target="_blank" aria-label="HDFC Net Banking">HDFC Net Banking</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/sbi-mobile-banking.html" title="SBI Mobile Banking" target="_blank" aria-label="SBI Mobile Banking">SBI Mobile Banking</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/axis-mobile-banking.html" title="AXIS Mobile Banking" target="_blank" aria-label="AXIS Mobile Banking">AXIS Mobile Banking</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/bank-of-baroda-mobile-banking.html" title="BOB Mobile Banking" target="_blank" aria-label="BOB Mobile Banking">BOB Mobile Banking</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/how-to-activate-sbi-sms-banking-for-the-first-time.html" title="SBI SMS Banking" target="_blank" aria-label="SBI SMS Banking">SBI SMS Banking</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account/hdfc-sms-banking.html" title="HDFC SMS Banking" target="_blank" aria-label="HDFC SMS Banking">HDFC SMS Banking</a></li></ul></div></div><div data-inline-ad-position="LEFT_NAV"></div></aside></div><div class=" lg:col-span-10 md:col-span-10 col-span-12"><div class="flex flex-col gap-2.5 px-1"><div class="items-center flex gap-2.5"><h1 class="text-xl font-bold ">Savings Account </h1></div><div class="rounded-lg border border-slate-200 text-slate-950 shadow-sm dark:border-slate-800 dark:bg-slate-950 dark:text-slate-50 relative bg-primary-light"><div class="p-2.5"><div class="pr-md font-large" style="max-height:500px;overflow-y:auto"><p class="text-base "><strong>Savings account </strong>is one of the most preferred financial instruments that is offered by every Indian banks. The accountholders can deposit money and earn interest from the deposited funds. The reliability, high liquidity rate, easy access, and no limitation on deposit and withdrawal makes it one of the most preferred deposit options. Here are more details about savings accounts, types, features, and other significant information. </p></div></div></div><div><div class="mb-xl"><span style="background-color:#ffff009c" class="mb-xl">Updated On - 23 Nov 2024</span></div><div class="flex flex-col gap-1"><div class="text-center mt-4 mb-4"><a href="https://www.bankbazaar.com/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_SABUTTON_34100_1&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_SABUTTON_34100_1" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 py-2 minW-auto no-underline h-auto text-wrap font-medium focus-visible:ring-0 bg-destructive text-destructive-foreground hover:bg-destructive-300" title="Check your Credit Score for Free">Check your Credit Score for Free</a></div><h2 class="text-lg font-bold pt-5">What is a Savings Account? </h2><p class="text-base ">Bank accounts are of various types that are offered by Indian banks, out of which savings account is one of the essential bank accounts where individuals can deposit funds and earn decent interest. These accounts offer a safe place to deposit your money and offer interest monthly, quarterly, half-yearly, or annually.</p><h2 class="text-lg font-bold pt-5">Features of a Savings Account:</h2></div><div><div class="flex flex-col gap-1"><div class="mb-2.5"><img src="https://static.bankbazaar.com/images/india/infographic/savings-account-in-India.webp" alt="Savings Account" title="Savings Account" width="400" height="250" loading="lazy" style="max-width:100%;display:block;float:left;margin:0 auto"/></div><div class="text-center mt-4 mb-4"><a href="https://www.bankbazaar.com/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_SABUTTON_34100_2&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_SABUTTON_34100_2" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 py-2 minW-auto no-underline h-auto text-wrap font-medium focus-visible:ring-0 bg-destructive text-destructive-foreground hover:bg-destructive-300" title="Check your Credit Score for Free">Check your Credit Score for Free</a></div><p class="text-base ">The following are the key features of a savings account: </p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Interest rate offered to general customer ranges between<strong> 2.00% to 7.00% </strong></li><li class="pt-1 pb-1">Additional interest rate of 0.50% above regular rates offered to the senior citizen customers</li><li class="pt-1 pb-1">Bank deposit up to Rs.5 lakh is insured by DICGC (Deposit Insurance and Credit Guarantee Corporation) </li><li class="pt-1 pb-1">Ensures high liquidity for transferring or withdrawing as many times as accountholders wants </li><li class="pt-1 pb-1">Enables accountholder to link savings account with fixed deposits in the same bank </li><li class="pt-1 pb-1">Savings account holders are provided with ATM or debit cards for making online payment, or cash withdrawals </li><li class="pt-1 pb-1">Enables users to perform fund transfer through <a href="https://www.bankbazaar.com/ifsc/unified-payment-interface-upi.html" target="_blank">UPI</a> (Unified Payment Interface), <a href="https://www.bankbazaar.com/ifsc/national-electronics-fund-transfer-neft.html" target="_blank">NEFT</a> (NEFT National Electronic Fund Transfer), <a href="https://www.bankbazaar.com/ifsc/real-time-gross-settlement-system-rtgs.html" target="_blank">RTGS</a> (Real Time Gross Settlement), <a href="https://www.bankbazaar.com/ifsc/immediate-payment-service-imps.html" target="_blank">IMPS</a> (Immediate Payment Service), net banking, mobile banking, or by visiting the branch</li><li class="pt-1 pb-1">Does not impose any limitation on the amount that can be deposited </li><li class="pt-1 pb-1">Enables users to operate their savings account through net banking, mobile banking, SMS banking, etc. </li><li class="pt-1 pb-1">Monthly Average Balance (MAB) requirements should be adhered by the accountholders </li><li class="pt-1 pb-1">Offers various discounts and offers on savings account deposits and debit cards linked to it </li><li class="pt-1 pb-1">Interest payment option can be chosen by the accountholder- monthly, quarterly, semi-annually, and yearly<br/></li></ol><div class="text-center mt-4 mb-4"><a href="https://www.bankbazaar.com/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_SABUTTON_34100_3&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_SABUTTON_34100_3" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 py-2 minW-auto no-underline h-auto text-wrap font-medium focus-visible:ring-0 bg-destructive text-destructive-foreground hover:bg-destructive-300" title="Check your Credit Score for Free">Check your Credit Score for Free</a></div><div data-inline-ad-position="HUNGRY_FOR_MORE"></div><h2 class="text-lg font-bold pt-5">Types of Savings Accounts:</h2><p class="text-base ">The following are the types of savings accounts: </p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Regular Savings Account:</strong> This is one of the most common simplest savings accounts that one can open after completing e-KYC (Know Your Customer) and earn interest from the deposit. Some banks maintain a minimum balance and charge a minimal annual fee for account maintenance. </li><li class="pt-1 pb-1"><strong>Zero Balance or Basic Savings Bank Deposit Account:</strong> These account does not offer any limitation of maintaining the minimum average monthly balance and this account can be opened and maintained even without depositing any amount. Though there is no MAB restriction, the banks limit the number of ATM withdrawals, do not offer cheque book facility, and limit the type of debit card available. </li><li class="pt-1 pb-1"><strong>Senior Citizens’ Savings Account: </strong>These accounts are for individuals above 60 years of age and offer special privileges to them, such as an additional interest rate, dedicated relationships manager, lower interest on credit, etc. </li><li class="pt-1 pb-1"><strong>Women’s Savings Account:</strong> These accounts are specially designed for women and comes with various privileges for women, such as special debit cards for women, preferential loan and credit offers, discounts on lockers, complimentary multicity cheque books, unlimited ATM cash withdrawals, relaxation on minimum balance requirement, etc. </li><li class="pt-1 pb-1"><strong>Kids’ Savings Account: </strong>Parents or guardians of children under 18 years of age can open these accounts by providing identification proof and declaration of the parents or guardians. These savings accounts provide regulated deposit schemes and specify the spending limit to inculcate disciplined financial behaviour among children from the very beginning. </li><li class="pt-1 pb-1"><strong>Instant Digital Savings Account: </strong>These accounts can be opened online within a few seconds via mobile or banking applications by completing the KYC procedures. The bank keeps the account on hold in case the accountholder does not complete the KYC procedure within a specific period. Some banks set the maximum deposit limit of these accounts up to Rs.1 lakh. </li><li class="pt-1 pb-1"><strong>Salary Account: </strong>These accounts are for salaried accountholders who receive their monthly salary in these accounts. Some of the significant features of these accounts, such as free cheque book, international debit card, zero balance accounts, complementary personal accidental insurance cover, preferential interest rates on loans, etc. </li><li class="pt-1 pb-1"><strong>Family Savings Account:</strong> These accounts enable family members t open multiple accounts under one family ID and allows them to avail various benefits, such as recurring deposit, fixed deposit, etc. Family members covered under this account are parents, spouse, children, in-laws, grandparents, grandchildren, etc. </li></ol><div class="text-center mt-4 mb-4"><a href="https://www.bankbazaar.com/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_SABUTTON_34100_4&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_SABUTTON_34100_4" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 py-2 minW-auto no-underline h-auto text-wrap font-medium focus-visible:ring-0 bg-destructive text-destructive-foreground hover:bg-destructive-300" title="Check your Credit Score for Free">Check your Credit Score for Free</a></div><h2 class="text-lg font-bold pt-5">Eligibility Criteria to Open a Savings Account:</h2><p class="text-base ">Here is the list of eligibility criteria to open a savings account: </p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Must be above 18 years of age </li><li class="pt-1 pb-1">Applicants below 18 years of age can open minor or kids savings accounts </li><li class="pt-1 pb-1">Should resident of India </li><li class="pt-1 pb-1">Foreign individuals residing in India can open only specific savings accounts offered by few banks </li></ol><h2 class="text-lg font-bold pt-5">Documents Required to Open a Savings Account:</h2><p class="text-base ">Here is the list of documents required to open a savings account: </p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><a href="/pan-card.html" target="_blank">PAN card </a></li><li class="pt-1 pb-1"><a href="/aadhar-card.html" target="_blank">Aadhar card</a>, for linking it with savings account to receive various eligible government subsidies </li><li class="pt-1 pb-1">Other documents such as identity and residential proof that includes Voter ID cards, <a href="/ration-card.html" target="_blank">ration cards</a>, <a href="/driving-licence.html" target="_blank">driving licence</a>, etc. </li><li class="pt-1 pb-1">Photograph or video as required depending on account type </li></ol><div class="text-center mt-4 mb-4"><a href="https://www.bankbazaar.com/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_SABUTTON_34100_5&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_SABUTTON_34100_5" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 py-2 minW-auto no-underline h-auto text-wrap font-medium focus-visible:ring-0 bg-destructive text-destructive-foreground hover:bg-destructive-300" title="Check your Credit Score for Free">Check your Credit Score for Free</a></div><div data-inline-ad-position="HUNGRY_FOR_MORE"></div><h2 class="text-lg font-bold pt-5">Some of the Best Savings Account Interest Rate: </h2><p class="text-base ">Here is the list of various types of banking sectors and their corresponding savings account interest rates: </p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Public Sector Banks </strong></li></ol><p class="text-base ">Here is the list of top public sector banks and their savings account interest rates: </p><div class="relative w-full overflow-auto"><table class="w-full caption-bottom text-sm border"><thead class="[&_tr]:border-b font-bold"><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base ">Public Sector Banks </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base ">Interest Rates (p.a.) </p></td></tr></thead><tbody class="[&_tr:last-child]:border-0"><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base "><a href="/savings-account/sbi-savings-account.html" target="_blank">State Bank of India </a></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2.70% for less than Rs.10 crore3.00% for above Rs.10 crore </p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base "><a href="/savings-account/bank-of-baroda-basic-savings-account.html" target="_blank">Bank of Baroda</a> </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">4.50% for above Rs.1000 crore</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base "><a href="/savings-account/bank-of-india-savings-account.html" target="_blank">Bank of India </a></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">2.90%</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base "><a href="/savings-account/punjab-national-bank-savings-account.html" target="_blank">Punjab National Bank</a> </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">3.00%</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base "><a href="/savings-account/central-bank-of-India-savings-account.html" target="_blank">Central Bank of India</a> </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">3.25%</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base "><a href="/savings-account/canara-bank-savings-account.html" target="_blank">Canara Bank</a> </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">4.00%</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base "><a href="/savings-account/indian-bank-savings-account.html" target="_blank">Indian Bank</a> </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">3.25%</p></td></tr></tbody></table></div><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Private Sector Banks </strong></li></ol><p class="text-base ">Here is the list of top private sector banks and their savings account interest rates: </p><div class="relative w-full overflow-auto"><table class="w-full caption-bottom text-sm border"><thead class="[&_tr]:border-b font-bold"><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base ">Private Sector Banks </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base ">Interest Rates (p.a.) </p></td></tr></thead><tbody class="[&_tr:last-child]:border-0"><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base "><a href="/savings-account/icici-bank-savings-account.html" target="_blank">ICICI Bank</a> </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Up to 3.50%</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base "><a href="/savings-account/hdfc-bank-savings-account.html" target="_blank">HDFC Bank</a> </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Up to 3.50%</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base "><a href="/savings-account/axis-bank-savings-account.html" target="_blank">Axis Bank</a> </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Up to 3.50%</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base "><a href="/savings-account/indusind-bank-saving-account.html" target="_blank">IndusInd Bank</a> </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Up to 6.75%</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base "><a href="/savings-account/kotak-mahindra-bank-saving-account.html" target="_blank">Kotak Mahindra Bank </a></p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Up to 4.00%</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base "><a href="/savings-account/rbl-bank-savings-account.html" target="_blank">RBL Bank</a> </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">7.50% </p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base "><a href="/savings-account/idfc-first-bank-savings-accounts.html" target="_blank">IDFC First Bank</a> </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">7.00%</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base "><a href="/savings-account/yes-bank-savings-account.html" target="_blank">Yes Bank</a> </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">3.00% to 7.00%</p></td></tr></tbody></table></div><div class="text-center mt-4 mb-4"><a href="https://www.bankbazaar.com/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_SABUTTON_34100_FAQ_6&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_SABUTTON_34100_FAQ_6" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 py-2 minW-auto no-underline h-auto text-wrap font-medium focus-visible:ring-0 bg-destructive text-destructive-foreground hover:bg-destructive-300" title="Check your Credit Score for Free">Check your Credit Score for Free</a></div><h2 class="text-lg font-bold pt-5">Small Finance Banks (SFB) </h2><p class="text-base ">Here is the list of top small finance sector banks and their savings account interest rates: </p><div class="relative w-full overflow-auto"><table class="w-full caption-bottom text-sm border"><thead class="[&_tr]:border-b font-bold"><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base ">Small Finance Banks </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base ">Interest Rates (p.a.) </p></td></tr></thead><tbody class="[&_tr:last-child]:border-0"><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base "><a href="https://www.bankbazaar.com/savings-account/ujjivan-savings-account.html" target="_blank">Ujjivan SFB</a> </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Up to 7.50%</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Equitas SFB </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Up to 7.80%</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Suryoday SFB </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Up to 7.75%</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Jana SFB </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Up to 7.55%</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Utkarsh SFB </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Up to 7.75%</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">ESAF SFB </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">4.00% to 7.50% </p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">AU SFB </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">3.50% to 7.25% </p></td></tr></tbody></table></div><h2 class="text-lg font-bold pt-5">How Does a Savings Account Work? </h2><p class="text-base ">The following are the features of a savings account that ensures its functionalities: </p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Deposit Cheques: </strong>Deposits can be made through cheque if allowed by the respective banks and the status of the deposit can also be checked through the bank’s mobile application. </li><li class="pt-1 pb-1"><strong>Direct Deposit: </strong>Through the direct deposit facility, you can transfer your funds directly to your savings account.</li><li class="pt-1 pb-1"><strong>Deposit or Withdraw Cash:</strong> Withdrawals or cash deposits can be done through ATM and by visiting bank’s branch. </li><li class="pt-1 pb-1"><strong>Request a Cheque: </strong>You can request your bank to issue a cheque using the funds in your savings account. </li><li class="pt-1 pb-1"><strong>Electronic Transfers (Bank to Bank):</strong> Savings account offers online fund transfer option from one bank to another through various modes, such as IMPS (Immediate Payment Service), NEFT (National Electronic Fund Transfer), and RTGS (Real Time Gross Settlement). </li><li class="pt-1 pb-1"><strong>Transfer from Checking to Savings (Internal): </strong>Savings account enables you to transfer funds from your checking account to savings account internally and it can be done anytime instantaneously. </li></ol><div class="text-center mt-4 mb-4"><a href="https://www.bankbazaar.com/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_SABUTTON_34100_FAQ_7&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_SABUTTON_34100_FAQ_7" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 py-2 minW-auto no-underline h-auto text-wrap font-medium focus-visible:ring-0 bg-destructive text-destructive-foreground hover:bg-destructive-300" title="Check your Credit Score for Free">Check your Credit Score for Free</a></div><div data-inline-ad-position="HUNGRY_FOR_MORE"></div><h2 class="text-lg font-bold pt-5">How to Open a Savings Account in India? </h2><p class="text-base ">The following are methods to open a saving account in India: </p><p class="text-base "><strong>Online</strong> </p><p class="text-base ">Here are the steps to open a savings account in India online: </p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Visit the official website or the download the mobile application of the bank </li><li class="pt-1 pb-1">Select the type of account you want to open</li><li class="pt-1 pb-1">Provide the required details as mentioned, such as: </li><li class="pt-1 pb-1">Name </li><li class="pt-1 pb-1">Date of birth </li><li class="pt-1 pb-1"><a href="/pan-card.html" target="_blank">PAN </a></li><li class="pt-1 pb-1">Aadhar</li><li class="pt-1 pb-1">Address</li><li class="pt-1 pb-1">Complete the KYC process </li><li class="pt-1 pb-1">After successful verification of the documents, the savings account will be activated</li></ol><p class="text-base "><strong>Offline</strong> </p><p class="text-base ">The following are the steps to open savings account in India through offline mode: </p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Visit the nearest bank’s branch </li><li class="pt-1 pb-1">Obtain the application for opening savings accounts </li><li class="pt-1 pb-1">Provide the self-attested photocopies of identity and address proof </li><li class="pt-1 pb-1">As per the account type, deposit the required amount </li><li class="pt-1 pb-1">After depositing money and successfully verification, savings account will be activated by the bank </li></ol><h2 class="text-lg font-bold pt-5">Advantages and Disadvantages of Savings Account </h2><p class="text-base ">The following are the advantages and disadvantages of savings account: </p><p class="text-base "><strong>Advantages: </strong></p><p class="text-base ">The following are the advantages of the savings account: </p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Allows to set standing instruction for bill payments</li><li class="pt-1 pb-1">Withdrawal or deposit can be done anytime </li><li class="pt-1 pb-1">Accountholders can withdraw their funds from any of the bank’s ATMs across the country </li><li class="pt-1 pb-1">In case of bank defaults, savings account deposit up to Rs.5 lakh is insured by DICGC </li><li class="pt-1 pb-1">Fund transfer through savings account can be done through both offline and online mode </li><li class="pt-1 pb-1">Offers add-on insurance benefits, such as lost card liability, health insurance, personal accident insurance cover, etc.</li><li class="pt-1 pb-1">Depending on the type of account and debit card provided by the savings account, special offers and discounts will be provided to the accountholders </li></ol><p class="text-base "><strong>Disadvantages: </strong></p><p class="text-base ">The following are the disadvantages of the savings account: </p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Savings account will charge penalty on the accountholder for not maintaining a minimum balance or Monthly Average Balance (MAB) </li><li class="pt-1 pb-1">Savings account withdrawal through ATMs incur a set fee to accountholder after exceeding the maximum number of free transactions</li><li class="pt-1 pb-1">The money deposited in the bank will generate relatively low interest rates than other investment option </li></ol><h2 class="text-lg font-bold pt-5">Ways to Maximize your Earnings from a Savings Account </h2><p class="text-base ">The following are the ways to maximise your earnings from a savings account: </p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Taxes: </strong>You can maximise you are earning from a savings account by claiming a tax deduction on the interest earned in your savings account. Under Section 80TTA of the Income Tax Act of 1961, interest up to Rs.10,000 is tax free for accountholders under 60 years of age. While, under Section 80 TTB of the Income Tax Act of 1961, accountholders above 60 years of age can claim tax deduction for interest earned up to Rs.50,000. </li><li class="pt-1 pb-1"><strong>High rate of interest:</strong> To maximise your earnings from savings account, research online the interest rates offered by various banks and opt for the bank that offers the highest rate of interest on saving account deposit. </li></ol><h2 class="text-lg font-bold pt-5">How much should you keep in the savings accounts? </h2><p class="text-base ">Here are the details of how much you should you keep in the savings account: </p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">The banks and credit unions limit the sum of money in the CD account, savings account, money market, or checking account and the limit is set as per the account type or the total amount of all your accounts. </li><li class="pt-1 pb-1">Depending on the bank, the amount you would keep in your savings account may vary, which may be higher, lower, or nonexistence. Check the bank’s website or customer agreement for further details. </li></ol><h2 class="text-lg font-bold pt-5">How to Select the Most Suitable Savings Account? </h2><p class="text-base ">The following are the significant parameters that should be considered before selecting the most suitable savings account: </p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Minimum Balance Requirement: </strong>Some banks specify the minimum account balance amount, which if not maintained, the bank charges a penalty to the accountholder. While some banks offer zero balance accounts which are easy to maintain where you can charges imposed even if the account balance is zero, these types of accounts are one of the most suitable options provided they cater to all your requirements. </li><li class="pt-1 pb-1"><strong>Savings Account Interest Rate:</strong> The general interest rates offered on savings accounts by most Indian banks is 2.50%. Research online to opt for that savings bank account that offer highest interest rate. </li><li class="pt-1 pb-1"><strong>Low Account Maintenance Charges: </strong>Most of the Indian banks offers savings account that charges various service charges for providing services, such as cheque book issuance charges, ATM card annual fees, fund transfer charges, ATM withdrawal fees, statement issuance charges, etc. Opt for those savings account that charges affordable cost on savings accounts services. </li><li class="pt-1 pb-1"><strong>Debit Cards Features</strong>: Opt for those banks that offer debit cards with various features, such as joining benefits, complimentary movie tickets, travel benefits, discounts on purchases, no-cost or low-cost EMIs, along with several other discounts, offers, and deals. </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Additional Features:</strong> Check for those banks that offer additional features with savings accounts, such as free cheque book, net and mobile banking, doorstep cash deposit or withdrawal, etc. </li></ol><div class="text-center mt-4 mb-4"><a href="https://www.bankbazaar.com/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_SABUTTON_34100_FAQ_8&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_SABUTTON_34100_FAQ_8" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 py-2 minW-auto no-underline h-auto text-wrap font-medium focus-visible:ring-0 bg-destructive text-destructive-foreground hover:bg-destructive-300" title="Check your Credit Score for Free">Check your Credit Score for Free</a></div><div class="mb-2.5 py-1"><div class="grid grid-cols-12 gap-2.5"><div class=" lg:col-span-6 md:col-span-6 col-span-12"><div class="border bg-transparent hover:bg-transparent"><details name="accordion" class="px-2.5 py-2.5"><summary class="cursor-pointer block relative"><strong>Popular Pages from Savings Account<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ol class="list-disc list-outside ml-4 mr-4 columns-2"><li class=""><a href="/savings-account.html" title="Savings Account" target="_black">Savings Account</a></li><li class=""><a href="/savings-account/best-zero-balance-savings-account-for-indian-citizens.html" title="Best Zero Balance Savings Account" target="_black">Best Zero Balance Savings Account</a></li><li class=""><a href="/saving-schemes/post-office-savings-account.html" title="Post Office Savings Account" target="_black">Post Office Savings Account</a></li><li class=""><a href="/savings-account/steps-to-open-sbi-savings-account.html" title="SBI Savings Account " target="_black">SBI Savings Account </a></li><li class=""><a href="/savings-account/hdfc-bank-savings-account.html" title="HDFC Bank Savings Account " target="_black">HDFC Bank Savings Account </a></li><li class=""><a href="/savings-account/axis-bank-savings-account.html" title="Axis Bank Savings Account " target="_black">Axis Bank Savings Account </a></li><li class=""><a href="/savings-account/union-bank-of-india-savings-account.html" title="Union Bank of India Savings Account " target="_black">Union Bank of India Savings Account </a></li><li class=""><a href="/savings-account/citibank-savings-account.html" title="Citibank Savings Account 2023 " target="_black">Citibank Savings Account 2023 </a></li><li class=""><a href="/savings-account/punjab-national-bank-savings-account.html" title="Punjab National Bank Savings Account " target="_black">Punjab National Bank Savings Account </a></li><li class=""><a href="/savings-account/savings-account-interest-rates.html" title="Savings Account Interest Rates 2023" target="_black">Savings Account Interest Rates 2023</a></li><li class=""><a href="/savings-account-guide/savings-bank-accounts-vs-current-accounts.html" title="Savings Bank Accounts v/s Current Accounts" target="_black">Savings Bank Accounts v/s Current Accounts</a></li><li class=""><a href="/savings-account/zero-balance-saving-account.html" title="Zero Balance Account " target="_black">Zero Balance Account </a></li><li class=""><a href="/savings-account/banks-with-highest-savings-account-interest-rates-in-india.html" title="Banks with Highest Interest Rates in India" target="_black">Banks with Highest Interest Rates in India</a></li><li class=""><a href="/savings-account/sbi-quick-missed-call-banking.html" title="SBI Balance Enquiry" target="_black">SBI Balance Enquiry</a></li><li class=""><a href="/savings-account/kotak-811.html" title="Kotak 811" target="_black">Kotak 811</a></li></ol></div></details></div></div><div class=" lg:col-span-6 md:col-span-6 col-span-12"><div class="border bg-transparent hover:bg-transparent"><details name="accordion" class="px-2.5 py-2.5"><summary class="cursor-pointer block relative"><strong>Trending Pages from Savings Account<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ol class="list-disc list-outside ml-4 mr-4 columns-2"><li class=""><a href="/savings-account/internet-banking.html" title="Internet Banking" target="_black">Internet Banking</a></li><li class=""><a href="/savings-account/sbi-net-banking.html" title="SBI Online Netbanking" target="_black">SBI Online Netbanking</a></li><li class=""><a href="/savings-account/pnb-net-banking.html" title="PNB Net Banking" target="_black">PNB Net Banking</a></li><li class=""><a href="/savings-account/idbi-bank-net-banking.html" title="IDBI Bank Net Banking" target="_black">IDBI Bank Net Banking</a></li><li class=""><a href="/savings-account/canara-bank-net-banking.html" title="Canara Bank Net Banking" target="_black">Canara Bank Net Banking</a></li><li class=""><a href="/savings-account/bank-of-baroda-net-banking.html" title="Bank of Baroda Net Banking" target="_black">Bank of Baroda Net Banking</a></li><li class=""><a href="/savings-account/union-bank-of-india-net-banking.html" title="Union Bank Of India Net Banking" target="_black">Union Bank Of India Net Banking</a></li><li class=""><a href="/savings-account/indusind-net-banking.html" title="IndusInd Net Banking" target="_black">IndusInd Net Banking</a></li><li class=""><a href="/savings-account/axis-net-banking.html" title="Axis Bank Net Banking" target="_black">Axis Bank Net Banking</a></li><li class=""><a href="/savings-account/hdfc-netbanking.html" title="HDFC NetBanking " target="_black">HDFC NetBanking </a></li><li class=""><a href="/savings-account/sbi-mobile-banking.html" title="SBI Mobile Banking " target="_black">SBI Mobile Banking </a></li><li class=""><a href="/savings-account/axis-mobile-banking.html" title="Axis Bank Mobile Banking " target="_black">Axis Bank Mobile Banking </a></li><li class=""><a href="/savings-account/bank-of-baroda-mobile-banking.html" title="Bank of Baroda Mobile Banking(BOB M Connect) " target="_black">Bank of Baroda Mobile Banking(BOB M Connect) </a></li><li class=""><a href="/savings-account/how-to-activate-sbi-sms-banking-for-the-first-time.html" title="SBI SMS Banking" target="_black">SBI SMS Banking</a></li><li class=""><a href="/savings-account/hdfc-sms-banking.html" title="HDFC SMS Banking " target="_black">HDFC SMS Banking </a></li></ol></div></details></div></div></div></div></div><h2 class="text-lg font-bold pt-4">FAQs on Savings Account</h2><ul class="list-decimal list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Can I use my savings account if I travel to another city or state in India? </strong><p class="text-base ">Yes, you can use your savings account through online banking, phone banking, or visiting the ATM in the city, if you are travelling to another city or state within the country.</p></li><li class="pt-1 pb-1"><strong>Is it possible to have an unlimited number of Basic Savings Bank Deposit Accounts at one bank? </strong><p class="text-base ">No, with a bank you cannot open an unlimited number of Basic Savings Bank Deposit Accounts. The bank allows customer to open only one savings bank deposit account, </p></li><li class="pt-1 pb-1"><strong>Can an NRI open a savings account? </strong><p class="text-base ">Yes, an NRI (Non-Resident Indian) can pen a savings account in the country by dully filled and signed Account Opening Form (AOF) and attested by the Indian Consulate. Along with AOF, the applicant also needs to submit attested copies of documents like visa, passport, etc. </p></li><li class="pt-1 pb-1"><strong>When is the interest credited in a savings account? </strong><p class="text-base ">The interest on the savings account balance is calculated on a periodic basis, which is specified at the time of opening the account. The interest is paid monthly, quarterly, half-yearly of annually. </p></li><li class="pt-1 pb-1"><strong>Do all banks provide a cheque facility? </strong><p class="text-base ">Yes, most of the savings account offered by the Indian banks offers cheque book facility, while this service is not applicable for specific savings account, such as BSBDA, instant, digital accounts, etc. </p></li><li class="pt-1 pb-1"><strong>Is saving account interest taxable? </strong><p class="text-base ">Under Section 80TTA of Income Tax Act, the savings account interest up to Rs.10,000 is tax-free and any amount above this threshold limit is subject to TDS (Tax Deducted at Source) deduction. </p></li><li class="pt-1 pb-1"><strong>How can I check my savings account balance? </strong><p class="text-base ">You can check your savings bank account balance depending on the services offered by the specific bank, such as net banking, mobile banking, ATM, missed call service, SMS banking, or visiting the branch. </p></li><li class="pt-1 pb-1"><strong>Do I need to link the Aadhaar card with the savings account? </strong><p class="text-base ">Yes, you may need to link your Aadhar card with the savings account to avail yourself of various government subsidies and DBT benefits. </p></li><li class="pt-1 pb-1"><strong>When would the account holder receive the account statement? </strong><p class="text-base ">The accountholder will receive the account statement from the bank on a monthly basis at their registered email address. If the accountholder wishes to receive a hard copy, they need to request the bank and pay a minimal cost for it. </p></li><li class="pt-1 pb-1"><strong>Can I open a savings account without a PAN card? </strong><p class="text-base ">No, it is not possible to open a savings account without a PAN card as it has been made mandatory to link a PAN card with your savings account. In case you do not have a PAN, you need to provide Form 60 and mention the reason for not having a PAN card. </p></li><li class="pt-1 pb-1"><strong>Can I use UPI if my mobile number is not linked with the bank account? </strong><p class="text-base ">No, you cannot use UPI payment mode, if your mobile number is not linked with the bank account. Register the number one priority to avail yourself of UPI services. </p></li><li class="pt-1 pb-1"><strong>Can I open bank accounts in UAE and operate in India? </strong><p class="text-base ">Yes, if your open a bank account in UAE, then you operate the account online globally or by visiting the nearest branch within India. </p></li><li class="pt-1 pb-1"><strong>Are there charges for an ATM card linked to a savings account? </strong><p class="text-base ">Yes, there are specified charges that you need to pay for maintaining ATM card linked to your savings account depending on bank. Some banks waive the annual ATM card charges, provided you use their card for a specified denomination on shopping, dining, or for other transactions, or maintain the minimum average balance requirement as specified by the bank. </p></li></ul><script type="application/ld+json" data-testid="faq-json-ld">{"@context":"https://schema.org","@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Can I use my savings account if I travel to another city or state in India? ","acceptedAnswer":{"@type":"Answer","text":"Yes, you can use your savings account through online banking, phone banking, or visiting the ATM in the city, if you are travelling to another city or state within the country. ."}},{"@type":"Question","name":"Is it possible to have an unlimited number of Basic Savings Bank Deposit Accounts at one bank? ","acceptedAnswer":{"@type":"Answer","text":"No, with a bank you cannot open an unlimited number of Basic Savings Bank Deposit Accounts. 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Some banks waive the annual ATM card charges, provided you use their card for a specified denomination on shopping, dining, or for other transactions, or maintain the minimum average balance requirement as specified by the bank. ."}}]}</script><h2 class="text-lg font-bold pt-2 pb-2">News on Savings Account</h2><div class="flex flex-col gap-2.5"><div class="mb-xl"><div class="rounded-lg border border-slate-200 bg-white text-slate-950 shadow-sm dark:border-slate-800 dark:bg-slate-950 dark:text-slate-50 relative"><div class="flex flex-col space-y-1.5 p-4 bg-secondary text-secondary-foreground"><h3 class="font-semibold tracking-tight text-md text-bold">An Overview of NRO Account Interest Rates </h3></div><div class="p-2.5"><p class="text-base ">Non-resident Indians (NRIs) often utilise Non-Resident Ordinary (NRO) Accounts to handle their savings or income earned in India, including dividends, pensions, and rent, among others. This account allows NRIs to receive money in both Indian and international currencies, providing a convenient way to manage their income earned in India. Transferring funds between NRE and NRO accounts is also a straightforward process. However, it is important to note that Tax Deducted at Source (TDS) is applied to the interest earned in this account. While NRO Accounts are maintained in Indian currency and do not permit free repatriation into foreign currency, withdrawals can only be made in Indian rupees. </p><p class="text-base ">Here's a glance at the latest NRO savings account interest rates offered by leading banks in India, as per their websites. SBI offers an interest rate of 2.70% p.a. on balances less than Rs.10 crore and 3% p.a. on balances Rs.10 crore and above. HDFC Bank offers an interest rate of 3% on balances less than Rs.50 lakh and 3.50% p.a. on balances above Rs.50 lakh. ICICI Bank offers an interest rate of 3.5% p.a. for end-of-day balances equal to or above Rs.50 lakh, and 3% p.a. for balances below Rs.50 lakh. PNB offers an interest rate of 2.70% p.a. on balances below Rs.10 lakh, and 2.75% p.a. for balances between Rs.10 lakh and Rs.100 crore. Yes Bank offers interest rates ranging from 4% p.a. to 6.25% p.a. for balances up to Rs.25 crore. DCB Bank savings account interest rates range from 2% p.a. to 8.00% p.a. on balances up to Rs.200 crore, with the highest rate of 8% p.a. applicable to balances from Rs.10 crore to less than Rs.50 crore. </p><div class="text-end px-2.5 py-1">2 August 2023</div></div></div></div><div class="mb-xl"><div class="rounded-lg border border-slate-200 bg-white text-slate-950 shadow-sm dark:border-slate-800 dark:bg-slate-950 dark:text-slate-50 relative"><div class="flex flex-col space-y-1.5 p-4 bg-secondary text-secondary-foreground"><h3 class="font-semibold tracking-tight text-md text-bold">Six Banks Provide Savings Accounts with Interest Rates of up to 7% </h3></div><div class="p-2.5"><p class="text-base ">Small finance and payment banks are viable options if you desire higher interest earnings on your money. These banks operate with low-cost, technology-driven business models, allowing them to offer greater customer value. Individuals can earn higher returns on their savings as they provide higher interest rates on savings accounts than traditional banks. </p><p class="text-base ">Airtel Payments Bank offers an impressive 7% interest rate on savings account balances ranging from Rs.1 lakh to Rs.2 lakh, while balances up to Rs.1 lakh receive 2% interest. The bank ensures a secure, user-friendly, and rewarding digital banking experience. ESAF Small Finance Bank provides a 4% interest rate on smaller balances up to Rs.5 lakh, while balances above Rs.15 lakh earn 6.5% interest in their savings accounts. Equitas Small Finance Bank offers a 3.5% interest rate on smaller balances up to Rs.1 lakh, 5.25% between Rs.1 lakh and Rs.5 lakh, and 7% interest on balances exceeding Rs.5 lakh. </p><p class="text-base ">Fincare Small Finance Bank offers an interest rate of 7.11% on savings account balances above Rs.5 lakh and 6.11% on balances ranging from Rs.1 lakh to Rs.5 lakh. Suryoday Small Finance Bank provides an attractive interest rate of 7.00% on savings account balances above Rs.5 lakh and 6.75% on balances above Rs.1 lakh up to Rs.5 lakh. AU Small Finance Bank offers a 7% interest rate on savings account balances between Rs.25 lakh and less than Rs.1 crore. </p><div class="text-end px-2.5 py-1">28 June 2023</div></div></div></div><div class="mb-xl"><div class="rounded-lg border border-slate-200 bg-white text-slate-950 shadow-sm dark:border-slate-800 dark:bg-slate-950 dark:text-slate-50 relative"><div class="flex flex-col space-y-1.5 p-4 bg-secondary text-secondary-foreground"><h3 class="font-semibold tracking-tight text-md text-bold">Axis Bank Introduces Savings Account Variant Called 'Infinity Savings Account' </h3></div><div class="p-2.5"><p class="text-base ">Axis Bank has introduced a groundbreaking savings account variant known as the 'Infinity Savings Account.' This account is tailored for digitally savvy customers who frequently embrace subscription-based models. The 'Infinity Savings Account' offers exclusive privileges to Axis Bank customers, including the waiver of Average Monthly Balance (AMB) requirements, complimentary debit cards, and the elimination of all domestic charges in exchange for a modest monthly recurring fee of Rs. 150 or an annual fee of Rs. 1,650. Axis Bank has stated that they have been continuously working on innovation-led models to redefine their role in customers' lives by elevating digital banking to new domains of customer engagement. By incorporating the principles of subscription-based models, the bank aims to provide customers with a transformative banking experience, aligning with the evolving preferences and expectations of today's consumers. This offering allows customers to subscribe to the savings account without worrying about service fees or maintaining minimum balances. The account can be opened entirely through the Video KYC process. </p><div class="text-end px-2.5 py-1">12 September 2023</div></div></div></div></div><script type="application/ld+json" data-testid="organization-json-ld">{"@context":"http://schema.org","@type":"Organization","name":"BankBazaar","url":"https://www.bankbazaar.com/","logo":"https://static.bankbazaar.com/images/bankbazaar-logo.png","sameAs":["https://www.facebook.com/bankbazaar/","https://twitter.com/bankbazaar","https://www.instagram.com/bankbazaar/","https://www.linkedin.com/company/417362/","https://www.youtube.com/@BankBazaar","https://in.linkedin.com/company/bank_bazaar"]}</script></div></div></div></div></div><div class="py-5"><div class="border bg-transparent hover:bg-transparent"><details name="accordion" class="px-2.5 py-2.5"><summary class="cursor-pointer block relative"><strong>Disclaimer<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5">Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. 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{"basename":"/","future":{"v3_fetcherPersist":true,"v3_relativeSplatPath":true,"v3_throwAbortReason":true,"unstable_singleFetch":false,"unstable_lazyRouteDiscovery":false,"unstable_optimizeDeps":false},"isSpaMode":false,"state":{"loaderData":{"root":{"namespace":"savings-account","gtmId":"GTM-TRB8XL","wenEngageId":"~13410604b","appshell":true},"routes/default/route":{"productType":"SA","bankId":1001,"pageData":{"id":34100,"news":{"title":"News on Savings Account","items":[{"title":"An Overview of NRO Account Interest Rates ","article":[{"type":"paragraph","data":{"text":"Non-resident Indians (NRIs) often utilise Non-Resident Ordinary (NRO) Accounts to handle their savings or income earned in India, including dividends, pensions, and rent, among others. This account allows NRIs to receive money in both Indian and international currencies, providing a convenient way to manage their income earned in India. Transferring funds between NRE and NRO accounts is also a straightforward process. However, it is important to note that Tax Deducted at Source (TDS) is applied to the interest earned in this account. While NRO Accounts are maintained in Indian currency and do not permit free repatriation into foreign currency, withdrawals can only be made in Indian rupees.\u0026nbsp;\u0026nbsp;"}},{"type":"paragraph","data":{"text":"Here's a glance at the latest NRO savings account interest rates offered by leading banks in India, as per their websites. SBI offers an interest rate of 2.70% p.a. on balances less than Rs.10 crore and 3% p.a. on balances Rs.10 crore and above. HDFC Bank offers an interest rate of 3% on balances less than Rs.50 lakh and 3.50% p.a. on balances above Rs.50 lakh. ICICI Bank offers an interest rate of 3.5% p.a. for end-of-day balances equal to or above Rs.50 lakh, and 3% p.a. for balances below Rs.50 lakh. PNB offers an interest rate of 2.70% p.a. on balances below Rs.10 lakh, and 2.75% p.a. for balances between Rs.10 lakh and Rs.100 crore. Yes Bank offers interest rates ranging from 4% p.a. to 6.25% p.a. for balances up to Rs.25 crore. DCB Bank savings account interest rates range from 2% p.a. to 8.00% p.a. on balances up to Rs.200 crore, with the highest rate of 8% p.a. applicable to balances from Rs.10 crore to less than Rs.50 crore.\u0026nbsp;"}}],"updatedOn":"2023-08-02"},{"title":"Six Banks Provide Savings Accounts with Interest Rates of up to 7% ","article":[{"type":"paragraph","data":{"text":"Small finance and payment banks are viable options if you desire higher interest earnings on your money. These banks operate with low-cost, technology-driven business models, allowing them to offer greater customer value. Individuals can earn higher returns on their savings as they provide higher interest rates on savings accounts than traditional banks.\u0026nbsp;\u0026nbsp;"}},{"type":"paragraph","data":{"text":"Airtel Payments Bank offers an impressive 7% interest rate on savings account balances ranging from Rs.1 lakh to Rs.2 lakh, while balances up to Rs.1 lakh receive 2% interest. The bank ensures a secure, user-friendly, and rewarding digital banking experience. ESAF Small Finance Bank provides a 4% interest rate on smaller balances up to Rs.5 lakh, while balances above Rs.15 lakh earn 6.5% interest in their savings accounts. Equitas Small Finance Bank offers a 3.5% interest rate on smaller balances up to Rs.1 lakh, 5.25% between Rs.1 lakh and Rs.5 lakh, and 7% interest on balances exceeding Rs.5 lakh.\u0026nbsp;\u0026nbsp;"}},{"type":"paragraph","data":{"text":"Fincare Small Finance Bank offers an interest rate of 7.11% on savings account balances above Rs.5 lakh and 6.11% on balances ranging from Rs.1 lakh to Rs.5 lakh. Suryoday Small Finance Bank provides an attractive interest rate of 7.00% on savings account balances above Rs.5 lakh and 6.75% on balances above Rs.1 lakh up to Rs.5 lakh. AU Small Finance Bank offers a 7% interest rate on savings account balances between Rs.25 lakh and less than Rs.1 crore.\u0026nbsp;"}}],"updatedOn":"2023-06-28"},{"title":"Axis Bank Introduces Savings Account Variant Called 'Infinity Savings Account' ","article":[{"type":"paragraph","data":{"text":"Axis Bank has introduced a groundbreaking savings account variant known as the 'Infinity Savings Account.' This account is tailored for digitally savvy customers who frequently embrace subscription-based models. The 'Infinity Savings Account' offers exclusive privileges to Axis Bank customers, including the waiver of Average Monthly Balance (AMB) requirements, complimentary debit cards, and the elimination of all domestic charges in exchange for a modest monthly recurring fee of Rs. 150 or an annual fee of Rs. 1,650. Axis Bank has stated that they have been continuously working on innovation-led models to redefine their role in customers' lives by elevating digital banking to new domains of customer engagement. By incorporating the principles of subscription-based models, the bank aims to provide customers with a transformative banking experience, aligning with the evolving preferences and expectations of today's consumers. This offering allows customers to subscribe to the savings account without worrying about service fees or maintaining minimum balances. The account can be opened entirely through the Video KYC process.\u0026nbsp;"}}],"updatedOn":"2023-09-12"}]},"faqs":{"items":[{"answer":[{"data":{"text":"Yes, you can use your savings account through online banking, phone banking, or visiting the ATM in the city, if you are travelling to another city or state within the country. "},"type":"paragraph"}],"question":"Can I use my savings account if I travel to another city or state in India? "},{"answer":[{"data":{"text":"No, with a bank you cannot open an unlimited number of Basic Savings Bank Deposit Accounts. The bank allows customer to open only one savings bank deposit account,\u0026nbsp;"},"type":"paragraph"}],"question":"Is it possible to have an unlimited number of Basic Savings Bank Deposit Accounts at one bank? "},{"answer":[{"data":{"text":"Yes, an NRI (Non-Resident Indian) can pen a savings account in the country by dully filled and signed Account Opening Form (AOF) and attested by the Indian Consulate. Along with AOF, the applicant also needs to submit attested copies of documents like visa, passport, etc.\u0026nbsp;"},"type":"paragraph"}],"question":"Can an NRI open a savings account? "},{"answer":[{"data":{"text":"The interest on the savings account balance is calculated on a periodic basis, which is specified at the time of opening the account. The interest is paid monthly, quarterly, half-yearly of annually.\u0026nbsp;"},"type":"paragraph"}],"question":"When is the interest credited in a savings account? "},{"answer":[{"data":{"text":"Yes, most of the savings account offered by the Indian banks offers cheque book facility, while this service is not applicable for specific savings account, such as BSBDA, instant, digital accounts, etc.\u0026nbsp;"},"type":"paragraph"}],"question":"Do all banks provide a cheque facility? "},{"answer":[{"data":{"text":"Under Section 80TTA of Income Tax Act, the savings account interest up to Rs.10,000 is tax-free and any amount above this threshold limit is subject to TDS (Tax Deducted at Source) deduction.\u0026nbsp;"},"type":"paragraph"}],"question":"Is saving account interest taxable? "},{"answer":[{"data":{"text":"You can check your savings bank account balance depending on the services offered by the specific bank, such as net banking, mobile banking, ATM, missed call service, SMS banking, or visiting the branch.\u0026nbsp;"},"type":"paragraph"}],"question":"How can I check my savings account balance? "},{"answer":[{"data":{"text":"Yes, you may need to link your Aadhar card with the savings account to avail yourself of various government subsidies and DBT benefits.\u0026nbsp;"},"type":"paragraph"}],"question":"Do I need to link the Aadhaar card with the savings account? "},{"answer":[{"data":{"text":"The accountholder will receive the account statement from the bank on a monthly basis at their registered email address. If the accountholder wishes to receive a hard copy, they need to request the bank and pay a minimal cost for it.\u0026nbsp;"},"type":"paragraph"}],"question":"When would the account holder receive the account statement? "},{"answer":[{"data":{"text":"No, it is not possible to open a savings account without a PAN card as it has been made mandatory to link a PAN card with your savings account. In case you do not have a PAN, you need to provide Form 60 and mention the reason for not having a PAN card.\u0026nbsp;"},"type":"paragraph"}],"question":"Can I open a savings account without a PAN card? "},{"answer":[{"data":{"text":"No, you cannot use UPI payment mode, if your mobile number is not linked with the bank account. Register the number one priority to avail yourself of UPI services.\u0026nbsp;"},"type":"paragraph"}],"question":"Can I use UPI if my mobile number is not linked with the bank account? "},{"answer":[{"data":{"text":"Yes, if your open a bank account in UAE, then you operate the account online globally or by visiting the nearest branch within India.\u0026nbsp;"},"type":"paragraph"}],"question":"Can I open bank accounts in UAE and operate in India? "},{"answer":[{"data":{"text":"Yes, there are specified charges that you need to pay for maintaining ATM card linked to your savings account depending on bank. Some banks waive the annual ATM card charges, provided you use their card for a specified denomination on shopping, dining, or for other transactions, or maintain the minimum average balance requirement as specified by the bank.\u0026nbsp;"},"type":"paragraph"}],"question":"Are there charges for an ATM card linked to a savings account? "}],"title":"FAQs on Savings Account"},"hungryForMore":[{"type":"cta","data":{"link":"https://www.bankbazaar.com/credit-score.html?variant=slide\u0026WT.mc_id=CROSS_SELL_IL_SABUTTON_34100_1\u0026utm_source=bb\u0026utm_medium=seo\u0026utm_campaign=CROSS_SELL_IL_SABUTTON_34100_1","linkText":"Check your Credit Score for Free"}},{"type":"header","data":{"text":"What is a Savings Account?\u0026nbsp;","level":2}},{"type":"paragraph","data":{"text":"Bank accounts are of various types that are offered by Indian banks, out of which savings account is one of the essential bank accounts where individuals can deposit funds and earn decent interest. These accounts offer a safe place to deposit your money and offer interest monthly, quarterly, half-yearly, or annually."}},{"type":"header","data":{"text":"Features of a Savings Account:","level":2}},{"type":"image","data":{"float":"right","lazy":true,"src":"https://static.bankbazaar.com/images/india/infographic/savings-account-in-India.webp","width":400,"height":250,"title":"Savings Account","alt":"Savings Account"}},{"type":"cta","data":{"link":"https://www.bankbazaar.com/credit-score.html?variant=slide\u0026WT.mc_id=CROSS_SELL_IL_SABUTTON_34100_2\u0026utm_source=bb\u0026utm_medium=seo\u0026utm_campaign=CROSS_SELL_IL_SABUTTON_34100_2","linkText":"Check your Credit Score for Free"}},{"type":"paragraph","data":{"text":"The following are the key features of a savings account:\u0026nbsp;"}},{"type":"list","data":{"style":"unordered","items":[{"content":"Interest rate offered to general customer ranges between\u003cstrong\u003e 2.00% to 7.00%\u0026nbsp;\u003c/strong\u003e","items":[]},{"content":"Additional interest rate of 0.50% above regular rates offered to the senior citizen customers","items":[]},{"content":"Bank deposit up to Rs.5 lakh is insured by DICGC (Deposit Insurance and Credit Guarantee Corporation)\u0026nbsp;","items":[]},{"content":"Ensures high liquidity for transferring or withdrawing as many times as accountholders wants\u0026nbsp;","items":[]},{"content":"Enables accountholder to link savings account with fixed deposits in the same bank\u0026nbsp;","items":[]},{"content":"Savings account holders are provided with ATM or debit cards for making online payment, or cash withdrawals\u0026nbsp;","items":[]},{"content":"Enables users to perform fund transfer through \u003ca href=\"https://www.bankbazaar.com/ifsc/unified-payment-interface-upi.html\" target=\"_blank\"\u003eUPI\u003c/a\u003e (Unified Payment Interface), \u003ca href=\"https://www.bankbazaar.com/ifsc/national-electronics-fund-transfer-neft.html\" target=\"_blank\"\u003eNEFT\u003c/a\u003e (NEFT National Electronic Fund Transfer), \u003ca href=\"https://www.bankbazaar.com/ifsc/real-time-gross-settlement-system-rtgs.html\" target=\"_blank\"\u003eRTGS\u003c/a\u003e (Real Time Gross Settlement), \u003ca href=\"https://www.bankbazaar.com/ifsc/immediate-payment-service-imps.html\" target=\"_blank\"\u003eIMPS\u003c/a\u003e (Immediate Payment Service), net banking, mobile banking, or by visiting the branch","items":[]},{"content":"Does not impose any limitation on the amount that can be deposited\u0026nbsp;","items":[]},{"content":"Enables users to operate their savings account through net banking, mobile banking, SMS banking, etc.\u0026nbsp;","items":[]},{"content":"Monthly Average Balance (MAB) requirements should be adhered by the accountholders\u0026nbsp;","items":[]},{"content":"Offers various discounts and offers on savings account deposits and debit cards linked to it\u0026nbsp;","items":[]},{"content":"Interest payment option can be chosen by the accountholder- monthly, quarterly, semi-annually, and yearly\u003cbr\u003e","items":[]}]}},{"type":"cta","data":{"link":"https://www.bankbazaar.com/credit-score.html?variant=slide\u0026WT.mc_id=CROSS_SELL_IL_SABUTTON_34100_3\u0026utm_source=bb\u0026utm_medium=seo\u0026utm_campaign=CROSS_SELL_IL_SABUTTON_34100_3","linkText":"Check your Credit Score for Free"}},{"type":"header","data":{"text":"Types of Savings Accounts:","level":2}},{"type":"paragraph","data":{"text":"The following are the types of savings accounts:\u0026nbsp;"}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003eRegular Savings Account:\u003c/strong\u003e This is one of the most common simplest savings accounts that one can open after completing e-KYC (Know Your Customer) and earn interest from the deposit. Some banks maintain a minimum balance and charge a minimal annual fee for account maintenance.\u0026nbsp;\u0026nbsp;","items":[]},{"content":"\u003cstrong\u003eZero Balance or Basic Savings Bank Deposit Account:\u003c/strong\u003e These account does not offer any limitation of maintaining the minimum average monthly balance and this account can be opened and maintained even without depositing any amount. Though there is no MAB restriction, the banks limit the number of ATM withdrawals, do not offer cheque book facility, and limit the type of debit card available.\u0026nbsp;","items":[]},{"content":"\u003cstrong\u003eSenior Citizens’ Savings Account: \u003c/strong\u003eThese accounts are for individuals above 60 years of age and offer special privileges to them, such as an additional interest rate, dedicated relationships manager, lower interest on credit, etc.\u0026nbsp;","items":[]},{"content":"\u003cstrong\u003eWomen’s Savings Account:\u003c/strong\u003e These accounts are specially designed for women and comes with various privileges for women, such as special debit cards for women, preferential loan and credit offers, discounts on lockers, complimentary multicity cheque books, unlimited ATM cash withdrawals, relaxation on minimum balance requirement, etc.\u0026nbsp;","items":[]},{"content":"\u003cstrong\u003eKids’ Savings Account: \u003c/strong\u003eParents or guardians of children under 18 years of age can open these accounts by providing identification proof and declaration of the parents or guardians. These savings accounts provide regulated deposit schemes and specify the spending limit to inculcate disciplined financial behaviour among children from the very beginning.\u0026nbsp;","items":[]},{"content":"\u003cstrong\u003eInstant Digital Savings Account: \u003c/strong\u003eThese accounts can be opened online within a few seconds via mobile or banking applications by completing the KYC procedures. The bank keeps the account on hold in case the accountholder does not complete the KYC procedure within a specific period. Some banks set the maximum deposit limit of these accounts up to Rs.1 lakh.\u0026nbsp;","items":[]},{"content":"\u003cstrong\u003eSalary Account: \u003c/strong\u003eThese accounts are for salaried accountholders who receive their monthly salary in these accounts. Some of the significant features of these accounts, such as free cheque book, international debit card, zero balance accounts, complementary personal accidental insurance cover, preferential interest rates on loans, etc.\u0026nbsp;","items":[]},{"content":"\u003cstrong\u003eFamily Savings Account:\u003c/strong\u003e These accounts enable family members t open multiple accounts under one family ID and allows them to avail various benefits, such as recurring deposit, fixed deposit, etc. Family members covered under this account are parents, spouse, children, in-laws, grandparents, grandchildren, etc.\u0026nbsp;\u0026nbsp;","items":[]}]}},{"type":"cta","data":{"link":"https://www.bankbazaar.com/credit-score.html?variant=slide\u0026WT.mc_id=CROSS_SELL_IL_SABUTTON_34100_4\u0026utm_source=bb\u0026utm_medium=seo\u0026utm_campaign=CROSS_SELL_IL_SABUTTON_34100_4","linkText":"Check your Credit Score for Free"}},{"type":"header","data":{"text":"Eligibility Criteria to Open a Savings Account:","level":2}},{"type":"paragraph","data":{"text":"Here is the list of eligibility criteria to open a savings account:\u0026nbsp;"}},{"type":"list","data":{"style":"unordered","items":[{"content":"Must be above 18 years of age\u0026nbsp;","items":[]},{"content":"Applicants below 18 years of age can open minor or kids savings accounts\u0026nbsp;","items":[]},{"content":"Should resident of India\u0026nbsp;","items":[]},{"content":"Foreign individuals residing in India can open only specific savings accounts offered by few banks\u0026nbsp;","items":[]}]}},{"type":"header","data":{"text":"Documents Required to Open a Savings Account:","level":2}},{"type":"paragraph","data":{"text":"Here is the list of documents required to open a savings account:\u0026nbsp;"}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003ca href=\"/pan-card.html\" target=\"_blank\"\u003ePAN card\u0026nbsp;\u003c/a\u003e","items":[]},{"content":"\u003ca href=\"/aadhar-card.html\" target=\"_blank\"\u003eAadhar card\u003c/a\u003e, for linking it with savings account to receive various eligible government subsidies\u0026nbsp;","items":[]},{"content":"Other documents such as identity and residential proof that includes Voter ID cards, \u003ca href=\"/ration-card.html\" target=\"_blank\"\u003eration cards\u003c/a\u003e, \u003ca href=\"/driving-licence.html\" target=\"_blank\"\u003edriving licence\u003c/a\u003e, etc.\u0026nbsp;","items":[]},{"content":"Photograph or video as required depending on account type\u0026nbsp;","items":[]}]}},{"type":"cta","data":{"link":"https://www.bankbazaar.com/credit-score.html?variant=slide\u0026WT.mc_id=CROSS_SELL_IL_SABUTTON_34100_5\u0026utm_source=bb\u0026utm_medium=seo\u0026utm_campaign=CROSS_SELL_IL_SABUTTON_34100_5","linkText":"Check your Credit Score for Free"}},{"type":"header","data":{"text":"Some of the Best Savings Account Interest Rate:\u0026nbsp;","level":2}},{"type":"paragraph","data":{"text":"Here is the list of various types of banking sectors and their corresponding savings account interest rates:\u0026nbsp;"}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003ePublic Sector Banks\u0026nbsp;\u003c/strong\u003e","items":[]}]}},{"type":"paragraph","data":{"text":"Here is the list of top public sector banks and their savings account interest rates:\u0026nbsp;"}},{"type":"table","data":{"rows":[{"cols":[{"highlight":true,"rowspan":1,"colspan":1,"content":[{"data":{"text":"Public Sector Banks\u0026nbsp;"},"type":"paragraph"}]},{"highlight":true,"rowspan":1,"colspan":1,"content":[{"data":{"text":"Interest Rates (p.a.)\u0026nbsp;"},"type":"paragraph"}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"\u003ca href=\"/savings-account/sbi-savings-account.html\" target=\"_blank\"\u003eState Bank of India\u0026nbsp;\u003c/a\u003e"},"type":"paragraph"}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"2.70% for less than Rs.10 crore3.00% for above Rs.10 crore\u0026nbsp;"},"type":"paragraph"}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"\u003ca href=\"/savings-account/bank-of-baroda-basic-savings-account.html\" target=\"_blank\"\u003eBank of Baroda\u003c/a\u003e\u0026nbsp;"},"type":"paragraph"}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"4.50% for above Rs.1000 crore"}}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"\u003ca href=\"/savings-account/bank-of-india-savings-account.html\" target=\"_blank\"\u003eBank of India\u0026nbsp;\u003c/a\u003e"},"type":"paragraph"}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"2.90% "}}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"\u003ca href=\"/savings-account/punjab-national-bank-savings-account.html\" target=\"_blank\"\u003ePunjab National Bank\u003c/a\u003e\u0026nbsp;"},"type":"paragraph"}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"3.00% "}}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"\u003ca href=\"/savings-account/central-bank-of-India-savings-account.html\" target=\"_blank\"\u003eCentral Bank of India\u003c/a\u003e\u0026nbsp;"},"type":"paragraph"}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"3.25%"}}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"\u003ca href=\"/savings-account/canara-bank-savings-account.html\" target=\"_blank\"\u003eCanara Bank\u003c/a\u003e\u0026nbsp;"},"type":"paragraph"}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"4.00% "}}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"\u003ca href=\"/savings-account/indian-bank-savings-account.html\" target=\"_blank\"\u003eIndian Bank\u003c/a\u003e\u0026nbsp;"},"type":"paragraph"}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"3.25% "}}]}]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003ePrivate Sector Banks\u0026nbsp;\u003c/strong\u003e","items":[]}]}},{"type":"paragraph","data":{"text":"Here is the list of top private sector banks and their savings account interest rates:\u0026nbsp;"}},{"type":"table","data":{"rows":[{"cols":[{"highlight":true,"rowspan":1,"colspan":1,"content":[{"data":{"text":"Private Sector Banks\u0026nbsp;"},"type":"paragraph"}]},{"highlight":true,"rowspan":1,"colspan":1,"content":[{"data":{"text":"Interest Rates (p.a.)\u0026nbsp;"},"type":"paragraph"}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"\u003ca href=\"/savings-account/icici-bank-savings-account.html\" target=\"_blank\"\u003eICICI Bank\u003c/a\u003e\u0026nbsp;"},"type":"paragraph"}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"Up to 3.50% "}}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"\u003ca href=\"/savings-account/hdfc-bank-savings-account.html\" target=\"_blank\"\u003eHDFC Bank\u003c/a\u003e\u0026nbsp;"},"type":"paragraph"}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"Up to 3.50% "}}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"\u003ca href=\"/savings-account/axis-bank-savings-account.html\" target=\"_blank\"\u003eAxis Bank\u003c/a\u003e\u0026nbsp;"},"type":"paragraph"}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"Up to 3.50% "}}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"\u003ca href=\"/savings-account/indusind-bank-saving-account.html\" target=\"_blank\"\u003eIndusInd Bank\u003c/a\u003e\u0026nbsp;"},"type":"paragraph"}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"Up to 6.75% "}}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"\u003ca href=\"/savings-account/kotak-mahindra-bank-saving-account.html\" target=\"_blank\"\u003eKotak Mahindra Bank\u0026nbsp;\u003c/a\u003e"},"type":"paragraph"}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"Up to 4.00% "}}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"\u003ca href=\"/savings-account/rbl-bank-savings-account.html\" target=\"_blank\"\u003eRBL Bank\u003c/a\u003e\u0026nbsp;"},"type":"paragraph"}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"7.50%\u0026nbsp;"}}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"\u003ca href=\"/savings-account/idfc-first-bank-savings-accounts.html\" target=\"_blank\"\u003eIDFC First Bank\u003c/a\u003e\u0026nbsp;"},"type":"paragraph"}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"7.00%"}}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"\u003ca href=\"/savings-account/yes-bank-savings-account.html\" target=\"_blank\"\u003eYes Bank\u003c/a\u003e\u0026nbsp;"},"type":"paragraph"}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"3.00% to 7.00% "}}]}]}]}},{"type":"cta","data":{"link":"https://www.bankbazaar.com/credit-score.html?variant=slide\u0026WT.mc_id=CROSS_SELL_IL_SABUTTON_34100_FAQ_6\u0026utm_source=bb\u0026utm_medium=seo\u0026utm_campaign=CROSS_SELL_IL_SABUTTON_34100_FAQ_6","linkText":"Check your Credit Score for Free"}},{"type":"header","data":{"text":"Small Finance Banks (SFB)\u0026nbsp;","level":2}},{"type":"paragraph","data":{"text":"Here is the list of top small finance sector banks and their savings account interest rates:\u0026nbsp;"}},{"type":"table","data":{"rows":[{"cols":[{"highlight":true,"rowspan":1,"colspan":1,"content":[{"data":{"text":"Small Finance Banks\u0026nbsp;"},"type":"paragraph"}]},{"highlight":true,"rowspan":1,"colspan":1,"content":[{"data":{"text":"Interest Rates (p.a.)\u0026nbsp;"},"type":"paragraph"}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"\u003ca href=\"https://www.bankbazaar.com/savings-account/ujjivan-savings-account.html\" target=\"_blank\"\u003eUjjivan SFB\u003c/a\u003e\u0026nbsp;"},"type":"paragraph"}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"Up to 7.50%"},"type":"paragraph"}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"Equitas SFB\u0026nbsp;"},"type":"paragraph"}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"Up to 7.80%"},"type":"paragraph"}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"Suryoday SFB\u0026nbsp;"},"type":"paragraph"}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"Up to 7.75%"},"type":"paragraph"}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"Jana SFB\u0026nbsp;"},"type":"paragraph"}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"Up to 7.55%"},"type":"paragraph"}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"Utkarsh SFB\u0026nbsp;"},"type":"paragraph"}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"Up to 7.75%"},"type":"paragraph"}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"ESAF SFB\u0026nbsp;"},"type":"paragraph"}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"4.00% to 7.50%\u0026nbsp;"},"type":"paragraph"}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"AU SFB\u0026nbsp;"},"type":"paragraph"}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"3.50% to 7.25%\u0026nbsp;"},"type":"paragraph"}]}]}]}},{"type":"header","data":{"text":"How Does a Savings Account Work?\u0026nbsp;","level":2}},{"type":"paragraph","data":{"text":"The following are the features of a savings account that ensures its functionalities:\u0026nbsp;"}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003eDeposit Cheques: \u003c/strong\u003eDeposits can be made through cheque if allowed by the respective banks and the status of the deposit can also be checked through the bank’s mobile application.\u0026nbsp;","items":[]},{"content":"\u003cstrong\u003eDirect Deposit: \u003c/strong\u003eThrough the direct deposit facility, you can transfer your funds directly to your savings account.","items":[]},{"content":"\u003cstrong\u003eDeposit or Withdraw Cash:\u003c/strong\u003e Withdrawals or cash deposits can be done through ATM and by visiting bank’s branch.\u0026nbsp;","items":[]},{"content":"\u003cstrong\u003eRequest a Cheque: \u003c/strong\u003eYou can request your bank to issue a cheque using the funds in your savings account.\u0026nbsp;","items":[]},{"content":"\u003cstrong\u003eElectronic Transfers (Bank to Bank):\u003c/strong\u003e Savings account offers online fund transfer option from one bank to another through various modes, such as IMPS (Immediate Payment Service), NEFT (National Electronic Fund Transfer), and RTGS (Real Time Gross Settlement).\u0026nbsp;","items":[]},{"content":"\u003cstrong\u003eTransfer from Checking to Savings (Internal): \u003c/strong\u003eSavings account enables you to transfer funds from your checking account to savings account internally and it can be done anytime instantaneously.\u0026nbsp;","items":[]}]}},{"type":"cta","data":{"link":"https://www.bankbazaar.com/credit-score.html?variant=slide\u0026WT.mc_id=CROSS_SELL_IL_SABUTTON_34100_FAQ_7\u0026utm_source=bb\u0026utm_medium=seo\u0026utm_campaign=CROSS_SELL_IL_SABUTTON_34100_FAQ_7","linkText":"Check your Credit Score for Free"}},{"type":"header","data":{"text":"How to Open a Savings Account in India?\u0026nbsp;","level":2}},{"type":"paragraph","data":{"text":"The following are methods to open a saving account in India:\u0026nbsp;"}},{"type":"paragraph","data":{"text":"\u003cstrong\u003eOnline\u003c/strong\u003e\u0026nbsp; "}},{"type":"paragraph","data":{"text":"Here are the steps to open a savings account in India online:\u0026nbsp;"}},{"type":"list","data":{"style":"unordered","items":[{"content":"Visit the official website or the download the mobile application of the bank\u0026nbsp;","items":[]},{"content":"Select the type of account you want to open","items":[]},{"content":"Provide the required details as mentioned, such as:\u0026nbsp;","items":[]},{"content":"Name\u0026nbsp;","items":[]},{"content":"Date of birth\u0026nbsp;","items":[]},{"content":"\u003ca href=\"/pan-card.html\" target=\"_blank\"\u003ePAN\u0026nbsp;\u003c/a\u003e","items":[]},{"content":"Aadhar","items":[]},{"content":"Address","items":[]},{"content":"Complete the KYC process\u0026nbsp;","items":[]},{"content":"After successful verification of the documents, the savings account will be activated","items":[]}]}},{"type":"paragraph","data":{"text":"\u003cstrong\u003eOffline\u003c/strong\u003e\u0026nbsp; "}},{"type":"paragraph","data":{"text":"The following are the steps to open savings account in India through offline mode:\u0026nbsp;"}},{"type":"list","data":{"style":"unordered","items":[{"content":"Visit the nearest bank’s branch\u0026nbsp;","items":[]},{"content":"Obtain the application for opening savings accounts\u0026nbsp;","items":[]},{"content":"Provide the self-attested photocopies of identity and address proof\u0026nbsp;","items":[]},{"content":"As per the account type, deposit the required amount\u0026nbsp;","items":[]},{"content":"After depositing money and successfully verification, savings account will be activated by the bank\u0026nbsp;","items":[]}]}},{"type":"header","data":{"text":"Advantages and Disadvantages of Savings Account\u0026nbsp;","level":2}},{"type":"paragraph","data":{"text":"The following are the advantages and disadvantages of savings account:\u0026nbsp;"}},{"type":"paragraph","data":{"text":"\u003cstrong\u003eAdvantages:\u0026nbsp;\u003c/strong\u003e "}},{"type":"paragraph","data":{"text":"The following are the advantages of the savings account:\u0026nbsp;"}},{"type":"list","data":{"style":"unordered","items":[{"content":"Allows to set standing instruction for bill payments","items":[]},{"content":"Withdrawal or deposit can be done anytime\u0026nbsp;","items":[]},{"content":"Accountholders can withdraw their funds from any of the bank’s ATMs across the country\u0026nbsp;","items":[]},{"content":"In case of bank defaults, savings account deposit up to Rs.5 lakh is insured by DICGC\u0026nbsp;","items":[]},{"content":"Fund transfer through savings account can be done through both offline and online mode\u0026nbsp;","items":[]},{"content":"Offers add-on insurance benefits, such as lost card liability, health insurance, personal accident insurance cover, etc.","items":[]},{"content":"Depending on the type of account and debit card provided by the savings account, special offers and discounts will be provided to the accountholders\u0026nbsp;","items":[]}]}},{"type":"paragraph","data":{"text":"\u003cstrong\u003eDisadvantages:\u0026nbsp;\u003c/strong\u003e "}},{"type":"paragraph","data":{"text":"The following are the disadvantages of the savings account:\u0026nbsp;"}},{"type":"list","data":{"style":"unordered","items":[{"content":"Savings account will charge penalty on the accountholder for not maintaining a minimum balance or Monthly Average Balance (MAB)\u0026nbsp;","items":[]},{"content":"Savings account withdrawal through ATMs incur a set fee to accountholder after exceeding the maximum number of free transactions","items":[]},{"content":"The money deposited in the bank will generate relatively low interest rates than other investment option\u0026nbsp;","items":[]}]}},{"type":"header","data":{"text":"Ways to Maximize your Earnings from a Savings Account\u0026nbsp;","level":2}},{"type":"paragraph","data":{"text":"The following are the ways to maximise your earnings from a savings account:\u0026nbsp;"}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003eTaxes: \u003c/strong\u003eYou can maximise you are earning from a savings account by claiming a tax deduction on the interest earned in your savings account. Under Section 80TTA of the Income Tax Act of 1961, interest up to Rs.10,000 is tax free for accountholders under 60 years of age. While, under Section 80 TTB of the Income Tax Act of 1961, accountholders above 60 years of age can claim tax deduction for interest earned up to Rs.50,000.\u0026nbsp;","items":[]},{"content":"\u003cstrong\u003eHigh rate of interest:\u003c/strong\u003e To maximise your earnings from savings account, research online the interest rates offered by various banks and opt for the bank that offers the highest rate of interest on saving account deposit.\u0026nbsp;","items":[]}]}},{"type":"header","data":{"text":"How much should you keep in the savings accounts?\u0026nbsp;","level":2}},{"type":"paragraph","data":{"text":"Here are the details of how much you should you keep in the savings account:\u0026nbsp;"}},{"type":"list","data":{"style":"unordered","items":[{"content":"The banks and credit unions limit the sum of money in the CD account, savings account, money market, or checking account and the limit is set as per the account type or the total amount of all your accounts.\u0026nbsp;","items":[]},{"content":"Depending on the bank, the amount you would keep in your savings account may vary, which may be higher, lower, or nonexistence. Check the bank’s website or customer agreement for further details.\u0026nbsp;","items":[]}]}},{"type":"header","data":{"text":"How to Select the Most Suitable Savings Account?\u0026nbsp;","level":2}},{"type":"paragraph","data":{"text":"The following are the significant parameters that should be considered before selecting the most suitable savings account:\u0026nbsp;"}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003eMinimum Balance Requirement: \u003c/strong\u003eSome banks specify the minimum account balance amount, which if not maintained, the bank charges a penalty to the accountholder. While some banks offer zero balance accounts which are easy to maintain where you can charges imposed even if the account balance is zero, these types of accounts are one of the most suitable options provided they cater to all your requirements.\u0026nbsp;","items":[]},{"content":"\u003cstrong\u003eSavings Account Interest Rate:\u003c/strong\u003e The general interest rates offered on savings accounts by most Indian banks is 2.50%. Research online to opt for that savings bank account that offer highest interest rate.\u0026nbsp;","items":[]},{"content":"\u003cstrong\u003eLow Account Maintenance Charges: \u003c/strong\u003eMost of the Indian banks offers savings account that charges various service charges for providing services, such as cheque book issuance charges, ATM card annual fees, fund transfer charges, ATM withdrawal fees, statement issuance charges, etc. Opt for those savings account that charges affordable cost on savings accounts services.\u0026nbsp;","items":[]},{"content":"\u003cstrong\u003eDebit Cards Features\u003c/strong\u003e: Opt for those banks that offer debit cards with various features, such as joining benefits, complimentary movie tickets, travel benefits, discounts on purchases, no-cost or low-cost EMIs, along with several other discounts, offers, and deals.\u0026nbsp;\u0026nbsp;","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003eAdditional Features:\u003c/strong\u003e Check for those banks that offer additional features with savings accounts, such as free cheque book, net and mobile banking, doorstep cash deposit or withdrawal, etc.\u0026nbsp;","items":[]}]}},{"type":"cta","data":{"link":"https://www.bankbazaar.com/credit-score.html?variant=slide\u0026WT.mc_id=CROSS_SELL_IL_SABUTTON_34100_FAQ_8\u0026utm_source=bb\u0026utm_medium=seo\u0026utm_campaign=CROSS_SELL_IL_SABUTTON_34100_FAQ_8","linkText":"Check your Credit Score for Free"}},{"type":"references","data":{"items":[{"items":[{"text":"Savings Account","link":"/savings-account.html"},{"text":"Best Zero Balance Savings Account","link":"/savings-account/best-zero-balance-savings-account-for-indian-citizens.html"},{"text":"Post Office Savings Account","link":"/saving-schemes/post-office-savings-account.html"},{"text":"SBI Savings Account \n","link":"/savings-account/steps-to-open-sbi-savings-account.html"},{"text":"HDFC Bank Savings Account\r\n","link":"/savings-account/hdfc-bank-savings-account.html"},{"text":"Axis Bank Savings Account\r\n","link":"/savings-account/axis-bank-savings-account.html"},{"text":"Union Bank of India Savings Account\r\n","link":"/savings-account/union-bank-of-india-savings-account.html"},{"text":"Citibank Savings Account 2023\n","link":"/savings-account/citibank-savings-account.html"},{"text":"Punjab National Bank Savings Account\r\n","link":"/savings-account/punjab-national-bank-savings-account.html"},{"text":"Savings Account Interest Rates 2023","link":"/savings-account/savings-account-interest-rates.html"},{"text":"Savings Bank Accounts v/s Current Accounts","link":"/savings-account-guide/savings-bank-accounts-vs-current-accounts.html"},{"text":"Zero Balance Account ","link":"/savings-account/zero-balance-saving-account.html"},{"text":"Banks with Highest Interest Rates in India","link":"/savings-account/banks-with-highest-savings-account-interest-rates-in-india.html"},{"text":"SBI Balance Enquiry","link":"/savings-account/sbi-quick-missed-call-banking.html"},{"text":"Kotak 811","link":"/savings-account/kotak-811.html"}],"title":"Popular Pages from Savings Account"},{"items":[{"text":"Internet Banking","link":"/savings-account/internet-banking.html"},{"text":"SBI Online Netbanking","link":"/savings-account/sbi-net-banking.html"},{"text":"PNB Net Banking","link":"/savings-account/pnb-net-banking.html"},{"text":"IDBI Bank Net Banking","link":"/savings-account/idbi-bank-net-banking.html"},{"text":"Canara Bank Net Banking","link":"/savings-account/canara-bank-net-banking.html"},{"text":"Bank of Baroda Net Banking","link":"/savings-account/bank-of-baroda-net-banking.html"},{"text":"Union Bank Of India Net Banking","link":"/savings-account/union-bank-of-india-net-banking.html"},{"text":"IndusInd Net Banking","link":"/savings-account/indusind-net-banking.html"},{"text":"Axis Bank Net Banking","link":"/savings-account/axis-net-banking.html"},{"text":"HDFC NetBanking ","link":"/savings-account/hdfc-netbanking.html"},{"text":"SBI Mobile Banking ","link":"/savings-account/sbi-mobile-banking.html"},{"text":"Axis Bank Mobile Banking ","link":"/savings-account/axis-mobile-banking.html"},{"text":"Bank of Baroda Mobile Banking(BOB M Connect)\r\n","link":"/savings-account/bank-of-baroda-mobile-banking.html"},{"text":"SBI SMS Banking","link":"/savings-account/how-to-activate-sbi-sms-banking-for-the-first-time.html"},{"text":"HDFC SMS Banking\r\n","link":"/savings-account/hdfc-sms-banking.html"}],"title":"Trending Pages from Savings Account"}]}}],"breadCrumb":{"currentPageText":"Savings Account","otherLinks":[]},"hideUserReviews":true,"hideOfferTable":true,"hideEligForm":true,"showTOC":false,"metaDescription":"Savings Account - A savings account is a basic type of account to deposit money safely in a bank. Learn about its Types, Features \u0026 Eligibility Criteria.","metaKeyword":"savings account, types of savings account, interest on savings account","metaTitle":"Savings Account - Check Complete Information in India 2024","h1Title":"Savings Account ","topContent":[{"type":"paragraph","data":{"text":"\u003cstrong\u003eSavings account\u0026nbsp;\u003c/strong\u003eis one of the most preferred financial instruments that is offered by every Indian banks. The accountholders can deposit money and earn interest from the deposited funds. The reliability, high liquidity rate, easy access, and no limitation on deposit and withdrawal makes it one of the most preferred deposit options. Here are more details about savings accounts, types, features, and other significant information.\u0026nbsp; \u0026nbsp;"}}],"showDateOn":{"hungryForMore":true},"interLinks":{"asLeftNav":true,"items":[{"title":"Important pages from Savings Account","items":[{"title":"Savings Account","link":"/savings-account.html","text":"Savings Account"},{"title":"Best Zero Balance Savings Account","link":"/savings-account/best-zero-balance-savings-account-for-indian-citizens.html","text":"Best Zero Balance Savings Account"},{"title":"SBI Savings Account","link":"/savings-account/steps-to-open-sbi-savings-account.html","text":"SBI Savings Account"},{"title":"HDFC Bank Savings Account","link":"/savings-account/hdfc-bank-savings-account.html","text":"HDFC Bank Savings Account"},{"title":"Axis Bank Savings Account","link":"/savings-account/axis-bank-savings-account.html","text":"Axis Bank Savings Account"},{"title":"UBI Savings Account","link":"/savings-account/union-bank-of-india-savings-account.html","text":"UBI Savings Account"},{"title":"Citibank Savings Account","link":"/savings-account/citibank-savings-account.html","text":"Citibank Savings Account"},{"title":"PNB Savings Account","link":"/savings-account/punjab-national-bank-savings-account.html","text":"PNB Savings Account"},{"title":"Savings Account Interest Rates","link":"/savings-account/savings-account-interest-rates.html","text":"Savings Account Interest Rates"},{"title":"Savings Account vs Current Account","link":"/savings-account-guide/savings-bank-accounts-vs-current-accounts.html","text":"Savings Account vs Current Account"},{"title":"Banks with Highest Interest Rates in India","link":"/savings-account/banks-with-highest-savings-account-interest-rates-in-india.html","text":"Banks with Highest Interest Rates in India"},{"title":"SBI Balance Enquiry","link":"/savings-account/sbi-quick-missed-call-banking.html","text":"SBI Balance Enquiry"},{"title":"SBI Salary Account","link":"/savings-account/sbi-salary-account.html","text":"SBI Salary Account"},{"title":"Kotak 811","link":"/savings-account/kotak-811.html","text":"Kotak 811"},{"title":"Demonetisation","link":"/savings-account/demonetisation.html","text":"Demonetisation"},{"title":"Internet Banking","link":"/savings-account/internet-banking.html","text":"Internet Banking"},{"title":"SBI Net Banking","link":"/savings-account/sbi-net-banking.html","text":"SBI Net Banking"},{"title":"PNB Net Banking","link":"/savings-account/pnb-net-banking.html","text":"PNB Net Banking"},{"title":"IDBI Bank Net Banking","link":"/savings-account/idbi-bank-net-banking.html","text":"IDBI Bank Net Banking"},{"title":"Canara Bank Net Banking","link":"/savings-account/canara-bank-net-banking.html","text":"Canara Bank Net Banking"},{"title":"BOB Net Banking","link":"/savings-account/bank-of-baroda-net-banking.html","text":"BOB Net Banking"},{"title":"UBI Net Banking","link":"/savings-account/union-bank-of-india-net-banking.html","text":"UBI Net Banking"},{"title":"Indusind Net Banking","link":"/savings-account/indusind-net-banking.html","text":"Indusind Net Banking"},{"title":"Axis Net Banking","link":"/savings-account/axis-net-banking.html","text":"Axis Net Banking"},{"title":"HDFC Net Banking","link":"/savings-account/hdfc-netbanking.html","text":"HDFC Net Banking"},{"title":"SBI Mobile Banking","link":"/savings-account/sbi-mobile-banking.html","text":"SBI Mobile Banking"},{"title":"AXIS Mobile Banking","link":"/savings-account/axis-mobile-banking.html","text":"AXIS Mobile Banking"},{"title":"BOB Mobile Banking","link":"/savings-account/bank-of-baroda-mobile-banking.html","text":"BOB Mobile Banking"},{"title":"SBI SMS Banking","link":"/savings-account/how-to-activate-sbi-sms-banking-for-the-first-time.html","text":"SBI SMS Banking"},{"title":"HDFC SMS Banking","link":"/savings-account/hdfc-sms-banking.html","text":"HDFC SMS Banking"}]}]},"updatedOn":"23 Nov 2024","ogImage":{"src":"https://static.bankbazaar.com/images/social-share/SA-v1.jpg"}},"contextData":{"namespace":"savings-account","productType":"SA","deviceType":"DESKTOP"}}},"actionData":null,"errors":null}};</script><script type="module" async="">import "/lp-assets/manifest-f1a2314f.js"; import * as route0 from "/lp-assets/root-DJnZuezO.js"; import * as route1 from "/lp-assets/route-BAfJONhu.js"; window.__remixRouteModules = {"root":route0,"routes/default/route":route1}; import("/lp-assets/entry.client-DcW77Zik.js");</script><script id="_webengage_script_tag" type="text/javascript"> function initializeWebEngage() { ! 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