We have used various parameters to arrive at the best savings bank accounts in India. These include, the first and foremost interest rates, apart from ease in banking, customer service etc. Take a look at some of the best SB accounts based on these criteria.
RBL Bank, which came out with an IPO is not a bad proposition. You get interest on savings bank account of up to 7.5 per cent, with other benefits like accident insurance cover of Rs 5 lakhs. At the moment while there are certain charges on withdrawal at ATMs, at RBL Bank there is free unlimited access to all ATMs in India. There is also a discount on lockers that is available.
The 7.5 per cent interest mentioned above is based on balances from Rs 1 to Rs 5 crores. It is lower for lower amounts, but still among the best in the country.
We like Yes Bank because of its superior interest rate of 6 per cent on Savings Account. Now, SBI gives you a maximum interest of 7.5 per cent on Fds, which are very much taxable. In Yes Bank, you get 6% in a savings account, which is not taxable up to Rs 10,000 interest.
If an individual keeps large balances in his savings account, he or she is getting 50 per cent more than the savings bank interest of other banks.
We like IDFC Bank for a number of reasons. One is because the bank's debit card comes with a huge insurance of upto Rs 25 lakhs. Another is because once you open a savings account, you can easily open an FD.
An FD at IDFC Bank comes without a withdrawal penalty of 1%, and also because you get the best interest at the moment, when compared to most PSU and larger private sector banks.
Like Yes Bank, what appeals to us about Kotak Bank is the interest rates. You get interest up to 6 per cent per annum. Again, if you can maintain higher balances like those in the Platina Account, you get free home banking of up to 10 calls a month.
Apart from this there is a withdrawal of up to 2 lakhs per day.
Like other peers, IndusInd Bank too offers an interest rate of 6 per cent on balances in the savings account. However to get 6 per cent, you need to maintain a balance of Rs 10 lakhs and above. However, that is not the reason to recommend Indusind Bank.
There are some other features that are pretty good. For example, you get benefits on a locker, where there is a 100 per cent discount on the first year charges.
Movie tickets free and some other freebies, make it attractive at the moment.
Lakshmi Vilas Bank
This is another bank that offers a great interest rate. In fact, between Rs 1 lakh and Rs 5 lakh you get an interest rate of 5 per cent.
If you have balances above Rs 5 lakhs, you get an interest rate of 6 per cent.