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6 Best Bank Savings Accounts in India Based on Interest Rates

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A savings account is one of the basic needs today. It is the equivalent of holding a safety box to store all your cash that only you have access to. Apart from the security prospect, we all look for a certain interest earning possibility from our savings bank accounts and it is therefore wise to open one in a bank that can fetch you higher returns and liquidity at the same time.

6 Best Bank Savings Accounts in India Based on Interest Rates
 

The results of this article were based on the interest rates and liquidity (ATM withdrawals). Check the 5 best savings accounts to choose from

6. Ujjivan Small Finance Bank Regular Savings Account

Ujjivan Small Finance Bank's regular savings account comes with facilities like a debit card, NEFT, RTGS and IMPS transactions. It can be easily opened at one of their branches.

Minimum monthly balance:

No minimum balance is required to be maintained and no charges will be levied.

Interest Rates:

Daily Balance Interest Rate in %
Up to Rs 5 lakh 4.00
Above Rs 5 lakh to 50 lakh 5.50
Above Rs 50 lakh to 5 crore 6.75
Over Rs 5 crore 7.00

Interest calculation and credit period:

Interest is calculated on daily balance at the end of the day and credited on a quarterly basis, that is on 30 June, 30 September, 31 December and 31 March every year.

ATM charges:

Unlimited transactions in Ujjivan ATMs. 6 free transactions per month on ATMs of other banks.

5. Yes Bank

It is India's fourth largest private bank and provides services like customizable savings account for customers with special lifestyle needs. Here we will take into consideration a non-salary savings account.

Minimum balance:

Most of its non-salary savings accounts require a minimum monthly balance requirement of Rs 10,000. Charges will be levied on the amount that shortfalls.

Interest Rates:

As per the bank's notification, with effect from 1 September 2017, the interest rates are:

 
Daily Balance Interest Rate in %
Less than Rs 1 lakh 5.00
Rs 1 to less than Rs 1 crore 6.00
Rs 1 crore and above 6.25

ATM charges:

Unlimited free transactions (if balance maintained in the account for the month is Rs. 10,000 or above).

4. Kotak Mahindra

Kotak Mahindra gives you the full digital banking service on your mobile phone. Its called the "811 digital bank account" where you can access all services using its app. Opening the account will require your Aadhaar and PAN for KYC purposes. It provides you with a digital card (scan and pay) that allows you even pay your utility bills.

Minimum monthly balance:

No minimum balance is required to be maintained and no charges will be levied.

Interest Rate:

Daily Balance Interest Rate in %
Less than Rs 1 lakh 5.00
Rs 1 lakh to up to Rs 1 crore 6.00
Above Rs 1 crore 5.50

Interest calculation and credit period:

The interest earned is calculated in slabs. Suppose you have maintained a balance of Rs 1,50,000. You will receive 5 percent interest on Rs 1 lakh and 7 percent on the remainder, that is on Rs 50,000.

3. RBL Bank

RBL Bank digital savings account can be opened online (with your PAN and Aadhaar number) under the digital savings account scheme.

Minimum monthly balance:

This account has the minimum balance requirement of Rs 5,000. Charges will be levied on non-maintenance.

Interest Rates:

Daily Balance Interest Rate in %
Up to Rs 1 lakh 5.50
Above Rs 1 lakh to 10 lakh 6.00
Above Rs 1 lakh to 3 crore 6.50
Above Rs 3 crore to 5 crore 7.00

Interest calculation and credit period:

Interest is calculated on daily balance at the end of the day and credited on a quarterly basis, that is on 30 June, 30 September, 31 December and 31 March every year.

ATM charges:

Unlimited ATM transactions.

2. DBS

The Singapore based multinational bank offers paperless, signature-less and branchless banking using your Aadhaar and PAN. Not to confuse its digibank e-wallet with digiSavings, as e-wallet earns no interest.

You will have to open the account by downloading their digibank e-wallet app and then convert it into digiSavings account. You can add money through UPI facility.

Minimum quarterly balance:

Rs 25,000. For non-metro branches (Cuddalore, Kolhapur, Moradabad, Nashik, Salem, Surat) the Average Quarterly Balance is to be maintained at Rs 10,000.

Interest Rates:

As per the bank's notification, with effect from 5 April 2019, the interest rates are:

Daily Balance Interest Rate in %
Upto Rs 1 lakh 5.50
Rs 1 lakh to 2 lakh 7.00
Rs 2 lakh to 5 lakhs 5.00
Above Rs 5 lakh 4.00

Interest calculation and credit period:

Interest is calculated on daily balance at the end of the day and credited on a quarterly basis, that is on 30 June, 30 September, 31 December and 31 March every year.

1. IDFC First Bank

Formerly known as IDFC Bank, IDFC First Bank was formed in December 2018 after its merger with Capital First Ltd, a non-banking financial company. To open a savings bank account with the lender, you will need a photograph and a government issued identity proof. PAN card is mandatory to open a savings account with IDFC First Bank.

This savings account comes with a Signature Visa Debit Card.

Minimum monthly balance:

Rs 25,000. The bank charges a non-maintenance of balance charge ranging from Rs 50 to Rs 400.

Alternatively, the bank also has zero balance savings account option.

Interest Rates:

Daily Balance Interest Rate in %
Up to Rs 1 lakh 6.00
Over Rs 1 lakh 7.00

With a deposit of Rs 25,000, one can stand to gain additional Rs 10,000 per year.

ATM charges:

IDFC First's website says that the customers can make free ATM Transactions at any bank and on any network. It also comes with unlimited free fund transfer.

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