Best Savings Bank Account in India: While there are different types of avenues where people invest their money, there is one financial instrument in which individuals will allocate some portion of their money.
This financial instrument is none other than a savings account. Everyone allocates some portion of their capital in a savings account as they are one of the most safest and liquid forms of instruments available in the market.
While safety and liquid are the primary focus of opening these accounts, it is also favorable if these accounts give a good rate of return. With this purpose in mind, in this article, we will be discussing the 5 Best Savings Bank Account With the Highest Interest Return.
Prerequisites for choosing the best savings bank account
While this article is mainly based on the best saving banks account with the highest interest return, let us first see all the factors one must consider while choosing the best savings bank account:
Rate of Interest
When choosing a bank for savings accounts, the interest rate must be evaluated. The banks you choose have an impact on the growth of your savings, so look for ones with the best interest rates. In order to maximize your earnings, compare the interest rates offered by banks and select the highest rate.
Minimum Cash Balance
Some banks may require a minimum balance to be held in a savings account in order to maintain the account. After considering your demands and financial situation, you should pick a bank with a low minimum cash balance requirement.
Regularity of Withdrawals
Some banks could limit the number of withdrawals you can make each month or charge you more if you make too many. One should choose a bank that offers flexible and simple withdrawal options in order to satisfy their financial needs.
Fees and Charges
Banks commonly implement fees for services such as ATM transactions, cheque issuance, and online transfers, among others. Choose the bank with minimum or reasonable fees that best meet your banking needs and use it by analyzing the cost structures of various financial organizations.
Customer Service
When you have questions or encounter problems, you must be able to reach out to customer assistance as soon as possible. Look for organizations with a reputation for excellent customer service to ensure an easy and hassle-free banking experience.
Accessibility
To find the best savings bank account, check if the bank has convenient branches, ATMs, and online banking options available in your area. Make sure they have a sizable network of ATMs nearby so accessing your money is easy. Also, ensure the bank offers reliable and user-friendly mobile and internet banking services for easy account management.
Perks
Some of the top savings bank accounts offer benefits such as cashback on purchases, loyalty programs, and unique discounts on a variety of services. Consider these advantages because they can increase the total value of your savings account.
Best Savings Bank Account in India 2023
Following is a brief overview of the 5 best Savings Bank Accounts With Highest Interest Returns:
Best Savings Bank Account in India #1 – RBL Bank Savings Account
RBL Bank (Ratnakar Bank Limited) is an Indian private sector bank that provides a wide range of financial services. It was created in 1943 and today serves clients in retail, business, and agriculture across the country.
RBL Bank offers a variety of online savings accounts and banking services, with a focus on innovation and technologically driven solutions. It has gained a reputation for providing great customer service and a personalized banking environment.
Savings account interest rates are determined daily based on the account balance at the end of the day. The interest will be credited every six months.
The following are the interest rates for all RBL bank savings account options:
| Daily Balance | Interest Rate per annum |
|---|---|
| Up to Rs.1 lakh | 4.25% |
| Above Rs.1 lakh and up to Rs.10 lakh | 5.50% |
| Above Rs.10 lakh and up to Rs.25 lakh | 6.00% |
| Above Rs.25 lakh and up to Rs.1 crore | 6.50% |
| Above Rs.1 crore and up to Rs.3 crore | 6.50% |
| Above Rs.3 crore up to Rs.5 crore | 6.50% |
| Above Rs.5 crore up to Rs.7.5 crore | 6.50% |
| Above Rs.7.5 crore up to Rs.10 crore | 6.25% |
| Above Rs.10 crore up to Rs.50 crore | 6.25% |
| Above Rs.50 crore up to Rs. 100 crore | 5.25% |
| Above Rs.100 crore up to Rs.200 crore | 6.00% |
| Above Rs.200 crore up to Rs.250 crore | 4.00% |
| Above Rs.250 crore up to Rs.500 crore | 4.00% |
| Above Rs.500 crore | 4.50% |
The different types of savings accounts under this bank are Digital Savings Account, RBL Rise Savings Account, Advantage Savings Account, Prime Edge Savings Account, Woman’s First Savings Account, Seniors First Savings Account, Prime Savings Account, Executive Salary Account, and Basic Savings Account.
Best Savings Bank Account in India #2 – DCB Bank Savings Account
DCB Bank is one of India’s oldest and largest scheduled commercial banks, offering numerous savings account options since the 1930s. The bank has a large network of 55 branches scattered across 17 states and 2 union territories. DCB Bank savings account interest rates range from 2.50% p.a. to 5.00% p.a.
The different types of DCB Bank Savings Accounts are DCB Classic Savings Account, DCB Basic Savings Bank Deposit Account, DCB Cashback Savings Account, DCB Elite Savings Account, DCB Shubh-Labh Savings Account, and DCB Privilege Savings Account.
The following are the interest rates for all DCB bank savings account options:
| Balances | Interest Rate |
|---|---|
| Rs. 1 lakh | 2.25% |
| Rs. 1 lakh - Rs. 2 lakh | 4.00% |
| Rs. 2 lakh - Rs. 5 lakh | 5.00% |
| Rs. 5 lakhs - Rs. 10 lakhs | 6.00% |
| Rs. 10 lakhs - Rs. 25 lakhs | 6.75% |
| Rs. 25 lakhs - Rs. 2 crores | 7.00% |
| Rs. 2 crores - Rs. 50 crores | 5.50% |
| More than Rs. 50 crores | 5.00% |
Best Savings Bank Account in India #3 – IndusInd Bank Savings Account
Established in 1994, IndusInd Bank is the leading private sector bank in India offering a full range of financial products and services. It has a large branch and ATM network and is located throughout India.
The Bank is known for its customer-focused approach and personalized banking solutions. They provide a range of online savings accounts and mobile banking services to make banking convenient for their customers.
The following are the interest rates for various balances in the IndusInd Bank savings account:
| Balance | Interest Rate |
|---|---|
| Up to Rs.1 lakh | 4.00% |
| Rs.1 lakh to up to Rs.10 lakh | 5.00% |
| Rs.10 lakh to up to Rs.1 crore | 6.00% |
| Rs.1 crore to up to Rs.100 crore | 6.00% |
The different types of savings account schemes offered by this bank are Indus Exclusive Savings Account, Indus Select Savings Account, Indus Maxima Savings Account, Indus Privilege Savings Account, Indus Diva Savings Account, Indus Senior Savings Account, Indus Young Saver, Indus Classic Savings Account, Indus Easy Savings Account, and Indus Small Account.
Best Savings Bank Account in India #4 – SBI Bank Savings Account
State Bank of India (SBI) is a prominent public sector bank and financial services institution in India. With a history spanning over 200 years, it is one of the most trusted banks for Savings Accounts in the country.
Some features of this SBI savings account include the SBI Quick facility, No minimum balance requirement, No restriction on the maximum balance, YONO mobile app and many other features.
The following are the interest rates for various balances in the SBI savings account:
| Particulars | Rate of Interest |
|---|---|
| Saving Deposits Balance up to Rs.10 crore | 2.70% p.a. |
| Saving Deposits Balance above Rs.10 crore and above | 3.00% p.a. |
The different types of savings account offered by SBI are Basic Savings Bank Deposit Account, Basic Savings Bank Deposit Small Account, Savings Bank Account, Savings Account for Minors, Savings Plus Account, Motor Accidents Claim Account (MACT), Resident Foreign Currency Domestic Account, and Insta Plus Video KYC Savings Account.
Best Savings Bank Account in India #5 – HDFC Bank Savings Account
Established in 1994, HDFC Bank is one of the biggest private sector banks in India. It provides a wide range of online savings accounts and banking services, including free debit cards, mobile banking, user-friendly smartphone apps, and Internet banking.
This banking institution also provides savings accounts for senior citizens and women. Each of HDFC’s savings account programs has its own set of features and benefits that can be accessed quickly and easily.
The following are the interest rates for various balances in the HDFC Bank savings account:
| Particulars | Rate of Interest |
|---|---|
| Saving Deposits Balance below Rs. 50 lakh. | 3.00% p.a |
| Saving Deposits Balance of Rs. 50 lakh and above. | 3.50% p.a |
The different types of savings account offered by HDFC Bank are SavingsMax Account, Regular Savings Account, Womens Savings Account, DigiSave Youth Account, Kids Advantage Account, Senior Citizens Account, 3-in-1 SmartInvest, Saving Farmers Account, Special Senior Citizen Account, Super Kids Savings Account, Basic Savings Bank Deposit Account, Institutional Savings Account, Government Scheme Beneficiary Savings Account, and BSBDA Small Account.
In Closing
As we conclude our article on “5 Best Savings Bank Account With Highest Interest Return”, It should be noted that looking just at the interest rate is insufficient when determining which bank account in India is the best. One should evaluate the pros and cons of the various options, compare their features and then choose a savings account that is most compatible with their needs.
Written By Aaron Vas
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