A savings account is a type of account that is opened at a bank or other financial institution that earns a moderate interest on the balance maintained. A savings account is essentially opened to put aside money that is not required immediately. Banks place restrictions on the number of withdrawals that can be made from the account each month. The interest rates earned on a savings account are determined based on the minimum average balance maintained in the account. The rate of interest offered on the balance in a savings account varies from bank to bank.
- Instant money transfer
- 24x7 ATM withdrawals
- Attractive rate of interest
Savings Account Interest Rates Updated on 19 Jan 2019
| Savings Account Interest Rates | ||
| Savings Account | Interest Rate Offered | Minimum Balance Required |
| RBL Bank |
6.05% p.a = Daily balance above Rs.10 lakhs 6.0% p.a = Daily balance above Rs.1 lakh 5.50% p.a = Daily balance upto Rs.1 lakh |
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| Yes Bank |
5% p.a = Saving Deposits Balance upto Rs. 1 lakh 6% p.a = Saving Deposits Between Rs. 1 lakh and Rs. 1 crore 6.25% p.a = Saving Deposits above Rs. 1 crore |
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| Kotak Mahindra Bank |
5% p.a = Saving Deposits Balance upto Rs. 1 lakh 6% p.a = Saving Deposits Between Rs. 1 lakh and Rs.1 crore 5.5% p.a = Saving Deposits between Rs.1 crore and Rs.5 crore |
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| Lakshmi Vilas Bank |
5.25% p.a = Daily Balance Upto Rs.5 lakh 6% p.a = Above Rs.5 lakh |
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| IndusInd Bank |
4% p.a = Daily balance upto Rs.10 lakh 5% p.a = Daily balance above Rs.10 lakh up to Rs.1 Crore 5.50% p.a = Daily balance above Rs.1 crore up to Rs.10 crore 6% p.a. = Daily balance above Rs.10 crore |
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| Bandhan Bank |
4% p.a = Daily balance upto Rs.1 lakh. 6% p.a = Daily balance above Rs.1 lakh up to Rs.10 crore. 6.55% p.a. = Daily balance above Rs.10 crore |
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| HDFC Bank |
4% p.a = Savings Account balance below Rs. 50 lakhs 4% p.a = Saving Account balance of and above Rs. 50 lakhs |
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| Axis Bank |
3.50% p.a = Savings Account balance below Rs. 50 lakhs 4.00% p.a = Saving Account balance of and above Rs. 50 lakhs |
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Why Open a Savings Account?
Savings accounts, as the name suggests, is a great way to save funds for the future. Excess funds can be kept aside and used when necessary. Here are a few reasons why opening a savings bank account is a good option:
- Savings bank accounts offer an interest rate slightly higher than the rate of inflation, in order to keep the real value of money stable throughout the years.
- Modern savings accounts are feature packed and offer quick links to pay bills, make quick transactions, etc. to the account holder as soon as he / she logs in to the account.
- Savings accounts can help cover any unexpected expenses that may arise in future.
- Holding a savings account helps improve financial stability since the funds in the account have limits on the number of withdrawals made against the account.
- Banks customize savings accounts depending on the general type of usage the account witnesses in its lifetime.
How to Open a Savings Account at Bankbazaar.com
A simple way of choosing and opening a savings account without having to undergo the rigorous process of researching bank accounts, or dealing with individual bank websites, is to use the bankbazaar.com application service. The following steps can help find a savings account that would be most suitable:
- Step 1: Log on to www.bankbazaar.com and select “Savings Account” from the “Investments” bar.
- Step 2: You will be prompted to enter a few details like your gender, your city of residence, duration of employment, current salary, etc. in order to find a suitable account for a person of your description.
- Step 3: The bankbazaar tool will compute all the information you have provided in order to find you an unbiased list of the best savings bank accounts in your location, and ask if you wish to apply for any of them.
- Step 4: Pick the account you like from different banks, furnish your contact details and personal information, and the bank will contact you to complete the process.
How to Open a Savings Account Offline?
While most bank related work happens online these days, some trips to the bank are absolutely unavoidable. In case you’re stuck without a portal through which to create a bank account online, you can follow these steps to open a savings bank account offline:
Step 1: Research different banks and their interest rates, find the one that best matches your specific requirements, if any, and the type of bank account you wish to open.
Step 2: Take a copy of your identity proof, two photographs, address proof, income / employment proof (if necessary), and age proof and head to the nearest branch of the bank in which you wish to create an account.
Step 3: Once at the bank, tell the clerk you wish to open a savings bank account, and he or she will hand you an account opening form.
Step 4: Fill out the form as required, and submit the same along with the copies of your identity proof, photographs, address proof, income / employment proof (if required), and age proof to the clerk.
Step 5: The clerk will then submit the application for processing and, depending on which bank you’ve chosen, your account will be opened and functional in any time between 1 and 12 working days.
How to Open a Savings Bank Account Online?
The simplest way to conduct banking operations is online, and opening a savings bank account is a very simple procedure:
Step 1: Research different banks and their interest rates, find the one that best matches your specific requirements, if any, and the type of bank account you wish to open.
Step 2: Log on to the website of the bank in which you wish to open your account. Note that not all banks have online account creation facilities.
Step 3: Fill out the online application form for the savings account that meets your needs and submit it along with a digital copy of identity proof, photographs, address proof, income / employment proof (if required), and age proof. Some banks may require you to submit physical copies of your documents for which they will send over an executive.
Step 4: Your details will be verified by the bank’s back-end team, and you will be able to start using your account almost instantly.
Savings Bank Account Eligibility
The following are the eligibility criteria for opening a savings bank account:
| Eligibility criteria |
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| Age |
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Documents Required to Open a Savings Bank Account
When customers decide to open a savings account, the bank requires the customer to submit certain documents. They are as follows:
- Proof of age and identity: Any authentic, registered, and recognized document issued by a competent authority, that contains the full name and a recent photograph of the applicant can be used.PAN, Voter ID, Passport, and Driving license are some examples of the documents that are accepted by banks when applying for a savings account.
- Photographs: Most banks require that customers submit at least 2 passport-sized photographs along with their application.
- Proof of address: Any authentic, registered, and recognized issued by a competent authority, which contains the address of the applicant can be used. Customers should keep either a Driving license, Voter’s ID, Passport, Utility bill are among some of the documents that can be submitted to the bank.
- Senior Citizen Card: Almost all banks offer Senior Citizen savings accounts to their customers. Applicants who wish to open a senior citizen’s account are required to submit proof of their age. A senior citizen card is issued by the Social Welfare Department and is the document that is most preferred as proof.
Features and Benefits of Savings Account
Here are some of the features and benefits of a savings bank account:
- As the name suggests, a savings bank account is a safe place to store surplus funds. It helps build a nest egg for the unexpected situations that may arise in the future.
- The balance in a savings account earns interest. While the rate of interest might not be as high as other bank deposits, since the funds are not withdrawn on a regular basis, it continues to increase the funds in the account.
- All savings account, whether held at a nationalised bank or any other financial institution, is always safe.
- A savings account provides account holders some level of liquidity. Banks usually provide account holders with debit/ATM cards that can be used to make a certain number of withdrawals from their savings account.
- An advantage for most savings account holders is that banks usually offer discounts on the locker rental facilities for customers who maintain the minimum quarterly balance.
- Most banks also provide savings account holders with various insurance covers including personal accidents and death.
Types of Savings Accounts
Banks offer customers a variety of savings accounts that differ in terms of its balance requirements and features. The following are some of the types of savings accounts offered by most banks:
Regular Savings Account
These are opened on the bank’s most basic terms and conditions. These accounts don’t see regular deposits of consistent amounts, nor do they see regular withdrawals. These are primarily the virtual equivalent of a safe where the money just sits waiting to be used by the account holder. These facilitate the most common form of virtual savings that aren’t touched, unless absolutely necessary.
Salary Based Savings Account
These most often opened by banks on the request of large companies that require a payment disbursal solution. Banks offer companies preferential rates and specific terms for these accounts – which will be individually handled by each of the latter’s employees. At the date of payment disbursal, the bank withdraws from the company account and disburses the required amount among the salary based savings accounts opened for the employees. It should be noted that most salary accounts do not have a minimum balance requirement, but once the salary stops being credited (for whatever reason) for 3 consecutive months, these accounts are changed into regular savings accounts with a minimum balance requirement.
Savings Accounts for Senior Citizens
These accounts are created for senior citizens, with specific functionality and benefits for those in the senior citizen category. These function in the same way that regular savings accounts do, but generally offer higher rates of interest and exclusive banking privileges. They can be linked to other senior citizen savings schemes to remit the funds from retirement accounts or pension funds, and consolidate all the funds under one single bank account.
Savings Accounts for Children and Minors
These accounts don’t generally have a minimum balance requirement and function in the same way as regular savings accounts. These are designed to educate the younger generation about modern day banking facilities and the general nuances of managing a bank account. These accounts are opened for minors by their parents or legal guardians. These accounts are operated under the supervision of the legal guardian until the child is 10 years old. Once the minor has crossed the age of 10, they are permitted to operate their account independently. After the account holder is 18 years old, the account is converted to a regular savings account and has a minimum balance requirement.
Zero Balance Savings Account
This type of account merges the best features of a savings account and a current account. While there are still limits on withdrawal amounts, these accounts are not charged any penalties if the balance in the account falls below the prescribed minimum. Sometimes, in cases where employees shift jobs and have to create new salary accounts – their old salary account will transform into a regular savings account – and when the balance inevitably falls below the minimum, they are charged a penalty or maintenance fee. This does not happen with zero balance savings accounts. Usually, banks offer these accounts to applicants from lower economic backgrounds, but have started offering salary accounts as zero balance accounts due to their utility.
Women’s Savings Account
A number of banks have begun offering savings accounts that have been specifically designed for women. These accounts come with special features to benefit the account holder. These benefits include discounts on certain purchases, low interest rates on loans, and a waiver on demat account charges.
Linked Savings Account
A Linked Account is the term given to a savings bank account which is linked either to a Checking Account or a NOW Account (Negotiable Order of Withdrawal) by account number. Sometimes also referred to as a Package Account, the convenience offered by a linked account is that it allows the account holder the flexibility of moving funds to their demand account as required, while the majority of the funds can be kept in the saving account. The additional benefit this provides is that the customer is also eligible for free checking or lower service charges. In case of a Linked Account, the balance of this account as well as the Checking or NOW Account will usually be provided together on a single account statement which consolidates the balances of all these accounts. Linked accounts often also enable the account holder to earn higher interest on the funds that are stored in their savings account.
Best Savings Accounts in India
When opening a savings account, one of the most difficult decisions to make is choosing the right bank. The following are a list of some of the banks that offer attractive features on a savings account:
SBI Savings Account
State Bank of India savings accounts are among the most balanced – as there are SBI bank branches all over the place, and the rate of interest is always competitive. These accounts also have usability through the SBI website.
ICICI Bank Savings Account
ICICI Bank savings accounts may not offer the highest interest rate, but are almost unparalleled in terms of ease of use. The intuitive mobile app and online banking facilities with direct bill pay, etc. are excellent tools that can save time.
HDFC Bank Savings Account
HDFC Bank is one of the country's largest private sector banks. It has a number of variants of the savings account for its customers to choose from. Additionally, HDFC has among the largest ATM networks in cities, which makes it the ideal account for a certain type of account holder.
Kotak Mahindra Bank
Kotak Mahindra Bank has a number of savings accounts that it offers its customers. The newest variation of the savings account is the 811 account that has been gaining a lot of popularity. The account is a zero balance account and just takes a few minutes to open. Customers can upload the KYC documents to the bank website and the account is instantly activated.
Axis Bank
Axis Bank has a wide range of savings accounts that customers can choose from. All these savings accounts come with either a Visa or RuPay debit card, whose use earns the account holders a number of perks.
Federal Bank
Federal Bank has a type of savings account for almost every type of customer. All the savings accounts come equipped with features such as internet banking, e-statements, and online bill payments.
Canara Bank
Canara Bank is one of the country’s oldest and most trusted nationalised banks. While the bank still adheres to some traditional banking practices, it has also adapted to the technological advances in the industry. Additionally, the minimum balance requirement for the savings account is comparatively lower than other banks.
Punjab National Bank
Punjab National Bank has a wide range of savings accounts that have been designed keeping in mind the financial requirements of the prospective customer. The accounts offered range from retirement accounts to accounts for armed forces and student accounts.
IndusInd Bank
IndusInd customers have 13 variants of the savings account that they can choose from. Each type of account has exclusive benefits that can be availed by the account holder.
Savings Account Interest Calculator
Interest rates on savings accounts are calculated on a daily basis. The following formula is used to calculate the interest an account earns:Interest rate = Daily closing balance x Rate of interest x (No. of days/365)
The following example will help illustrate the formula in use:Mr. X has an opening balance of Rs.1 lakh at the beginning of the month. He makes a withdrawal of Rs.30,000 on the 9th day of the month. He deposits Rs.10,000 on the 20th day of the month.
Assuming the monthly interest rate offered by the bank is 1%, the interest rate for that month will be calculated as follows:
Interest earned from day 1 to day 9: Rs.1,00,000 x 1/100 x 9/365 = 24.65
Interest earned from day 10 to day 19: Rs.70,000 x 1/100 x 10/365 = 19.17
Interest earned from day 20 to day 30: Rs.80,000 x 1/100 x 11/365 = 24.10
Interest earned for the month =24.65 +19.17 +24.10 = Rs.67.92Post Office Savings Account
As the name suggests, a Post Office Saving Account is an Account which can be opened at a post office. Post Office Savings Accounts are quite similar to a regular bank savings account, but Post Office Savings Account have a stricter and more secure arrangement as far as the account holder’s funds are concerned. While a bank may not have branches in the every city, post offices are generally present even in the most remote of cities located in the regions that are usually not easy to access. Due to this very reason, Post Office Savings Accounts are now becoming increasingly popular as a an option for saving money. A Post Office Savings Account can be opened by an adult individual who is of Indian nationality. Minors above the age of 10 years can also open this account, or have a guardian open such an account on their behalf.
How to Check Your Savings Account Balance?
You can access your savings account through a totally secure interface online, or at an ATM, or visit the bank with authentication. Today, most transactions through savings bank accounts are done online. Banks have made it incredibly simple to conduct basic and recurring transactions over the internet through their secure servers – which can be accessed through the respective bank’s smartphone app and websites.
Using the bank’s smartphone app, account holders can pay bills, check the account balance, transfer funds, and manage their finances in real-time, without the need to visit the bank at all.
Savings Account Minimum Balance
Many banks, depending on the type of savings account, charge a maintenance fee when the balance of funds in the account drops below a certain number.
For example, Mr. Babu has a savings bank account in Bank A.
Bank A has a minimum balance requirement of Rs.10,000 at any given time. Mr. Babu conducts transactions with amounts being debited and credited every so often, and incurs no additional charges as his account balance is always above Rs.10,000.
If his account balance drops to even Rs.9,000, he will start to face “maintenance charges” being levied on his account by Bank A. Let’s say Bank A charges Rs.500 as maintenance, this means that if Mr. Babu cannot raise the balance in his bank account to at least Rs.10,000, the bank will charge him this fee every month.
So, if Mr. Babu doesn’t raise his account balance and has no transactions in this account – in 18 months, Mr. Babu’s account will show a balance of Rs.0, as Rs.500 is being deducted every month. Rs.500 x 18 months = Rs.9000.
Banks charge anywhere between Rs.200 to Rs.800 as maintenance for the savings account every month that the minimum balance is below the prescribed amount.
Banks charge anywhere between Rs.200 to Rs.800 as maintenance for the savings account every month that the minimum balance is below the prescribed amount.
Charges for opening and using savings account
| Bank | Non-maintenance of Average Balance | Annual Debit Card Maintenance charges | Debit Card Transaction charges | ||||||||||
| Cash withdrawal | Non-financial transactions | ||||||||||||
| HDFC Bank | AMB Slabs | Metro & Urban | Semi Urban | Rs.150 | Rs.20 + taxes | Rs.8.5 + taxes | |||||||
| AMB Requirement Rs.10,000 | AMB Requirement Rs.5,000 | ||||||||||||
| Rs.7,500 to < Rs.10,000 | Rs.150 | NA | |||||||||||
| Rs.5,000 to < Rs.7,500 | Rs.300 | NA | |||||||||||
| Rs.2,500 to < Rs.5,000 | Rs.450 | Rs.150 | |||||||||||
| Rs.0 to < Rs.2,500 | Rs.600 | Rs.300 | |||||||||||
| ICICI Bank | Metro & Urban | Semi-urban | Rural | Gramin | Rs.150 | Rs.20 | Rs.8.5 | ||||||
| Rs.100 + 5% of the deficit in the balance requirement | 5% of the deficit in the balance requirement | ||||||||||||
| Axis Bank | Metro | Urban | Semi-urban | Rural | Rs.200 | Rs.20 | Rs.8.5 | ||||||
| Rs.10 for every Rs.100 deficit or Rs.500 (whichever is lower) | Rs.10 for every Rs.100 deficit or Rs.500 (whichever is lower) | Rs.10 for every Rs.100 deficit or Rs.300 (whichever is lower) | Rs.10 for every Rs.100 deficit or Rs.250 (whichever is lower) | ||||||||||
| Kotak Mahindra Bank | NA | NA | NA | ||||||||||
| SBI | NA | NA | Rs.17 | Rs.6 | |||||||||
DoP Internet Banking
The Department of Post offers customers the facility of internet banking for carrying out banking related transactions online. There are various functions and features of the DoP internet Banking which are as follows:
- Profile Customization - Under internet banking, users can customize their profile by changing their Sign-on' and transaction password, set account references under settings, update their Channel ID and also view personal details.
- Accounts - Under the Accounts section, the user can view their account summary of various accounts such as their saving account, recurring Deposit account, PPF (Public Provident Fund) Account, TD (Time Deposit) Account and NSC (National Savings Certificate) Account. In addition to this, users can also view details of their loan on RD, loan on PPF and details of tax deducted at source.
- Transactions - Under internet banking, users can perform a number of account related actions and make requests such as managing payees and billers, transfer funds not only within but also outside the DoP, make withdrawals from their PPF account, view their transaction history, put money into their PPF account or repay a loan on their PPF account, view any recurring instructions, deposit money into their RD account and repay the loan on their RD account.
- General Services - The general services available under DoP internet banking include mails, mailing service related requests and inquiry requests.
Tax Exemption on Savings Account
Interest income of up to Rs.10,000 that arises out of interest on the balance in your savings account is tax free under Section 80TTA. This is applicable for all savings accounts across banks and even Indian Post Office savings bank accounts.
Other types of Deposit Accounts
Current Accounts
Current account, also known as trading account is opened by individuals or entities for business purposes. Due to multiple payments and receipts, traders, entrepreneurs, business firms, etc., may need to operate their bank accounts on a daily basis. So, a current account is an ideal solution for this particular category of people as it imposes minimal restrictions on the number of transactions taking place in a day. Current accounts can be opened in the name of any of the following:
- Individuals
- Two or more individuals (joint account)
- Partnership firms
- Proprietary concerns
- Hindu Undivided Family
- Associations, trusts, and clubs
- Private and public limited companies
- Government departments, boards, corporations, etc.
Fixed Deposit Accounts
A fixed deposit account is a financial instrument which offers an interest rate higher than that of a savings account. Investors can fix their deposits for a period ranging from a few days to 10 years and earn higher returns. Your fixed deposit account expires at the end of the agreed tenure for which your deposits have been fixed. Penalty charges will be levied by the banks for premature closure of a fixed deposit account. The rate of interest of a fixed deposit account may vary from one bank to another and it generally depends on the amount deposited, tenure, and prevailing market rates.
Recurring Deposit Accounts
It’s a type of deposit account provided by banks to people with a regular income. Investors will have to issue a standing instruction to debit a fixed amount from their savings and credit it to the recurring deposit account. A delay in regular payments will result in reduction of the interest payable at maturity. Banks also provide loan facility on recurring deposits to their customers and it can go up to 90% of the deposit value.
Savings Account Vs. Current Account Vs. Fixed Deposit Vs. Recurring Deposit
| Savings Account | Current Account | Recurring Deposit | Fixed Deposit | |
| Purpose | Surplus funds are deposited in the account for the purpose of saving. | Deposits and withdrawals are made based on the business transactions carried out by the account holder. | Monthly fixed installments are deposited towards the account. | Lump sum amount is deposited on opening the account. |
| Tenure | No set tenure | No set tenure | Deposits need to be made for a minimum of 6 months to a maximum of 10 years. | Deposits can be opened for a minimum of 7 days to a maximum of 10 years. |
| Interest rates | 3% to 7% p.a. | Not applicable | 5.50% to 8% p.a. | 5.75% to 8.25% p.a. |
| Withdrawal limits | Limited to 5-7 per month | Unlimited daily withdrawals | Not applicable | Not applicable |
| Tax benefits | Deductions can be claimed under Section 80TT interest earned up to Rs.10,000. | Not applicable | TDS | Up to Rs.1.5 lakh can be claimed in tax deductions under section 80C of the Income Tax Act. |
| Loans | Loans can be availed against a savings account | Loans can be availed by select customers and it is referred to as ‘overdraft facility’ | Loans can be availed against a recurring deposit. | Loans can be availed against a fixed deposit. |
Savings Bank Account FAQ
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How is the rate of interest calculated on a savings account?
Interest rates for savings accounts are calculated on the closing balance in the account on a daily basis. However, the interest is accumulated and is usually paid out by banks on a daily basis.
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What is the rate of interest offered for general savings account?
Most of the banks offer 4% per annum for a no-frills savings account and the interest will be credited to your account on a half-yearly basis. However, the interest rate may vary depending on the type of savings account.
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Can savings accounts be held jointly?
Yes, savings accounts can be held jointly by 2 or more individuals.
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What is BSBDA?
Introduced by the RBI, Basic Savings Bank Deposit Account (BSBDA) requires minimal documentation (KYC Documents only) and has zero minimum balance conditions. Any resident Indian over 18 years of age can open a BSBDA account in a bank of their choice. The customers will be offered services like cash withdrawal, free ATM-cum-debit card and deposits.
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Are there any age restrictions for opening a savings account?
For a regular savings account, account holders have to be 18 years old or above to open an account. However, banks offer savings accounts for minors that carry most of the basic features of a regular savings account.
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Are there any differences between savings accounts opened in private banks and public banks?
There are a few differences between savings accounts held in private banks and public banks. However, these differences are with regard to interest rates and minimum balance requirement rather than the actual operation of the account.
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When is the interest earned on a savings account credited?
Interest earned from the balance in a savings account is usually credited at the end of every quarter.
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How can money be deposited into a savings account?
Money can be deposited in a savings account via cash, cheque, and demand drafts. They can be deposited directly at the bank using a deposit slip or at ATM drop-boxes.
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How can money be withdrawn from a savings account?
Most banks offer debit cards that are linked with their savings account that permits account holders to withdraw funds from their account through an ATM. Account holders can also withdraw money from a savings account using withdrawal slips and cheques.
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How many withdrawals are permitted from a savings account each month?
Most banks permit account holders to make a maximum of 6 to 7 withdrawals per month. However, these rules are mostly applicable to ATM withdrawals rather than withdrawals made through withdrawal slips and cheques.
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Are internet banking facilities provided for savings account transactions?
Yes, almost all banks provide its savings account holders with internet banking facilities.
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Can nominees to a savings account be changed?
Yes, nominees to a savings account can be changed as per the account holder’s discretion. A form, that can be obtained either from the bank branch or downloaded online, should be filled and submitted to the bank branch.
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Does a savings account have a set tenure?
No, a savings account does not have a fixed tenure and can be operated by the account holder until their death.
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When does a savings account become dormant?
If a savings account has no withdrawals or deposits made to the account for a period of 2 years, the account is considered dormant.
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Are there any restrictions placed on dormant accounts?
Banks may at times deactivate certain services such as internet banking and mobile banking for dormant accounts.
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How can dormant savings accounts be reactivated?
A dormant savings account can be activated by either contacting the bank branch, submitting a written request for reactivation, or carrying out a withdrawal or deposit transaction against the account.
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Are dormant accounts charged penalties for non-maintenance of the minimum average balance?
No, dormant account does not incur any charges for non-maintenance of the minimum average balance. The penalty is only applicable to operational accounts.
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Can a person hold more than 1 savings account?
Yes, there is no restriction on the number of savings account that a single person may hold.
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Does the interest earned on a savings account increase when individuals hold multiple accounts?
No, the interest earned depends entirely on the balance maintained in the account. If an individual holds multiple savings accounts and maintains the minimum average balance, the interest earned collectively from those accounts may be lesser than the interest earned from one account.
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Do savings accounts have any tax benefits?
Interest earned on a savings account is eligible for tax deductions up to Rs.10,000 under Section 80TTA. Any interest earned above this amount is taxable.
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