10 Best Banks for Opening a Savings Bank Account in India

    Looking for a best bank to open your savings bank account? All the cliché ads pushed by banks- celebrating families, smiling happy mom and child, distort whats real about a savings bank account. It is a basic account that helps you to keep your earnings secure and provides you an easy access to money for daily transactions. When you are searching for the best bank for opening a savings bank account, essentially look a bank that is trustworthy, reliable, easy to transact with, transparent and more importantly won’t steal your money by charging all kinds of fees and charges. Below are 10 Best Banks for Opening a Savings Bank Account in India.


    10YES Bank

    YES Bank founded in 2004 slowly grew into one of the largest banks in the country. In the past few years, it is considered as one of the fastest growing banks in India. It offers a wide range of savings bank account schemes to both individuals and corporations. It offers all types of digital payment solutions to its customers. Yes Bank after the revision of Savings Bank interest rates last year, it now offers a reduced interest rate of 5% per annum for saving deposits of up to Rs. 1 lakh. If the deposit balance is between Rs. 1 lakh and Rs. 1 crore, it offers an interest rate of 6% per annum. For account holders with the saving deposits balance of over Rs.1 crore receive an interest rate of 6.25%. Just like Kotak Mahindra Bank, Yes Bank offers a multitude of benefits to its customers.

    Savings Account holders at Yes Bank enjoy free NEFT payment facility, debit cards with attractive offers, access to ATMs across the country, receive quarterly savings interest payout, free demand draft issuance, easy payment of utility bills, personal account number selection, SMS banking facility, and others. Appling for a YES Bank savings account can be done easily online. It is a three-step process wherein the first step they have to fill the Savings Account Eligibility form. Once this form is filled and submitted, the bank presents a list of suitable account options. In the second step, an applicant can go through the various account types and compare them. The last step involves choosing a specific savings bank account type and clicking on its approval. Users through email and SMS alerts can know the status of their application.

    YES Bank has three categories of savings bank accounts including personal, salary and custom. The personal savings accounts are for individuals and it is of 4 types, Savings Exclusive, Savings Value, Savings Select, and Savings Advantage. The benefits such as doorstep services, unlimited ATM access, free demand draft issues, free silver debit card, low minimum balance and sweep in the facility are distributed across these accounts.  In the salary savings accounts, YES Bank offers Smart Salary Platinum, Smart Salary Advantage, and Smart salary Exclusive.

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    1. I strongly oppose the news about HDFC….they r not the best or first 10 rank holders in the country…
      Pls don’t promote paid news here

    2. I absolutely don’t agree Axis Bank being in the list. They have very worst ways of resolving issues. I am fighting since almost 2 years asking them to stop some of their customers statements and other communications in to my mail box. No one is ready to take up this responsibility. Because I had a travel card they transfer the call to travel cards, they say nope not us as I am getting a savings bank acct statement. Even they have removed the support on phone I.e. Call center. Their web support system doesn’t take a complaint if you dont have a relationship. Absolute crazy people…

      Continuing, they said there will be no inactivity charges when I had the travel card. But then they charged a with high fee for not using the card for sometime. And then nobody was answering that issue.

      I am just warning you if any one still want to open an relationship with Axis Bank.

    3. Don’t waste time even to read this. Certainly not correct . The author seems to have picked 10 banks, randomly !

    4. In general…Pubuc sector banks: Low service charges, poor customer service
      Private banks: High service charges, poor customer service. But HDFC,ICICI & Kotak bank are famous for very high charges and very poor customer service. Most of the companies in India do not understand customer service beyond sending stupid birthday sms ( auto generated by a stupid software …lucky if you are not referred with misspelled name or by your account no!). They should learn from Amazon!

    5. I have my Savings account with SBI for the last 38 years, I have no issues whatsoever, thoroughly satisfied customer of the bank. They offer all the services of new private banks, at a fraction of the cost. Wonder, when I read about poor service. I have accounts in other banks mentioned in the article and and felt more often, replies to general queries are also not attended to my satisfaction.


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