A savings account is one of the most essential financial tools for managing day-to-day money. Whether you want to receive your salary, make UPI payments, or withdraw cash from an ATM, a savings bank account makes everything simple and secure. Along with convenience, you also earn interest on the money you keep in your savings account. This interest is calculated daily based on your closing balance and credited as per the bank’s guidelines.

If you’re looking for the best bank for a savings account in India, this detailed guide will help you compare interest rates, minimum balance requirements, accessibility, and other important features.

List of Popular Banks for Savings Accounts

State Bank of India (SBI)
Union Bank of India
HDFC Bank
ICICI Bank
Axis Bank
Bank of Baroda
IDFC First Bank
Bank of India
Kotak Mahindra Bank
RBL Bank
IndusInd Bank

Top Savings Bank Accounts in India (2025)

Banks in India offer competitive interest rates on savings accounts, making it easier for customers to grow their money while enjoying smooth banking services. Below is a comparison of the top savings accounts in India with their interest rates and minimum balance requirements.

1. State Bank of India (SBI)

Interest Rate:

Below ₹10 Crore – 2.70% per annum
₹10 Crore & above – 3.00% per annum

Minimum Balance: Nil

2. Union Bank of India

Interest Rate:

Up to ₹50 Lakh – 2.75%
₹50 Lakh–₹100 Crore – 2.90%
₹100–₹500 Crore – 3.10%
₹500–₹1,000 Crore – 3.40%
Above ₹1,000 Crore – 4.00%

Minimum Balance: Nil

3. HDFC Bank

Interest Rate:

Below ₹50 Lakh – 3.00%
₹50 Lakh & above – 3.50%

Minimum Balance: ₹2,500–₹10,000 (location-based)

4. ICICI Bank

Interest Rate:

Below ₹50 Lakh – 3.00%
₹50 Lakh & above – 3.50%

Minimum Balance: ₹1,000–₹10,000

5. Axis Bank

Interest Rate:

Below ₹50 Lakh – 3.00%
₹50 Lakh–₹2,000 Crore – 3.50%

Minimum Balance: ₹2,500–₹12,000

6. Bank of Baroda

Interest Rate:

Up to ₹1 Lakh – 2.75%
₹1–₹10 Crore – 2.75%
₹10–₹50 Crore – 2.75%
₹50–₹100 Crore – 3.00%
₹100–₹200 Crore – 3.00%
₹200–₹500 Crore – 3.05%
₹500–₹1,000 Crore – 4.10%
Above ₹1,000 Crore – 4.50%

Minimum Balance: ₹500–₹2,000

7. IDFC First Bank

Interest Rate:

Up to ₹1 Lakh – 3.00%
₹1–₹5 Lakh – 4.00%
₹5 Lakh–₹50 Crore – 7.00%
₹50–₹100 Crore – 5.00%
₹100–₹200 Crore – 4.50%
Above ₹200 Crore – 3.50%

Minimum Balance: ₹25,000

8. Bank of India

Interest Rate:

Up to ₹1 Lakh – 2.75%
Above ₹1 Lakh – 2.90%

Minimum Balance: Starting ₹500

9. Kotak Mahindra Bank

Interest Rate:

Up to ₹50 Lakh – 3.50%
Above ₹50 Lakh – 4.00%

Minimum Balance: ₹10,000

10. RBL Bank

Interest Rate:

Up to ₹1 Lakh – 4.25%
₹1–₹10 Lakh – 5.50%
₹10–₹25 Lakh – 6.00%
₹25 Lakh–₹2 Crore – 7.50%
₹2–₹3 Crore – 7.00%
₹3–₹7.5 Crore – 6.50%
₹7.5–₹25 Crore – 6.25%
₹25–₹50 Crore – 6.25%
₹50–₹100 Crore – 5.25%
₹100–₹200 Crore – 6.00%
₹200–₹400 Crore – 4.00%
Above ₹400 Crore – 6.75%

Minimum Balance: Nil–₹25,000 (account type based)

11. IndusInd Bank

Interest Rate:

Up to ₹1 Lakh – 3.50%
₹1–₹5 Lakh – 5.00%
₹5–₹10 Lakh – 6.00%
₹10 Lakh–₹100 Crore – 6.75%

Minimum Balance: Nil–₹20,000

Note: Interest rates are as of 8 May 2024 and may change anytime. Always verify with the bank before opening a savings account.

How to Choose the Best Bank for Savings Account in India

Finding the best savings account depends on your financial needs and lifestyle. Here are the key factors you should consider:

1. Interest Rate

Higher interest rates help your savings grow faster. While fixed deposits usually offer higher interest, many banks now provide competitive rates on savings accounts, especially for higher balances.
Check the latest interest rate chart on the bank’s official website.

2. Minimum Balance Requirement

Savings accounts may come with minimum balance rules ranging from zero to ₹25,000. Choose a bank that fits your cash flow and ensures you won’t be penalized for failing to maintain the required balance.

3. Accessibility & Digital Banking

A good savings account should give you easy online and offline access. Look for:
✔ A reliable mobile banking app
✔ A smooth net-banking experience
✔ Nearby branches and ATMs
✔ Strong security features

4. Fees & Charges

Before opening a savings account, review:

Non-maintenance charges
ATM withdrawal charges
SMS alert fees
Debit card annual fees

These small fees can add up over time.

5. Withdrawal Rules

Different banks allow different daily withdrawal limits. Choose a bank that aligns with your spending habits, especially if you frequently use ATMs, UPI, or net banking.

Conclusion

There is no single bank that suits everyone. The best savings account in India depends on your requirements—whether it’s higher interest rates, low minimum balance, or excellent digital banking services. Compare the features of top banks and choose the one that aligns with your financial goals.

Maintaining a savings account also helps build financial discipline, ensures easy access to banking services, and makes loan approval smoother since your income and transactions are recorded systematically.

Also Read: WhatsApp UPI Payments Feature: How to Set It Up and Use It Easily