A savings account is a viable option for individuals looking to save their funds and earn interest over
the period. These accounts also provide liquidity to withdraw funds whenever required and can be opened online or offline.
However, you need to find a bank offering the best interest rate on savings accounts to earn a
decent interest rate. The article below lists various banks in India offering the highest interest rates
on savings accounts.
Best banks for savings accounts
The interest rates for a savings bank account vary between 4-6% per annum; therefore, you need to
research and search for the savings accounts with the highest interest rates. Refer to the list of the
best banks for savings accounts below.
IDFC FIRST Bank Savings Account: The bank provides a savings account with a Signature card
and offers an industry best interest rate of up to 6% per annum. You can access your funds
round the clock through Visa Signature debit card and internet banking. Moreover, IDFC
FIRST Bank credits the due interest every month and you earn interest on interest which
amplifies your returns.
IndusInd Bank Savings Account: This savings account comes with a Titanium debit card that
offers a reward on every debit card expense. As an account holder, you don’t need to
maintain a minimum balance and can also customise the bank account number.
Axis Bank Savings Account: Axis Bank is known for its customer services. You can open
online savings account following a few simple steps by visiting the website or downloading
the mobile app. Axis Bank & savings account offers an interest rate of up to 4% per annum. In
addition, you get cashback on every expense using your debit card.
HDFC Bank Savings Account: With HDFC Bank Savings account, you get customised and
premium banking services. The bank also provides numerous offers, including cashback and
rewards on your card expenses. You can receive up to a 4.5% interest rate on your savings
account.
ICICI Bank Savings Account: The bank provides an easy application process for opening an
online savings account and offers a competitive interest rate of up to 3.5%. You can access
your funds 24*7 using the net-banking or a mobile application.
A savings account provides numerous facilities and the opportunity to grow your hard-earned
money. Choosing the best bank savings account per your requirement is crucial as it can
maximise your return and provide loyalty benefits on day-to-day expenses.
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