A savings account is the most fundamental product that every bank offers. People deposit their money into their accounts and keep it secure with the institution. At the same time, they also receive interest on the amount they save in their account. These are liquid investments that account holders can operate whenever they need without any restrictions. To know the best bank to open account in India in 2023, compare the features and interest rates of the available options.
Here are some of the best high-yield savings accounts in India in 2023.
Top Savings Accounts in India for 2023
These are some of the best banks to open savings accounts in India:
- RBL BankHeadquartered in Mumbai, RBL Bank has been offering a variety of savings bank accounts since 1943, including specialised bank accounts for women, senior citizens, doctors, executives, special institutions, etc. Offering attractive interest rates starting to suit different clients’ needs, the best features include unlimited free ATM transactions across India, net banking, phone banking, mobile banking, free debit card, and high withdrawal limits.
- SBI (State Bank of India)
SBI is a Fortune 500 company based in Mumbai, offering public sector financial and banking services in India for over 200 years. With a rich history of good faith and trust among Indians, it provides account holders with the best savings account rates. Some most sought-after features include a quick facility, no MAB requirement, a mobile app, and no limitations on maximum balance.
Also Read: Best Bank Accounts for Housewives To Save Money And Earn More
- PNB (Punjab National Bank)
PNB offers all-inclusive banking solutions to satisfy its client’s needs. Mobile banking, net banking, free debt cards, etc., are some unique features that make PNB savings account better than others. The bank offers special savings accounts for women and senior citizens with extraordinary benefits and features.
- Kotak Mahindra Bank
Kotak Mahindra offers more than ten types of savings accounts, each with unique features and different interest rates. These include special bank accounts for women, kids, senior citizens, families, salaried employees, NRIs, etc. Customers can access various financial services, making it one of the best banks to open an account in India.
- Axis Bank
Axis bank offers various savings accounts for children, youth, seniors, pensioners, insurance agents, trusts or NGOs. Featuring a low minimum balance and opening deposit requirement, the bank offers the best savings account rates with a wide range of alluring benefits and services.
Factors to Consider While Choosing the Best Bank to Open Account in India
Now that you know some of the best banks offering high-yield savings accounts in India 2023, here are a few points that may affect your final choice:
Interest Rate: The interest rate is the key factor in determining where to invest money since it affects the earnings the savings account can generate for the account holder. Make an informed choice because even a slight variation can pay in the long run.
Also Read: Which Bank Gives You The Highest Interest Rate On Your Zero Balance Account?
Minimum Cash Balance: Most banks have minimum balance requirements that the account holders should maintain in their savings accounts. A low minimum balance requirement gives people more freedom to use their savings whenever they want.
Frequency of Cash Withdrawals: Many banks restrict the frequency of cash withdrawals that account holders can make from their accounts. Opt for a savings account that allows frequent cash withdrawals without unnecessary charges.
Additional Charges: Savings accounts are subject to various types of additional charges, including SMS charges, PIN regeneration charges, chequebook issue fees, cross-currency mark-ups, etc. Go through the fine print carefully and get familiar with these charges before opening an account.
Additionally, consider maintenance fees banks usually deduct from the account holders’ accounts.
Customer Service: Customer service is another important parameter in the banking industry. Account holders often need to contact the customer care centre for queries, complaints, or issues like lost debit cards, difficulty transferring funds, etc. Before opening a savings account, get in touch with the bank’s customer service centre and see how they respond to your queries or resolve your problems.
India has a galore of savings banks and accounts offering the best savings account rates to account holders. However, one should opt for one that best suits their needs and provide a wide range of benefits. Never compromise on funds’ safety, and conduct a thorough background check before parking your hard-earned money. Apt tools and customer service are essential to enhance and delight the banking experience. Select the best bank to open an account in India to lead a managed financial life.
