Best Savings Bank Accounts in India (July 2025)

If you’re thinking about securing your future and building healthy financial habits, the first step is opening a good savings bank account. It’s like the foundation of a stable financial future, where your salary comes in, where you keep your emergency fund, and where you begin cultivating the discipline of saving and investing.

But with so many banks offering savings accounts in India, it is easy to feel lost. Some banks offer higher interest rates, some give better digital services, and some just have branches everywhere you look.

In this blog, we will discuss the banks with the best savings accounts in India, not just mentioning their names, but also sharing a bit about their history, what they are known for, and who they are best suited for.

List of Best Savings Bank Accounts 

Company	Current Market Price (in ₹)	Market Capitalization (In ₹ Crores)	52-Week High (In ₹)	52-Week Low (In ₹)	Current Savings A/c Interest Rate
HDFC Bank	2,005	15,37,072	2,027	1,588	2.50%
SBI	812	7,24,679	899	680	2.50%
ICICI Bank	1,430	10,20,382	1,472	1,153	2.50%
Kotak Mahindra Bank	2,145	4,26,425	2,302	1,679	2.75%
Axis Bank	1,173	3,63,738	1,340	934	2.50%
Bank Of Baroda	242	1,25,250	274	191	2.70% to 4.50%
Punjab National Bank	111	1,27,457	129	85.5	2.70% to 3.00%
Union Bank Of India	151	1,15,420	159	101	2.75% to 3.55%
IDBI Bank	102	1,09,459	108	65.9	2.60% to 3.10%
Canara Bank	114	1,03,133	119	78.6	2.55% to 4.00%

Note: Higher rates generally apply only to balances above a certain slab. Check official websites of banks for accurate information.

Overview of Banks with the Best Savings Bank Account

An overview of the banks with the best savings bank accounts is given below:

1. HDFC Bank

HDFC Bank was set up in 1994 and quickly became one of the biggest names in Indian private banking. Known for its professional service, excellent digital products, and wide reach, HDFC is especially popular among salaried professionals and urban customers.

Their mobile app and internet banking services are among the best in the industry. Plus, they offer a wide range of savings account types, including specialised accounts for kids, seniors, and high-net-worth individuals.

Read Also: HDFC Bank Case Study

2. State Bank of India

SBI is not just the biggest bank in India; it is a part of Indian culture. Its roots go back to 1806 when it was known as the Bank of Calcutta, making it the oldest commercial bank in India. It became the State Bank of India in 1955 after merging with several other banks. With over 22,000 branches nationwide, it is often the default bank for millions of Indians.

If you prefer traditional banking with access to a physical branch almost anywhere in India, SBI is a reliable pick. It is also great for receiving government subsidies and pension payments. The YONO app brings in a decent digital experience too.

Read Also: SBI Case Study

3.ICICI Bank

Since it was established in 1994, ICICI Bank has developed into one of the top private banks in India. With its iMobile Pay app, which is known as one of the most feature-rich banking apps available today, it continues to innovate and was among the first banks in India to concentrate on digital banking.

ICICI is a great option if you enjoy easy online transactions, integrated bill payments, and cashback incentives on debit card purchases.

Read Also: ICICI Bank Case Study

4. Kotak Mahindra Bank

Kotak Mahindra Bank started as a financial services company in 1985 and got its banking license in 2003. It shook up the industry with the launch of Kotak 811, India’s first zero-balance fully digital savings account.

With zero balance requirement and a fast, online account opening process, Kotak 811 is perfect if you want to skip branch visits entirely. Also, their interest rates are slightly better than some larger private banks.

Read Also: Kotak Mahindra Bank: Business Model and SWOT Analysis

5. Axis Bank

Originally called UTI Bank, Axis Bank came into existence in 1993 and has slowly but steadily built a strong customer base across India. It’s well known for its premium banking services under the Burgundy banner.

The Axis ASAP account makes it easy to open an account online. Also, they often have cashback or reward point offers linked to their debit and credit cards.

Read Also: Axis Bank Case Study

6. Bank of Baroda

Bank of Baroda was founded in 1908 in Baroda (now Vadodara, Gujarat). It is one of the largest public sector banks in India. In 2019, BoB merged with Dena Bank and Vijaya Bank, strengthening its national footprint.

It’s often chosen by those who want PSU-bank reliability with slightly better tech integration compared to older PSU peers.

7. Punjab National Bank

Lala Lajpat Rai and other visionaries during India’s freedom movement established PNB in Lahore (now in Pakistan) in 1894. It is currently among the largest public sector banks in India.

PNB increased its asset size even further in 2020 through mergers with United Bank of India and Oriental Bank of Commerce.

Read Also: Punjab National Bank (PNB) Case Study

8. Union Bank of India

In 1919, Mahatma Gandhi himself inaugurated the Union Bank. It was only medium sized for many years, but in 2020, it merged with Andhra Bank and Corporation Bank to become much larger.

9. IDBI Bank

In 1964, IDBI Bank was founded as a development financial institution, and in 2004, it became a commercial bank. Its historical contribution to the expansion of India’s industrial sector makes it important, even though it is smaller than the other banks on this list.

Since LIC (Life Insurance Corporation of India) now owns a majority stake in IDBI, the company has been concentrating on revamping itself in recent years.

10. Canara Bank

Canara Bank is one of the oldest PSU banks in India, having been founded in Mangalore (now in Karnataka) in 1906. After merging with Syndicate Bank in 2020, it significantly increased the size of its network throughout southern India. The bank uses a conventional PSU strategy to enhance digital services after the merger and is considered highly for financial products related to the government.

Read Also: Bank of Baroda Vs Canara Bank: Which is Better?

Factors to Consider before Choosing a Savings Bank Account 

Let’s quickly talk about what you should look for before selecting a savings bank account:

1. Interest Rate on Savings: This is the rate at which your money will grow. Higher is better, especially if you maintain larger balances.
2. Minimum Balance Requirement: While some accounts have no minimum balance, others may need ₹5,000, ₹10,000, or more. 
3. Fees & Charges for Banking: Check hidden fees for debit card issuance, SMS alerts, or ATM withdrawals. 
4. Digital Experience: A good mobile banking app and net banking service make your life a lot easier, especially for bill payments, UPI, and fund transfers.
5. ATM/Branch Network: Especially important if you still prefer visiting branches or need frequent cash withdrawals.
6. Extra Benefits: Cashback offers, linked credit cards, or accidental insurance coverage can add real value.

How to Open a Savings Account Online 

You can open a savings account online by following the steps mentioned below:

1. Pick your bank and account type
2. Fill out the application form with your PAN number, Aadhaar number, and other details
3. Do a quick Video KYC with a bank official.
4. Your account will usually be opened in 24-48 hours after verification
5. Download the app and start using your account

Conclusion 

Ultimately, choosing a savings account involves more than just deciding where to keep your money; it also involves deciding how you want to handle it. If you’re looking for ease and the convenience of a nearby branch, choose reliable banks such as SBI or PNB as they have branches everywhere. If you prefer seamless digital banking services, then Kotak, ICICI Bank, or HDFC Bank are the best. The most crucial thing is to get started, open a savings account, develop saving habits, and let your money work for you.

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