A savings account is one of the basic needs today. It is the equivalent of holding a safety box to store all your cash that only you have access to. Apart from the security prospect, we all look for a certain interest earning possibility from our savings bank accounts and it is therefore wise to open one in a bank that can fetch you higher returns and liquidity at the same time.
Check the 5 best savings accounts to choose from
5. Ujjivan Small Finance Bank Regular Savings Account
Ujjivan Small Finance Bank’s regular savings account comes with facilities like a debit card, NEFT, RTGS and IMPS transactions. It can be easily opened at one of their branches.
Minimum monthly balance:
No minimum balance is required to be maintained and no charges will be levied.
Interest Rate:
4 percent interest will be earned on your balance.
Interest calculation and credit period:
Interest is calculated on daily balance at the end of the day and credited on a quarterly basis, that is on 30 June, 30 September, 31 December and 31 March every year.
ATM charges:
Unlimited transactions in Ujjivan ATMs. 6 free transactions per month on ATMs of other banks.
4. YES Bank
It is India’s fourth largest private bank and provides services like customizable savings account for customers with special lifestyle needs. Here we will take into consideration a non-salary savings account.
Minimum balance:
Most of its non-salary savings accounts require a minimum monthly balance requirement of Rs 10,000. Charges will be levied on the amount that shortfalls.
Interest Rates:
As per the bank’s notification, with effect from 1 September 2017, the interest rates are:
| Daily Balance | Interest Rate in % |
|---|---|
| Less than Rs 1 lakh | 5.00 |
| Rs 1 to less than Rs 1 crore | 6.00 |
| Rs 1 crore and above | 6.25 |
ATM charges:
Unlimited free transactions (if balance maintained in the account for the month is Rs. 10,000 or above.
3. Kotak Mahindra
Kotak Mahindra gives you the full digital banking service on your mobile phone. Its called the “811 digital bank account” where you can access all services using its app. Opening the account will require your Aadhaar and PAN for KYC purposes. It provides you with a digital card (scan and pay) that allows you even pay your utility bills.
Minimum monthly balance:
No minimum balance is required to be maintained and no charges will be levied.
Interest Rate:
| Daily Balance | Interest Rate in % |
|---|---|
| Less than Rs 1 lakh | 5.00 |
| Rs 1 to less than Rs 1 crore | 7.00 |
| Rs 1 crore and above | 5.50 |
Interest calculation and credit period:
The interest earned is calculated in slabs. Suppose you have maintained a balance of Rs 1,50,000. You will receive 5 percent interest on Rs 1 lakh and 7 percent on the remainder, that is on Rs 50,000.
2. RBL Bank
RBL Bank digital savings account can be opened online (with your PAN and Aadhaar number) under the digital savings account scheme.
Minimum monthly balance:
This account has the minimum balance requirement of Rs 5,000. Charges will be levied on non-maintenance.
Interest Rates:
As per the bank’s notification, with effect from 1 October 2017, the interest rates are:
| Daily Balance | Interest Rate in % |
|---|---|
| Upto Rs 1 lakh | 5.50 |
| Above Rs 1 lakh | 6.00 |
| Above Rs 10 lakh | 6.50 |
Interest calculation and credit period:
The interest earned is calculated in slabs. Suppose you have maintained a balance of Rs 1,50,000. You will receive 5.5 percent on Rs 1 lakh and 6 percent on the remainder, that is, on Rs 50,000.
Interest is calculated on daily balance at the end of the day and credited on a quarterly basis, that is on 30 June, 30 September, 31 December and 31 March every year.
ATM charges:
Unlimited ATM transactions.
1. DBS
The Singapore based multinational bank offers paperless, signature-less and branchless banking using your Aadhaar and PAN. Not to confuse its digibank e-wallet with digiSavings, as e-wallet earns no interest.
You will have to open the account by downloading their digibank e-wallet app and then convert it into digiSavings account. You can add money through UPI facility.
Minimum monthly balance:
The bank’s website as no mention of minimum balance maintenance requirement.
Interest Rates:
As per the bank’s notification, with effect from 15 January 2018, the interest rates are:
| Daily Balance | Interest Rate in % |
|---|---|
| Upto Rs 1 lakh | 6.00 |
| Rs 1 to 2 lakh | 7.00 |
| Rs 2 to 5 lakhs | 5.00 |
| Above Rs 5 lakh | 4.00 |
Interest calculation and credit period:
The interest earned is calculated in slabs. Suppose you have maintained a balance of Rs 1,50,000. You will receive 6 percent interest on Rs 1 lakh and 7 percent on the remainder, that is on Rs 50,000.
Interest is calculated on daily balance at the end of the day and credited on a quarterly basis, that is on 30 June, 30 September, 31 December and 31 March every year.
ATM charges:
Unlimited ATM transactions.
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