Finance

3 Best Banks to Open a Savings Account

Savings bank account is a basic need today. It is a safe house for your money. You can also earn profitable interest on the amount you have deposited in it. This helps you grow and safeguard your savings from unnecessary splurging. However, to ensure these benefits, you need to choose the right bank which is reliable and provides you with convenient facilities to access your account and money anytime. Here are some bank options for you to consider when opening a savings account:

1. YES Bank

YES Bank is 4th largest private bank in India. It provides you the option of customisable savings account according to your lifestyle requirements. A savings account in YES Bank requires a monthly balance of minimum INR 10,000. In case your balance is less than the threshold, charges will be applicable accordingly. This is the best bank to open savings account. Also, you get free, unlimited ATM transactions provided the balance is maintained at the minimum amount. Their interest rate is as follows:

Balance < INR 1 lakh  – 5%

Balance between INR 1 lakh- INR 1 crore – 7%

Balance > INR 1 Crore – 5.5%

2. RBL Bank

RBL Bank allows you to open a savings account digitally. It requires a minimum balance of INR 5000 to avoid any charges. Their interest rate is 5.5% for upto INR 1 lakh, 6% for amount above INR 1 lakh and 6.5% for above INR 10 lakh. The interest amount is calculated on daily depending on the balance and credited quarterly every year. It even allows for free, unlimited ATM transactions. End your search here by opening a savings bank account in RBL bank and you won’t be disappointed at all.

3. DBS

This is a Singapore based bank which offers paperless and signature-less banking facilities using PAN and Aadhar card. You can proceed to open your account by downloading their e-e-wallet app and get it converted into a savings account. To add money in the account, you can use the UPI facility. One good advantage of this bank is that they don’t have any minimum balance restriction for its users. They also offer ATM unlimited transactions. The interest rate policy is:

6% for amount upto INR 1 lakh

7% for amount between INR 1 lakh – 2 lakh

5% for amount between INR 2 lakh – 5 lakh

4% for above INR 5 lakh

 

Banking industry is wide-spread because more people are realising the importance of saving their money for the future. Banks are also upgrading their systems to suit the customer needs. Therefore, there are various options to choose from but make sure that you find out the details of their policies and guidelines but it may become hectic later. Hope you got an insight into some useful options for your decision. Thanks for reading!

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Surjan is a writer at heart! Writing for his an expression of his true self. After a short stint as a textile expert, he decided taking up writing full time.