Best Bank Saving Interest Rates in India 2024

Nowadays every individual has a savings bank account with them. A Bank account is the most basic financial product which is an absolute necessity.

Whether it’s your salary or any government scheme, you need a bank account to get them. The savings bank account is like a small and liquidated investment account for which you get interested in your savings.

You can spend this money whenever you want in whatever denomination, also, various types of savings accounts even allow you to have an account with zero balance.

The problem with a savings bank account is the interest rate it has to offer. It is usually very low and does not manifest into useful funds.

But that being said, it is also important to note that a savings bank account is necessary for you to have financial standing in today’s digital world.

The best of both worlds would be to have a good interest rate on our savings bank account along with the liquidation of the savings bank account.  

Here is the guide which will help you in finding the best savings interest rates in India 2024 that the banks have to offer.

Best Saving Interest Rates in India 2023

Top Savings Interest Rate in India 2024

The following are the top interest rates offered by the bank in India-

Name of BankRates of Interest (p.a.)
Kotak Mahindra Bank Savings Account3.50% to 4.00%
State Bank of India (SBI) Savings Account2.7%
Yes Bank Savings Account4.00% to 5.25%
Citibank Savings Account2.5%
Axis Bank Savings Account3.00% to 3.50%
IndusInd Bank Savings Account3.50% to 5.50%
DCB Bank Savings Account2.25% to 7.00%
RBL Bank Savings Account4.00% to 6.00%
HDFC Bank Savings Account3.00% to 3.50%
Unity Small Finance Bank6.00% to 7.00%

Things to Consider Before Getting a Savings Bank Account

The following are the things that you’ll have to consider before getting a savings bank account-

Rate of Interest

The rate of interest is an important factor that you’ll have to keep in mind before selecting a savings bank account.

Usually, the rate of interest in this type of account is very low but some banks provide you attractive interest rates like an FD account with the liquidation of a savings account.

Minimum Maintenance Balance

The minimum Maintenance Balance is the minimum account balance that the account holder must maintain to keep his/her account running.

Whenever the Minimum Maintenance Balance goes down than the set limit then the account will attract a penalty unless it’s a non-maintenance account.

You may prefer to have a minimum maintenance balance for far superior banking service or simply choose a non-maintenance balance account where you do not have to worry about any penalty. It ultimately comes downs to your preference.


Few fees are charged for various services that the bank offers. You’ll have to ensure that the fee and charges are the lowest when it comes to your account.

The ultimate aim of a savings account is to save money and you can do that by keeping fees and charges low.

Customer Service

Your bank should provide you with good customer service. You might face certain difficulties with your bank account but with proper customer service, you’ll be able to resolve this fast.

Therefore, you must keep customer service on your top priority list while selecting your savings bank account.

India’s Top 10 Savings Bank Account

The following are the top 10 savings bank account that you can choose from. The banks are judged based on the criteria mentioned here-

State Bank of India (SBI) Savings Account

State Bank of India is India’s largest savings bank account with more than 40 crore customers across India. It is a public sector bank and is amongst the top fortune 500 companies.

The bank is also one of the oldest banks in the world dating back to the 18th century. It is the most trusted bank in India that’s why it has the largest pool of savings bank account holders.  The key benefit of choosing an SBI Savings Bank account are as follow-

  • No Minimum Maintenance Balance is required
  • No restriction on the maximum balance
  • SBI Internet Banking facility, cheque book, SBI Debit card, etc. services are offered

Kotak Mahindra Bank Savings Account

Kotak Mahindra Bank is a private sector bank and offers many types of savings bank accounts as per the needs of the customer.

The benefit of opening a bank account in Kotak Mahindra Bank is limitless and you can get unlimited cash withdrawals from the Kotak Mahindra ATMs across India without paying any fee.

It is also often considered the best bank to open an account from by some experts. The key benefits that the bank delivers to the customers are as follows-

  • No restriction on the maximum balance
  • Internet banking facility is available 24X7, 365 days
  • Excellent customer support service by branch as well as customer care

Yes Bank Savings Account

Yes Bank is yet another private sector bank that offers a variety of savings bank account to individuals. The bank offers attractive interest rates to the customers making it an amazing account to open your account with.

The key benefits of Yes Bank Savings Account are as follows-

  • Savings bank account for all individual classes like women, men, senior citizens, etc.
  • You can also open a fully digital online account
  • Best-grade internet banking facility offered along with dedicated mobile banking app

Citibank Savings Account

Citibank offers premium savings bank account opening opportunities to individuals. You can do all your banking with them and get quality customer service.

If you prefer on-time and quality customer service along with amazing customer experience then you can opt for a Citibank savings account.

Axis Bank Savings Account

Axis Bank is a private-sector bank that offers savings accounts. There is a variety of savings bank account that you can choose from.

The best feature that the bank provides is its superior internet banking facility and its vast network of bank branches. You can even open a bank account completely online using their digital solutions like the Axis bank Mobile app or Axis Bank internet banking portal.  

IndusInd Bank Savings Account

IndusInd Bank offers a savings account with a very attractive interest rate which makes it a favorite for individuals.

IndusInd Bank has a mix of accounts of both premium and general accounts. The premium account provides special benefits however, there are some no minimum balances accounts as well that you can choose.

DCB Bank Savings Account

DCB Bank offers various types of savings bank accounts, you can choose whichever account you want to open your bank account with.

From elite to general no minimum balance accounts, DCB Bank has it all. If you want to open your account with the DCB Bank then you’ll have to find the nearest bank branch there is no online method of opening the account which is its only downside.

Now, that being said it does not mean that the bank does not offer internet banking facilities, they certainly do. Only the online account opening is not available to the user.

RBL Bank Savings Account

RBL Bank is one of the best private sector banks in India that offers amazing interest rates for savings accounts. The bank offers a 6.5% interest rate which is almost equal to the FD interest rate.

This surely has attracted a lot of customers for opening a bank account. The account opening process is fully digital that can be accessed using the online internet banking portal or mobile banking app.

HDFC Bank Savings Account

HDFC Bank has various savings bank account products for the individual. The bank provides amazing service. It is also the largest Private sector Bank in India which various customers and the highest value deposits.

HDFC Bank provides all types of savings bank account and also have an extensive network of bank branches, ATMs, etc.

Unity Small Finance Bank

Unity Small Finance Bank with its new avatar impacted the market a lot. It has done so to attract new-age millennial individuals towards them.

The bank offers an attractive interest rate of 7.00% on the savings account balance which is more than the FD rates of other banks. Even the interest rate of an FD account is higher than average at 8.5% per annum.

The minimum maintenance balance of this account is Rs.10,000/- or Rs.5,000 at Semi-urban or non-metro locations. Apart from these, individual also gets digital banking solution for their banking needs.