I did in-depth research on major Indian banks to find the Best Zero Balance Savings Bank Accounts in India for various needs like high-interest rates, zero balance offers on debit cards, international debit card, mobile apps, customer service and global reach.
What Is a Savings Account?
A savings account is an interest-bearing deposit account held at a bank or other financial institution. Though these accounts typically pay a modest interest rate, their safety and reliability make them a great option for parking cash you want available for short-term needs.
Savings accounts have some limitations on how often you can withdraw funds, but generally offer exceptional flexibility that’s ideal for building an emergency fund, saving for a short-term goal like buying a car or going on vacation, or simply sweeping surplus cash you don’t need in your checking account so it can earn more interest.
Here is the list of 10 Best banks for savings account in India 2022
- Kotak Bank Savings Account – Best for fastest online account opening
- IndusInd Bank Savings Account– Best for 3-in-1 account with discount broker
- ICICI Bank Savings Account – Know for great technology
- HDFC Bank Savings Account – Best for great customer products
- Axis Bank Savings Account – Great for customer service
- RBL Savings Account – Best for highest interest rate
- SBI Savings Account – Best bank for students
- Paytm Payment Bank – Best digital bank
- Bank of Baroda Savings Account – Best government bank
#1. Kotak 811 Savings Account Review (Fastest Online Account Opening)
Kotak 811 Digital Bank is one of the best saving accounts provided by Kotak bank. 811 is a zero balance savings account that you can open online through your mobile or laptop.
You can complete the KYC through a video call in a single go. Your account will be activated within a few steps.
You will get 4% interest rate on your savings account which more than banks like SBI, HDFC, ICICI.
Benefits of Kotak 811 Account
- Instant account opening
- Zero balance account
- Virtual debit card (with an option to get physical debit card)
- The whole accounting process is paperless
Click Here to Open Kotak 811 Account Online
You can seamlessly open the Kotak 811 savings account while sitting in your house without going to the bank branch.
The details for savings accounts are as under:
| Monthly Average Balance | 0 |
| Rate of Interest | 3.5% up to 1 Lakh balance
4% above 1 Lakh |
| Account Opening Process | Online through website |
| Channel of Access | Mobile, Netbanking, Branch & ATMs |
| Ease of use | Average |
#2. Axis Bank Savings Account (For Good Services)
On opening savings account you get additional benefits like access to free Times Prime membership, offers and cashback on Amazon, Zee5, Ganna and Uber.
Axis Bank also offers two different sets of savings bank account. Easy access and prime with lower account balance requirements and Prime plus, Priority and Burgundy with higher balance requirements.
| Rate of Interest | Up to 50 Lac – 3.0% Above 50 Lac- 3.5% |
| Account Opening Process | Online, Physical Branch Visit |
| Channel of Access | Mobile, Netbanking, Branch & ATMs |
| Ease of use | Average |
- Quality services
- Reward points for normal banking transactions
- Benefits only at higher relationship value
- Average customer support
Open Axis Savings Account Now
#3. IndusInd Bank Savings Account (3-in-1 account with Upstox)
Indusind bank offers a zero balance 3 in 1 (savings, trading & demat account) in collaboration with Upstox.
You can earn up to 6% interest on your savings account. The savings account interest rate is higher than the fixed deposit interest rate of banks like SBI.
Benefits of 3-in-1 IndusStox Account
- Zero balance bank account
- Higher savings account interest rate
- Free demat & trading account opening
- 30 days Zero brokerage (limited time offer)
- Online account opening
Open Free InduStox 3-in-1 Account now
| Rate of Interest (on daily balance) | Up to 6% |
| Account Opening Process | Online through website |
| Channel of Access | Mobile, Netbanking, Branch & ATMs |
| Ease of use | Average |
#4. ICICI Bank Savings Account (For Best Technology)
Opening a savings bank account with ICICI is like banking at fingertips with 200+ banking services offered online.
The amazing tech experience starts with iMobile banking app which is user-friendly and is secured using PKI end-to-end 265-bit encryption.
Best Savings Account Options by ICICI Bank
- ICICI Regular Savings Account
- ICICI Silver Savings Account
- ICICI Gold Privilege Savings Account
- ICICI Titanium Privilege Savings Account
| Monthly Average Balance | Rs. 10,000 to Rs. 1,25,000 (depending on variant) |
| Rate of Interest | Up to 50 Lac – 3.00% Above Rs. 50 Lac- 3.50% |
| Account Opening Process | Online and Branch visit |
| Channel of Access | Mobile, Netbanking, Branch & ATMs |
| Ease of use | User-friendly and easy |
#5. HDFC Bank Savings Account (For Best Products)
When you bank with HDFC, then you have access to the best products in the market – best credit cards, deposits rates, loans, Payzapp, Smarthub or Samsung pay.
Best Saving Accounts from HDFC Bank
- HDFC Savings Max Account
- HDFC Regular Savings Account
- HDFC Basic Savings Banks Deposit Account
- HDFC DigiSave Youth Account
| Monthly Average Balance | Rs. 5,000 to Rs. 25,000 (depending on variant) |
| Rate of Interest | Up to 50 Lac – 3.0% Above 50 Lac- 3.5% |
| Account Opening Process | Online and Branch visit |
| Channel of Access | Mobile, Netbanking, Branch & ATMs |
| Ease of use | Average |