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It is essential to have a bank account to manage all financial transactions digitally in today’s generation. Also, all government subsidies are routed through bank accounts only. Furthermore, the government has taken initiatives to ensure that all the citizens in India have a bank account. There are many banks in India where individuals can choose to open an account depending on their requirements. This article lists the best banks to open account in India.
2024‘s Best Banks to Open Accounts in India
- State Bank of India
- Punjab National Bank
- Union Bank of India
- HDFC Bank
- ICICI Bank
- Kotak Bank
- Bank of Baroda
- Bank of India
- Axis Bank
- Canara Bank
1. State Bank of India
State Bank of India (SBI) is an Indian multinational and Public Sector Banking and Financial Services company. It is the largest Indian bank with 1/4th market share. Also, it has a legacy of 200 years and is the most trusted bank by Indians. Further, SBI offers several account services based on customer needs which are discussed below –
SBI Savings Account
Opening a savings account with SBI is very easy and convenient. The best feature of SBI savings accounts is that customers have no compulsion to maintain a minimum balance. However, the maximum balance differs with the type of savings account. Also, the current rate of interest on SBI savings accounts is 2.70%.
| Features | Details |
| Interest Rates | 2.70% |
| Monthly Average Balance | Nil |
| Maximum Balance | No Limit on Maximum Balance |
| Nomination Facility | Available |
| ATM Card Facility | Available |
| Cheque Book | Available |
| Account Holding | Single or Joint |
| Other Features | Mobile Banking, SMS Alerts, and Internet Banking |
SBI Current Account
Opening a current account with SBI is also easy after verifying KYC documents. The SBI account holders should maintain a minimum balance of Rs.5000.
SBI Fixed Deposit Account
The SBI offers its customers fixed deposits with different tenures ranging from 7 days to 10 years. The interest rate of SBI FD is higher than a savings account. The SBI FD interest rates 2024 range from 3.00% to 7.50%. Also, the minimum investment for opening an SBI FD account is Rs.1000. Moreover, investment in SBI tax saving FD qualifies for deduction under Section 80C up to Rs.1,50,000.
SBI NRE Account
SBI NRE account allows Non-resident individuals to park their overseas earnings remitted to India and withdraw money in Indian rupees. The tenure of SBI NRE deposits ranges from 1 to 10 years, where they can open any type of account. Also, the interest earned from an SBI NRE account is exempted from Indian income tax.
SBI NRO Account
SBI NRO account allows Non-resident individuals to park the money earned in India. This account accepts money in Indian or foreign currency. Also, the interest income is subject to TDS deduction. Further, they can choose to open any type of NRO deposit account in SBI.
2. Punjab National Bank
Punjab National Bank is the second-largest government bank in India under the ownership of the Ministry of Finance. It was founded in 1894 in Lahore. Over a few years, nine banks have been merged with Punjab National Bank. Further, PNB offers several account services based on customer needs which are discussed below –
PNB Savings Account
Opening a savings account with PNB is easy and convenient. PNB basic savings accounts feature that customers have no compulsion to maintain a minimum balance. However, the minimum and maximum account balance requirements vary for different PNB savings accounts. Also, the current rate of interest on PNB savings accounts is 2.70%.
| Features | Details |
| Interest Rates | 2.70% |
| Monthly Average Balance | Nil/ INR 10,000 |
| Maximum Balance | No Limit on Maximum Balance |
| Nomination Facility | Available |
| ATM Card Facility | Available |
| Cheque Book | Available |
| Account Holding | Single or Joint |
| Other Features | Mobile Banking, SMS Alerts, and Internet Banking |
PNB Current Account
Opening a current account with PNB is also easy after verifying KYC documents. The PNB current account holders should maintain a minimum balance of Rs.5000, which can vary for different accounts.
PNB Fixed Deposit Account
The PNB offers its customers fixed deposits with different tenures ranging from 7 days to 10 years. The interest rate of PNB FD is higher than a savings account. The PNB FD interest rates 2024 range from 3.50% to 7.75%. Also, the minimum investment for opening a PNB FD account is Rs.100. Moreover, investment in PNB tax saving FD qualifies for deduction under Section 80C up to Rs.1,50,000.
PNB NRE Account
PNB NRE account allows Non-resident individuals to park their overseas earnings remitted to India and withdraw money in Indian rupees. The tenure of PNB NRE deposits ranges from 1 to 10 years, where they can open any type of account. Also, the interest earned from the PNB NRE account is exempted from Indian income tax.
PNB NRO Account
PNB NRO account allows Non-resident individuals to park the money earned in India. This account accepts money in Indian or foreign currency. Also, the interest income from the PNB NRO account is subject to TDS deduction. Further, they can choose to open any type of NRO deposit account in PNB.
3. Union Bank of India
Union Bank of India is one of India’s leading public sector banks. This bank is a listed entity, and the government of India holds a total stake of 89.07% in the bank’s capital. Moreover, the Union Bank of India was established in 1919, offering several services to its customers. Some of the different account services based on customer needs are discussed below –
UBI Savings Account
Opening a savings account with the Union Bank of India is easy and convenient. The feature of UBI savings accounts is that customers have to maintain a minimum balance of Rs.1000, which may vary depending on the type of savings account. However, maximum account balance requirements may vary for different UBI savings accounts. Also, the current rate of interest on UBI savings accounts is 3.00% – 6.20%.
| Features | Details |
| Interest Rates | 3.00% – 6.20% |
| Monthly Average Balance | INR 1,000 |
| Maximum Balance | No Limit on Maximum Balance |
| Nomination Facility | Available |
| ATM Card Facility | Available |
| Cheque Book | Available |
| Account Holding | Single or Joint |
| Other Features | Mobile Banking, SMS Alerts, and Internet Banking |
UBI Current Account
Opening a current account with UBI is also simple after verifying KYC documents. The UBI current account holders should maintain a minimum balance of Rs.1000, varying for different accounts.
UBI Fixed Deposit Account
The UBI offers its customers fixed deposits with different tenures ranging from 7 days to 10 years. The interest rate of UBI FD is higher than a savings account. The UBI FD interest rates 2024 range from 3% to 7.80%. Also, the minimum investment for opening a UBI FD account is Rs.100. Moreover, investment in UBI tax saving FD qualifies for deduction under Section 80C up to Rs.1,50,000.
UBI NRE Account
UBI NRE account allows Non-resident individuals to park their overseas earnings remitted to India and withdraw money in Indian rupees. The tenure of UBI NRE deposits ranges from 1 to 10 years, where they can open any type of account. Also, the interest earned from the UBI NRE account is exempted from Indian income tax.
UBI NRO Account
UBI NRO account allows Non-resident individuals to park the money earned in India, where this account accepts money in Indian or foreign currency. Also, the interest income UBI NRO account is subject to TDS deduction. Further, they can choose to open any type of NRO deposit account in UBI.
4. HDFC Bank
Housing Development Finance Corporation Ltd (HDFC) is the largest private sector lender by assets. It has played a key role in reshaping the financial services in the country by identifying trends early, making requisite investments and scaling up. Further, the HDFC bank offers several account services based on customer needs which are discussed below –
HDFC Bank Savings Account
Opening a savings account with HDFC Bank is a quick process. The feature of HDFC savings accounts is that customers have to maintain a minimum balance of Rs. 5,000, which may vary depending on the type of savings account. Also, there is no limit on maximum balance in any type of HDFC bank account. Also, the current rate of interest on HDFC savings accounts is 3.00% – 3.50%.
| Features | Details |
| Interest Rates | 3.00% – 3.50% |
| Monthly Average Balance | Nil/ INR 10,000 |
| Maximum Balance | No Limit on Maximum Balance |
| Nomination Facility | Available |
| ATM Card Facility | Available |
| Cheque Book | Available |
| Account Holding | Single or Joint |
| Other Features | Mobile Banking, SMS Alerts, and Internet Banking |
HDFC Bank Current Account
HDFC bank offers current account services to meet every requirement for every type of organisation. The HDFC current account holders should maintain a minimum balance of Rs.10,000.
HDFC Bank Fixed Deposit Account
The HDFC Bank offers its customers fixed deposits with different tenures ranging from 7 days to 10 years. The interest rate of HDFC FD is higher than a savings account. The HDFC Bank FD interest rates 2024 range from 3% to 7.75%. Also, the minimum investment for opening an HDFC FD account is Rs.5000. Moreover, investment in HDFC tax saving FD qualifies for deduction under Section 80C up to Rs.1,50,000.
HDFC Bank NRE Account
HDFC NRE account allows Non-resident individuals to park their overseas earnings remitted to India and withdraw money in Indian rupees. The tenure of HDFC NRE deposits ranges from 1 to 10 years, where they can choose to open any type of account online at ease. Also, the interest earned from an HDFC NRE account is exempted from Indian income tax.
HDFC Bank NRO Account
HDFC NRO account allows Non-resident individuals to park the money earned in India. This savings account accepts money in Indian or foreign currency and can be opened online. Also, the interest income is subject to TDS deduction. Further, they can choose to open any type of HDFC deposit account in HDFC Bank.
5. ICICI Bank
ICICI Bank is a leading private sector bank in India offering a diversified portfolio of financial products and serving retail, SME and corporate customers. This Bank was established in 1994 and became the first corporation to list on the New York Stock Exchange. The following are several account services that ICICI bank offers based on its customer needs –
ICICI Bank Savings Account
Opening a savings account with ICICI Bank is an instant process and can be done online. The feature of ICICI savings accounts is that customers have to maintain a minimum balance of Rs.10,000, which may vary depending on the type of savings account. Also, there is no limit on maximum balance in any type of ICICI savings account. The current rate of interest on ICICI savings accounts is . Moreover, it offers attractive benefits like mobile and internet banking services, free debit card, and customised savings account depending on customer profile.
| Features | Details |
| Interest Rates | 3.00% – 3.50% |
| Monthly Average Balance | Nil/ INR 10,000 |
| Maximum Balance | No Limit on Maximum Balance |
| Nomination Facility | Available |
| ATM Card Facility | Available |
| Cheque Book | Available |
| Account Holding | Single or Joint |
| Other Features | Mobile Banking, SMS Alerts, and Internet Banking |
ICICI Bank Current Account
ICICI bank offers current account services that can be customised to meet every kind of requirement for every organisation. The ICICI current account holders should maintain a minimum balance of Rs.25,000. Also, ICICI bank offers an overdraft facility to help businesses meet their working capital requirements.
ICICI Bank Fixed Deposit Account
The ICICI Bank offers its customers fixed deposits with different tenures ranging from 7 days to 10 years. The interest rate of ICICI bank FD is higher than a savings account. The ICICI Bank FD interest rates [curret_year] range from 3% to 7.60%. The minimum investment for opening an ICICI FD account is Rs.10,000. Moreover, investment in ICICI tax saving FD qualifies for deduction under Section 80C up to Rs.1,50,000.
ICICI Bank NRE Account
ICICI Bank NRE account allows Non-resident individuals to park their overseas earnings remitted to India and carry their regular banking transactions. The tenure of ICICI NRE deposits ranges from 1 to 10 years, where they can choose to open any type of account online at ease. Also, the interest earned from an ICICI NRE fixed deposit account is exempted from Indian income tax.
ICICI Bank NRO Account
ICICI Bank NRO account allows Non-resident individuals to park the money earned in India with no loss in currency conversion. This account accepts money in Indian or foreign currency and can be opened online. The interest income is subject to TDS deduction. Further, they can choose to open any type of NRO deposit account in ICICI Bank.
6. Kotak Bank
Kotak Mahindra Bank was launched in 1985. This bank constantly strives to take new opportunities across products, services and technologies. Currently, this bank has also emerged as the most trusted financial institution. The following are the different account services it provides to its customers based on their needs –
Kotak Bank Savings Account
Opening a savings account with Kotak Bank can be done online or offline. The feature of Kotak savings accounts is that customers have to maintain a minimum balance of Rs.10,000 or NIL, which may vary depending on the type of savings account. Also, there is no limit on maximum balance in any type of Kotak savings account. The current interest rate on Kotak savings accounts is 3.50%, the highest among other banks.
| Features | Details |
| Interest Rates | 3.50% |
| Monthly Average Balance | Nil/ INR 10,000 |
| Maximum Balance | No Limit on Maximum Balance |
| Nomination Facility | Available |
| ATM Card Facility | Available |
| Cheque Book | Available |
| Account Holding | Single or Joint |
| Other Features | Mobile Banking, SMS Alerts, and Internet Banking |
Kotak Bank Current Account
Kotak bank offers current account services that can be customised to meet every kind of requirement for every organisation. The Kotak current account holders should maintain a quarterly minimum balance of Rs.25,000. Also, Kotak bank offers an overdraft facility to help businesses meet their working capital requirements.
Kotak Bank Fixed Deposit Account
The Kotak Bank offers its customers fixed deposits with different tenures ranging from 7 days to 10 years. The interest rate of Kotak bank FD is higher than a savings account. The Kotak Bank FD interest rates 2024 range from 2.50% to 7.70%. The minimum investment for opening a Kotak FD account is Rs.10,000. Moreover, investment in Kotak tax saving FD qualifies for deduction under Section 80C up to Rs.1,50,000.
Kotak Bank NRE Account
Kotak Bank NRE account allows Non-resident individuals to park their overseas earnings remitted to India and carry their regular banking transactions. The tenure of Kotak NRE deposits ranges from 1 to 10 years, where they can choose to open any type of account online at ease. Also, the interest earned from a Kotak NRE fixed deposit account is exempted from Indian income tax.
Kotak Bank NRO Account
Kotak Bank NRO account allows Non-resident individuals to park the money earned in India with no loss in currency conversion. This account accepts money in Indian or foreign currency and can be opened online. Also, the interest income is subject to TDS deduction. Further, they can choose to open any type of NRO deposit account in Kotak Bank.
7. Bank of Baroda
Bank of Baroda was started a century ago in 1908 in a small building and now has a global presence. It is a pioneer in various customer-centric initiatives in the Indian banking sector. BOB has a strong presence in rural and semi-urban areas. The following are the different account services that BOB provides to its customers based on their needs –
BOB Savings Account
Opening a savings account with BOB can be done offline by visiting the nearest branch. The feature of BOB savings accounts is that customers have to maintain a minimum balance of Rs.1,000 or NIL, which may vary depending on the type of savings account. Also, there is no limit on the maximum balance in any type of BOB savings account. The current rate of interest on BOB savings accounts is 2.75% – 3.35%.
| Features | Details |
| Interest Rates | 2.75% – 3.35% |
| Monthly Average Balance | Nil/ INR 1,000 |
| Maximum Balance | No Limit on Maximum Balance |
| Nomination Facility | Available |
| ATM Card Facility | Available |
| Cheque Book | Available |
| Account Holding | Single or Joint |
| Other Features | Mobile Banking, SMS Alerts, and Internet Banking |
BOB Current Account
Opening a current account with BOB is also easy by visiting their nearest branch. The BOB account holders should maintain a minimum balance of Rs.2500. It offers services to meet the requirements of different types of organisations. Also, it offers an overdraft facility to help businesses meet their working capital requirements.
BOB Fixed Deposit Account
The BOB offers its customers fixed deposits with different tenures ranging from 7 days to 10 years. The interest rate of BOB FD is higher than a savings account. The BOB FD interest rates 2024 range from 3.00% to 7.55%. The minimum investment for opening a BOB FD account is Rs.1000. Moreover, investment in BOB tax saving FD qualifies for deduction under Section 80C up to Rs.1,50,000.
BOB NRE Account
BOB NRE account allows Non-resident individuals to park their overseas earnings remitted to India and withdraw money in Indian rupees. The tenure of BOB NRE fixed deposits ranges from 1 to 10 years, with special interest rates. Also, the interest earned from a BOB NRE account is exempted from Indian income tax.
BOB NRO Account
BOB NRO account allows Non-resident individuals to park the money earned in India. This account accepts money in Indian or foreign currency, which is non-repatriable. The interest income is subject to TDS deduction. Further, they can also open NRO fixed deposit accounts in BOB.
8. Bank of India
Bank of India is a private bank established in 1906 which has been at the forefront in introducing various innovative services and systems. The first nationalised bank introduced a fully computerised branch and ATM facility. The following are the different account services offered by BOI for its customer’s needs –
BOI Savings Account
Opening a savings account with BOI can be done offline by visiting the nearest branch. The feature of BOI savings accounts is that customers have to maintain a minimum balance of Rs.500 or NIL which may vary depending on the type of savings account. Also, there is no limit on maximum balance in any type of BOI savings account. The current rate of interest on BOI savings accounts is 2.75%.
| Features | Details |
| Interest Rates | 2.75% |
| Monthly Average Balance | Nil/ INR 500 |
| Maximum Balance | No Limit on Maximum Balance |
| Nomination Facility | Available |
| ATM Card Facility | Available |
| Cheque Book | Available |
| Account Holding | Single or Joint |
| Other Features | Mobile Banking, SMS Alerts, and Internet Banking |
BOI Current Account
Opening a current account with BOI is also easy by visiting their nearest branch. The BOI account holders should maintain a minimum balance of Rs.2500 quarterly. It offers services to meet the requirements of different types of organisations. Also, it offers an overdraft facility to help businesses meet their working capital requirements along with high limits on withdrawals and deposits.
BOI Fixed Deposit Account
The BOI offers its customers fixed deposits with different tenures ranging from 7 days to 10 years. The interest rate of BOI FD is higher than a savings account. The BOI FD interest rates 2024 range from 3.00% to 7.55%. The minimum investment for opening a BOI FD account is Rs.10,000. Moreover, investment in BOI tax saving FD qualifies for deduction under Section 80C up to Rs.1,50,000.
BOI NRE Account
BOI NRE account allows Non-resident individuals to park their overseas earnings remitted to India and withdraw money in Indian rupees. NRIs can open a current, savings, recurring or fixed deposit account in BOI, offering special interest rates. Moreover, the interest accrued from a BOI NRE account is exempted from Indian income tax.
BOI NRO Account
BOI NRO account allows Non-resident individuals to park the money earned in India. This account accepts money in Indian or foreign currency, which is non-repatriable. The interest income is subject to TDS deduction. Further, they can also open NRO fixed deposit accounts, recurring deposit accounts or current accounts in BOI.
9. Axis Bank
Axis Bank is India’s third-largest private sector bank and is one of the first generation private banks established in 1994. The bank offers an entire range of financial services covering all customer segments. Axis bank offers several account services based on customer needs which are discussed below –
Axis Bank Savings Account
Opening a savings account with Axis Bank is a quick process. The feature of Axis savings accounts is that customers have to maintain a minimum balance of Rs.12,000; however, this may vary depending on the type of savings account. Also, there is no limit on maximum balance in any type of Axis bank account. The current interest rate on Axis savings accounts is 3.00% – 3.50%, the highest among the private banks.
| Features | Details |
| Interest Rates | 3.00% – 3.50% |
| Monthly Average Balance | Nil/ INR 12,000 |
| Maximum Balance | No Limit on Maximum Balance |
| Nomination Facility | Available |
| ATM Card Facility | Available |
| Cheque Book | Available |
| Account Holding | Single or Joint |
| Other Features | Mobile Banking, SMS Alerts, and Internet Banking |
Axis Bank Current Account
Axis bank offers current account services to meet every requirement for every type of organisation. The Axis current account holders should maintain a minimum balance of Rs.10,000. Also, it offers an overdraft facility for businesses to meet their working capital requirements.
Axis Bank Fixed Deposit Account
The Axis Bank offers its customers fixed deposits with different tenures ranging from 7 days to 10 years. The interest rate of Axis FD is higher than a savings account. The Axis Bank FD interest rates 2024 range from 3.50% to 8.01%. The minimum investment for opening an Axis FD account is Rs. 5,000. Moreover, investment in Axis tax saving FD qualifies for deduction under Section 80C up to Rs.1,50,000.
Axis Bank NRE Account
Axis NRE account allows Non-resident individuals to park their overseas earnings remitted to India and withdraw money in Indian rupees. NRIs can open current, savings, recurring or fixed deposit accounts in Axis Bank, offering special interest rates. Also, the interest earned from an Axis NRE account is exempted from Indian income tax.
Axis Bank NRO Account
HDFC NRO account allows Non-resident individuals to park the money earned in India. This savings account accepts money in Indian or foreign currency, which is non-repatriable. The interest income is subject to TDS deduction. Further, they can choose to open any type of NRO fixed deposit account, recurring deposit account or current account in Axis Bank.
10. Canara Bank
Canara Bank is one of the 14 banks that was nationalised in 1969. It is widely known for its customer-centricity, and it has emerged as a ‘Financial Conglomerate’ with almost ten subsidiaries and joint ventures in India and abroad. Also, it is the first bank to launch an inter-city ATM and issue credit cards to farmers. Further, Canara bank offers several account services based on customer needs which are discussed below –
Canara Bank Savings Account
Opening a savings account with Canara Bank is a quick process by visiting the branch. The feature of Canara savings accounts is that customers have to maintain a minimum balance of Rs.1,000; however, this may vary depending on the type of savings account. Also, there is no limit on the maximum balance in any type of Canara bank account. Furthermore, the current interest rate on Carana savings accounts is 2.90% – 3.55%.
| Features | Details |
| Interest Rates | 2.90% – 3.55% |
| Monthly Average Balance | Nil/ INR 1,000 |
| Maximum Balance | No Limit on Maximum Balance |
| Nomination Facility | Available |
| ATM Card Facility | Available |
| Cheque Book | Available |
| Account Holding | Single or Joint |
| Other Features | Mobile Banking, SMS Alerts, and Internet Banking |
Canara Bank Current Account
Canara bank offers current account services to meet every requirement for every type of organisation. The Canara current account holders should maintain a minimum balance of Rs.5,000. Also, it offers an overdraft facility for businesses to meet their working capital requirements.
Canara Bank Fixed Deposit Account
The Canara Bank offers its customers fixed deposits with different tenures ranging from 7 days to 10 years. The interest rate of Canara FD is higher than a savings account. The Canara Bank FD interest rates 2024 range from 3.25% to 7.65%. Also, the minimum investment for opening a Canara Bank FD account is Rs.1,000. Moreover, investment in Canara Bank tax saving FD qualifies for deduction under Section 80C up to Rs.1,50,000.
Canara Bank NRE Account
Canara Bank NRE account allows Non-resident individuals to park their overseas earnings remitted to India and withdraw money in Indian rupees. NRIs can open current, savings, recurring or fixed deposit accounts in Canara Bank, offering special interest rates. Also, the interest earned from a Canara Bank NRE account is exempted from Indian income tax.
Canara Bank NRO Account
Canara Bank NRO account allows Non-resident individuals to park the money earned in India. This savings account accepts money in Indian or foreign currency, which is non-repatriable. Also, the interest income is subject to TDS deduction. Further, they can choose to open any type of NRO fixed deposit account, recurring deposit account or current account in Canara Bank.
Factors to Consider Before Picking the Best Savings Bank Account in India
The following are the factors to consider for picking the best bank to open a savings account in India:
- Interest Rate: The first and foremost factor to consider while choosing a savings account is the interest rate that it offers. The interest rate determines the amount you can earn on your deposit.
- Minimum Account Balance (MAB): Most banks in India have a minimum account balance requirement for a savings account. Carefully pick an account whose minimum account balance is low. High MAB requirements may sometimes burden you. Thus, choose an account where the balance is not a burden for you to maintain.
- Withdrawals: Some banks have restrictions on monthly withdrawals. In other words, they have withdrawal limits. It is wise to pick a bank that allows you to withdraw funds without any restrictions and high fees on your savings account.
- Fees and Charges: Bank savings account may be subject to a variety of fees and charges. You need to understand all the fees and charges. Furthermore, all banks charge annual maintenance fees. Thus, you must thoroughly understand all the associated fees. Pick an account with minimum charges.
- Customer Service: Good customer service is a necessity. You should be able to get in touch with the bank in case of any query and have it resolved with no delay. Always stay in touch with your relationship manager. It is the easiest way to get things moving.
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