What Is Savings Account Find Its Benefits And Best Bank Branches In India

Best banks for Savings Account, Information, Branch Locator

Banking and financing are an essential part of life in the world we live in today. As digitization transforms the space in India, having a registered bank account becomes unavoidable. Speaking of banks, a savings account is a common type of bank account.

While a current account helps one with day-to-day monetary transactions, a savings account is different in form and purpose. Setting aside a part of one’s income as savings is essential, considering the future needs and goals. Therefore, having a savings account is a good choice for such purposes.

A savings account is a type of account that allows customers to deposit a safekeeping sum and also helps earn interest on the invested amount. It is different from a current account which customers use to write cheques, make withdrawals, and deposits for their daily life needs.

While some accounts pay a modest interest rate, these are a suitable option for customers to park the cash they would require for future use. It is also one of the most liquid investments and hence, use the funds when needed. Most banks also provide an option for customers to use a free savings account and operate the entire process online.

Any Indian national can register for a savings account. They can either do so individually or jointly with another Indian. Even a Hindu Undivided Family is eligible for opening a savings account in our country.

While some banks have specific rules regarding minimum balance requirements, other banks even allow the operation without any such rules and no fee savings account. Like the interest earned on the deposit and money market certificate, the interest income on a savings account is also taxable.

You can find a list of all Banks available in India with their branch address and contact numbers here: Best Banks in India 2022

Having a savings account offers various benefits such as:

Safeguarding Money: The most common and primary advantage of a savings account is that it allows customers to keep a safe deposit aside. Maintaining a high quantity of cash with oneself is not practical. Therefore, a savings account is the simplest way to keep money safe.
The convenience of Money Management: A savings account allows easy and convenient withdrawal and deposit of funds and provides hassle-free transfer of funds from one account to another.
Earning Interest: As banks pay a specific interest on savings accounts, it comes to the advantage of customers as additional interest income.
Liquidity: The fund deposited in a savings account can also be used in case of emergencies because, unlike a fixed deposit, the fund in your savings account is not locked and can be accessed anytime.

Many banks and financial institutions in India provide the option for customers to have a savings account. Here are a few of the best options that one can avail:

Axis Bank

Axis bank offers various types of savings accounts and benefits and personalized services. The interest rates for Axis bank accounts start from 3.00% p.a. Customer can get saving account from 2300 Axis Bank branches. It also does not specify any minimum balance requirements for customers.

Find Axis Bank Branches near you: Axis Bank Branch Locator
Find Axis Bank ATM near you: Axis Bank ATM Locator

Bandhan Bank

Bandhan Bank claims that they offer 1.7 times more interest rates than average market rates. In addition, the bank offers varied types of savings accounts, including Elite Savings Account, Premium Savings Account, Advantage Savings Account, Standard Savings Account, and a Special Savings Account. The interest rates start from 3.00% p.a and go up to 5.00% p.a.

Find Bandhan Bank Branch near you: Bandhan Bank Branch Locator

Bank Of Baroda

The Baroda Advantage Savings Account offers a simple, hassle-free, and convenient option for customers to save and manage their money with a wide range of features and benefits that are ideal for all types of customers. The interest rates start from 2.75% p.a and go up to 3.20 % p.a.

Find Bank of Baroda Branch near you: Bank of Baroda Branch Locator
Find Bank of Baroda ATM near you: Bank of Baroda ATM Locator

ICICI Bank

ICICI Bank offers a range of savings account options that suit the needs of different customers. The bank provides benefits for instant account opening, reward points on debit cards, secure mobile and internet banking, and more. The different kinds of accounts include Insta Save Account, The one savings account, Advantage Woman Aura savings account, Seniors Club Savings Account, and Young Stars Savings Account. The interest rates vary from 3.00% p.a to 3.50% p.a.

Find ICICI Bank Branch near you: ICICI Bank Branch Locator
Find ICICI Bank ATM near you: ICICI Bank ATM Locator

HDFC Bank

HDFC Bank caters to customers' needs from all age groups and provides benefits that suit varied needs. The different types of savings accounts include a premium product called Savings MAX Account, Regular Savings Account, Senior Citizens Account, Women’s Savings Account, and Digisave Youth Account. HDFC Bank provides Insurance benefits, Special Benefits, Debit Card Benefits, and more. The interest rates vary from 3.00% to 3.50% p.a.