Savings accounts have long been the preferred choice for securely parking funds, offering a dependable and safe option for many. Even today, they remain a crucial component of personal finance for countless individuals. Not only do the best banks for savings accounts provide security, but they also offer an opportunity to earn interest on your savings.
From nationalised banks to RBI-governed neobanks, the personal finance landscape of India now offers numerous options for savings accounts. However, before diving into the top contenders, it's important to consider the essential factors that should guide your decision when selecting a personal savings account.
Factors to Consider Before Opening Savings Account
- Interest Rates: When selecting a savings account, it's crucial to compare the interest rates across different banks. A higher interest rate will help you earn more on your savings balance.
- Minimum Balance: Depending on the type of savings account, different banks have different minimum balance requirements. It is important to check this because not maintaining the minimum balance attracts a penalty.
- Accessibility of Your Funds: You must ensure that it is easy to withdraw your funds anytime you need them. Whether it is by using an ATM card, net banking, or issuing cheques in your name.
- Interest Payout Period: Some banks may payout interest monthly, quarterly, semi-annually, or annually. Typically, the more frequently the interest is paid, the better it is for your savings.
- Bank’s Reputation: When entrusting your hard-earned money to a savings account, it's important to carefully evaluate the bank's reliability and trustworthiness. A bank with strong financial standing can provide added security for your funds.
List of 4 Best Banks for Savings Accounts in India 2023
We have considered the above factors while answering one of the most commonly asked questions - Which bank is best for a savings account? Here’s a boiled-down list of the top 4 savings accounts in India in 2023.
Documents Required to Open Savings Account
Digitization has made it incredibly easy to open a savings account. You can now instantly open a personal savings account by visiting the bank's website and uploading the following documents.
- Proof of age and identity: An authorised or registered document that is issued by the government of India is considered valid to prove your age and identity. For this, you can submit:
- Aadhaar card
- Driving Licence
- Proof of address: You can submit any of the following documents as proof of address.
- Aadhaar card
- Voter ID card
- Utility bills
- Bank statement
- A recent photograph: You will need to upload a recent passport-size photograph of yours along with the application form.
- PAN card: In addition to the above documents, submitting a copy of your PAN card is mandatory for opening a savings account.
Starting With Your New Savings Account
Once you've opened a savings account, you can immediately take advantage of its many benefits, such as the ability to receive and transfer funds, make online payments, save money, and earn interest. If you opt for Fi Money, you'll enjoy a zero-balance account that includes a VISA Platinum debit card with zero forex fees. You can even analyse your spending habits and plan your budget more effectively. Don't miss out on the advantages of a Fi Money Savings Account. Click here to learn more.