Get CIBIL Score Instantly for Free and Save around INR 4,800 a Year (Only for Wishfin Customers) Instant Personal Loan Quotes from 17 Banks and Get the Best Deal Savings Account is the oldest and most common form of savings. The reason behind people preferring a savings account over any other form of savings is that here the principal amount is always safe no matter how much interest is earned. It can thus be said that the convenience of keeping the money in a bank account and earning interest is also the simplest form of investment. Show
The minimum balance required to maintain a savings account is subject to change from one bank to another just like the rate of interest. Banks have a certain minimum balance limit which an account holder has to maintain else he/she has to pay the penalty. Open a Savings Bank Account Online Now! However, with the changes in other banking products, savings account has also seen a major shift from being minimum balance account to zero balance savings account. Many banks now offer zero balance savings account with high-interest rate which is more in demand as compared to the age-old pattern of keeping a few thousands in bank account to avoid penalties. Here is the list of all Indian banks and the features of their savings account. Free CIBIL Score Check All Banks Savings Account Interest Rates October 2022Below are the interest rate, minimum balance requirement and features of all banks offering savings account in India. Features of All Savings Account Banks in India Allahabad Bank
Andhra Bank
AU Finance
Axis Bank
Bank of Baroda
Bank of India
Bandhan Bank
Bank of Maharashtra
Canara Bank
Central Bank of India
Citibank
Corporation Bank
Dena Bank
Dhanlaxmi Bank
Digibank
Federal Bank
HDFC Bank
HSBC Bank
ICICI Bank
IDBI Bank
IDFC Bank
India Post Payments Bank
Indian Bank
Indian Overseas Bank
IndusInd Bank
Jammu and Kashmir Bank
Jana Small Finance Bank
Karnataka Bank
Kotak Bank
Lakshmi Vilas Bank
Oriental Bank of Commerce
Punjab National Bank
Punjab & Sind Bank
RBL Bank
South Indian Bank
State Bank of India (SBI)
Syndicate Bank
UCO Bank
Union Bank of India
United Bank of India
Utkarsh Small Finance Bank
Vijaya Bank
YES Bank
Standalone Net Profit of Top 20 Banks in India for FY 2019-20 Across Different Quarters (- sign shown in the table denotes net loss)*
*Source: Data sourced from bank websites and news journals such as Economic Times, Business Standard, Money Control, etc. List of Top Payments Bank Interest Rates and Minimum BalanceBelow is the list of payments banks available in India: Features of Payments Banks in India Paytm
Airtel Payments Bank Ltd.
India Post Payments Bank
FINO Payments Bank Ltd.
Which Bank is Safe for Savings Account Holders?This is the question that everybody is asking after the hardships that the Punjab and Maharashtra Cooperative (PMC) Bank customers faced in the aftermath of the scandal that took place in September 2019. PMC Bank customers had to go through restrictions on cash withdrawals. The bank had disbursed around 73% of its advances to Housing Development and Infrastructure Ltd. (HDIL) which turned bad. Investigations showed that the bank had opened around 21,000 bogus accounts to conceal 44 loan accounts, taking the fraud to around ₹4,300 crore (approx.). As soon as the news came into light, the Reserve Bank of India (RBI) got into the act by placing restrictions on customers withdrawing cash from their bank accounts at PMC. It started with ₹1,000 to ₹25,000 a day. The bank, which has 137 branches across six states, has total deposits worth around ₹11,600 crore. Later on, the government announced that customers can get only ₹1 lakh of their deposits at PMC Bank. After all the flak the government received from customers on account of this mess, it enhanced the deposit insurance coverage to ₹5 lakh from ₹1 Lakh while announcing the Union Budget 2020. Growing YES Bank NPAs Further Add to the Concern Over Safety of Bank DepositsIf the PMC Bank story was not enough, the latest YES Bank NPA crisis has come to haunt customers again. The Enforcement Directorate is currently probing over ₹20,000 crore of non-performing assets (NPAs) of the Rana Kapoor-founded private lender. As per the reports, the bank has a greater debt exposure to crisis-ridden housing finance company DHFL. Since it’s one of the largest lenders in the financial sphere with over thousands of employees and many corporate salary accounts, the crisis has been a telling blow to its customers. The RBI has disallowed customers to withdraw more than ₹50,000 from their bank accounts till April 3, 2020. Many of its online banking services such as NEFT and IMPS were badly affected. But now these services are partially restored, allowing customers to make their credit card dues and loan payments from other bank accounts. Both PMC Bank and YES Bank stories have one common thing i.e. the mounting NPAs on account of loans given by these banking entities to stressed companies. The higher NPAs eat into the profits of banks, and if not controlled, can put these entities on the verge of bankruptcy, mounting concerns over the safety of deposits for savings account customers. So you must keep an eye on the profit figures that banks report on a quarterly basis in a filing to the stock exchanges. You can look at the table below showing the profits of the top 20 banks. This will give you a clue as to where you should open the savings account and ensure the safety of your deposits in the same. How to Open a new Savings Account Online?The procedure for online bank account opening with zero balance is very simple through Wishfin. The portal allows paperless process and is no upfront verification. There is instant approval facility available at this online portal which makes account opening process the easiest thing ever. The details required to apply for savings account online are as follows:
Free CIBIL Score Check Once the above details are provided, the applicants can compare different banks offering a savings account with zero balance and then apply for the bank as per the choice. The whole process just takes a few minutes. List of Banks with Zero Balance Savings Account with Interest RatesBelow are the interest rate on some of the top banks with zero balance account facility for a savings account. Difference between Savings Account and Current AccountSavings account and current account have some similarities as well as some differences. A current account, on one hand, is one of the important things to have for businessmen as it allows a higher number of transactions on a regular basis as compared to the savings account. There is no interest provided by a current account by most of the banks but the overdraft facility can be availed easily. The minimum account balance (MAB) required on a current account is also very high as compared to the savings account. For better understanding, have a look at some of the basic difference between savings and current account. Thus, it can be said that savings account is suitable for people who want to earn interest on their deposits. Current account, on the other hand, is suitable for individuals and firms who require monetary transactions on a day-to-day basis. Which bank gives 7 Interest on savings account?Equitas Small Finance Bank is giving a maximum interest rate of 7% on savings bank deposits of above ₹5 lakhs and up to ₹2 crores as of March 21, 2022.
Which bank gives highest interest on FD 2022?Bajaj Finance is one of the top NBFCs in India offering the highest FD interest rates to its customers. The company offers a maximum of 7.05% interest to its customer with a tenure selection flexibility between 12 months and 5 years and a minimum investment of Rs. 25,000.
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