#FinancialBytes: All about savings account with SBI, HDFC, ICICI, Axis
What's the story
Gone are the days when opening a new bank account was a hassle - the advent of the internet has made the process easier. However, it's important to compare the interest rates, minimum deposits, account opening procedure, and so on, while opening a new account. If you're looking to open a new savings bank account, here are the details about some top banks.
SBI
How to open a SBI savings account
To open an account with SBI, firstly apply online on their website under "Deposit schemes", then visit the nearest branch within 30 days with the required documents. As per the latest information, interest rate (for balance upto Rs. 1 crore) is 3.5% p.a. for all savings accounts. The average monthly minimum balance requirements are Rs. 1,000 for rural, Rs. 2,000 for semi-urban, and Rs. 3,000 for urban/metro branches.
HDFC
Necessary details about opening a savings account with HDFC bank
A savings account with HDFC Bank can be opened via their online portal, or can be opened by visiting a branch and submitting the necessary information. Average minimum balance requirements are Rs. 5,000 per month for semi-urban/rural and Rs. 10,000 per month for urban/metro branches. The bank offers 4% p.a. interest on most types of savings accounts.
ICICI
Know all about ICICI's savings bank account
To open a savings account with ICICI, you may log on to their online portal, and apply online. One can also visit the nearest ICICI branch with the required documents. Minimum monthly average balance requirements are Rs. 2000 for rural, Rs. 5,000 for semi-urban, and Rs. 10,000 for urban/metro branches. 4.0% p.a. interest is provided to account holders for balance upto Rs. 50 lakh.
Axis Bank
All you need to know about Axis Bank's savings account
One may choose to apply online on Axis Bank's official website or visit the nearest branch to get a new savings bank account opened. Interest rates offered by the bank on savings account deposits are 3.5% p.a. on less than Rs. 50 lakh, and 4% for more. The average monthly balance requirements are Rs. 2,500 for rural and Rs. 10,000 for metro/urban branches.