#BusinessBytes: 6 popular savings-bank accounts and facilities they provide
Savings accounts, the basic investment option, allow customers to save their money safely, use it anytime, and also earn interest on it. There are several types of savings accounts serving different purposes and needs of customers. Knowing their specific features and benefits, such as interest rates, Internet/MobileBanking facilities, minimum account balance requirements, is essential for making the right choice. Here's a list of 6 top savings accounts.
State Bank of India's basic savings account
SBI's Basic Savings Account is specially designed to provide common man access to banking facilities. It has no minimum monthly average balance (MAB) requirement and offers 3.5% per annum interest-rate (deposits balance upto Rs. 1cr) 4% pa (above Rs. 1cr). Customers receive free RuPay ATM-cum-Debit cards with 4 free monthly-transactions, Internet Banking and State Bank Anywhere app facilities that provide basic banking services online.
HDFC Bank's Regular Savings Account and its features
HDFC Bank offers a range of services and benefits to customers of Regular Savings Account with MAB requirement of Rs. 10,000 (metro/urban branches), Rs. 5,000 (semi-urban), Rs. 2,500 (rural). With 4% annual interest rate, it provides free International Debit/ATM card with upto 5 free monthly-transactions, checkbook, special offers/discounts/rewards, free mobile/email alerts and statements. Accountholders can enjoy several services through NetBanking and MobileBanking app.
Enjoy instant online money transfer with this ICICI SB account
ICICI Bank's Regular Savings Account offers 4% pa interest rate with MAB requirement of Rs. 10,000 (metro), Rs. 5,000 (semi-urban), Rs. 2,500 (rural). Accountholders receive free Smart Shopper Silver Debit/ATM card with upto 5 free transactions monthly, checkbook, free monthly statement (email/branch), special Visa privileges. ICICI Bank Internet Banking and Mobile Banking (iMobile app/SMS banking) provide almost all banking services, including instant fund transfer.
Kotak Mahindra Bank's Kotak Edge Savings Account
Kotak Edge Savings Account offers premium benefits with annual interest rates at 5% on Rs. 1L balance, 6% (Rs. 1L-1cr), and 5.5% (above Rs. 1cr). With Rs. 10,000 MAB requirement, the account holders get a free Classic Debit card with upto 5 free monthly-transactions at domestic Visa-ATMs, unlimited cash withdrawals at Kotak ATMs. Customers can also enjoy free Internet, Mobile, and Phone banking services.
Axis Bank EasyAccess Savings Account for convenient banking services
Axis Bank EasyAccess Savings Account with Rs. 10,000 MAB requirement (metros) offers interest rates at 3.5% pa on balance less than Rs. 50L and 4% above Rs. 50L. Customers receive RuPay Debit Card at Rs. 200 issuance fee and Rs. 150 annual fee offering 5 free-transactions and Rs. 2,00,000 personal accident-insurance. They can avail Internet/Mobile Banking services and also earn eDGE loyalty points.
Earn up to 7% interest per annum with this account
Digibank by DBS Bank offers the "no minimum balance" digiSavings Accounts. Customers earn interest at rates of 6% (upto Rs. 1L balance), 7% (Rs. 1-2L), 5% (Rs. 2-5L), and 4% (above Rs. 5L). They get Visa International Debit Card with unlimited free withdrawals. Users can enjoy 10% cashback on online shopping expenses, 30% off on two BookMyShow movie-tickets, and free mobile-banking (digibank app).