What is Saving Account?
A saving account is a basic need for every individual in today’s digital era. Its purpose has evolved with time. Now it is not used only for saving but also for purposes like receiving government benefits, money transfers, investing, etc.

With the advancing digitization, people have become more tech-savvy and now want to access each and every service online be it shopping, utility bill payments, banking, insurance, etc.
Banks have also matched pace with the digitization and are now providing most of their services through the digital medium via mobile banking, internet banking, etc. An online saving account opening is also one of the facilities provided by various banks nowadays.
Here we have compiled a list of top 7 banks for online saving account opening in India. So let’s have a look:
1. HDFC Bank Online Saving Account
HDFC is the leading bank in India for its innovative products and services. It offers a range of products starting from saving accounts to credit cards, loans, and insurances. Talking of savings account, the bank offers 4 main accounts:

i)HDFC Insta Account
ii)HDFC Savings Max Account
iii)HDFC Regular Savings Account
iv)HDFC Basic Saving Bank Deposit Account
Features
- An HDFC saving account can be opened online as well as by branch visits.
- Insta Account can be easily opened by providing your AADHAR and PAN and verification by an OTP.
- The savings account interest rate is 3.5% up to 50 Lacs and 4.00% above 50 Lacs.
- Mobile Banking, Net Banking, Branch Banking & ATM facility is available.
The bank also offers other saving accounts like Women’s Saving Account, Senior Citizen’s Account, Kids Advantage Account, Institutional Savings Account, Government Scheme Beneficiary Savings Account, Saving Farmers Account & DigiSave Youth Account.
You can visit this official link to know more about HDFC Saving Accounts.
2. Kotak Mahindra Bank Online Saving Account
Kotak Mahindra Bank’s well known 811 Saving account revolutionized the digital account opening. The bank vigorously advertised its digital account and now this Kotak saving account is a well known online saving account.

Features
- Kotak 811 is a zero balance saving account that can be opened online easily (paperless).
- Kotak 811 saving account offers an interest rate of up to 4%.
- There are no minimum balance charges.
- Virtual debit card for online shopping.
- Online money transfer
- Mobile Banking
You can visit this official link to know more about Kotak Bank Saving Accounts.
3. Yes Bank Online Saving Account
Yes Bank has some good interest rates to offer. Yes Bank’s best saving accounts are:
i) Yes Bank Customizable Saving Account
ii)Yes Bank Smart Value Saving Account

Features
- Yes bank saving interest rate is 5% up to 1 Lac and 6-6.25% above 1 Lac.
- The minimum balance requirement is Rs10000 which can be waived if you go for a Fixed Deposit of Rs 50000 or a Recurring Deposit of Rs 5000 per month.
- Choice of 4 Debit Cards (different annual fees)
- Mobile and Internet Banking facility is available.
You can visit this official link to know more about Yes Bank Saving Accounts.
4. SBI Online Saving Account
SBI is the largest and most widespread public sector bank in India. It is one of the oldest too and has a huge customer base. After merging with its subsidiaries, it has grown bigger. It has a strong trust build among the people. SBI offers mainly these saving accounts:
i) SBI Basic Savings Bank Account
ii) SBI Small Savings Account
iii) SBI Insta Savings Account
iv) SBI Digital Savings Account

Features
- SBI interest rate on the savings accounts is 3.25% up to 1 Lac and 3% above 1 Lac.
- The minimum balance requirement is applicable based on the branch category- for rural Rs 1000, for semi-urban Rs 2000, and for urban/metro Rs 3000.
- Mobile Banking, Net Banking, ATM, etc available.
- Cheque-book facility is available except for small accounts.
You can visit this official link to know more about SBI Bank Saving Accounts.
5. RBL Bank Online Saving Account
RBL bank offers one of the highest savings account interest rates in the industry. Its rate of interest ranges from 6 – 6.75% which is equivalent to or greater than the fixed deposit interest rates of various public sector banks. So you can earn a good interest without locking your money.

Features
- RBL savings account can be opened online easily through a PAN, AADHAR & OTP.
- The minimum balance required to be maintained is Rs 5000.
- The interest rate is 6% for an amount of more than Rs 1 Lac and 6.75% above 10 Lac.
- Discount on lockers and loan processing fees.
- Mobile and Net Banking
You can visit this official link to know more about RBL Bank Saving Accounts.
6. Paytm Payment Bank Online Savings Account
Everyone uses Paytm for recharges, bill payments, shopping, and money transfer, and now Paytm is also offering Savings Account. Paytm has got a license and now has become a payment bank. You can now maintain a savings account with Paytm.

Features
- Paytm saving account can be opened through Paytm App on your phone.
- It is a zero balance savings account.
- The interest rate for Paytm saving account is 3.50%
- 1% transaction fees for domestic money transfers
- The maximum balance limit is Rs 1 Lac (account + wallet). Any additional amount gets swept into an FD with IndusInd Bank @8% p.a.
- 4% charges for money transfer from wallet to the bank account.
- 2 physical contact branches
You can visit this official link to know more about Paytm Payment Bank Saving Accounts.
You can also read the article on our blog Everything You Need to Know about Paytm Money Transfer
7. Airtel Payment Bank Online Savings Account
Airtel has also ventured into the Payment banking space and offers cashless transactions with minimal banking services. Airtel saving account is good for needs like bill payments, recharges, Data Card, insurance, utility bills, etc. along with few banking transactions.

Features
- Airtel saving account can be opened through the Airtel Mobile App on your mobile.
- The interest rate on the Airtel saving account is 4%.
- You get an online debit card for shopping etc.
- Cash deposit & withdrawal at 5 Lac+ banking points (recharge points/airtel outlets).
- The maximum account balance is Rs 1 Lac.
- No physical branches.
You can visit this official link to know more about Airtel Payment Bank Saving Accounts
Conclusion
Online saving account opening is offered by various other banks too but these are the prime. After analyzing the 7 bank accounts it is evident that if you are interested in a higher interest rate then RBL bank is the one to go for.
If you want a good service and a range of products then HDFC is good. If you want to go for a government-owned bank with a large network then SBI is good.
If you want a zero balance online account Kotak 811 should be the choice.
And if you want to enjoy banking at the comfort of your phone then Paytm or Airtel account is best.