A Savings Account is usually our first association with a bank. And with so many banks offering so many variants of savings account, it might be difficult to choose one. To make the right choice, you must be aware of all the options available. Following are few of the less popular yet incredibly lucrative savings account options which you may seek out for better returns on your savings account balance or term deposits.
IDFC Bank: Like all other commercial banks, IDFC offers basic savings account option along with special ones for women, minors and senior citizens. Visa and Rupay enabled debit cards come along with these savings accounts. The interest rate it offers to senior citizens on FDs with duration of 366-400 days is one of the highest in the market.
DBS Digibank: One of the first banks to have made banking safe and easy at the same time through its digital platform with enhanced security features is DBS Digi bank. It uses the latest payWave technology in its VISA enabled Debit cards and also offers an additional 10% cashback on shopping from select online merchants. No minimum balance requirement and unlimited free ATM withdrawals are few of the other remarkable features it offers.
Bandhan Bank: There are 7 different types of savings accounts offered by Bandhan Bank to suit the needs of various customer groups such as differently-abled, senior citizens and minors. Unlike most of the banks, there are no charges applicable for non-maintenance of minimum average monthly balance. The interest rate it offers on fixed deposits makes it a preferable option for many people.
Airtel Payments Bank: Out of the 11 approved licenses, Airtel payments bank is the first one to have started functioning. The bank offers highest interest rate on savings account in the market; however it has a deposit limit of up to Rs. 1 lakh on its accounts. The mobile app offers access to a virtual Mastercard which can be used all across for online transactions.
Table 1- Comparison of IDFC, DBS Digibank, Airtel Payments Bank and Bandhan Bank across key criteria
|Bank Name||Interest Rate||Minimum Balance required||Key services offered||Fees and charges|
|Savings Account||Fixed Deposit|
|IDFC First Bank||Up to 7%||Up to 7.25%||Rs.25,000|
|DBS Digibank||3.5% up to Rs.1 lakh||Up to 5.50%||0|
|Airtel Payments Bank||2.50%||NA||0|