2018 is the year when we part ways with traditional (well, not in every respect) and embrace the digital in everything, including banking. Not so long ago, however, we had no option but to visit the bank for any business we had including opening a savings account. But times have changed and so has the way we open a savings account. To cut things short, here is a list of the best online savings account options available in India. It will give you a headway to a bank account online.
Best Online Savings Bank Account Online 2018
|Best Savings Bank Account||Debit Card||Product features|
|DigiBank by DBS||VISA debit card available||
|SBI Digital Savings Account||
|SBI Insta Savings Account||Basic Rupay Debit Card will be issued||
|Kotak 811 edge||Platinum chip debit card for Rs. 150/- per annum||
|Axis Bank ASAP Instant Savings Account||
|HDFC SavingsMax Account||Lifetime free platinum debit card||
|Federal Bank FedBook Selfie||
|Indus Privilege Active by IndusInd Bank||Specially crafted platinum plus debit card||
DIGIBANK by DBS
There is a reason DigiBank has over 1 million customers. After all, the 7% mark is too good to let go. But it’s more than that. Take a look down below at not just that 7% but all the other amazing features.
|Minimum Balance Required||Zero Balance Savings Account|
|Debit Card||Visa debit card, unlimited free transactions at DBS ATMs|
|Assistance||Yes, 24×7 virtual assistant powered by AI|
|Interest rate provided||Up to 7%|
|Mutual Funds||Yes, instant|
SBI Online Savings Account
Being the largest bank in India, SBI hardly needs any introduction. However, we must know about the latest turn of events to make the most of it.
DIGITAL and INSTA Account
SBI provides us with two options when it comes to opening a savings account online. Both these online savings account options are at par and can be opened through YONO app on smartphones or the online YONO portal. However, in the case of DIGITAL account you need to visit the branch at least once for the verification. But you don’t need to go anywhere for an INSTA account. Take a look down below for a granular level review and see what’s convenient.
|Eligibility||Indian resident of 18 years or above||Indian resident of 18 years or above and should not have an existing relationship with SBI|
|Documents required||Aadhar and PAN||Aadhar and PAN|
|Need to go to a branch||Yes||Not Required|
|ATM/Debit card||Platinum debit card with maintenance charges of Rs. 250/- only for the first year||Basic Rupay debit card|
|Balance required||No minimum balance till 31st March 2019||No minimum balance till 31st March 2019 but maximum balance is set at Rs. 1 lakh/-.|
811 edge is an account designed to promote cashless solutions to its customers. When you download the app, you get all the features like movie tickets, shopping and more into one lot. It also lets you use the innovative scan-and-pay feature. Have a look at other cool features.
|Eligibility||Indian resident of age 18 years and above|
|Debit Card||Platinum chip debit card chargeable at Rs.150/- per annum|
|Online Funds Transfer Facility||Yes, available! Free of cost!|
Axis Bank ASAP Instant Online Savings Account
Although competent in every sense of the word, the account’s USP is online shopping benefits. If you are into online shopping and not a fan of the regular brick-and-mortar shops, this account is for you.
|Minimum Balance Required||Zero|
|Fund transfer, bill payment, and account statement||Free of cost|
|Sweep Facility||Yes, auto-sweep Flexi FD on balances above Rs. 10000/-|
|Debit Card||Free virtual visa debit card|
|Account Number Generation||Real-time|
HDFC SavingsMax account
HDFC SavingsMax has consolidated every benefit an account can offer and rolled into a neat package and put it online for us to use. What more, it has all the insurance benefits that amount up to Rs. 1.29 crore. Can this get any better, yes! Go down and see for yourself.
|Minimum Balance Requirements||Average monthly balance should be Rs. 25,000/- or above|
|Debit Card||Free platinum debit card with free transactions across all ATMs and daily cash withdrawal limit of Rs. 1 lakh/-|
|Insurance Benefits||Various, up to 1.29 crores|
Fedbook selfie is a first of its kind online savings account that you can open by, how do you say it, taking a selfie. Don’t believe me? Chances are that you’d rush to get it once you know how simple it is. All you need is to download FedBook Selfie app and follow the rather simple instructions. Who doesn’t like taking selfies anyway! If that doesn’t interest you, the perks down below will.
|Eligibility||Indian residents only|
|FedBook Selfie||Free of charges and compatible with Android and IOS, highly secure|
|Debit Card||Visa EMV International Gold Debit Card chargeable at Rs. 300/- per month|
|Minimum Balance Required||No|
|Cheque Book||10 leaves per year|
|Internet Banking||Available, free of cost|
Indus privilege active by IndusInd Bank
Indus Privilege Active is one of the best online savings account options when it comes to features such as anywhere banking, choice of the account number, host of at par services and so on.
|Interest Rate||Up to 6%|
|Debit Card||Yes, platinum plus debit card|
|Categories||Can be opened as an individual savings account or salary account|
|My Account My Number||This facility gives you freedom and flexibility of choosing the account number you want|
|Customer Service||Instant phone banking services available|
All of these accounts are great and there is no debate about it. Not merely that, it is tough to choose one among these. Some will like the comfort of having done everything at home without going to branch while some will get fascinated with the high-interest rate. So, hold back for a bit, contemplate, and go for the account that’s made for you.