Savings account gives you the solace that your money is safe and close at hand. Easy to use and secure, this kind of account is what you should open at the earliest in 2016.

It’s true that you cannot buy happiness with money. However, you can surely worry less if you have enough of it in your bank account or wallet. Though it is no easy task to keep adding to your savings figures instead of splurging all the time, it certainly pays to have liquid cash in hand, especially during emergencies. So, whether you are saving up for your daughter’s marriage or her education, planning for retirement, or keeping aside a part of your income for rainy days, it works to build upon your savings in a Savings Bank Account.

With such an account to boast of, you can keep depositing your surplus cash safely and enjoying interest in return. You may find yourself getting wavered by other available saving options, but do know that a Savings Account is usually the best place to begin as it gives you a firm financial foundation that is easy to liquidate, feature-rich, and paying!

Take a look at what’s in store for you when you open a savings bank account with any leading bank or financial institution in India.

Financial Security

There are very few investment ideas that are as safe as keeping your hard earned money stashed away in a regular Savings Bank Account. It is easy to access your deposits any time, and under all kinds of circumstances. Rather than investing in the share market, or putting your money in risk-ridden investment schemes, you will surely be more relaxed with your hard earned money being safe and secure in a savings bank account of your choice.

Assured Returns on your Deposits

Though the rate of interest offered by different kinds of savings accounts may vary from one bank to another, you may look forward to getting guaranteed returns at all times.

Savings Account Interest Rates Provided by Banks in India as on 12th May 2016

Savings Account : Rate of Interest

Savings Account

Rate of Interest on Offer

RBL Bank

7.1% per annum = Daily balance of Rs.10 lakhs plus

6.1% per annum = Daily balance of Rs.1 lakh plus

5.1% per annum = Daily balance of Rs.1 lakh plus

Yes Bank

6% per annum (On Savings Account balance that is below Rs.1 crore.)

Kotak Mahindra Bank

6% per annum

Lakshmi Vilas Bank

5% per annum = Daily Balance of up to Rs.5 lakh

6% per annum = Rs.5 lakh plus

IndusInd Bank

4% per annum = Daily balance up to Rs.1 lakh

5% per annum = Daily balance of Rs.1 lakh plus but less than Rs.10 lakhs

6% per annum = Daily balance of above Rs.10 lakhs

4% per annum = for all non-resident NRE and NRO accounts

Bandhan Bank

4.25% per annum = Daily balance of up to Rs.1 lakh. Interest to be paid half yearly.

5% per annum = Daily balance of above Rs.1 lakh. Interest to be paid half yearly.

HDFC Bank

4% per annum = The rates are effective from December 1, 2015

Axis Bank

4% per annum (this is applicable for all amounts)

Starting Investment is Minimal

A savings bank account is a good investment option for people from all walks of life, and for any amount of deposits. This is because unlike other investments options, which usually require the channelizing of significant amounts of money to begin with, the act of opening a Savings Bank Account needs minimal start-up deposits.

Quick Liquidity of Money

The money deposited in your Savings Account can be used after easy withdrawal processes via an ATM / debit card or cheque. Unlike Fixed Deposits, wherein investors are not allowed free access to their money (before maturity) without paying up a penalty, this type of savings account gives instant access to ready cash, that too without any fuss.

Easy Bill Payments

Along with enjoying facilities such as demand drafts, debit cards, electronic payment options, mobile banking, internet banking and cheques for handling all financial transactions; your Savings Bank Account goes a long way in automating your bill payments as well. Just use the auto debit feature and you will never miss a due date.

Apply for a Savings Bank Account – right away!