In this fast-paced online world, not having a savings account can pose a lot of problems. To track and manage your finances as well as to invest, everyone needs a bank account. A savings account is the most popular form of a bank account. A savings account offers many features which are vital to check your finances. A fixed deposit is also highly valued for safeguarding and increasing your capital. The best bank offers attractive interest rates on fixed deposits too.

So what is the best bank to open account in India? Tag along to find out more!

State Bank Of India – SBI 

One of the best banks to open accounts in India is the State Bank of India which is among the most trusted in India. It is the largest bank in India with a 200-year history. The State bank offers a convenient way to open a saving account. The interest provided on the savings account is 2.70% pa. The best part about opening an account in SBI in 2022 is that there is no mandatory minimum balance.

There are many different types of saving accounts provided by SBI. Each type has its benefits.  SBI also provides an interest rate of 2.90 to 6.10% pa for fixed deposits. For senior citizens, this rate goes up to 3.40 to 6.60% pa. The tenure for fixed deposits goes from 10 days to 7 years. You can open a fixed deposit with a minimum of ₹1000 in SBI.  

Punjab National Bank – PNB

The Punjab National Bank is the second largest public sector bank in India. Founded in 1894, many banks have merged into PNB, making it a giant institution today. Savings account opening with PNB is quick and easy. Customers of PNB’s basic savings accounts are not required to maintain a minimum amount.

PNB offers an interest rate of 2.70% pa on saving accounts. The fixed deposit rates vary from 3% to 5.25% pa. The minimum amount to start the deposit is ₹100. 

HDFC Bank

Another best bank to open accounts in India is HDFC bank. Housing Development Finance Corporation Ltd. (HDFC) is the biggest lender in the private sector. Spotting trends early, making the necessary investments, and expanding it has been instrumental in providing financial services in the nation. HDFC bank offers attractive benefits to its customers. Along with basic banking needs, HDFC provides ease of managing finances. 

The current interest rate on HDFC savings accounts is 3% pa. The customers have to maintain a minimum balance of ₹5000. HDFC’s current interest rates for fixed deposits are from  2.75% to 6.10% pa. For senior citizens, the interest rates range from 3.25% to 6.60% per annum.

Union Bank of India 

One of the top public sector banks is the Union Bank of India. The Indian government owns 89.07% of the capital of this bank, which is a public company. In addition, the 1919 establishment of the Union Bank of India supplied several services to its clients.

UBI savings account currently pay 3.5 % p.a. in interest. Customers need to keep a minimum balance of ₹1000 that varies with the account type. UBI offers fixed deposit interest rates ranging from 3% to 5.6% per annum that need a sum of ₹100 to start.

Axis Bank

The third-largest private sector bank in India is Axis Bank, founded in 1994 and is a member of the first generation of private banks. The bank provides a comprehensive array of financial services for all customers.

A savings account at Axis bank earns 3.50 – 4.0% p.a. in interest. Rates for fixed deposits range from 3% to 5.25% annually. The interest rates on the Axis Bank FDs range from 2.50% to 5.75%. Axis FD accounts can start with an amount of ₹5,000.

Conclusion

Bank Accounts are a necessity in our time. Banks have been serving people for a long time now. There are different types of banking services available for customers. The banks mentioned above are the best banks to open accounts in India. So go ahead with one of these banks confidently and take control of your money.