Best Online Savings Account in India for 2022

The upgradation of technology and AI has changed our way of leading life. The banking system has also seen major transformations that have made things more convenient and accurate. Among various products of banks, the digital savings account has taken people by storm. The instant procedure and attractive saving account interest rate are the primary reasons for more people opting for this banking service. 

However, the availability of multiple banks that offer digital services might add to your confusion about choosing the best. To solve this problem, here are the top public and private banks in India for opening online savings accounts.

Banks with Best Saving Account Interest Rate

To select the best online savings account, you must look at the factors such as the minimum balance requirement, interest rate, availability of online fund transfer facility, and other essential products offered by the bank.

Following are the best banks in India for opening an online savings account:

  1. Yes Bank

This public bank provides the facility of the online savings value account that gives you free unlimited access to its ATMs throughout the country. In addition, it comes with the following features:

  • Its savings account interest rate ranges between 4.00% to 5.00%.
  • The least balance requirement is ₹ 5,000.
  • You also get free RTGS, NEFT, and IMPS fund transfer.
  1. RBL Online Saving Account

You can instantly open this account by downloading the banking app of RBL or by visiting its official website. Apart from offering a high saving account interest rate, RBL only requires you to submit your PAN and Aadhaar number for verification purposes.

It comes with the following features:

  • The interest rate ranges from 4.00% to 6.00%, depending on the balance of the account.
  • Customers need to maintain a minimum balance of ₹ 5,000.
  • The bank offers Titanium debit cards with free unlimited usage at RBL ATMs.
  • RBL has the availability of a free NEFT/IMPS/RTGS facility.
  1. Kotak Mahindra Bank

It is regarded as one of the best private banks in India. The Kotak 811 is an online savings account which requires the Aadhaar number of an applicant for instant account opening purposes. 

The details and features of this account are:

  • It is a zero-balance account.
  • The yearly saving account interest rate is 3.50%.
  • Customers get a free cheque book.
  • Virtual debit card on request and payment of charges according to GSFC.
  1. Induslnd Bank

You can open an online saving account at this bank by completing simple procedures. The most attractive features of this account are the requirement of zero minimum balance and competitive saving account interest rate ranging from 3.50% p.a. to 5.00% p.a. In addition, its customers get the following benefits:

  • Availability of Platinum debit card.
  • The facility of free online fund transfer through NEFT, RTGS, and IMPS.
  • ATM transactions of up to ₹ 1 lakh along with POS of ₹ 2 lakh per day
  1. HDFC Bank

The savings account at this bank comes with a different minimum balance cap according to the geographical location. The customers of urban branches need to maintain ₹ 10,000 as a minimum balance, while for semi-urban and rural branches, the least balance requirement is ₹ 5,000 and ₹ 2,500, respectively. In addition, this bank offers the following benefits to its saving account holders:

  • Regular debit card on payment of ₹ 150.
  • 5 free monthly ATM transactions throughout the country.
  • Availability of all three online monetary transfer options (IMPS, RTGS, and NEFT).


All the above-mentioned banks offer the best facilities for opening an online account. The crucial benefits of Private Banks in India include a high saving account interest rate, low minimum balance requirement, and various online fund transfer facilities. However, before opening an account at any of these banks, you must determine your requirements to make an efficient choice.