The most important benefit of opening a savings account is that it helps you inculcate a habit to save and you can earn interest on this deposited amount. Features of savings account vary according to the type of account you choose. Here we have listed a few of the common features to help you understand the benefits of opening a savings bank deposit account:
The savings account interest rates range from 3.5% to 7% p.a.
Network branches and ATMs of the respective bank are easily accessible
Transfer funds easily using IMPS/NEFT/RTGS/UPI facilities to any bank account
Internet Banking and Phone Banking facilities for a quick check of balance and bill payment
Personalized cheques for enhanced security
Personalized Account Number
Several offers and discounts on Debit
No limits on the amount deposited
Facility to link loan EMIs or RD deductions through the savings bank account

Applying for a savings account does not require applicants to satisfy any income or employment criteria. The eligibility criteria for opening a savings account are minimal and might vary from one bank to the other, but here are some common requirements-
Savings account can be opened by an Indian citizen, Non Resident Indian and also foreign nationals.
The applicant should be over 18 years of age. However, nowadays savings account can also be opened for minors by their parents/guardians.
Further, if an applicant needs to know whether he/she satisfies the savings account eligibility criteria or not, he/she can use Paisabazaar's Savings Account Eligibility Calculator and check their eligibility online. The applicant just needs to enter a few simple details about himself / herself and the tool assesses their eligibility based on those details.

Nowadays, you can easily open a savings account online without any hassle. To open a savings account online, you just need to submit the details of the following documents online for eKYC:
Aadhaar Card: Anyone looking to open a savings account online will have to furnish Aadhaar Card number.
Pan Card: Any applicant will need to provide Pan Card number along with Aadhaar Card to open a savings account online. Government has made Pan Card and Aadhaar Card mandatory to open a savings account through either channel - online or offline.
You can open your saving bank account online from the convenience of your home. Just follow a simple procedure:
Check and compare different banks and their rate of interest and select the one which matches your requirements.
You can visit Paisabazaar.com to open a savings account online or visit the website of the bank in which you want to open your saving account. Note: All banks tend to have different online account creation procedure.
Fill out the application form for opening savings account and submit it along with your Aadhaar number and Pan number to complete eKYC successfully. Post this you will be able to start using your savings account instantly. Later, banks send their executive to complete your verification. Note: Procedure for opening a savings account online varies from one bank to other.
You can also open a savings account in offline mode with minimum documentation. Usually, the bank asks for KYC documents and passport photos along with the account opening form.
The documents to be submitted with a Savings account opening form include:
Passport size photographs
Identity and signature proof (Any one) - Passport, Pan card, Driving License, Voter ID card, Aadhaar card, employee identity card in case of government employees. Note: Aadhaar Card and Pan Card are mandatory to open a savings account. Still banks can ask for any other ID proof as well to complete their verification.
Address Proof (Any one)- Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/ water/ credit card bill or Property tax.

Loansupportindia provides its customers with an impartial comparison of banking products for better financial planning. By logging onto Loansupportindia's website, applicants can at first check their savings account eligibility. Based upon the requirement, the eligibility tool displays savings account offers that are most suitable. Following this, the prospect can compare the savings bank accounts against an exhaustive list of parameters which helps to understand key features and choose the best saving bank account for himself / herself. Once the choice is made, the prospect can open for the savings account online and the executives of the concerned bank would get in touch with the applicant directly.
With Loansupportindia, applicants have the following added advantages:
Our user-friendly online platform helps check eligibility for the savings account
Find the best savings account options based upon the inputs provided
Guide customers with every detail of the product so that they can make an informed decision while selecting a financial plan
Finally, applicants can apply online for savings account on Loansupportindia

Just log on to Loansupportindia and apply for a savings account in no time! Enter a few details related to you and get the best offers with just a click.
All you have to do is to follow a line of steps to apply for a savings account online with Loansupportindia:
1. The application process for a savings account starts with the eligibility tool. You need to enter a few details into the tool, such as:
1.1 Place of residence
1.2. Annual Income Range
1.3 And your personal details
Once the eligibility form is filled out, click the submit button. Subsequently the form is submitted and the applicant is redirected to a page displaying personalized Savings Account options to choose from.
2. On this page the applicant can compare different Savings Account options against diverse parameters such as, interest rate, minimum account balance and a host of other benefits and features.
3. After comparing the different savings accounts, you can decide on the option which meets your requirements in the best manner. Click on apply tab and depending on the bank either you will be redirected to the bank's website or you will get a reference number and the bank will contact you 48 hours to take the application forward.
4. The savings account application is sent directly to the concerned bank. The bank gets in touch with you to open your savings bank account.
In case clients need any assistance regarding the savings account application process, Loansupportindia will always be available for help. Applicants can reach Loansupportindia on the toll-free number or send the query through email.

The online application process is very simple and hassle-free, still if you are not that comfortable applying online, you can always pay a visit to the nearest bank branch for opening a savings bank account. You can follow these steps for opening a savings bank deposit account at a bank branch:
1. The first and foremost step before you head to the bank is research. You need to devote some time to compare savings account of different banks, so that you get the best option as per your specific requirements. You can visit the bank websites or other financial websites to get an idea about the features of different savings accounts.
2. When you have made a choice, you can visit the bank branch with KYC documents. You will need to take originals and copies of your identity proof, address proof, income / employment proof (if required), and age proof and photographs to the nearest branch of the bank.
3. Approach the requisite counter at the bank, which deals with the account opening process and get the account opening form.
4. Go through the account opening form and fill it properly as required. Check whether you have filled in all details correctly and signed at the required places. When done, submit the form along with the copies of your documents, i.e. identity proof, address proof, income / employment proof, age proof and photographs.
5. The clerk at the bank will submit your application for processing. Your account will be functional within the processing time as mentioned by the bank. The processing time varies from one bank to another.

Providing savings account to customers is the primary business of banks, therefore all banks, (both private and public sector) with retail services provide savings accounts. Some of the top choices of savings accounts include digibank by DBS, Kotak Mahindra Bank, Axis Bank, Yes Bank, IDFC Bank, IndusInd Bank , Citi Bank, ICICI Bank, Standard Chartered Bank , State Bank of India, as well as others.
Banks offering best savings account choices for Indian Citizens with high interest rates are as follows:
DBS Bank
DBS is a leading financial services group in Asia. The bank has tailored its savings accounts range for customers looking for high returns on low balance. It offers interest returns up to 7% per annum.
IndusInd Bank
IndusInd is an Indian Bank established in the year 1994 and it is the first among the new-generation private banks in India. The bank offers interest rates of up to 6%.
Kotak Mahindra Bank
Kotak Mahindra Bank is an Indian private sector bank headquartered at Mumbai. The bank offers up to 6 % interest p.a. on Savings Account balance.
IDFC Bank
IDFC Bank received its universal banking license on 1 Oct 2015 and has been raising the bar for service standards since then. The bank offers savings accounts at 4% interest rate per annum.
Yes Bank
YES Bank is a leading private sector bank, which offers interest rate of 6.25%, to be offered for an account balance of over Rs. 1 lakhs.
Axis Bank
Axis Bank is a leading private sector bank, which offers interest rate of 3.5% p.a. to be offered for an account balance of less than Rs. 50 lakhs and up to 4% p.a. on savings account balance less than Rs 50 lakhs.

You can also open savings account at Indian Post Office by visiting the nearest post office branch. The features of a savings account at Indian Post Office inclJust log on to Paisabazaar.com and apply for a savings account in no time! Enter a few details related to you and get the best offers with just a click.ude the following:
The applicant will have to pay Rs.20 as an account opening charge.
Minimum balance of Rs. 500 has to be maintained in accounts with cheque facility
For accounts without cheque facility, a minimum balance of Rs.50. is required
The savings accounts can be transferred between post offices in India
Savings accounts for minors aged 10 and above can be opened with parent/guardian as co-borrower
Single and joint accounts can be opened
Savings account interest rate is 4% p.a.

It is very important to make a well-researched choice because with so many options in the market it is hard to make a choice by just looking at the broad lines. Therefore, it advisable to compare the savings account options against diverse parameters in order to maximize your earnings and earn better rewards. Here, we have listed numerous parameters which will help you in making the right choice.
Savings account interest rate
Most banks offer interest rate from 3.5% on savings bank accounts. But, there are many banks that offer a higher interest rate up to 7% provided you maintain a minimum balance in the savings account.
Minimum balance to be maintained
Some banks require you to maintain a minimum balance in your savings account, while others do not. If you fail to maintain the minimum account balance, the bank might charge a penalty. Therefore, it is best to check what suits you the best, a savings account with minimum balance or a zero balance savings account.
Additional facilities
Banks offer a number of facilities with a savings account such as net and mobile banking, doorstep cash deposit/withdrawal, free cheque book, etc. Such facilities help complete bank transactions without visiting the bank and from the comfort of your home or office. Check for the facilities attached to the savings account before making a choice.
Debit card deals
Savings bank accounts currently come with a debit card. Since most banks extend offers and deals on their debit cards to lure new customers, one should check out debit card schemes before choosing a savings account. Consider the bank which offers deals on debit cards that can provide you with the greatest benefit. Nowadays, banks also provide several offers and discounts on Debit cards like BookMyShow, Yatra coupons and discounts.