Top 5 Banks for opening Saving Bank Account

Best Saving Bank Account – Saving Bank account is a place where you keep your money. If you are planning to open new saving bank account here is important factors for the selection of saving bank account including Top 5 Best Banks for opening Saving Bank Account in India.

Normally we go with bank which offers higher interest rate on the savings. However, there are multiple other factors which you should consider before opening saving bank account. Here are factors you should consider which opening saving bank account into bank.

Also Read – How to find CIF Number of SBI in Passbook?

Factors for selection of Saving Bank Account 

  • ATM Network – You should check for ATM Network. It is advisable to go for bank with vast ATM network coverage. Apart from ATM network you should also look at free ATM transaction allowed by the bank.
  • Location – Location of the bank is another important factor for the consideration. You should select the bank which is nearer to your place.
  • Monthly Average Balance – Another important factor for the evaluation of saving bank account is monthly average balance requirement. You should check how much monthly average balance you need to maintain for saving bank account.
  • Online Banking – The bank should provide very good online facility for doing transaction. If you are doing frequent transaction on mobile you should check for app provided by bank for doing transaction.
  • Interest rate – You should also check for rate of interest offered by the bank on saving bank account. Few banks offer high interest rate on the saving bank account such as Yes Bank, RBL bank. If you want to earn more money you can opt for these banks.
  • Branch Network – You can also look at network size of branch and ATM of a respective bank while opening saving bank account.
  • Service Charge – Another important factor to check is applicability of service charges. Many bank charges money for using services such as ATM card, RTGS money transfer etc.
  • Security Features – Due to increase in usage of internet and mobile banking Security features also play important role in the selection. You should look at security features offered and technology upgrade plan of the bank.
  • Customer Support – The bank where you are opening account should provide very good customer support facility.

saving bank account

Top 5 Banks for opening Saving Bank Accounts

State Bank of India

State Bank of India is one of the largest public-sector bank in India. Apart from banking SBI offers multiple other services such as insurance, trading, fund management etc. SBI is present in every part of India. This bank has even presence in the remote area and overseas.

Branches – 24000

ATM – 59000

ICICI Bank

ICICI bank is largest private sector bank of India. ICICI bank was founded in 1994. The popularity of bank has grown multifold in the short period of span. You will get good customer service at ICICI Bank.

Branches – 4867

ATM -14417

Punjab National Bank

Punjab National bank is next in the list. PNB is nationalize bank established in 1969. Apart from saving bank account this bank offers multiple other products like education loan, personal loan, home loan etc. PNB also offers 12 hours banking facility in some branches.

Branches – 6564

ATM -2500+

HDFC

HDFC is private sector bank of India. This bank was established in 1994. In short span this bank has gain lot of popularity. HDFC bank is famous of Home loan. HDFC also offers other products like insurance, mutual funds etc.

Branches – 3000+

ATM -11000+

Axis Bank

Axis Bank is next bank in the list. It is one of the well establish bank. Earlier this bank was known as UTI Bank. It is fastest growing bank with presence at multiple places. Customer support facility extended by bank is moderate.

Branches – 3120+

ATM -12922

Over to You –

You should select the bank which is suitable to your requirement. Choosing the bank only based on popularity or interest rate will not help you in long run.

Do share your experience about these banks in comment section.

Article by Raviraj

Raviraj is the man behind moneyalpha.com. He is graduate in finance, engaged in blogging since 6 years. He is not affiliated with any financial product, service provider, agent or broker. The purpose of this blog is to spread financial awareness and help people in achieving excellence for money. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.

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