Which Is The Best Bank For Opening An Account In India?

Money kept in a jar only rots. It doesn’t grow. However, despite a bank account being stationary and pretty much a pot, it puts your money to good use by letting you earn interest and being a secret safe for your hard-earned money.

In the Gen-Z world, where everything is digitalised and working with technology is also being shifted online, it has become reasonably necessary to work only through bank accounts. Also, the government’s policies favouring citizens opening bank accounts make it all the more critical for you to have a bank account. You can open your bank account after filling in all the requirements for opening a bank account.

Let’s look at the best banks where you can open your bank account to keep your finances safe.

Personal finance and tax savings: how to manage?

Working hard at your job and then losing that hard-earned money to undetermined causes is demoralizing. Hence, receiving money directly from your bank account is worth the challenge. These are some banks where you can open bank accounts.

1. State Bank of India (SBI)

SBI is the banking giant of India and an Indian public sector bank with operations in several countries. They have been offering banking services in India for more than 200 years; it is one of the oldest banks offering the best banking services.

• SBI Bank Current Account

All you need to do is verify your KYC documents, and you are eligible to open your current account with a minimum balance of INR 5,000.

• SBI Bank Savings Account

There is no minimum balance requirement, and the rate of interest on savings accounts is 2.70%.

2. Canara Bank

The process is swift and easy at Canara. In 1969, 14 banks were nationalised by Indira Gandhi. Canara Bank was one of them. Canara Bank prioritises its customers, and one can certainly call it a “financial conglomerate.” Currently, it has almost ten subsidiaries and many joint ventures. Canara Bank also provides credit card facilities to farmers. It even provides an intercity ATM facility for its users.

• Canara Bank Current Account

This account is basically for organisations, and the main feature of this account is maintaining a minimum balance of INR 5,000 for overdraft facilities for businesses.

• Canara Bank Savings Account

The process is fast and offers a 2.90%–3.20% current interest rate. You would have to maintain a minimum of INR 1000 as a balance. However, there is no cap on the maximum compensation in any Canara Bank account.

• Canara Bank Fixed Deposit Account

This account ranges from 7 days to 10 years, with the minimum investment for opening being INR 1000, which also offers tax savings through deduction under Section 80C. The interest rate is higher than the savings account, which ranges from 2.95% to 5.50%.

3. Punjab National Bank (PNB)

Founded in Lahore way back in 1894, with nine banks merging, PNB is the second-largest bank in India, owned by the Ministry of Finance.

• PNB Bank Current Account

To open the current account, you must maintain INR 5,000 as a minimum balance and verify your KYC documents.

• PNB Bank Savings Account

There is no requirement to maintain a minimum balance, and an interest rate of around 3% is offered. However, the minimum and maximum amounts also depend on the customer.

• PNB Bank Fixed Deposit Account

The tenure varies from 7 days to 10 years, and the interest rate ranges from 3% to 5.25%. You would require a minimum investment of INR 100, and tax deductions are also included.

4. HDFC Bank

The largest private sector bank, HDFC, plays a crucial role in transforming the way that financial services are provided.

• HDFC Bank Current Account

You should maintain a minimum balance of at least INR 5,000, which also meets all the requirements for an organisational service.

• HDFC Bank Savings Account

The minimum balance varies depending on the type of savings account, with a 3% interest rate. There is also no cap on the maximum amount of money. 

• HDFC Bank Fixed Deposit Account

You can choose fixed deposits with terms ranging from 7 days to 10 years, interest rates ranging from 2.50% to 5.50%, and a minimum deposit of INR 5,000 to start the account. Under Section 80C, you can also get a tax break of up to INR 1.5 million if you invest in HDFC.

5. ICICI Bank 

Established in 1994 and the first bank listed on the New York Stock Exchange, ICICI is one of the leading private sector banks that provides a diversified portfolio and serves retail, SME, and corporate clients.

• ICICI Bank Current Account

ICICI Bank has a current account with a minimum balance of INR 25,000 and an overdraft facility, both of which are designed to meet customer needs.

• ICICI Bank Savings Account

You can open this account online with the condition that you maintain a minimum balance of INR 10,000 and an interest rate of 3.00 %. There is no cap on the maximum amount, and it contains a lot of attractive benefits.

• ICICI Bank Fixed Deposit Account

Ranging from 7 days to 10 years, the minimum investment for opening is INR 10,000, which contains an interest rate ranging from 2.50% to 5.50%, and the minimum investment is INR 10,000.

Conclusion

After looking through the best banks where you can open bank accounts, you must be clear about what you need a bank to do for you as an earner. Bank accounts are the perfect way to keep your money safe and secure, more so in an age where you can go with the times.

However, if, in any case, you aren’t able to figure it out with just this article, then contact and consult financial expert Piramal Finance. It has been created with you as an ordinary individual in mind, where they can provide expert solutions on personal loans, credit cards, and other financial services and products.