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Digital savings accounts have the potential to revolutionize the way the world conducts banking. Though in its infancy it has started to change the ecosystem for good. Indian banks are fast moving in that direction where everything will be digitized making the ecosystem lucid and transparent. We examined digital saving accounts across banks and came up with the following list of best savings accounts:
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Featured Partners
1
AU Bank Savings A/C
Interest rate:
Upto 7.25%
Balance required:
INR 2,000 onwards
Special feature:
Monthly interest payouts
On AU Bank’s secure website
2
Yes Bank Savings Account
Interest rate:
Upto 6.25%
Balance required:
Zero
Special feature:
Earn up to 16000 Yes Bank Rewardz Points worth 4000 INR
On Yes bank’s secure websie
3
Kotak 811 Zero Balance Savings Account
Interest rate:
Upto 7% p.a. with ActivMoney
Balance required:
Zero
Special feature:
Zero-contact, Video KYC Savings Account
On Kotak’s secure website
Best Digital Savings Accounts Of 2024
FEATURED PARTNER OFFER
AU Royale Account
4.5
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Interest Rate %
4 to 5
Minimum Balance
INR 1 lakh
Interest Rate %
4 to 5
Minimum Balance
INR 1 lakh
Extra Gifts
Available
Why We Picked It
AU Royale is the most premium of the digital accounts and has the maximum number of complimentary benefits. It is easy to open and just by applying online one can open this bank account. One has to go through the KYC checks and the account is opened within minutes.
Features
- Average Monthly Balance to Maintain: INR 1 lakh.
- Interest Rate: 3.50% to 7%.
- ATM Cash Withdrawal: Unlimited debit card transactions at AU Bank ATMs and other bank ATMs.
- Debit Card Type: VISA Signature Debit Card.
- NEFT/RTGS: Free if done through net banking or video call.
- IMPS: Free if done through net banking or video call.
- Cheque Leaves Per Year: 25 leaves for free.
- Cash Transactions: Unlimited withdrawal and deposit at any AU Bank branch.
Pros & Cons
- Easy to open with minimal paperwork.
- Good interest rate.
- Minimum balance required to maintain the account is a little high.
Other Benefits
Amazon vouchers up to INR 1,250 as an welcome benefits for the following transactions:
- INR 250 Amazon voucher for the first debit card purchase transaction, online or PoS of minimum INR 1,000.
- INR 100 Amazon voucher for the first bill payment via AU 0101 app or net banking of minimum INR 500.
- INR 250 Amazon voucher for the first “Scan and Pay” via AU 0101 transaction of minimum INR 1,000.
- INR 250 Amazon voucher on simply completing online investment account registration.
- INR 250 Amazon voucher for booking the first fixed deposit (FD) of minimum
- INR 50,000 or recurring deposit (RD) of minimum INR 2,000), minimum tenure of six months.
- INR 150 Amazon voucher for FASTag issuance with a load of INR 500.
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IDFC FIRST Bank Future FIRST Savings Account
4.5
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Interest Rate %
3.50% to 7%.
Minimum Balance
INR 25,000 and INR 10,000 each.
Extra Gifts
Available
Interest Rate %
3.50% to 7%.
Minimum Balance
INR 25,000 and INR 10,000 each.
Extra Gifts
Available
Why We Picked It
Future First Savings Account launched by IDFC Bank and has many attractive features like life cover and can be used as a primary bank account for daily use. It has a rare feature which other zero balance accounts do not have — free and unlimited ATM transactions from their ATMs.
Features
- Average Monthly Balance to Maintain: It comes in two variants of INR 25,000 and INR 10,000 each.
- Interest Rate: 4% and above.
- ATM Cash Withdrawal: Free unlimited ATM transactions from their ATMs and 11 free transactions from other ATMs.
- Debit Card Type: Visa Signature for the first variant and Visa Classic for the second.
- NEFT/RTGS: Free.
- IMPS: Free.
- Cheque Leaves Per Year: 4 leaves in a month are free.
- Cash Transactions: Free cash withdrawals from the home branch or any other branch.
Pros & Cons
- Personal Accident Insurance.
- Dining deals from time to time.
- Airport lounge access.
- Just four cheque leaves are free.
Other Benefits
- Personal Accident Insurance: INR 30 lakh for death or permanent disability.
- Dining Deals: From time to time.
- Airport Lounge Access: Two per quarter.
FEATURED PARTNER OFFER
Selfe Digital Savings Account
4.5
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Interest Rate %
3.50% to 7%.
Minimum Balance
Zero
Extra Gifts
Nil
Interest Rate %
3.50% to 7%.
Minimum Balance
Zero
Extra Gifts
Nil
Why We Picked It
Equitas Bank has launched its digital savings account with the name of Selfe Digital Savings account. It is a full KYC digital account with good interest rates, it has all the features of a proper savings account and can be considered an up to the mark account.
Features
- Average Monthly Balance to Maintain: Zero
- Interest Rate: 3.50% to 7%.
- ATM Cash Withdrawal: Three transactions are allowed from other banks in metro cities and 5 transactions allowed from other banks in non-metro locations. Free for their own ATMs.
- Debit Card Type: There are five types of debit cards available for the customers to choose from:
| Debit Card | Charges for issuance and renewal (INR) |
|---|---|
| Rupay | 100 |
| Visa Classic | 100 |
| Visa Gold | 100 |
| Visa Platinum | 150 |
| Visa Signature | 400 |
- NEFT/RTGS: Free if done through net banking and chargeable through branch.
- IMPS: Free if done through net banking and chargeable through branch.
- Cheque Leaves Per Year: One cheque book free of charge.
- Cash Transactions: Charges applicable on deposition at the rate of INR 3/1000, cash deposition online through other accounts is free.
- Cash Withdrawal : Free cash withdrawal at all branches.
Pros & Cons
- No need to maintain balance.
- Good interest rate.
- Website is a little slow.
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Yes Bank Savings Account PRO
3.5
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Interest Rate %
4% to 5.25%.
Minimum Balance
INR 10,000
Extra Gifts
Available
Interest Rate %
4% to 5.25%.
Minimum Balance
INR 10,000
Extra Gifts
Available
Why We Picked It
Yes Bank has launched its digital savings account with the name of Savings Account PRO. It is a full KYC digital savings account with good reward points on spends. It has all the facilities that are required in a modern account with good interest rates.
Features
- Average Monthly Balance to Maintain: INR 10,000.
- Interest Rate: 4% and above.
- ATM Cash Withdrawal: First five transactions free per month, thereafter INR 21 per transaction
- Debit Card Type: Virtual debit card (on request one gets a physical debit known as Element at an yearly charge of INR 249).
- NEFT/RTGS: Free through mobile app and chargeable through branch.
- IMPS: Free through mobile app and chargeable through branch.
- Cheque Leaves Per Year: 10 cheque leaves.
- Cash Transactions: Four transactions to the maximum of INR 2 lakh in a month, thereafter charge will be levied.
Pros & Cons
- Both digital and physical debit cards are available.
- Fully digital account.
- Rewards available on spends.
- Average monthly balance required.
Other Benefits
- 500 Yes reward points on opening the account.
- 1000 Yes reward points on adding the first beneficiary through Yes Mobile application or online and doing a fund transfer.
- 100 Yes reward points for each unique biller, up to five times a month, using Yes mobile application or online.
- 150 Yes reward points per SI, SIP, ECS or NACH transactions.
- 7.5 Yes reward points per NEFT, RTG, IMPS, UPI and merchant payments (for women customers only).
- 1 Yes reward points = INR 0.25
FEATURED PARTNER OFFER
Forbes Advisor Ratings
| Policy Name | Company – Logo | Forbes Advisor India Rating | Forbes Advisor Rating | Interest Rate % | Minimum Balance | Extra Gifts | Learn More CTA text | Learn more CTA below text | Learn More |
|---|---|---|---|---|---|---|---|---|---|
| AU Royale Account |  | 4.5 |  | 4 to 5 | INR 1 lakh | Available | View More | ||
| IDFC FIRST Bank Future FIRST Savings Account |  | 4.5 | | 3.50% to 7%. | INR 25,000 and INR 10,000 each. | Available | View More | ||
| Selfe Digital Savings Account |  | 4.5 | | 3.50% to 7%. | Zero | Nil | View More | ||
| Yes Bank Savings Account PRO |  | 3.5 |  | 4% to 5.25%. | INR 10,000 | Available | View More | ||
| Axis Bank Easy Access Digital Savings Account |  | 3.0 |  | 3% to 3.50%. | INR 25,000 | Available | View More |
Methodology
Forbes Advisor India has rated the best digital savings accounts on the basis of the following criteria:
- Charges for NEFT/RTGS/IMPS services.
- If the account is free from any hidden charges.
- Hassle-free formalities.
- Extra facilities that the bank has to offer other than the basic facilities.
- Pocket-friendly deposits if any.
What is a Digital Bank Account?
Digital savings account is a savings account which can be opened online without going to the bank, physically. It has all the features of a normal savings account with all the paperwork done digitally.
Banks are encouraging people to open digital accounts as this saves time and is more convenient for people wanting to save time. Digital banking is completely transparent as there is no scope of unaccounted money to be circulated. There is no need left to visit the crowded banks for services, as everything can be done online. Users can use the mobile application of their respective banks and do the transactions anywhere.
Benefits of Digital Bank Account
Digital savings accounts have many advantages and banks are adding new features to them every day:
1. No need to visit the branch: You do not have to visit the branch for anything, accounts can be opened any time online, there are agents to answer queries on a video call.
2. Facility to pick the cheques: Most of the banks are providing the services to get the cheques picked from the residences of customers to be deposited in their savings accounts.
3. Banking 24 hours: With access to net banking one can do transactions anytime and anywhere.
4. Low expenses for the banks: With everything online the operational cost of the bank has decreased and they concentrate on providing better services to the customers.
Features of Digital Bank Accounts in India
Following are the the features of a digital savings account:
- ATM Cash Withdrawal: Only if a proper debit card is available.
- Debit Card Type: Can be digital or a physical card.
- NEFT: Free if done through net banking.
- RTGS: Free if done through net banking.
- IMPS: Free if done through net banking.
- Cheque Book: Depending on the bank.
- Cash Transactions: Through branches, cash deposits and withdrawal are discouraged by some banks.
What are Current KYC Norms to Open Digital Savings Accounts in India?
Any of the following documents needs to be provided as a proof of address.
- Passport
- Voter’s Identity Card
- Driving License
- Aadhaar Letter/Card
- NREGA Card
- PAN Card
As per the new government guidelines it is a mandatory requirement to produce either the Aadhar card or a PAN card before opening an account. It is the wish of the applicant to present or not to present the Aadhar card, but in that case PAN card in its place.
Requirements, Eligibility and Documents Required to Open a Digital Savings Account?
Opening a digital account is extremely easy, the only thing is to apply for it online. The bank itself will get in touch with you and take the time for a video KYC. There is no need left to deposit copies of KYC related papers as your Aadhar card and PAN card numbers give all the details.
Agents from the bank will only take a picture of the applicant while on a call, unlike previously where pictures were taken by the applicants. Just one video call and your PAN card number or Aadhar number are sufficient for a digital account.
Basic Savings Bank Deposit Account Vs Digital Savings Account
Every account holder has to maintain a minimum balance in the bank account and incase of the balance going below this required amount a penalty is charged.
The Basic Savings Bank Deposit Account (BSBDA) also known as a no frills zero balance savings account is an account where there is no need to maintain a minimum balance. These accounts are both digital and normal savings accounts.
BSBDA is different from a normal zero balance account. A normal zero balance account is not restricted in any manner and can function like a normal account.
These accounts are there to serve the weaker sections of the society so that they can take the benefits of various schemes where the government of India or the various state governments are depositing money directly into the accounts of the beneficiaries.
| Basic Savings Bank Deposit Account | Digital Savings Account | |
|---|---|---|
| Balance | There will always be an upper limit to the balance maintained, money can not be deposited after that. | No upper limit. |
| Credit | There will be an upper limit to the credit made to the account. | No upper limit. |
| Withdrawal | There will be a limit for withdrawal made. | No upper limit. |
| Number of withdrawal | 4 in a month. | No upper limit |
| Number of accounts | One can only have a BSBDA in a bank, and opening another account is not allowed. | No such restrictions, one can open multiple accounts. |
Featured Partners
1
AU Bank Savings A/C
Interest rate:
Upto 7.25%
Balance required:
INR 2,000 onwards
Special feature:
Monthly interest payouts
On AU Bank’s secure website
2
Yes Bank Savings Account
Interest rate:
Upto 6.25%
Balance required:
Zero
Special feature:
Earn up to 16000 Yes Bank Rewardz Points worth 4000 INR
On Yes bank’s secure websie
3
Kotak 811 Zero Balance Savings Account
Interest rate:
Upto 7% p.a. with ActivMoney
Balance required:
Zero
Special feature:
Zero-contact, Video KYC Savings Account
On Kotak’s secure website
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
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