You can deposit money into a regular or basic savings account at any time. Throughout the year, the account receives a tiny portion of its balance in interest. You will be obliged to have a minimum amount in your savings account and will be penalised if you do not. You will have deposit and tenure flexibility, but withdrawals will be restricted.
Types of Basic/Regular Savings Accounts offered by Banks
Here is a list of the main banks that provide Regular or Basic savings accounts, along with the interest rates and minimum balance requirements.
|Banks||Interest Rate||Min Balance needed|
|AU Small Finace Bank Samarth Saving Scheme||3.50%-7.00%||Rs. 5,000|
|DBS Bank Digi Account||3.00%-4.00%||Average Monthly Balance of Rs. 5000|
|ESAF Small Finance Bank Regular Saving Account||4.00%-7.00%||Rs. 1,000|
|Equitas Small Finance Bank Regular Saving Account||3.50%-7.00%||N.A.|
|HDFC Bank Regular Savings Account||3.00%-3.50%||For metro Urban branches, Rs. 10,000 is required. To create a Savings Regular Account, you’ll need Rs. 5,000 for semi-urban branches and Rs. 2,500 for rural branches.|
|ICICI Bank Regular Savings Account||3.00%-3.50%||10,000 rupees in metro and urban areas, 5,000 rupees in semi-urban areas, and 2,000 rupees in rural areas|
|Jana Small Finance Bank Regular Saving Account||3.50%-7.25%||Rs. 2500|
|SBI Basic Savings Bank Account||2.75%||NIL|
|Ujjivan Small Finance Bank Ujjivan Bank Regular Savings Account||4.00%-7.00%||N.A.|