May 20, 2024

Regular/Basic Savings account

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.

BanksInterest RateMin Balance needed
AU Small Finace Bank Samarth Saving Scheme3.50%-7.00%Rs. 5,000
DBS Bank Digi Account3.00%-4.00%Average Monthly Balance of Rs. 5000
ESAF Small Finance Bank Regular Saving Account4.00%-7.00%Rs. 1,000
Equitas Small Finance Bank Regular Saving Account3.50%-7.00%N.A.
HDFC Bank Regular Savings Account3.00%-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 Account3.00%-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 Account3.50%-7.25%Rs. 2500
SBI Basic Savings Bank Account2.75%NIL
Ujjivan Small Finance Bank Ujjivan Bank Regular Savings Account4.00%-7.00%N.A.