Savings bank accounts are one of the first investments you make. Soon after you get a job, you open a savings account and keep your money with the bank in return for a nominal interest. However, since this type of investment is called liquid investment and allows you to withdraw money at will, you should take a careful look at the terms and conditions, especially those that affect the growth of your assets. Furthermore, before you decide on your bank, look at the investment opportunities it offers and whether it is profitable enough for you.

• While opening a savings account, make sure you understand their minimum balance policies and the offered interest rates.
• ICICI Bank and HDFC Bank are among the premium private banks that cater to the specific banking needs of working women.
• The Kotak Sanman Savings Account lets you make unlimited monthly withdrawals.

There are several factors to consider when you choose to open your savings account with a bank:

• Offered interest: The rate of interest offered is the basic aspect you should inquire about. Most banks offer a slightly higher amount on the subsequent deposits exceeding the first Rs. 1 lakh. Choose your bank carefully because even a fractional difference in the interest percentage can mean a lot of money since you will be depositing a significant sum with the bank.
• Minimum balance: Most banks have a decided minimum balance that you must maintain, i.e., there is a certain amount decided by the bank that you cannot withdraw if you want to continue with your bank account. This point boils down to personal preference because if you have a salary account as your savings account, you might not have to worry about your receding bank balance.
• Fees and charges: Banks have their own service charges, which you must understand before opening your savings account. You must pay a certain fee to your bank if you exceed the number of withdrawals allowed per month at your bank’s ATM. Banks also have a withdrawal quota per month for using other banks’ ATMs, which must be adhered to.
• Customer service: Read reviews online and gauge the customer service quality of the bank you are investing in. Customer service helps you navigate through different services and is crucial on a regular basis.

Let us look at the top banks worth investing in and briefly discuss their offerings.

• SBI: SBI is probably one of the best banks for opening your savings bank account. The best advantages of an SBI savings account are that you do not have to worry about maintaining a monthly average balance, and the mobile banking app offered by the bank is top-notch.
• HDFC Bank: HDFC offers a lot of important complimentary services like free debit cards and mobile banking. Additionally, the bank allows gender-specific accounts so that they can cater to specific finance-related needs of each gender.
• Kotak Mahindra Bank: Kotak offers 10 types of savings accounts to cater to the dynamic needs of its customer base. Salary accounts are mostly without a minimum balance threshold. However, suppose you opt for the Sanman Savings account. In that case, you have to maintain an average quarterly balance of Rs. 2,000. However, you will be rewarded with an unlimited withdrawal facility for pledging this money.
• RBL Bank: Among many benefits offered by RBL Bank, the prominent two are its free RuPay card and unlimited free transactions at the bank’s ATMs. The cash withdrawal limit on the RuPay card is Rs. 50,000, and if any damages are caused to the card, it will be replaced free of cost.
• ICICI Bank: ICICI Bank caters to different banking needs with its basic and premium account options. With its Woman Aura account, the bank promises to look after the Indian working woman’s savings.
• Axis Bank: Axis Bank offers five types of savings accounts, keeping in mind the preferences of a diverse client pool. Moreover, the amount required to open an account with them is low, and the interest rates on savings accounts begin at 3% per annum.

If you are looking for safe investment option, then you can consider investing Bajaj Finance Fixed Deposit. With a top-tier AAA rating from financial agencies like CRISIL and ICRA, they offer one of the highest returns, up to 8.60% p.a.