Savings Accounts
Quick answer
A savings account keeps your money fully accessible while earning a modest, variable rate of interest, calculated on your daily balance. These guides explain how savings accounts work and how they compare with fixed deposits, so you can decide what belongs where.IndependentRates shown in guides are examples; actual savings rates vary by bank. Sourced to RBI and DICGC. How we rate →
Savings guides
Savings Account vs Fixed Deposit
Access vs return — and why most people need both.
NEFT vs RTGS vs IMPS
Moving money from your account, compared.
More savings guides (best rates, zero-balance accounts and how to open an account) are coming soon.
Frequently asked questions
How is savings account interest calculated?
Usually on your daily closing balance, credited quarterly, at a variable rate set by the bank.
Is savings account interest taxable?
Yes, but under the old tax regime you can claim a deduction under Section 80TTA (up to ₹10,000) or 80TTB (up to ₹50,000 for senior citizens). These are generally not available under the new regime.
How much should I keep in a savings account?
A common guideline is a few months' expenses as an accessible buffer, plus near-term needs; surplus can work harder in fixed deposits.
Information only — not financial advice. Rates vary by bank and tax depends on your regime; verify current terms.