In today’s digital age, many people who want convenience, accessibility, and competitive interest rates use online banking. If you’re considering opening an account online then you’re lucky, as there are several banks offering top-notch online banking services. Let’s explore some of the best online banks in India as of 2023.
Best Online Banks in India
RBL Bank
RBL Bank’s incredible 6.75% interest rate on savings accounts beats rates offered by other banks. One can earn this substantial interest without the need to lock your funds in a fixed deposit. RBL Bank also makes it incredibly convenient to open a digital savings account online, eliminating the need for in-person visits to a bank branch.
SBI Bank
SBI bank has an extensive network of branches and ATMs across India, ensuring easy access to physical cash when needed. SBI’s availability in multiple educational institutions benefits students to pay tuition fees. SBI also offers many services to fulfill the banking needs of students. It is among the best online banks in India.
HDFC Bank
HDFC Bank provides many banking products including different pricing, mobile banking features, lifestyle benefits credit cards such as the HDFC Diners Club Black Credit Card, HDFC Smart Buy, and others. Premium banking services from HDFC provide customized solutions for investment needs, tax payments, insurance, and portfolio management.
Kotak Mahindra Bank
Kotak Bank’s 811 Digital Bank offers one of the best digital savings account options. With this account, you can open an account online, free of balance requirements, using your laptop or mobile device. The account setup process is entirely digitized, streamlining the account creation process.
ICICI Bank
ICICI Bank simplifies the process of opening a savings account with over 200 online banking services. From managing your Demat account portfolio to conducting transactions, transferring money, and even opening MF, FD, RD, PPF, and NPS accounts, ICICI Bank offers a wide range of online banking features. The bank’s comprehensive services save time and provide a hassle-free user experience.
Axis Bank
Axis Bank stands out as the only bank that rewards points for various account-related transactions. For instance, activities such as opening a recurring deposit (RD), a Demat account, or setting up standing orders can earn you reward points. Additionally, when you open a savings account with Axis Bank, you gain access to extra perks like a free Times Prime membership, discounts, and cashback on platforms like Zee5, Amazon, Ganna, and Uber.
Paytm Payments Bank
Paytm Payments Bank caters to the banking needs of the unbanked population, focusing on basic banking services and cashless transactions. The account setup process is quick and entirely digital, initiated through the Paytm app. However, completing the KYC process may require submitting the necessary documentation at a designated location. It’s worth noting that the Paytm Savings Account has a limitation, allowing account holders to hold a maximum of ₹1 lakh in their wallet and savings account combined.
