The first bank to introduce a savings account in India was Presidency Bank.

The introduction of a savings account in India played a significant role in promoting the savings habits of individuals and mobilizing funds for economic development. The establishment of Presidency Bank marked a crucial milestone in this regard.

1. Presidency Bank:
Presidency Bank, which later merged with other banks to form the Bank of Bengal, was the first bank to introduce a savings account in India. It was established in 1806 in Calcutta (now Kolkata) during the British colonial era. The bank provided various banking services, including the facility to open savings accounts.

2. Bengal Bank:
Although Bengal Bank was not the first to introduce the concept of a savings account in India, it played a significant role in the development of banking in the country. Bengal Bank was established in 1784 and was one of the earliest banks in India. While it did not introduce the savings account, it contributed to the growth of banking practices in the region.

3. Allahabad Bank:
Allahabad Bank, founded in 1865, is one of the oldest banks in India. However, it did not introduce the savings account concept in the country.

4. Bank of Hindustan:
Bank of Hindustan, established in 1770, was the first bank in India. However, it did not introduce the savings account facility.

5. Central Bank of India:
Central Bank of India, established in 1911, is one of the oldest commercial banks in India. While it played a significant role in the development of banking in the country, it was not the first bank to introduce the concept of a savings account.

In conclusion, the Presidency Bank, later merged with other banks to form the Bank of Bengal, was the first bank to introduce a savings account in India. The introduction of savings accounts revolutionized the banking sector and encouraged individuals to save and invest, contributing to the economic development of the country.