Indian Bank Savings Account
| Indian Bank Savings Account | Details |
| Interest Rate | 3.50% yearly |
| The rate of interest is irrespective of the balance | |
| Interest Calculation | On daily basis |
| Interest Credited | On quarterly basis. It is credited every year in the month of:
|
| Minimum Account Balance | For non-cheque Acc: Rs. 250 |
| Acc with chequebook facility: Rs. 500 |
Indian Bank Savings Account comes with a host of benefits for customers. It offers a competitive rate of interest, helps you flexibly manage the deposited amount, make quick utility bill payments, and a lot more. The Bank also offers accounts for portfolio and trading solutions. On the basic savings account, you have to pay no TDS on the earned interest. Every 6 months, you can avail 50 free withdrawals. Here are some of the features of the Indian Bank (IB) Savings Account that you should know.
- Rate of Interest: The Indian Bank Savings account interest rate is 3.50% per annum. The rate of interest remains the same irrespective of the balance, with effect from 10/03/2020.
- Savings Bank (SB) Account for: This bank offers savings accounts to meet the requirements of women, senior citizens, self-employed individuals, professionals, salaried individuals, and kids.
- Facilities Offered: As an account holder, you may get facilities such as internet banking, mobile banking, chequebook, passbook, nomination, debit card, DD pay orders, fund transfer, and a lot more.
Eligibility for Savings Bank Account by Indian Bank
For adults, any resident Indian of 18 years and above, and for kids, the age limit is 11 days to less than 18 years to apply for the account. The eligible applicants for savings account include individuals residing in India, minors (with the declaration of the parent / guardian), and HUF.
How to Apply for Indian Banks Savings Account?
You can download the application form to open the account, online. On the form, paste your recent passport-sized photograph at the required section. Fill this form and visit the nearest bank branch. Carry the originals and copies of the KYC documents for verification. Once you are at the bank, get-in-touch with a customer representative. The representative will guide you through the application and other procedures.
Documents Required to Open Indian Bank Savings Account
To open a savings account in Indian Bank savings online or offline, you will have to submit the following documents.
- Signed and filled application form
- Identity Proof (any one of the following): Driving License, PAN Card, Aadhaar Card, Passport, Voter ID
- Address Proof (any one of the following): Property tax bill, utility bill, Aadhaar Card, any other government recognized address proof.
- Income Tax PAN Copy
- In case of account for minors, you need to submit address proof and ID of parent/guardian, birth proof of the minor, photograph of the minor as well as guardian/parent, and declaration form by guardian/parent.
Types of Indian Bank (IB) Savings Account
Below given are details of the types of Savings accounts you can open at the Indian Bank.
- Savings Bank
- Intercity and intra-city transactions, phone/internet/ mobile banking are available at all the branches.
- 50 withdrawals are allowed free-of-cost for half a year, excluding debit entries of IRTC/ATM/Internet/POS/Mobile transactions.
- A cheque book of 20 leaves (for cheque operated account) is provided free for the first calendar year.
- ECS/RTGS/NEFT facility is available.
- ATM and debit cards are free-of-charge for the first year.
- Indian Bank Savings Account Charges are nil for intra-city transactions, excluding cash withdrawal and deposit charges at host branches for transactions more than Rs. 50,000.
- Rs. 15 is chargeable per transaction exceeding the limit to 4 free withdrawals.
- No TDS is applicable on the interest earned on SB deposits.
- SB Platinum
- You can issue a cheque freely up to the balance in multi-option deposit, along with the balance in the savings account.
- Indian bank saving account minimum balance (average) for a month must be Rs. 25,000 (30 days x Rs. 25,000 i.e. total products of Rs. 7, 50,000 in a month).
- Minimum balance requirement threshold limit is Rs. 50,000. Sweep will come into effect if the balance goes over Rs.50, 000.
- Interest will be paid at the time of the account’s maturity/closure.
- Free remittance is offered totalling to Rs. 25,000 i.e. up to maximum twice a year.
- No charges applicable on inter and intra-city transactions.
- This account is featured with benefits such as free ATM debit card (one year from the date of use), free transactions across cities and insurance and personal accidental coverage of Rs. 1 lakh each.
- SB Gold
- SB Silver
- Any account holder who is above 10 years of age shall be benefited with internet banking facility (subject to consent by guardians/parents), and an ATM debit card.
- Add-on facility of remittance by BPO of school/college fees/DD at par is provided.
- Interest is applicable quarterly on daily product basis during June, September, December, and March.
- SB Power Account for Achievers
- Other benefits include free ATM cum international debit card or global credit card attracting no annual fee.
- The account holder is entitled to avail at least 2 free remittances across India for an amount not exceeding Rs. 25000
- IB Smart Kid SB Account
- Any account holder who is above 10 years of age shall be benefited with internet banking facility (subject to consent by guardians/parents), and an ATM debit card.
- Add-on facility of remittance by BPO of school/college fees/DD at par is provided.
- Interest is applicable quarterly on daily product basis during June, September, December, and March.
- Vikas Savings Khata
- IB Corp SB – Payroll Package Scheme for Salaried Individuals
- They will get free Rupay Platinum card with Rs. 2 lakhs as personal accident cover. For this insurance there are no annual maintenance charges. Per day, you can withdraw up to Rs. 1 lakh at point of sales terminals and Rs. 50,000 from ATMs.
- The IB Corp SB account is a zero balance account, thus, no charges applicable on non-maintenance of monthly average balance. There is no limit to the maximum deposit amount.
- If the Demand drafts are issued to the debit of the SB account for purposes other than business, then 25% concession is applicable. For the first year, 25% concession and preference in allotment of lockers are the facilities.
- First OD allowed after 3 months of satisfactory operation. Period of Overdraft is 6 months. The interest is charges as and when the amount is debited on reducing Drawing Limit method.
- Free payment of BSNL bill payment/LIC premium/EB payment/ Mobile recharge. Through internet banking, mobile banking, and standing instruction, get free access to all types of utility bill pay facilities.
- Rs. 5 lakhs Air Accident cover under the credit card.
- Without any additional charges, you can take over an existing loan account from other financial institutions.
- All certifications such as signature verification, details of maintenance of account, No due certificate, photo attestation, balance confirmation certificate, interest certificate, certificate for dishonoured cheque, and others are provided free of cost.
- 2 non-financial and 5 financial transactions at other banks’ ATMs are allowed free-of-charges. 3 transactions at metro centres and 5 transactions otherwise are free-of-cost.
- Gold credit card for government/public sector employees and other employees with limit up to 2 times and 1 time of net salary, respectively.
- Concession on processing charges between 25% and 50% on retail loans.
- IB Surabhi (Regular and Premium)
- Demand drafts are provided for free for both the type of account holders.
- A Regular deposit customer has to maintain Rs. 10,000 as minimum average monthly balance, while the amount is Rs. 25,000 for premium account holders.
- A regular account holder will receive 20 leaves in a chequebook and additional free leaves per year, while the same is 25 leaves for a premium account holder.
- For a regular account holder and a premium account holder, 1 remittance per month and 5 remittances per month are allowed, respectively.
- A regular depositor receives a Gold credit card with credit limit Rs. 20, 000 to Rs. 99, 999.
- Facilities are available such as credit shield on death, hospitalization cover due to accident, purchase protection liability.
- You will also receive free personal accident insurance offering death cover, free air accident and loss of baggage insurance cover.
- Reward points on card usage are 2 points per Rs. 200 spent.
- A premium depositor receives a Platinum credit card with credit limit Rs. 1 lakh to Rs. 2, 99, 999.
- Facilities are available such as credit shield on death up to Rs. 25,000, free accident insurance cover up to A5 lakhs, purchase protection liability up to Rs. 25,000.
- Lost baggage insurance cover up to Rs. 10,000.
- Hospitalization cover due to accident is available for those up to 65 years and 66-80 years A1 lakh and Rs. 50,000, respectively.
- Free personal accident insurance (death cover) for primary card holder and first-add on card is Rs. 2 lakhs and Rs. 1 lakh, respectively.
- Reward points on card usage are 3 points per Rs. 200 spent.
This is a no frills in this IB saving account, which is featured with number of benefits such as nomination facility, in metro 3 transactions free at ATM allowed of other banks, while 5 free transactions at ATM allowed of other banks in non metro areas. You have to maintain a minimum balance of Rs. 1000 with cheque book facility and Rs. 500 without cheque book facility. The minimum balance requirement for bona fide students and pensioners is lesser.
Especially designed for HNIs and corporate executives, this SB Platinum comes with sweep facility (every Sunday) of Rs. 10,000 minimum, and multiples. It provides the option to convert excess balance in savings account to Short Term Deposits. Period of term deposit is between 15 days and 180 days. This account is clubbed with term deposit, in which surplus funds from savings account can be transferred on a day to day basis.
NOTE: When an ATM withdrawal is initiated or the bank receives a cheque for payment, but the savings account balance is inadequate, then on the basis of LIFO (Last in First out), the latest MOD (STD) will be transferred automatically to the SB account, and prematurely closed so as to meet the payment requirement. The Pull Sweep will meet the requirement of maintaining the minimum balance. Also, the Pull Sweep will be in the multiple of Rs. 10,000 and you cannot change this option.
Professionals, businessmen, self employed and regular employed are eligible to open this savings account, in which a minimum balance of Rs. 10000 is to be maintained. Features such as at least 2 free demand drafts totalling Rs. 10000 and free personal accidental cover for Rs. 1 lakh are the benefits with this account.
This account can be opened by professionals, self employed, businessmen or the regular employed. A personal accidental insurance coverage of Rs. 1 lakh and one free yearly demand draft for Rs. 5000 are the benefits of this account.
You have to maintain a minimum balance of Rs. 5000 in the account. This is an ideal savings account designed for businessmen, self employed, young professionals and individuals with regular employment. This account is featured with benefits such as a personalised cheque book, free accidental insurance coverage of Rs. 1 lakh for account holders up to 70 years of age.
This savings account is designed for young children (11 days to less than 18 years). An average monthly balance of Rs. 250 with chequebook and Rs. 100 without chequebook facility is to be maintained in the account. The IB Smart Kid SB Account rovides for transfer of funds from the account of the parent or guardian to that of the child.
This is a zero balance savings account designed for first-time savers. There is no minimum balance to be maintained in the account. The Vikas Savings Khata is featured with benefits such as 10 free monthly transactions, free ATM cum debit card, one demand draft or BPO without charges for issuing to third-parties, and free intra city transactions. You can avail other value added services if you fulfil the KYC norms.
Salaried employees across industries will receive 60 free personalized cheques, 2 RTGS and NEFT transactions free for a month, pre-opened welcome kit, free mobile alerts, Demat facility 3 in 1 account, free mobile and internet banking (Ind Pay), overdraft facility of up to 80% (between Rs. 10,000 and Rs. 2 lakhs) of their net salary, and more facilities.
You need to be a homemaker or a working woman or as first-time account holder with daughter/son and spouse, and above 18 years of age to open the IB Surabhi savings accounts in the Indian Bank. Both regular and premium account holders will receive free SMS alerts, preferential rates on vehicle loans and personal gold loans, discount up to 20% on first-year locker rent, unlimited ATM withdrawals at own bank ATMs, and 5 free withdrawals in a month at other banks’ ATMs.
Credit Card Features for Regular Depositors:
Credit Card Features for Premium Depositors:
Frequently Asked Questions about Indian Bank Savings Account
Here are the FAQs for Savings Account by Indian Bank:
You can open a savings account in your name or jointly with other eligible individuals. If you have an SB Acc, you can undertake day-to-day financial transactions without hassles. You can use the account for daily or specific expenses. The account offers liquid form of saving that you can avail any time without paying fee or charges. You can safely store cash in the account without restrictions. Having an SB account helps with keeping a safe deposit for withdrawals and accumulation, tracking all the transactions, and a lot more.
The account comes with associated fee. For instance, you have to maintain a minimum balance every month to avoid penal charges. The requirement for minimal balance, fees, charges, interest rate differs from a type of savings account to another. There is also a limit to withdrawals (especially from the ATM) that you can undertake for free without paying additional charges. An SB gives a minimum return, and works as a short-term investment. It gives a low yield as compared to a Fixed Deposit account.
If you opt for an SB account with the Indian Bank, you can avail facilities such as Passbook, chequebook, nomination, internet banking, debit card, free withdrawals, mobile banking, DD pay orders, fund transfer, and a lot more.
This SB is for salaried and regular employees of IT sector, State and Central government departments, corporate firms, public sector undertakings, urban development authorities, semi government organizations, MNCs, hotels, educational institutions, hospitals, transport corporations, universities, information technology enabled services, select private sector companies whose salary is credited into Indian Bank branches, reputed public sector companies, and transport corporations.
Rs. 1 lakh life insurance cover will be provided for account holders between 15 years to 45 years of age. For those in the age group of 12 to 70 years, Rs. 1 lakh ‘IB Chhatra’ personal accident insurance cover is available.
Rs. 120 penalty per month (inclusive of tax) is applicable, if the total products are less than Rs. 7, 50,000. Foreclosure charges are applicable during sweep in if the account is closed prematurely.