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.
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.
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.
To open a savings account in Indian Bank savings online or offline, you will have to submit the following documents.
Below given are details of the types of Savings accounts you can open at the Indian Bank.
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:
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.
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