The Indian Bank offers an interest rate of 4% for all its 7 different types of savings accounts.
1. Savings Bank
This is a no frills savings account which is featured with number of benefits such as 2 free yearly multi city cheque books, free cheque collection, six monthly withdrawals without service charge limited to 50 transactions, transfer of funds through NEFT or RTGS & free ATM/Debit card.
This savings account has to maintain minimum balance of Rs. 500 with cheque book facility & Rs. 250 without cheque book facility.
2. SB Platinum
Especially designed for HNIs and corporate executives, this savings account comes with sweep facility. This account is clubbed with term deposit, in which surplus funds from savings account can be transferred on a day to day basis. It is mandatory to maintain a minimum balance of Rs. 25000 in this savings account, which can be kept active for a period between 15 to 180 days.
This account is featured with benefits such as free ATM debit card, free transactions across cities and insurance & personal accidental coverage of Rs. 1 lakh each.
3. SB Gold
Professionals, businessmen, self employed & 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 & free personal accidental cover for Rs. 1 lakh are the benefits with this account.
4. SB Silver
This account can be opened by professionals, self employed, businessmen or the regular employed. A personal accidental insurance coverage of Rs. 1 lakh & one free yearly demand draft for Rs. 5000 are the benefits of this account.
5. SB Power Account for Achievers
Required 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 & a 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.
6. IB Smart Kid SB Account
This savings account is designed for young children, in which the minimum balance of Rs. 250 with chequebook & Rs. 100 without chequebook facility is to be maintained in the account. The account provides for transfer of funds from the account of the parent or guardian to that of the child. Any account holder who is above 10 years of age shall be benefited with internet banking facility and an ATM debit card.
7. Vikas Savings Khata
This is a zero balance savings account designed for first time savers. There is no minimum balance to be maintained in the account. The account is featured with benefits such as 10 free monthly transactions; free ATM cum debit card, issue of demand draft or BPO without incurring any charges & free intra city transactions.
Indian Bank Savings Account Charges
For Indian Bank Savings account, all transactions at Indian Bank ATMs are free, whereas 5 free transactions at other ATMs are allowed.
The account closure charges for ordinary savings accounts are Rs. 51 for individuals, Rs. 61 for non individuals & Rs. 40 for senior citizens, pensioners, etc.
Cheque collection charges are free.
The charges for NEFT is free up to Rs. 1 lakh, Rs. 12 per transaction between Rs. 1 lakh & Rs. 2 lakhs & above Rs. 5 lakh, it is Rs. 28 per transaction.
The charges for RTGS is Rs. 25 + varying tariff for applicable time, subject to a maximum limit of Rs. 30 & above Rs. 5 lakh, it is Rs. 50 + varying tariff for applicable time, subject to a maximum limit of Rs. 56.