Indian Bank Savings Account
The Indian Bank Savings account interest rate is 3.50% per annum for savings balance up to Rs. 50 lakhs, and 4% on savings balance of more than Rs. 50 lakhs. This bank offers savings accounts to meet the requirements of women, senior citizens, self-employed individuals, professionals, salaried individuals, and kids. 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.
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, Aadhar Card, Passport, Voter ID
Address Proof (any one of the following): Property tax bill, utility bill, Aadhar 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.
Below given are details of the types of Savings accounts you can open at the Indian Bank.
Types of Indian Bank (IB) Savings Account:
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 bonafide students and pensioners is lesser.
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.
15 is chargeable per transaction exceeding the limit to free withdrawals.
No TDS is applicable on the interest earned on SB deposits.
Especially designed for HNIs and corporate executives, this savings account 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.
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).
Threshold limit is Rs. 50,000.
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, free transactions across cities and insurance and personal accidental coverage of Rs. 1 lakh each.
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.
- 5) SB Power Account for Achievers
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.
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.
- 6) IB Smart Kid SB Account
This savings account is designed for young children, in which the minimum monthly balance of Rs. 250 with chequebook and 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 (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 applicable is on daily product basis during April, July, October, and January.
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, 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.
- 8) IB Corp SB – Payroll Package Scheme for Salaried Individuals
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.
They will get free Rupay Platinum card with Rs. 2 lakhs as personal accident cover with no annual maintenance charges. Per day, you can withdraw up to Rs. 50,000 from ATMs and Rs. 1 lakh at point of sales terminals.
It 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.
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.
- 9) IB Surabhi (Regular and Premium)
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.
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.
Credit Card Features for Regular Depositors:
A regular depositor receives a Gold credit card with credit limit A20, 000 to A99, 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.
Credit Card Features for Premium Depositors:
A premium depositor receives a Platinum credit card with credit limit A1 lakh to A2, 99, 999.
Facilities are available such as credit shield on death up to A25000, free accident insurance cover up to A5 lakhs, purchase protection liability up to A25000.
Lost baggage insurance cover up to A10000.
Hospitalization cover due to accident is available for those up to 65 years and 66-80 years A1 lakh and A50000, respectively.
Free personal accident insurance (death cover) for primary card holder and first-add on card is A2 lakhs and A1 lakh, respectively.
Reward points on card usage are 3 points per Rs. 200 spent.
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