Indian Bank Savings Account

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Indian Bank Savings Account

A savings account is the most popular way for people to store money safely and have convenient access, Money in a savings account earns a nominal interest rate. A savings account is often the first bank account for many people.

Benefits

With a savings account, you can conduct various day-today transactions with ease and flexibility. You get easy access to your safely stored cash at any point of time. It is the most liquid form of savings. You can use a savings account to save money for specific or daily expenses. Having a savings account helps keep a track of all the transactions made, including deposits and withdrawals.

Restrictions

There are some disadvantages to having a savings account as well. There are various fees associated with a savings account. You need to maintain a particular balance each month to avoid paying penal charges. The minimum balance required, interest rate and fees and charges vary from bank to bank. In general, there is also a limit on the number of withdrawals you can make in a month without attracting charges. Withdrawing from other bank ATM would result in attracting charges.

Savings accounts are not lucrative in the sense that they are the least profitable type of short-term investments. The interest on a savings account is far less when compared to that of a Fixed Deposit account. They offer low yields in comparison to other forms of savings.

Indian Bank Savings Account

An Indian Bank savings account provides a host of banking benefits including trading and portfolio solutions, flexible easy accounts management, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with an Indian Savings Account.

Features and Benefit of Indian Savings Account

There are various benefits to having a savings account with Indian Bank. Following is an overview.

  • Safety and security when you store your cash in a savings account
  • Different savings account for different needs.
  • Access your account with ease via Net Banking

Types of Indian Bank Savings Accounts

Savings Bank

  • ECS/RTGS/NEFT facilities are available
  • Two cheque books of 20 leaves each free in a calendar year
  • Free Collection of local cheques
  • No charges for Intra city transactions
  • ICOOC ( Local / Outstation) facility available
  • Free ATM / Debit card
  • Multicity cheque facility Intra city, intercity transactions, Internet / mobile /phone banking facilities are available at all branches
  • 50 withdrawals permitted free per half year
  • No TDS on interest earned on SB deposits

Vikas Savings Khata

  • A no-frills Savings Bank account
  • ATM cum Debit card
  • One demand draft / BPO free of commission for issue to third parties
  • 10 transactions per month allowed free of charges.
  • No charges for Intra city transactions

SB Platinum

  • Has sweep facility
  • A Savings Bank Account with an option to convert your excess funds in the account to Term Deposit on a daily basis.
  • Daily sweep available min Rs.5000 and multiples
  • Tenure available from minimum 15 days to 180 days
  • No charges for inter / intra city transactions
  • Free ATM / Debit card

SB - Power Account for Achievers (PAFA)

  • Savings account for young professionals, and those who are self-employed.
  • Free personal accident insurance cover of Rs.1 lakhs upto the age of 70 years
  • Free ATM cum International Debit Card and Global Credit Card with no initial / annual charges
  • Personalized cheque book
  • Free Intra city transactions

IB Smart Kid SB Account

  • A savings bank account for children of age 1 day to less than 18 years.
  • ATM / Debit card issued for minors of age 10 years and above (or) to those who maintain the minimum balance required. This is subject to consent by parents / guardian.
  • Internet Banking facility available subject to consent by parents / guardian.
  • Transfer of funds from parents / guardians account to the children’s account allowed at par.

SB Silver

  • Free Personal Accident Insurance cover for Rs. 1 Lakh (T&C apply).
  • Free issue of 1 DD for a maximum amount of Rs. 5000 per year.

SB Gold

  • Free Personal Accident Insurance cover for Rs. 1 Lakh (T&C apply).
  • Free issue of a maximum of 2 DDs totaling Rs. 10000 per year.

Indian Savings Account Minimum Balance

The minimum balance required in Indian savings account differs with each kind of account. It is advisable to contact the bank directly for details. Following is an overview:

Type of Savings Account Minimum Balance Required
Savings Bank Rs.250 for non cheque operation
Rs.500 for cheque operation
Vikas Savings Khata -
SB Platinum MAB: Rs. 25,000
SB - Power Account for Achievers (PAFA) MAB: Rs. 5,000
IB Smart Kid SB Account Rs.100 for non cheque operation
Rs.250 for cheque operation
SB Silver MAB: Rs. 5,000
SB Gold MAB: Rs. 10,000

Indian Savings Account Interest Rate

Indian Bank savings account comes with interest rates of up to 4%, depending on the daily balance, and the type of account. Do keep in mind that the rates are subject to change at the sole discretion of the bank.

Indian Bank Savings Account Charges

Different Indian Bank savings account have a different schedule of charges. It is best to contact Indian Bank directly for the most up to date charges.

How to open an Indian Bank Savings Account

Indian Bank savings account opening is easy and hassle-free. You can download the Savings Account opening form online, fill it and visit your nearest Indian Bank branch with copies and originals of your KYC documents for account opening.

Alternatively, you can directly walk into your nearest Indian Bank branch with your KYC documents and talk to a bank representative regarding your saving needs and open an account accordingly.

Indian Bank Savings Account FAQS

What is the best interest rate on an Indian Bank saving account?

The interest rates can go up to 4%. For the latest interest rates, it is better to contact the nearest Indian Bank branch.

Who is eligible to open a basic savings account with Indian?

An individual residing in India, HUF, minors (with the declaration of the parent / guardian) are eligible to open an Indian bank savings account.

Is it possible to open an Indian Bank savings account online?

The Account Opening form is available online. You would be required to download it, fill it, and visit your nearest Indian Bank branch to have your savings account opened.

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