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Indian Bank Savings Account

Indian Bank offers 8 types of savings accounts. They are

1. Savings Bank

2. IB Smart Kid

3. SB Platinum

4. Vikas Savings Khata

5. SB Power Account For Achievers

6. SB Gold

7. SB Silver

8. IB Corp SB – Payroll Package Scheme for Salaried Class

Indian Bank Savings Account

Indian Bank Savings Account

Savings Bank

This account is the basic savings account which can offer multiple facilities such as fund transfer and other features.

Features & Benefits

a. This account can be opened by 

  • Indian Citizens, 18 years and above of age
  • Societies, Clubs, Trusts, Educational Institutions, Government Bodies, etc

b. The minimum balance required without cheque book is Rs 500 and with cheque book is Rs 1000

c. Bonafide students and pensioners can be allowed a lesser minimum balance

d. No initial deposit requirements

e. Free collection of local cheques

f. Electronic Fund Transfers (EFT), RTGS, NEFT transfers are allowed in the account.

g. Nomination facility is available

h. Free issuance of ATM Debit card for the first year

i. On Indian Bank Savings deposit account, no tax deducted at source (TDS) will be charged on interest

Additional Information

1. 50 withdrawals are allowed free of cost for the first six months per year

2. Free internet banking and SMS Alerts

3. Free mobile banking

4. Multi-city cheque facility

5. Two free cheque book with 20 leaves will be provided

6. Outstation cheque facility is available

IB Smart Kid Savings Account

This savings account is designed exclusively for kids to cultivate the habit of savings at a young age.

Features & Benefits

a. This account can be opened by young children who are above 10 years of age

b. The minimum balance required is Rs 250 with a cheque book and for without cheque book is Rs 100

c. Internet banking facility is available

d. Facility to issue Demand draft or PO for school and college fee payments

e. Only parents or guardians can transfer funds to the account

Additional Information

1. No charges for fund transfers

2. Free mobile banking facility

3. Free issuance of one ATM or debit card

SB Platinum Savings Account

This account will be a perfect option for high net worth customers and corporate individuals.

Features & Benefits

a. This account has the option to convert the excess funds to term deposits

b. The minimum average balance required is Rs 25000

c. A free debit card is offered for one year from the date of opening of the account

d. At the time of maturity, the interest will be paid

e. Customers are allowed to issue a cheque to the balance amount in the savings account

f. Free remittance of Rs 25000 is allowed up to two times a year

Additional Information

a. No charge levied for intercity or intracity transactions

b. Free insurance coverage up to Rs 1 lakh for customers between 15 to 45 years

c. Personal accident coverage for Rs 1 lakh is available under this account

d. If the average minimum balance is not maintained, the customer will be levied Rs 120 as maintenance charges per month

Vikas Savings Khata

This account is meant for those people who never had a chance to do banking. 

Features & Benefits

a. There is no minimum balance required on this account

b. No initial deposit is required to open the account

c. Free ATM cum Debit card is issued for   cash withdrawals

d. Up to 10 transactions are allowed free of cost to the account holders

e. Demand draft and BPO facilities are available which are free of charges

f. No charge will be levied for intracity transactions or fund transfers

Additional Information

The customer can opt for other services once they submit the KYC documents.

SB Power Account For Achievers

This account can be opened by individuals or in joint names. Self-employed people, business people, and professionals are eligible to open this account.

Features & Benefits

a. The monthly minimum average balance required is Rs 5000

b. Personal accident insurance coverage up to Rs 1 lakh is provided free of charge for customers up to 70 years of age

c. Two free remittances of funds from across the country up to a maximum of Rs 25000

Additional Information

a. Personalized cheque book is made available for the customers

b. For intra city transactions, no charges will be levied

c. Free issue of one demand draft

d. No maximum amount is set for this account

SB Gold

This account can be opened by any employed professionals in their names or joint names.

Features And Benefits

a. The minimum average balance required per month is Rs 10000

b. Accident insurance coverage of Rs 1 lakh is made available free of charge

c. Issue of DD up to RS 10000 for two times can be issued by the customer per year

d. No maximum limit set for the account

SB Silver

This account is for people who have regular income, self-employed, and professionals.

Features & Benefits

a. The minimum average balance required per month is Rs 5000

b. Personal accident insurance coverage of Rs 1 lakh can be availed free of charge

c. The customer can issue 2 demand drafts a year totalling to Rs 5000, free of charge

d. No upper limit set for the account

IB Corp SB Payroll Package Scheme for Salaried Class

This account is meant for all salaried class people.

Features & Benefits

a. This account can be opened by

  • Corporate Firms
  • Regular Employees working in IT sector
  • Public sector undertaking
  • Hospitals
  • Educational Institutions
  • Hotels, MNC’s
  • Semi-Government organizations, etc
  • b. No minimum balance is required for this account

    a. Free Rupay platinum debit cards is available

    a. Free internet banking and mobile banking

    a. Free SMS Alerts

    FAQs: Indian Bank Savings Account

    1. What are Indian Bank savings account charges?

    a. ATM Charges - There are no ATM charges levied in Indian Bank ATMs. The client can have 5 free transactions at other bank ATM. There will be a charge levied after the 5th transaction

    b. Account Closure - For closing the savings account, the client will have to pay Rs 51 if in individual names, Rs 61 for joint accounts, and Rs 40 for other categories

    c. Cheque Collection - No charge will be levied for the collection of local cheques

    d. NEFT - NEFT charges up to Rs 1 lakhs is provided free. Between 1 lakh and 2 lakhs, the charge is Rs 12 and above that would be Rs 28

    e. RTGS - For RTGS transactions up to Rs 5 lakhs, Rs 25 will be levied. For above 5 lakhs, the charges would be Rs 50

    2. What are the documents required to open an Indian Bank savings account?

    To open a savings account, the bank will need the KYC documents along with the following

    Address Proof Documents

    a. Ration Card

    b. Utility Bills

    c. Credit card statement

    d. Bank account statement

    e. Income Tax statement or Form 16

    f. Voter Id

    Identity Proof

    a. Passport

    b. PAN Card

    c. Aadhar Card

    d. Voters ID

    e. Driving License

    f. Letter from a public authority verifying the person’s id and address

    g. Any Government Id card

    h. Job ID cards

    3. How to open a savings account with Indian Bank?

    There are two ways to open a savings account with Indian Bank. They are

    a. Official Website – One of the easiest ways to open a savings account is via the bank’s official website. When you check the website, you will be asked to create a login id and password. Using that you can enter into the bank’s website. There you can go through the different savings account offered by the bank and select the one which suits your needs. Upon registering, you will be asked to submit certain documents along with the KYC. You can upload the documents along with your passport size photo. After a few days, you will be getting an email from the bank confirming about the opening of the savings account

    b. Branch visit – The old school method still works when it comes to opening an account. Paying a visit to the branch can help you understand each savings account along with their features and benefits. The bank representative will help you with opening the account, once you produce the necessary documents and KYC.

    There is one more option available these days. Nowadays, the bank has given an option that you may call the bank representative and they will come to your home with necessary applications required for opening a savings bank account. You will have to be ready with all the documents for this purpose and the savings account can be opened within no time.

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