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Indian Bank Savings Account

Indian Bank Savings Account

Savings Bank

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

Features & Benefits

  • This account can be opened by 
  • Indian Citizens, 18 years and above of age
  • Societies, Clubs, Trusts, Educational Institutions, Government Bodies, etc
  • The minimum balance required without cheque book is Rs 500 and with cheque book is Rs 1000
  • Bonafide students and pensioners can be allowed a lesser minimum balance
  • No initial deposit requirements
  • Free collection of local cheques
  • Electronic Fund Transfers (EFT), RTGS, NEFT transfers are allowed in the account.
  • Nomination facility is available
  • Free issuance of ATM Debit card for the first year
  • On Indian Bank Savings deposit account, no tax deducted at source (TDS) will be charged on interest

Additional Information

  • 50 withdrawals are allowed free of cost for the first six months per year
  • Free internet banking and SMS Alerts
  • Free mobile banking
  • Multi-city cheque facility
  • Two free cheque book with 20 leaves will be provided
  • 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

  • This account can be opened by young children who are above 10 years of age
  • The minimum balance required is Rs 250 with a cheque book and for without cheque book is Rs 100
  • Internet banking facility is available
  • Facility to issue Demand draft or PO for school and college fee payments
  • Only parents or guardians can transfer funds to the account

Additional Information

  • No charges for fund transfers
  • Free mobile banking facility
  • 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

  • This account has the option to convert the excess funds to term deposits
  • The minimum average balance required is Rs 25000
  • A free debit card is offered for one year from the date of opening of the account
  • At the time of maturity, the interest will be paid
  • Customers are allowed to issue a cheque to the balance amount in the savings account
  • Free remittance of Rs 25000 is allowed up to two times a year

Additional Information

  • No charge levied for intercity or intracity transactions
  • Free insurance coverage up to Rs 1,00,000 for customers between 15 to 45 years
  • Personal accident coverage for Rs 1,00,000 is available under this account
  • If the average minimum balance is not maintained, the customer will be levied Rs 120 as maintenance charges per month

IB Samman 

This account can be opened by resident individuals that are over the age of 60 years.

Features & Benefits

  • Enhanced cash withdrawal facility without charges from non-home branches up to Rs.75,000 per day as against the present limit of Rs.50,000
  • Concession of 10% on the rent of small lockers
  • 25% concession on the normal charges prescribed for DD

Additional Information

  • 0.50% on pension loans, 0.05% in car loan
  • 50 Personalized cheque book is made available for the customers

IB Mahila Shakti for women

This account can be opened by any Women customers with no salary is being credited/ Women customers with no salary is being credited/ any women above 18 years of age

Features And Benefits

  • The minimum average balance required per month is Rs 1000
  • 25% concession in respect of Demand drafts issued to the debit of the Savings Bank account for purpose other than business
  • 25% discount on locker rental on lockers of all sizes for locker allotment linked to IB Mahila Shakti SB account
  • Concession in interest on retail loans and processing charges 
  • No maximum limit set for the account

IB Kishore

This account is for resident individuals between the age group of 10 years to 18 years.

Features & Benefits

  • Initial deposit of Rs.500 is required for starting the account.
  • The minimum average balance required per month is NIL
  • Maximum balance is capped at Rs.2,00,000
  • Maximum transaction limit for the day is Rs.10,000
  • Concessions in interest rate on retail products are available on select products.

IB GenX

This account is for resident individuals where the account can be held jointly or singly. The age group for the account holders under this account is 18 years to 40 years.

Features & Benefits

  • The minimum average balance required per month is Rs 1,000
  • Free Demat account for first year as well as NEFT/ RTGS/IMPS
  • Optional Health Insurance available at concessional rate
  • Concessions in interest rate on retail products are available on select products.
  • No upper limit set for the account

Savings Bank Account for Pensioners

This account is meant for all State/Central/EPF Pensioners.

Features & Benefits

  • No minimum balance is required for this account
  • No charges for non-maintenance of minimum balance 
  • 20 free personalized cheque leaves
  • Free Rupay platinum debit cards is available
  • Free internet banking and mobile banking
  • No Account closure charges
  • Free SMS Alert

Indian Bank Savings account FAQ

1. What are Indian Bank savings account charges?

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

  • Account Closure - For closing the savings account, the client will have to pay Rs 250 for non-cheque operated account and Rs. 500 for cheque operated account in semi-urban and urban areas and Rs 150 for rural areas.
  • Cheque Collection - No charge will be levied for the collection of local cheques
  • NEFT - NEFT charges up to Rs.10,000 is Rs.2.25 per transaction, from Rs.10,000 up to Rs.1,00,000 is Rs.4.75 per transaction, between Rs.1,00,000 and Rs.2,00,000 is Rs. 14.75 per transaction and Rs.2,00,000 the charge is Rs 24.75 per transaction.
  • RTGS - For RTGS transactions from Rs.2,00,000 up to Rs 5,00,000 the charge is Rs 24.50 per transaction and for above Rs.5,00,000 the charges would be Rs 49.50 per transaction.

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

  • Ration Card
  • Utility Bills
  • Credit card statement
  • Bank account statement
  • Income Tax statement or Form 16
  • Voter Id

Identity Proof

  • Passport
  • PAN Card
  • Aadhar Card
  • Voters ID
  • Driving License
  • Letter from a public authority verifying the person’s id and address
  • Any Government Id card
  • 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

  • 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
  • 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.

Indian Bank Savings Account - Customer Reviews

4 / 5 (71 Reviews)
27 Sep 2020

Usefulness of information,Credit Report Analysis,Website/app interface,Product offers,

26 Sep 2018

New account

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