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All you need to know about Indian Bank savings account 2022

[ecis2016.org] Highlighted are the aspects that you should know about Indian Bank savings account

Indian Bank is one of the institutions that give customers many options to choose from when it comes to savings accounts. Their savings accounts are available in different varieties, each tailored to a certain consumer group or purpose. 

The financial institution provides customers with enticing interest rates in addition to a multitude of additional advantages, such as free ATM transactions, internet banking capabilities and more.

Types of savings accounts at Indian Bank

  • Savings bank

This is a simple savings account that offers multiple features and services, including the ability to transfer funds using NEFT or RTGS, free local cheque collection, free ATM debit card issuance, and 50 free withdrawals each half-year, and the ability to use different city checks.

  • SB Platinum

This bank account with a sweep option has been designed specifically for high-net-worth individuals (HNIs) and executives working for corporations. You are eligible for certain additional advantages when you sign up for this account, including a life insurance policy with a cover amount of Rs. 1 lakh and an accident insurance policy with a cover amount of Rs. 1 lakh, free transfers between locations, and a free ATM debit card. This Savings account may be created for a period ranging from 15 to 180 days, and it offers the account bearer the opportunity to convert any surplus funds in their Savings account into a Duration Deposit on a regular basis.

  • IB Smart Kid SB account

This savings account, which was created specifically for children under the age of 10, enables the transfer of money from the account of the child’s parents or guardian to the account of the kid. Customers who have an account and are above the age of ten are eligible to get a debit card that can be used at ATMs and can also use the online banking features included with their account.

  • IB Corp SB payroll package scheme for salaried class

The following is a list of some of the most important aspects of the account:

  1. There is no extra charge for 60 cheque leaves.
  2. Mobile and online banking are completely free.
  3. Every month, two RTGS and NEFT transfers are included at no extra charge.
  4. If the minimum amount is not met, no fees will be assessed.
  5. Can be opened at zero balance 
  • Basic savings bank deposit account

The following are some of the account’s most important features:

  1. The account may be expanded to include nominees.
  2. There is no need to keep a certain balance.
  3. There will be an ATM card given out.
  4. Intercity/Intracity transactions will be free of charge.
  • IB Sammaan

The following is a list of some of the primary benefits that come with the account:

  1. People older than sixty years old are eligible to create an account.
  2. There is no need to maintain a minimum balance.
  3. If an account is closed, there will be no fees assessed.
  4. The sending of SMS warnings does not incur any extra fees.
  5. You have the option of opening either a solo or joint account.
  • IB Mahila Shakti for women

The following are some of the account’s most prominent features:

  1. A connection must be established between the Aadhaar and the account.
  2. There are two distinct iterations of the account to choose from.
  3. There will be the option of an overdraft available.
  4. The provision of a RuPay Platinum Card would not incur any more expenses.
  • IB Kishore savings bank account for minors

The following is a list of the primary characteristics of the account:

  • The first deposit is for 500 Indian Rupees.
  • There will not be any cheque books given.
  • There will be a RuPay Classic ATM card available for use.
  • People as young as 10 years old and as old as 18 years old are eligible to create a bank account.
  • There is no way to establish a joint account.
  • IB Gen X for the vibrant youth

The following is an outline of the most important aspects of the account:

  1. The minimum age to create an account is 18 years old, and the maximum age is 40 years old.
  2. Transactions conducted using IMPS, RTGS, and NEFT do not incur any fees.
  3. It is possible to open either a joint or a single account.
  4. During the first year, there is no charge for using the Demat Account that is offered to you.
  • IB Salaam special account for defence personnel

A few of the account’s most notable characteristics are detailed in the following points:

  1. There is no need to maintain a minimum balance.
  2. Free services like mobile banking and online banking are offered to customers.
  3. There is no need to make an initial deposit.
  4. People who are older than 18 years old are eligible to create this account.
  • Savings bank account for pensioners

The list consists of some of the most important things that the account has to offer:

  1. Pensioners from the EPF, Central, or State are eligible.
  2. There is a chequebook available for use.
  3. There is the option of banking through mobile devices and the internet.
  4. There are no fees assessed when an account is closed.
  • IB DIGI  online SB account

Following are the account’s primary characteristics:

  1. Anyone who is a resident of the country and is over the age of eighteen may establish an account.
  2. There is no way to establish a joint account.
  3. There will be no provision of a chequebook.
  4. The account allows for the addition of nominees to be made online.
  • Small account

Listed below are some of the most important aspects of the account:

  1. There is no need to maintain a monthly balance.
  2. It is not possible for the current cash balance to be greater than 50,000 rupees.
  3. It is possible to create a joint account.
  4. An account may be opened by any individual.
  • SB for students within govt scholarship & SB for DT

The following are some of the account’s most notable features:

  1. There will be no provision of a chequebook.
  2. There is no need to maintain a minimum balance.
  3. There will be two distinct iterations of the account available to choose from.
  • SB for central/state government/ consular offices & IND PFMS

The following are some of the account’s most important features:

  1. Chequebook will be issued at no further charge to you.
  2. There is no need to maintain a minimum balance.
  3. The service costs are offered at no additional cost.
  4. The sending of SMS warnings is completely free of charge.
  • MACT SB

The following is a list of the account’s most important features:

  1. An account may be opened by any individual.
  2. There is no need to maintain a minimum balance.
  3. Authentication by biometric means (biometric authentication) or withdrawal slips may both be used to process withdrawals.
  4. Without the consent of the Court, you cannot transfer any money.
  5. There will not be any debit cards given.
    [ecis2016.org] Read about Indian bank IFSC code 

Interest rates at Indian Bank

Specifics Annual Interest Rate
Balances on Savings Deposits up to Rs. 50 lakh. 3.00%
Balances on Savings Deposits above Rs. 50 lakh. 3.00%

Minimum balance requirement at Indian Bank

Bank account type  Minimum balance required 
Savings Bank
  • Rs.500 (non-cheque operation) 
  • Rs.1,000 (cheque operation)
SB Platinum Nill
IB Smart Kid SB Account Nill 
IB Corp SB Payroll Package Scheme for Salaried Class
  • Rs.100 (non-cheque operation) 
  • Rs.250 (cheque operation)
Basic Savings Bank Deposit Account Rs. 25,000
IB Sammaan Nill 
IB Mahila Shakti for Women Rs. 1,000
IB Kishore Savings Bank Account for Minors Nill 
IB Gen X For the Vibrant Youth Rs. 1,000
IB Salaam Special Account for Defence Personnel Nill 
Savings Bank Account for Pensioners Nill 
IB DIGI  Online SB Account Know from the bank 
Small Account Nill 
SB for Central/State Government/ Consular  Nill 
Offices & IND PFMS Nill 
MACT SB Not specified 

Fees for Indian Bank savings accounts

ATM transactions
  • ATM withdrawals are cost-free in Indian banks.
  • Five transactions are free at other ATMs.
Account Closure
  • Rs. 51 for the standard SB accounts (individuals)
  • The fee for non-individuals is Rs 61.
  • Rs. 40 (senior citizens, pensioners, etc.)
Retrieval of Local Cheques Totally free
NEFT
  • Nothing is charged up to Rs. 1 lakh 
  • Anything above 1 lakh but under 2 lakh is charged at Rs. 12
  • Rs 28 for each transaction if the amount is above 5 lakh
RTGS
  • Rs 25 + relevant time variable fee, up to a maximum value of Rs 30, for all amounts between 2 to 5 lakh.
  • Rs 50 + relevant time variable fee, up to a maximum value of Rs 56, for all amounts over Rs 5 lakh.

Necessary documents for a Indian bank account opening

The requisite KYC papers will be required for Indian Bank Saving accounts, just as they are for other types of savings accounts. You need the following things, in addition to your most recent pictures and a properly filled out account opening form:

  • Address proof (any one of the following) 

  1. Utility expenses (electricity, water, and phone)
  2. Food stamp card
  3. Financial statement
  4. Credit card statement
  5. income tax assessment
  • Identity Proof (any one of the following) 

  1. Aadhaar Card
  2. Passport
  3. PAN card
  4. Voter identification card
  5. Driving permit
  6. Job identity card by NREGA and fully signed by a State Government official
  7. Identification card (according to the bank’s approval)
  8. A letter from a recognised official status or public servant confirming the customer’s identity and domicile to the bank’s satisfaction.
  9. Governmental/military ID card
  10. Cards issued by reputable Public Sector Employers
  11. The UIDAI-issued letter detailing the recipient’s identity, location, and Aadhaar number (for Small Accounts).

How to open an Indian Bank savings account 

To Indian Bank open account, you will need to get the necessary paperwork from the branch that is most convenient for you. You may also get the form by downloading it from the main website or portal that is associated with Indian Bank. Complete the form with the correct information, attach copies of the necessary KYC papers, and include images in the appropriate fields. Send in the required papers and fill out the form, then have them checked over. Following the completion of that step, a welcome package will be sent to you. You should get a message confirming the activation of your account once a few business days have passed.

Check out: Have knowledge about State Bank IFSC code

Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org

Debora Berti

Università degli Studi di Firenze, IT

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