Indian Bank is one of the largest bank in India, Indian Bank offers a wide range of savings accounts. Today, we will explain Indian Bank Savings Account Interest Rate, benefits of Indian Bank savings account, account opening process, eligibility criteria, various types of savings accounts, and their unique features.
Indian Bank Savings Account Interest Rate 2023
Indian Bank Savings Account provides attractive interest rates that vary based on the balance maintained in the account.
| Amount | Indian Bank Savings Account Interest Rate |
|---|---|
| Up to Rs. 10 lakhs: | 2.75% p.a. |
| More than Rs. 50 lakhs – Rs. 200 crores: | 2.80% p.a |
| More than Rs. 200 crores: | 2.90% p.a. is applicable. |
Features of Indian Bank Savings Account
- One of the standout features of Indian Bank savings accounts is their diversity in catering to different customers. Whether you’re a professional, a student, a homemaker, or a business owner, there’s a suitable account for you. The minimum balance required varies depending on the type of account. Some accounts offer a zero balance requirement, while others have a minimum balance requirement of INR 1,000.
- Additionally, Indian Bank makes fund transfers a breeze. The bank provides multiple options for transferring funds, including RTGS, IMPS, UPI, and NEFT. Moreover, all savings accounts come with debit cards. However, the type of card and its associated benefits may vary depending on the specific account type.
Indian Bank Savings Account Opening
- Opening an Indian Bank savings account is a straightforward process. You have two options: visiting a nearby branch or opting for online account opening. For in-branch account opening, you’ll need to bring along the necessary documents. To open an account online, you can download the account opening form from Indian Bank’s official website.
- Once you have the form, fill in the required information, attach copies of your KYC documents, and paste your photos in the appropriate columns. Submit the form and documents for verification. Following verification, you’ll receive a welcome package, and within a few business days, you’ll receive an account activation notification.
Eligibility for Opening a Savings Account
Indian Bank savings account are accessible to both individuals and joint account holders.
- The applicant should be a resident individual
- Foreigners residing in India can also open certain savings accounts
- Regular savings accounts need the applicant to be at least 18 years old whereas applicants below 18 years of age can open minor/kids savings accounts
- A PAN card is mandatory to open a savings account
Documents Required for Indian Bank Savings Account
To open a savings account with Indian Bank, you will need the following documents:
- Account registration form.
- Two passport-sized photos.
- Identity proof, such as a driver’s license, voter ID card, Aadhar card, PAN card, senior citizen card, or any other government ID card.
- Additional documents like passport, utility bills, bank statements with a cheque, and post office certificates of residence may be required.
Indian Bank Savings Account Charges
It is important to be aware of the various charges associated with your savings account. Indian Bank levies charges based on specific services. Here’s a quick overview of some of the charges:
| Account closure: | Rs. 51 – Rs. 61 |
| ATM transactions: | Nil |
| Local cheque collections: | Nil |
| NEFT: | Rs. 5 – Rs. 28 |
| RTGS: | Up to Rs. 56 |
Types of Indian Bank Savings Accounts
Indian Bank offers a diverse range of savings accounts, each designed to cater to specific needs.
Basic Savings Account
The Basic Savings Account is perfect for those looking for a no-frills account. It comes with a nomination facility and offers three free ATM transactions at other banks in metro areas, along with five free transactions in non-metro areas. The minimum balance requirement is Rs. 1000 with a chequebook and Rs. 500 without one.
SB Gold Account
The SB Gold Account is tailored for professionals, businessmen, self-employed individuals, and regular employees. With a minimum balance requirement of Rs. 10000, this account offers benefits like free demand drafts totaling Rs. 10,000 and free personal accidental cover of Rs. 1 lakh.
SB Platinum Account
The SB Platinum Account caters to HNIs and corporate professionals. It offers a sweep facility with a minimum of Rs. 10,000. This account allows excess savings to be converted into Short Term Deposits, ranging from 15 to 180 days.
SB Power Account
The SB Power Account is ideal for business owners, self-employed individuals, young professionals, and regular employees. It requires a minimum balance of Rs. 5000 and provides perks like a personalized cheque book and free accidental insurance coverage of Rs. 1 lakh.
SB Silver Account
Professionals, self-employed individuals, business owners, and regular employees can benefit from the SB Silver Account. It includes personal accident insurance coverage of Rs. 1 lakh and one free monthly demand draft for Rs. 5000.
Vikas Seva Khata
Designed for first-time savers, the Vikas Seva Khata has no minimum balance requirement. It offers perks like free monthly transactions, a free ATM cum debit card, and more.
Smart Kids Savings Account
Intended for children aged 11 days to less than 18 years, the Smart Kids Savings Account has a minimum balance requirement of Rs. 250 with a cheque book and Rs. 100 without one. It allows fund transfers from a parent’s or guardian’s account.
IB Corp
Salaried employees from various industries can benefit from the IB Corp account. It offers personalized cheques, free RTGS and NEFT transactions, mobile banking, overdraft facility, and more.
Indian Bank Surabhi
Tailored for women, the Indian Bank Surabhi account offers benefits like free SMS alerts, preferential loan rates, and ATM withdrawal privileges.
Indian Bank savings accounts provide a comprehensive range of options to suit different customer profiles and preferences. Whether you are a professional, student, business owner, or homemaker, there’s a suitable account type that aligns with your financial goals. With competitive Indian Bank savings accounts interest rate, diverse features, and user-friendly account opening processes, Indian Bank continues to be a preferred choice for savvy savers.
FAQ
Yes, Indian Bank offers online account opening through their official website.
The minimum balance requirement for a Basic Savings Account is Rs. 1000 with a chequebook and Rs. 500 without one.
Yes, all savings accounts from Indian Bank include debit cards, but the features may vary based on the account type.
No, ATM transactions within the Indian Bank network are usually free of charge.
The Vikas Seva Khata account offers perks like free monthly transactions, a free ATM cum debit card, and more for first-time savers.
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