Indian Bank Savings Bank Account
"Savings Bank" by Indian Bank is a unique way customers can save money in a simple manner. This type of account comes with multiple salient features including free ATM cards/Debit cards, a free collection of local cheques, etc.
Bank | Indian Bank |
Category | Savings Bank |
Initial Deposit Requirements | Nil |
Minimum Amount | Depends on the type of account. Zero balance accounts are provided as well. |
Debit Card Offered | Free ATM cards/Debit cards provided |
Interest Rate | Up to 2.90% |
Types of Savings Bank Accounts in Indian Bank
The following is the list of Indian Bank savings account:
- IB Corp SB – Payroll Package Scheme for Salaried Class
- Vikas Savings Khata
- SB Platinum
- IB Smart Kid
- Savings Bank
Details of Different Savings Bank Accounts
The various details of the different savings bank account that are offered by Indian Bank are mentioned below:
IB Corp SB – Payroll Package Scheme for Salaried Class
The account is suitable for government organisations, companies, and corporates.
Eligibility Criteria | Salary account for employees of certain private sector companies, MNCs, hotels, education institutions, hospitals, semi-government organisations, urban development authorities, PSUs, Central and State governments, corporate firms, and IT sectors |
Mobile Alerts | No charges |
Mobile Banking | No charges |
Internet Banking | No charges |
Debit Card | RuPay Platinum Debit Card is provided for free |
Minimum Balance | Zero Balance Account |
Vikas Savings Khata
Provided to individuals who have not used bank facilities or to individuals who want an account that is cost-friendly and simple.
Purpose | Individuals who do not have an option to opt for banking facilities |
Transactions | Intracity transactions are provided for free |
Withdrawal Limits and Cash Deposit | 10 transactions are free |
Debit Card | Provided |
Minimum Balance | Zero balance account |
SB Platinum
The savings account is suitable for high net worth individuals or corporate individuals.
Sweep Facility | Rs.10,000 and multiples on Sundays |
Inter City Transactions | Free |
Intra City Transactions | Free |
Insurance | Rs.1 lakh is provided as personal accident cover |
Debit Card | No charges are levied for the first years |
Minimum Balance | Rs.25,000 |
IB Smart Kid
The main aim of the account is to help kids save money from a young age.
Eligibility | Below 18 years old |
Transfer of Funds | Allowed |
Internet Banking | Available |
Debit Card | ATM card is provided for free to account holders who are 10 years and above |
Minimum Balance | Without Chequebook: Rs.100 With Chequebook: Rs.250 |
Saving Account
Eligibility | - Non-trading organisations - Educational institutions - Government bodies - Societies - Clubs - Registered trusts - Indian residents |
Nomination Facility | Available |
NEFT | Available |
RTGS | Available |
ECS | Available |
Debit Card | Free for the first year |
Minimum Balance | Without Chequebook: Rs.500 With Chequebook: Rs.1,000 |
Documents Required to Apply for Indian Bank Savings Account
The following are the essential documents required to apply for the savings bank account in Indian Bank:
- Identity proof, such as
- Aadhar
- Passport
- Driving license
- Public Sector employee identity card
- Defence or Government ID card
- NREGA job card signed by State Government officer
- Address proof, such as
- Statement of credit card
- Ration card
- Voter ID
- Income tax assessment order
- Statement of bank account
- Utility bills such as water bill, telephone or electricity bill
Services Offered with Savings Bank- Indian Bank
The following services are provided with Indian Bank savings account:
ECS/RTGS/NEFT facilities | NEFT/ RTGS/ ECS facilities are available with this type of account |
ICOOC ( Local / Outstation) facility | ICOOC (Local / Outstation) facility available |
Cheque Book | For cheque operated SB accounts, two cheque books of 2x20 leaves are offered for free in a calendar year. The service of collection of local cheques is offered free of charge Collection of Outstation cheques will be charged with prescribed charges Intra city transactions will not be charged |
Cash Withdrawal | For every six months, 50 withdrawals will be permitted for free. |
Other facilities | Intercity Indian Bank debit card transactions, Multicity cheque facility Intra city, Internet/ mobile /phone banking facilities are available at all branches24 hrs ATM facility with arrangements with various banks for sharing of their ATMsNo TDS on interest earned on SB deposits |
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
FAQs on Indian Bank Savings Bank Account
- Is there a need to re-submit the KYC documents?
No, there is no need to re-submit the KYC documents unless further instructed by the bank.
- How to open savings account in Indian Bank?
You can open savings account in Indian Bank both through online and offline modes. Visit the official website and login using username and password. You need to submit the required documents and a passport sized photograph. You can open an account by visiting the nearest branch as well.
- Which savings account of Indian Bank offers sweep facility?
SB Platinum of Indian Bank savings account provides sweep facility.
- Can I open a joint account for IB Smart Kid savings account at Indian Bank?
No, you cannot open any joint account for IB Smart Kid savings account at Indian Bank.
- Can a guardian issue a cheque for IB Smart Kid savings account?
The cheque cannot be issued by the guardian if the accountholder or the child does not attain 18 years and the cheque is sent for clearance after processing the conversion of the account for normal saving account.
- What are the variants of IND Sampoorna Salary Package account?
There are three types of variants of IND Sampoorna Salary Package account which are Platinum, Diamond, and Gold.
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