Indian Bank Savings Account

Updated on April 13, 2026

Author: MybankingTips Team

Indian Bank provides a range of savings accounts to suit different customer needs. These options are designed to offer excellent services and cater to a variety of customers. Below is a list of the savings accounts available at Indian Bank.

Indian Bank Savings Account Interest Rates, 2023

Balance	Interest Rate
Upto Rs. 10 lakh	2.75%
Rs. 200 crore and above	2.90%
More than Rs. 10 lakh to less than Rs. 200 crore	2.80%

Note: Interest rates are updated as on August 2025.

Types of Indian Bank Savings Account

The bank has 5 types of savings accounts in total. Each one is unique on its own and is collectively eligible to satisfy all needs.

Type of Savings Account	Primary Features
IB Smart Kid	Easy to manage savings account for children Eligible for ATM/debit card
Saving Bank	Concession on minimum balance for pensioners and bonafide students Free ATM card for the first year
IB Corp SB – Payroll Package Scheme for Salaried Class	Designed specifically for the salaried class Many facilities like no charges for non-maintenance of minimum balance
Vikas Savings Khata	A no-frills bank account for low-income individuals Eligible to avail all value-added services*
SB Platinum	Suitable for high net worth individuals or corporate executives Sweep facility available

1: IB Smart Kid

This account is made for kids to learn how to save money from a young age. The bank wants parents to join in and help their kids with this.

IB Smart Kid	Details
Minimum Balance Requirements	With checkbook: Rs. 250 Without checkbook: Rs. 100
Eligibility	Applicant’s age should be below 18 years
ATM Debit Card	Free issuance of ATM debit card for account holders of age 10 or above
Internet Banking	Yes, available*
Transfer of funds from parents’/guardians’ account	Yes, can be done

*Parents need to give their approval for their children to use the internet and, consequently, internet banking.

2: Saving Bank

Saving Bank	Details
Minimum Balance Requirements	With checkbook: Rs. 1,000 Without checkbook: Rs. 500
ATM Debit Card	Free of cost for the first year
Eligibility	Indian residents, registered trusts, clubs, societies, government bodies, educational institutions, non-trading organizations, etc.
Electronic Fund Transfers ECS/RTGS/NEFT	Yes, available
Nomination Facility	Yes, available

3: IB Corp SB – Payroll Package Scheme for Salaried Class

This account is designed for corporations, companies, or government organizations, offering customized facilities to meet their specific needs..

IB Corp SB – Payroll Package Scheme for Salaried Class	Details
Minimum Balance Requirements	Zero balance account
ATM Debit Card	Free RuPay platinum debit card
Internet and Mobile Banking	Free
Mobile Alerts	Free
Eligibility	All regular employees of IT sector, corporate firms, departments of State and Central governments, Public Sector Undertakings (PSUs), urban development authorities, semi-government organizations, hospitals, education institutions, hotels, MNCs, selected private sector companies having salary credit association with the bank.

4: Vikas Savings Khata

This account aims to include more people in the financial system and is available to anyone who hasn't used banking services before but wishes to, or is looking for a straightforward and affordable way to save money.

Vikas Savings Khata	Details
Minimum Balance Requirements	Zero balance account
ATM Debit Card	Yes, provided
Cash Deposit and Withdrawal Limits	10 free transactions
Benefits	No charges for intracity transactions
Purpose	Financial inclusion of people who have been deprived of banking facility

5: SB Platinum

This is a good choice for business professionals or wealthy individuals seeking a secure and dependable savings deposit plan.

SB Platinum	Details
Minimum Balance Requirements	Rs. 25000
ATM Debit Card	Free ATM debit card for the first year
Insurance Benefits	Personal accidental cover of Rs. 1 Lakh
Inter and Intra City Transactions	Free
Sweep facility	Every Sunday on Rs. 10,000 and multiples

Documents Required for an Indian Bank Saving Account

Similar to other savings accounts, Indian Bank Savings accounts will require essential KYC documents. In addition to the latest photographs and a completed account opening form, you will need the following:

To open an Indian Bank Savings account, you'll need to provide the following documents:

1. Proof of Address:

Utility bills (water, electricity, and phone)
Ration card
Bank account statement
Credit card statement
Wealth or income tax assessment order
Voter ID

2. Proof of Identity:

Aadhaar Card
Passport
PAN card
Voter’s Identity Card
Driving license
Job card issued by NREGA (For Small Accounts)
Letter issued by UIDAI with name, address, and Aadhaar number details
Identity card (subject to the bank’s satisfaction)
Letter from a recognized public authority or public servant verifying identity and residence
Government/Defence ID card
ID cards of reputed Public Sector Employers