Indian Bank Savings Account

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.

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 April 2024.

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

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