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 May 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 |
|
| Saving Bank |
|
| IB Corp SB – Payroll Package Scheme for Salaried Class |
|
| Vikas Savings Khata |
|
| SB Platinum |
|
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 |
|
| 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 |
|
| 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
Credit Cards
