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 December 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 |
|
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.
| 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 |
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. |
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 |
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:
2. Proof of Identity: