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Savings Account

The Indian Bank is a premier public sector, Government of India undertaking. The bank was established on 15th August in the year 1907 as part of the Swadeshi movement. It has a pan-India presence with 2565 branches and a team of over 20140 employees serving the nation. The bank caters to the financial needs of every Indian. Its information systems and security processes have ISO27001:2013 standard certification, making it part of a select group of banks across the world with this unique distinction. Indian Bank is a pioneer in introducing the latest banking technology. All Indian Bank branches have Core Banking Solution (CBS) and business computerisation. The bank has cemented its leadership position in the development of rural areas through a presence in 1692 villages with a population above 2000 and 4210 villages with population below 2000. The bank continues to be recognized at various industry forums.
 
Indian Bank offers various kinds of savings accounts to mobilise the savings of the community. It encourages people to park their savings with Indian Bank. Indian Bank savings account charges are very nominal which has lead to the popularity of this service to retail customers. Information on various types of Indian Bank savings accounts is given below.
 

Savings Bank

A savings account from Indian Bank which caters to almost every general financial need of people.

The key features and benefits of this account are:

  • Free of cost ATM card and/ or debit card
  • 24 hour ATM facility (along with sharing arrangements with other banks for use of their ATMs)
  • 2 cheque books of 20 leaves each free in a calendar year for cheque operated savings bank accounts
  • Multi-city cheque facility
  • Free collection of local cheques
  • Nominal charges for collection of outstation cheques
  • ICOOC (local/ outstation) facility available
  • Multiple fund transfer options available such as Electronic Clearing Service (ECS), Real Time Gross Settlement systems (RTGS) and National Electronic Funds Transfer (NEFT)
  • 50 withdrawals allowed for free every 6 months
  • Zero charges for intra-city transactions
  • No tax deduction on source for interest earned on saving bank deposits
  • Nominal balance requirement
  • Interest earned will be credited twice in a calendar year i.e. January and July on a daily product basis
  • Internet, mobile and phone banking facilities available at all Indian Bank branches

Indian Bank minimum balance requirements:

  1. For a non-cheque operational account, the minimum balance requirement is Rs. 250
  2. For a cheque operational account, the minimum balance requirement is Rs. 500
  3. Pensioners and bona fide students have an even lesser minimum balance requirement

Vikas Savings Khata

As part of its commitment to bring about financial inclusion, Indian Bank offers a no-frills saving account to people who have been deprived of access to basic banking services. This savings account with Indian Bank is beneficial to those who find it difficult to maintain a specific balance in their account.

Some of the key features of this no-frills saving account are:

  • Special scheme for disadvantaged people having no access to banking facilities till now
  • Zero balance requirements – no initial or minimum balance required
  • ATM cum debit card issued
  • No commission charged for one demand draft or banker’s pay order issued to third parties
  • 10 free transactions per month
  • No charges for intra-city transactions
  • Access to other value added services on fulfilment of Know Your Customer (KYC) norms

SB - Power Account for Achievers (PAFA)

An Indian Bank savings account which is tailor-made to meet the requirements of young individuals who have regular employment or are self-employed, professionals or business people.

The key features of this type of savings account are:

  • Free personalized cheque book
  • Free of cost ATM cum international debit card and global credit card with zero annual charges
  • Free remittance 2 times a year within India by any mode of an amount totalling Rs. 25,000
  • No charges for intra-city transactions
  • Free personal accident insurance cover of Rs. 1 lakh up to the age of 70 years
  • Minimum monthly average requirement of Rs. 5,000

IB Smart Kid SB Account

An Indian Bank savings account designed for children to introduce them to banking and financial services.

The key features of this type of savings account are:

  • Indian Bank savings account eligibility criterion mandates that age of the child should be between 1 day and 18 years
  • Issue of ATM/ debit card to eligible minors of age 10 years or more, subject to maintenance of minimum average balance and consent from parents/ guardian for ATM debit card
  • Access to internet banking subject to consent from parents/ guardian
  • At par issue of demand draft, pay order for school/ college fees
  • At par transfer of funds from parent’s/ guardian’s account to the child’s account

Minimum balance requirements for Indian Bank savings account:

  • For non-cheque book operated savings accounts, the minimum average monthly balance should be Rs. 120
  • For cheque book operated saving accounts, the minimum average monthly balance should be Rs. 250.

SB Platinum

This account is intended for the affluent customer such as high net worth individuals or corporate executives. The products and services in this account are exclusively crafted to meet their day-to-day financial needs. The salient features of this account are:

  • A savings bank account with an auto sweep option to utilize the surplus funds lying in the saving account
  • Free of cost ATM cum debit card for 1st year of issuance
  • Free remittance up to maximum 2 times a year totalling Rs. 25,000
  • No charges for intra/ inter-city transactions
  • Free of cost multicity cheque book
  • Funds over and above Rs. 50,000 lying in the savings account are automatically transferred to term deposit .
  • In case of any shortfall of balance in saving account due to cheque issuance or ATM withdrawal, the term deposits are liquidated at last in first out methodology
  • Customer may issue cheques for consolidated balances in saving account and term deposits
  • The minimum tenor for term deposit shall be 15 days till 180 days. For any term deposit liquidated before 15 days, there shall not be any interest paid.
  • All interest shall be paid at the time of maturity or closure of term deposit
  • Life insurance cover of Rs. 1 lakh for age group 15 to 45 years and personal accident insurance cover of Rs. 1 lakh for age group 12 to 70 years

Minimum average balance:

  1. The total consolidated average balance in savings account and term deposits should be Rs. 7.5 lakhs.
  2. Minimum average balance in savings bank account should be Rs. 25,000
  3. Sweeps threshold limit is Rs. 50,000 and higher as assigned by the customer
  4. Non-maintenance of the average balance shall attract a charge of Rs. 120 per month inclusive of service tax

SB Gold

A saving bank account designed exclusively for the young aspiring individuals who have regular employment or are self-employed, professionals or business people. The key features of this account are:

  • Applicable for either singly or jointly or a group of individuals
  • Free Personal Accident Insurance cover for Rs. 1 lakh
  • Nil commission charge on the issuance of 2 demand drafts totalling Rs. 10,000 during the year
  • Free of cost ATM cum debit card
  • Online banking facility

Minimum average balance requirement:

  1. Rs. 10,000 per month

SB Silver

A saving bank account designed exclusively for the young aspiring individuals who have regular employment or are self-employed, professionals or business people.

The key features of this account are:

  • Applicable for either singly or jointly or a group of individuals
  • Free personal accident insurance cover for Rs. 1 lakh
  • Nil commission charge on the issuance of 1 demand draft  totalling Rs. 5,000 during the year
  • Free of cost ATM cum debit card
  • Online banking facility

Minimum average balance requirement:

  1. Rs. 5,000 per month

NRE Savings Account

Indian Bank understands the significance of hard working non-resident Indians across the globe and the financial requirement of such customers. The NR savings account has been deliberated in such a way that it suits their requirement to the maximum possible extent.

  • NR customer may open this account by sourcing the funds either through the foreign exchange brought in India or through direct remittance from their existing NRE/ FCNR accounts
  • Any NRI can open the account singly or jointly with other non-residents who are close blood relatives.
  • Joint account with resident close relatives is permitted only under Former (NRI) or Survivor (resident) basis
  • Power of attorney can be granted to resident Indian citizens for any local payments
  • Funds from these accounts are freely repatriable
  • Nomination can be assigned to any resident Indian or a resident outside India
  • Provision of standing instruction allowed for any local payment such as school fee, insurance premium, etc.
  • Interest on deposit is free from income tax rules applicable in India
  • Use of NRE accounts is obligatory for utilizing funds for all repatriable investments in India (including investments in shares and securities)

NRO Savings Account

  • Account can be opened only in Indian rupees
  • Joint account with resident close relatives is permitted only under Former (NRI) or Survivor (resident) basis
    Power of attorney can be granted to resident Indian citizens for any local payments
  • Funds from these accounts are freely repatriable
  • Nomination can be assigned to any resident Indian or a resident outside India
  • Provision of standing instruction allowed for any local payment such as school fee, insurance premium, etc.
  • Interest on deposit is free from income tax rules applicable in India
  • Repatriation of funds up to USD 1 million allowed post payment of all taxes and as per RBI guidelines
  • Transfer of funds to another NRE account allowed post submission of a CA certificate with all requisite details .This, however, can be done up to a maximum limit of USD 1 million per financial year.

Savings Accounts Interest Rate

Indian Bank saving account interest rates stand at 4%. The interest is calculated on the minimum monthly balance and credited to the account half-yearly or on longer rests.

KYC Documentation for Indian Bank Savings Account

The following list of documents is accepted for Indian Bank savings accounts as proof of identity and proof of residence.

Abridged document list for proof of identity:

  • Passport
  • PAN card
  • Aadhar Card
  • Voter identity card
  • Driving licence
  • Letter issued by UIDAI containing details of name, address and Aadhaar number
  • Identity card (subject to the bank’s satisfaction)
  • Government/ defence ID card
  • ID card issued by reputed public sector companies
  • Pension payment orders issued to retired employees by central/ state government departments or public sector undertakings
  • Photo ID card issued by post office
  • Photo identity card issued to bona fide students by a university approved by the University Grants Commission (UGC) and/ or an institute approved by the All India Council for Technical Education (AICTE), or any central/ state education board or government agency

Abridged document list for proof of residence:

  • Ration card
  • Electricity bill
  • Driving license
  • Bank account statement
  • Authorized letter from employer having a photograph (to the satisfaction of the bank)
  • Letter from a recognized public authority (to the satisfaction of the bank)
  • Credit card statement (not older than 3 months)
  • Income/ wealth tax assessment order
  • Authorized letter from public sector employer having a photograph
  • Letter from a recognized public authority having proper and verifiable record of issuance
  • Voter ID card (if it mentions the current address)
  • Pension payment order issued by government department/ public sector undertaking to retired employees (if it mentions the current address)

Value Added Services for Indian Bank Savings Account Holders

Indian Bank has been one of the most aggressive government banks in the induction of modern day technology to make banking quick, simpler and hassle free. Customers can transact at their homes without visiting the branch.

The various services offered in e-banking segment are:

  • Net Banking
  • Mobile Banking
  • SMS Banking
  • Phone Banking

Indian Bank Net Banking facility

Any customer having a savings bank account with Indian Bank can avail the state-of-the-art net banking facility for a quick and convenient banking experience. Indian Bank savings account online banking service is provided free of cost.

The highlights of net banking are:

  1. Customer can view their accounts
  2. Customer can get the statement of account
  3. Customer can transfer funds to his own accounts
  4. Customer can transfer funds to other Indian Bank accounts
  5. Customer can remit funds to anyone having account with any bank through RTGS/ NEFT
  6. Customer can know the cheque details
  7. DP account maintained with Indian Bank can be viewed

It also offers a cluster of payment facilities for numerous purposes in addition to the above:

  1. AP online
  2. TNEB payment
  3. IRCTC (rail ticket) payment
  4. IBMBS payment
  5. Income tax/ TDS payment
  6. Service tax payment
  7. Central excise payment
  8. MCA 21 payment

IndPay – Mobile Banking Service

IndPay is the mobile banking application of Indian Bank. It offers customers the ability to view and transact 24x7 and even on the go.

The salient features of Indian Bank mobile banking are:

  1. Balance check of accounts linked to one CIF Number
  2. Mini statement (last 5 transactions) of accounts
  3. Funds transfer within the same bank or a different bank using NEFT
  4. Instant Fund transfer to  other bank accounts through IMPS
  5. Value added services like changing MPIN and MTPIN

SMS Banking

SMS banking is a message based service through which customer may view details of their account whenever required. To avail this facility customers have to first generate M-PIN, is a 4 digit password necessary to be produced for authentication.

After the generation of the M-PIN, customers have to SMS the below-mentioned codes depending on the nature of the query.

No.

CODE

DESCRIPTION

SMS Format

1

BALAVL

Balance Enquiry

BALAVL

2

LATRAN

Last 3 Transactions

LATRAN LATRAN For default account

3

CHQSTS

Issued Cheque status Enquiry

CHQSTS CHQSTS For default account

4

DCHSTS

Deposited Cheque Status Enquiry

DCHSTS DCHSTS For default account

5

CHGPIN

Change Mobile Banking PIN

CHGPIN

6

HELP

Help on How to Use

HELP

Phone Banking

This service is available free of cost to all savings bank account holders of Indian Bank. Customers can call the toll-free number whenever they need any assistance pertaining to their account.

  1. Customers can enquire their balance over phone
  2. Customers can find out details of their account
  3. Customer can find out the status of issued cheques
  4. Customer can also find the status of deposited cheques

Apart from the above mentioned e-banking solutions, Indian Bank offers other value added services to their account holders.

IndJet Remit (RTGS) – A fast and convenient way to transfer funds within hours to another beneficiary account. This service is applicable only for transfer above Rs. 2 lakh.

NEFT – Transfer of funds to any account in any bank branch enabled for NEFT within the same day. Customer may transfer any amount of funds.

Money Gram – Money Gram is a new internet-based remittance product, being introduced to augment the facilities available to NRIs to remit money to India.


Xpress Money – Xpress Money is an inward remittance money transfer service scheme wherein the payment can be made in Indian currency only. It allows money to be remitted from 180 countries.

Indian Bank Savings Account Opening

To open a savings account with Indian Bank, a person has to provide all the necessary information and details as per bank’s mandate. He/she may also be required to give a specimen of his/ her signature in duplicate for record along with 2 recent passport size photographs.

Indian Bank saving account can be opened by:

  • a person in his/ her own name
  • 2 persons or more than 2 persons in their joint names (joint savings accounts) in any one of the following forms:
  • Either or survivor
  • Jointly or survivor
  • Former or survivor
  • Anyone or survivors or survivor