Indian Bank SB Account

Customers of Indian Bank can choose from different types of Indian Bank SB account opening options with various benefits, each committed to excellence. Besides offering attractive interest rates, the Indian Bank SB account also provides numerous other services, such as free ATM transactions, online banking facilities, free collection of local cheques, and more.

Indian Bank offers a wide variety of savings accounts to meet the needs of a wide range of customers.

Founded on March 5, 1907, with an authorised capital of INR 20 lakhs, the bank commenced operations on August 15, 1907. In 1907, the Indian Bank Ltd. used a 'Banyan tree' as part of its logo, symbolising vast progress, growth, and ever-increasing prosperity.

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This year, the bank's global business has exceeded INR 10 lakh crore.

Eligibility for Opening Indian Bank SB Accounts

The following eligibility criteria need to be fulfilled for the Indian Bank SB account opening:

Types of Indian Bank SB Accounts

Indian Bank offers a range of savings accounts. Different types of Indian Bank SB accounts are offered, each designed for a particular type of customer and serving a specific purpose. The various types of Indian Bank SB accounts are listed below:

Types of Savings Accounts

Several features are provided in this basic savings account, including fund transfers via NEFT/RTGS, two free chequebooks for each calendar year, free ATM debit cards, free collection of local cheques, 50 free withdrawals every six months, multi-city cheque facilities, etc.

Designed especially for HNIs and corporate executives, this savings account offers sweep facilities. This account includes some additional benefits, including life insurance and personal accident cover for Rs 1 lakh each, free inter-city transactions, and a free ATM debit card. It is possible to open this Savings account for a term of 15 days to 180 days, and the account holder can convert excess funds into a Term Deposit daily.

Young children can transfer funds from their parents' or guardians' accounts to this savings account specially designed for them. Those who hold an account over the age of 10 may receive an ATM debit card and have access to internet banking.

A few main features of the account are given below:

Some of the main attributes of this account are mentioned below:

The account has the following features:

The following are the main features of the account:

Indian Bank SB Account Interest Rates

The revised Indian Bank SB account interest rates are:

Balance Interest Rate
Up to 10 lakhs 2.75%
More than 10 lakhs to less than 200 crores 2.80%
200 crore and above 2.90%

Steps for Indian Bank SB Account Opening Online

Follow the steps mentioned below to open an Indian Bank SB account online:

Steps for Opening Indian Bank SB Account at Physical Branch

The following steps must be followed to open a savings account with Indian Bank at a branch:

Charges for Indian Bank SB Account

The following charges apply to the Indian Bank SB account:

ATM withdrawals at Indian Bank ATMs are free; ATM withdrawals at other banks are free for 5 transactions

Regular SB Accounts - INR 51 for individuals, INR 61 for non-individuals, and INR 40 for special categories such as seniors, pensioners, etc.

Over INR 1 lakh & up to INR 2 lakh - INR 12 per transaction; Over INR 5 lakh - INR 28 per transaction

INR 2 lakh to INR 5 lakh - INR 25 plus applicable time-varying tariff up to INR 30. Over INR 5 lakh - INR 50 + applicable time-varying tariff, up to a maximum of INR 56

Conclusion

The key points mentioned above are the updated and latest information that one needs to know if they are planning to open a savings account with Indian Bank. For further details on the Indian Bank SB account , head over to the official website of the Indian Bank, contact them or visit the nearest branch when required. In April 2020, Allahabad Bank and Indian Bank merged, making Indian Bank the seventh-largest bank in the country.

Frequently Asked Questions (FAQs)

What is the minimum balance for Indian Bank Savings Account?

There is a minimum amount for non-cheque operations of Rs.250/- and a minimum balance of Rs.500/- for check operations. Pensioners and bona fide students may have a lower minimum balance.

What is the maximum amount of money that can be deposited in an Indian bank savings account?

There are limits on cash deposits in Savings Accounts set by the Reserve Bank of India. A Savings Account allows you to deposit only INR 1 lakh at a time. In a financial year, you cannot deposit more than INR 10 lakhs in a Savings Account.

What are the features and benefits of the Indian Bank?

Is Indian Bank a good option for opening a savings account?

To meet the needs of its customers, Indian Bank offers different types of savings accounts. Aside from offering attractive interest rates, the bank also provides free ATM transactions, net banking, and many other conveniences.

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