Indian Bank SB Account

Indian Bank Savings 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.

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:

• An individual of 18 years and above – Single or Sole Accounts
• Two or more individuals of 18 years and above – Joint Accounts
• Illiterate persons
• Blind persons
•  Associations, Clubs
•  Trusts
•  HUF
•  Institutions/Agencies/ Societies/Government Departments permitted by RBI

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:

Indian Bank SB Account Interest Rates

The revised Indian Bank SB account interest rates are:

Steps for Indian Bank SB Account Opening Online

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

• Step 1: Go to the official website of Indian Bank
• Step 2: Select the 'Apply Now' option under the 'Savings Account' option

• Step 3: Click on 'Submit' after filling in the required information like name, contact number, date of birth, and address

• Step 4: Verify the details of the documents, such as PAN and Aadhar

• Step 5: An Indian Bank executive will verify all submitted documents

• Step 6: Following successful verification of your documents, Indian Bank will provide you with a debit or ATM card, PIN, and chequebook

• Step 7: As soon as your account is activated, you will be able to register your mobile number and use a debit card and a chequebook for banking services

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:

• Step 1: Please carry identification proof (preferably your PAN Card), address proof (preferably your Aadhaar card), and two passport-size photographs with you
• Step 2: When you arrive at the branch, ask the clerk if you can open a savings account. You will receive an application form from the clerk
• Step 3: You must fill out the savings account application form with the required information and attach photographs where necessary
• Step 4: Upon completion and signature, submit the savings account application form to the clerk, along with the necessary documents and required money (in case of a minimum balance account)

Charges for Indian Bank SB Account

The following charges apply to the Indian Bank SB account:

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? 

• This account can be opened by Indian citizens of 18 years and above, societies, clubs, trusts, Educational Institutions, Government Bodies, etc.

• When using a chequebook, the minimum balance needed is INR 500, and when not using a chequebook, it is INR 1000.

• The minimum balance can be reduced for bonafide students and pensioners

• There is no need for an initial deposit

• Local checks can be collected for free

• It is possible to transfer funds in the account through Electronic Fund Transfers (EFT), RTGS, and NEFT.

• There is a nomination facility available

• For the first year, a free ATM debit card will be issued

• The interest earned on an Indian Bank Savings deposit account will not be subject to tax deducted at source (TDS)

• During the first six months of each year, 50 withdrawals are free

• Internet banking and SMS alerts are free

• Mobile banking is free

• Multi-city and outstation cheque facility available

• We will provide two free chequebooks with 20 sheets each

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.