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:

Types of Savings Accounts
Primary Features

Savings Bank

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.

SB Platinum

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.

IB Smart Kid SB Account

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.

IB Corp SB - Payroll Package Scheme for Salaried Class A few main features of the account are given below:

  • A total of 60 cheque leaves are provided for free
  • Free mobile banking and internet banking
  • At no additional cost, each month, you can make two RTGS and NEFT transfers
  • Failure to maintain the minimum balance does not incur any charges
  • Zero balance account
Basic Savings Bank Deposit Account

A few main features of the account are given below:

  • Nominees can be added to the account
  • Minimum balances are not required
  • You will receive an ATM card
  • Intercity/Intractity transactions will be free of charge
IB - Sammaan Some of the main attributes of this account are mentioned below:

  • An account can be opened by anyone over 60 years old
  • Minimum balances are not required
  • No charges for account closure
  • SMS alerts are provided for free
  • You can open both single or joint accounts
IB Mahila Shakti for Women

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

  • The Aadhaar number must be linked to the account
  • Two account options are available
  • An overdraft facility will be provided
  • A free RuPay Platinum Card will be provided
IB Kishore - Savings Bank Account for Minors

The account has the following features:

  • There is a 500 rupee deposit required at the beginning
  • Chequebooks will not be provided
  • You will receive a RuPay Classic ATM card
  • Anyone between the ages of 10 and 18 can open an account
  • Joint accounts cannot be opened
IB Gen X - For the Vibrant Youth

The following are the main features of the account:

  • Accounts can be opened by individuals between the ages of 18 and 40
  • Transactions via IMPS, RTGS, and NEFT are free of charge
  • Accounts can be opened jointly or individually
  • For the first year, a Demant Account is provided free of charge
IB Salaam - Special Account for Defence Personnel Below are the main features of the account:

  • Minimum balances are not required
  • No fee is required for mobile or internet banking
  • An initial deposit is not required
  • Applicants must be at least 18 years old to open an account
Savings Bank Account for Pensioners A few of the main features are given below:

  • A pensioner can open an account with the EPF, the Central Pension Fund, or the State Pension Fund
  • Cheque book is offered
  • A mobile banking application and an internet banking application are available
  • Closing an account is free of charge
IB DIGI - Online SB Account The main features of this account include:

  • Accounts can be opened by residents over the age of 18
  • There is no possibility of opening a joint account
  • Chequebook will not be provided
  • Online nominations can be made
BSBDA & Small Account The main account features are:

  • Minimum monthly balances are not required
  • Account balances cannot exceed INR 50,000
  • It is possible to open a joint account
  • An individual can open an account
Savings account for Students Under Govt Scholarship & Savings Account for DT The main features are listed below:

  • Cheque book will not be provided
  • Minimum balances are not required
  • Availability of two different variants of the account
Savings Account for Central/State Government/ Consular Offices/ IND PFMS The main features include:

  • A free chequebook will be provided
  • Minimum balances are not required
  • Service charges are free of cost.
  • Free SMS alerts are provided
MACT SB Below are the main features of the account:

  • Individuals can open an account
  • Minimum balances are not required
  • Withdrawals can be made using biometric authentication or withdrawal slips
  • Without the court's permission, you cannot transfer money
  • There will be no debit card provided

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:

  • 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:

ATM transactions

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

Account Closure

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

Collection of local cheques Cost-free

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


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.

Never miss a trading opportunity with Margin Trading Facility

Enjoy 2X leverage on over 900+ stocks

Download IconDownload the Upstox App Today