Indian Bank Saving Account

Last Updated 03rd Jul 2020

Indian Bank Savings Account Interest Rate India Jul 2020

Indian Bank Savings Bank Account
Interest Rate Upto Rs. 50 Lakh : 3.50%
Above Rs. 50 Lakh : 3.75%
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Minimum Account Balance Rs. 250 for non cheque operation and Rs. 500 for cheque operation
  • No TDS on interest earned on Indian Bank Savings Deposit
  • Indian Bank provides 50 withdrawals free per half year
  • Indian Bank offers Internet/ mobile /phone banking facilities are available at all branches

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Saving Account in Indian Bank – Benefits

You get the following benefits while opening Savings Account with Indian Bank

Nomination facility Yes
Passbook facility Yes
Chequebook facility Yes
Issuance of Debit Card Yes
Internet Banking Yes
Mobile Banking Yes
Fund Transfer Yes
DD Pay Orders Yes

Indian Bank Savings Account

Indian Bank offers an interest rate of 3.50% - 3.75% p.a. Indian Bank also offer accounts to meet the specific requirements of salaried, women, kids and senior citizens.

Product Name Minimum Age Minimum Balance Required
Savings Bank Account 18 years Rs. 250 for non cheque operation and Rs. 500 for cheque operation
SB Platinum Account 18 years N.A
SB Gold Account 18 years N.A
SB Silver Account 18 years N.A
SB Power Account for Achievers 18 years N.A
IB Smart Kid SB Account 10 years N.A
Vikas Savings Khata 18 years N.A

Indian Bank Savings Account Products

Savings Bank Account

Transactions are free at Indian Bank ATMs and 5 free transactions for other banks ATMs.

This account is for resident Indians of 18 years of age and above can open a sole or joint account.In addition, illiterate person, blind person, HUF, Associations, Clubs, Institutions, Agencies, Societies, Trusts and Government Departments permitted by RBI can also open a savings bank account.

Features of Savings Bank Account

  • No TDS on interest earned on Indian Bank Savings Deposit
  • Indian Bank provides 50 withdrawals free per half year
  • Indian Bank offers Internet/ mobile /phone banking facilities are available at all branches

Documents Required

Indian Bank requires the following documents to open a Savings Account

  • Signed application form
  • Income Tax PAN Copy
  • Identity Proof: Driving License, PAN, Passport VoterID
  • Address Proof: Utility Bill, Property Tax Bill. Any other ID and address proof issued through a competent authority are also valid
  • In case of account for minors, the following additional documents are required
  • Id and address proof of guardian, Photograph of guardian, Birth proof of minor, Declaration from guardian

Frequently Asked Questions on Indian Bank Savings Account

How much interest is charged by Indian Bank on Savings Account?

Indian Bank offers an interest rate of 3.50% to 3.75% on Savings Account.

What is the minimum amount required for opening Savings Account in Indian Bank ?

The minimum amount required for opening Savings Account in Indian Bank is Rs. 250 for non cheque operation and Rs. 500 for cheque operation.

How does Indian Bank calculate interest charged on Savings Account?

Interest on Savings Account is calculated on Quarterly basis. The following formula is used by Indian Bank to calculate interest on Savings Account.

Monthly interest=Amount (Daily balance)*(No of days)* Interest/Days in the year

What is the eligibility criteria to open a savings account in Indian Bank
  • This account is for resident Indians of 18 years of age and above can open a sole or joint account.
  • In addition, illiterate person, blind person, HUF, Associations, Clubs, Institutions, Agencies, Societies, Trusts and Government Departments permitted by RBI can also open a savings bank account.
Indian Bank News - Jul 2020
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