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Indian Bank Savings Accounts

Indian Bank Savings Account

Last Updated 22nd Jan 2021

  • Indian Bank offers a wide range of savings account products for specific customer groups.
  • Minimum balance requirement to open a savings account in Indian Bank is Rs. 250 for non cheque operation and Rs. 500 for cheque operation.
  • You can get high returns up to 3.75% on a savings account.
  • Open instant Indian Bank savings account online.
  • Internet banking and mobile banking facility available.
  • The facility of safe deposits locker facility, nomination available in Indian Bank.
Apply for Savings Account

Indian Bank Savings Account

Indian Bank offers a wide range of savings accounts that allows individuals to deposit money, keep it safe, and withdraw funds, all while earning interest. It provides a savings account according to the needs of the specific customer groups and caters to their requirement. For instance, it offers the Premium saving account for its high-end customers and also provides the minor savings account for children below the age of 18 years. The bank offers several facilities like internet banking, mobile banking, and allows no minimum balance requirement in many saving account products.

Features and Benefits of Indian Bank Savings Account

Benefits of Indian Bank saving Account are as follow:

  • Indian Bank offers an interest rate on saving account in the range of 3.50% to 3.75%.
  • Balance requirement for Indian Bank savings account is Rs. 250 for non cheque operation and Rs. 500 for cheque operation.
  • An individual can transfer the Indian Bank savings account to any other branch without changing the account number.
  • Safe deposits locker facility, nomination facility is also available.
  • Indian Bank savings account provides the facility of linking to the Multi Option Deposit account to fetch higher term deposit interest on the surplus money.
  • It provides various kinds of debit cards as per account holder’s convenience.
  • Indian Bank offer banking facilities like internet banking and missed call banking. An individual can also avail the mobile banking facility which provides services like interbank mobile payment services (IMPS), utility bill payments, mobile recharges, enquiry and statements and cheque book request.
  • No charge is levied for passbook service.

Indian Bank Savings account Charges

ProductMinimum balanceInterest RateNon Balance Maintenance Charges
Savings Bank AccountRs. 250 for non cheque operation and Rs. 500 for cheque operation3.50% - 3.75%--
SB Platinum Account4.00% - 4.00%--
SB Gold Account4.00% - 4.00%--
SB Silver Account4.00% - 4.00%--
SB Power Account for Achievers4.00% - 4.00%--
IB Smart Kid SB Account4.00% - 4.00%--
Vikas Savings Khata4.00% - 4.00%--

Indian Bank Savings Account Products

Indian Bank offers multiple savings account products for different purposes. Some of the popular products of Indian Bank savings are:

Savings Bank Account

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

Key Features:

  • 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

Eligibility:

  • 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 Savings Account Nomination Plan

Indian Bank asks their customers to make nominations which imply that they should nominate individuals to whom the amount lying in their accounts should go in the event of their death. Nomination can be made in account opening form itself or on a separate form indicating the name and address of the nominee. The person can change the nomination any time. Indian Bank savings account provides the nomination facility in all the savings products.

Indian Bank Savings Account Welcome Kit

Indian Bank provides a Welcome Kit containing personalised cheque book and ATM Card, which is mailed to the customers’ postal address selected for correspondence, after 7 – 8 working days from the date of opening of a particular savings account.

Top Applications Offering UPI Facility

Indian Bank Savings Account Helpline

Individuals can call Indian Bank’s 24X7 helpline number 1800-4250-0000, which is accessible from all landlines and mobile phones in the country.

Open saving account with Other Banks online

FAQs

Can I open Indian Bank bank account online?

Indian Bank enables individuals to open a savings bank account online as well. Individuals can open an Insta saving account and digital savings account.

What is the minimum balance for an Indian Bank savings account?

Minimum balance requirement differs with Indian Bank saving account products. The minimum balance required to open a Savings Bank Account in Indian Bank is Rs. 250 for non cheque operation and Rs. 500 for cheque operation.

Which saving account is best in Indian Bank?

There are various savings account products offered by Indian Bank. These accounts are specially developed for a certain section of people. Individuals may compare the interest rate offered, minimum account requirements and facilities provided to select the best product.

Can I open Indian Bank account with zero balance?

The minimum balance requirement to open a savings account with Indian Bank is Rs. 250 for non cheque operation and Rs. 500 for cheque operation. If any individual does not maintain the minimum balance then non-balance maintenance charges are levied.


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Indian Bank News - Jan 2021
  • 2019-11-05 : Indian Bank revises interest rates on savings deposits
    Indian Bank revised its interest rates on savings bank account from November 1, 2019. For deposits up to Rs 50 lakhs applicable interest rate is 3.50%, and for deposits above Rs 50 lakhs, the new interest is 3.75%. The interest, however, would be credited to the savings bank account on a quarterly basis.
  • 2018-01-04 : Indian Bank revises interest rates for FCNR(B) deposits
    The interest rates on foreign currency non-resident banking term deposits have been revised bu public sector Indian Bank, with immediate effect. The bank has revised the FCNR(B) deposits (in US Dollars), at 2.89 per cent for deposits of one year and above, but less than two years, from the existing 2.77 per cent, among changes across other tenures.
  • 2017-08-17 : Indian Bank introduces two-tier interest rate for savings account
    Indian Bank has introduced a two-tier interest rate structure for its savings bank customers. Under the arrangement, the bank will offer interest at the rate of 4 per cent for balance above Rs. 50 lakhs and 3.50 per cent per annum for balance up to Rs. 50 lakh. The new interest rate is effective from 16th August, 2017.
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