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Indian Bank Savings Account Interest Rates

Indian Bank Savings Account Interest 2020-21

Last Updated 14th Sep 2020

Saving Account Interest Rate
Savings Bank Account 3.50% - 3.75%
SB Platinum Account 4.00% - 4.00%
SB Gold Account 4.00% - 4.00%
SB Silver Account 4.00% - 4.00%
SB Power Account for Achievers 4.00% - 4.00%
IB Smart Kid SB Account 4.00% - 4.00%
Vikas Savings Khata 4.00% - 4.00%

Indian Bank Bank Savings Accounts Interest Rate

Indian Bank offers an interest rate ranging between 3.50% to 3.75% on the minimum average balance maintained in the savings account. It calculates the interest rate on savings bank accounts on a daily basis. However, the interest is paid to the account holders every quarter. With Indian Bank Savings Account youth and minors can get additional benefits on their Savings Account.

Features

Indian Bank Savings Account helps you to save money by providing interest on your idle money deposited in the savings accounts. The rate of interest on Indian Bank Savings Account varies as per the Savings Account product. Some of the key features and benefits of Indian Bank savings account are:

  • It offers interest rates from 3.50% to 3.75% p.a. You can easily access Indian Bank Savings Account anywhere through a large network of branches and ATMs.
  • If you want to transfer funds from Indian Bank Savings account to any other bank account, you can do it through modes such as RTGS, IMPS, NEFT and UPI facilities.
  • To maintain Indian Bank Savings account, you require a minimum balance of Rs. 250 for non cheque operation and Rs. 500 for cheque operation.
  • Indian Bank personalized account number and cheque book enhances security and ensures your money is safe.
  • You can get SMS Alerts and e-statement facilities with Indian Bank Savings Account.
  • With Auto Sweep Facility of Indian Bank, your account can be linked to Multi Option Deposit MOD account.

Indian Bank Savings Account Rates

Saving Account Interest Rate Minimum Balance
Savings Bank Account 3.50% - 3.75% Rs. 250 for non cheque operation and Rs. 500 for cheque operation
SB Platinum Account 4.00% - 4.00% N.A
SB Gold Account 4.00% - 4.00% N.A
SB Silver Account 4.00% - 4.00% N.A
SB Power Account for Achievers 4.00% - 4.00% N.A
IB Smart Kid SB Account 4.00% - 4.00% N.A
Vikas Savings Khata 4.00% - 4.00% N.A

Indian Bank Savings Account Products

  • Savings Bank Account: Indian Bank offers interest rates ranging between 3.50% to 3.75% on Savings Bank Account.You can open a Savings Bank Account in Indian Bank by depositing Rs. 250 for non cheque operation and Rs. 500 for cheque operation amount as minimum balance.
  • SB Platinum Account: If you have deposited your excess funds in a SB Platinum Account, you can get interest at 4.00% to 4.00% on your account. This account can be opened by anyone with a minimum age of 18 years.
  • SB Gold Account: Indian Bank provides interest rates ranging between 4.00% to 4.00% on SB Gold Account. The minimum balance requirement to open this account is .
  • SB Silver Account: You can get interest at 4.00% and 4.00% respectively on SB Silver Account in Indian Bank. The account can be opened in Indian Bank by depositing amount. The debit card available for this account are .
  • SB Power Account for Achievers: If you have deposited your excess funds in a SB Power Account for Achievers, you can get interest at 4.00% to 4.00% on your account.
  • IB Smart Kid SB Account: You can get interest at 4.00% to 4.00% in IB Smart Kid SB Account. This account can be opened in Indian Bank by depositing a minimum amount of after an age of 10 years.
  • Vikas Savings Khata: The interest that you can earn on .Vikas Savings Khata is in the range of 4.00% to 4.00% respectively. The debit card available for this product is

Know More About Savings Account

FAQs

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?

Eligibility criteria for Indian Bank savings account -

  • 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 - Sep 2020
  • 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.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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