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Indian Bank Savings Account Interest Rates

Indian Bank Savings Account Interest 2022

Last Updated 11th Jan 2022

Saving Account Interest Rate
Savings Bank Account 2.90% - 2.90%
SB Platinum Account 2.90% - 2.90%
SB Gold Account 2.90% - 2.90%
SB Silver Account 2.90% - 2.90%
SB Power Account for Achievers 2.90% - 2.90%
IB Smart Kid SB Account 2.90% - 2.90%
Vikas Savings Khata 2.90% - 2.90%
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Indian Bank Bank Savings Accounts Interest Rate

Indian Bank offers an interest rate ranging upto 2.90% 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. Indian Bank also offers attractive benefits like mobile and internet banking services, free Debit Card and customised savings account depending on different customer profiles.

Features and Benefits

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 upto 2.90% 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 an 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 the Auto Sweep Facility of Indian Bank, your account can be linked to a Multi Option Deposit MOD account.

Indian Bank Savings Account Rates

Saving Account Interest Rate Minimum Balance
Savings Bank Account 2.90% - 2.90% Rs. 250 for non cheque operation and Rs. 500 for cheque operation
SB Platinum Account 2.90% - 2.90% N.A
SB Gold Account 2.90% - 2.90% N.A
SB Silver Account 2.90% - 2.90% N.A
SB Power Account for Achievers 2.90% - 2.90% N.A
IB Smart Kid SB Account 2.90% - 2.90% N.A
Vikas Savings Khata 2.90% - 2.90% N.A

Eligibility & Documentation Required for Opening Savings Account in Indian Bank

To open a savings account in Indian Bank, you need to fulfill the following eligibility criteria:

  • You need to have valid KYC Documents.
  • You can open a savings account singly or jointly.

Documents Required

You can open a savings account with prescribed application form and minimum KYC documents, which are mentioned below:

  • Application Form with attested photographs
  • Proof of identity- Passport, Voter ID card, PAN Card, Govt./Defence ID card, Driving Licence etc.
  • Proof of current address- Credit Card Statement, Salary slip, Electricity Bill/Telephone Bill, ration card etc.

How is Indian Bank Savings Account Interest Rate Calculated?

As per the RBI mandate, Indian Bank calculates saving account rate on average balances in the account on a daily basis. The interest can however be paid monthly, annually or quarterly. The following formula is used by Indian Bank to calculate interest on Savings Bank Account on the basis of daily balance in the account

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

Compare Savings Account Interest Rates of All Banks

Indian Bank Savings Account Products

  • Savings Bank Account : Indian Bank offers interest rates ranging between 2.90% to 2.90% 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 2.90% to 2.90% 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 2.90% to 2.90% on SB Gold Account. The minimum balance requirement to open this account is .
  • SB Silver Account : You can get interest at 2.90% and 2.90% respectively on SB Silver Account in Indian Bank. The account can be opened in Indian Bank by depositing amount.
  • SB Power Account for Achievers : If you have deposited your excess funds in a SB Power Account for Achievers, you can get interest at 2.90% to 2.90% on your account.
  • IB Smart Kid SB Account : You can get interest at 2.90% to 2.90% 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 2.90% to 2.90% respectively.

FAQs

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

As per the current rates, Indian Bank offers maximum interest rate of 2.90% on Savings Account. Indian Bank provides this interest on the minimum balance maintenance of Rs. 250 for non cheque operation and Rs. 500 for cheque operation. The interest rate may however vary across the Indian Bank savings account product.

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

The minimum amount required for opening a 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?

To open a savings account in Indian Bank you need to fulfill the following eligibility criteria:

  • 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.
  • You must have your basic KYC done

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Indian Bank News - Jan 2022
  • 2021-11-10 : Indian Bank Launches Video KYC Facility
    Indian Bank has launched a Video KYC (Know Your Customer) facility. This facility allows customers to open accounts or avail any other services sitting at home. The VKYC is enabled with VCIP technology developed in conjunction with Gieom Business Solutions.
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
  • 2021-06-01 : Indian Bank reported a Q4 profit of 1,709-cr
    Indian Bank reported a net profit of Rs 1,708.85 crore in the March-ended quarter. Total income during the January-March quarter of 2020-21 increased to Rs 10,647.87 crore. It was Rs 6,334.37 crore in the same period of 2019-20. The net profit of the bank backed by retail loan like home, LAP, personal, two-wheeler, car education and doctor loan along business and mudra loan was recorded at Rs 3,004.68 crore.
  • 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.
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