Indian Bank Savings Account Interest Rates – 2024

Established in 1907, Indian Bank serves over 100 million customers, hosting 41,645 employees, 5,814 branches and 4,929 ATMs. It has become a trusted choice all over the country, for starting a savings account. The bank offers an attractive Indian Bank savings account interest rate and other key benefits that you cannot pass on. 

This blog discusses the savings account interest rate at Indian Bank, steps on how to open up an account in the online/offline mode and other associated details that you need to know. 

Latest Indian Bank Savings Account Interest Rates 2024

Indian Bank allows its customers to open a savings account of their choice to meet their specific financial goals. Therefore, you must check out the Indian bank SB interest rate applicable as of now, so you can make an informed final pick.

Next, go through the section below to learn about the minimum balance required to be maintained.

Indian Bank Savings Account Minimum Balance Required

Before prioritizing the Indian Bank savings account interest rate, go through the table below to learn about the minimum balance to be maintained in each type of SB account:

Indian Bank Savings Account Charges

Before starting your savings account with Indian Bank, customers must be clear on the different account charges applicable. The following table mentions any relevant account charges on your savings account:

Why Choose an Indian Bank Savings Account?

Are you wondering what makes Indian Bank the best choice for you to start a savings account with? Here are some features which make them stand out as an ideal option:

1. The Indian Bank savings accounts required minimum balance varies for the different types of savings accounts. Certain accounts are also zero balance accounts, while a few others have a minimum balance requirement of as low as ₹1,000.
2. The funds transfer process has become easier than ever with Indian Bank. You can transfer funds to any bank account via UPI, RTGS, IMPS, and NEFT modes of payment.
3. ATM Card facility is available. Indian Bank will grant access to debit cards for all its savings accounts. However, this benefit will vary based on the type of account.

Let us now highlight a few of the key benefits of opting for the same, for your convenience.

Key Benefits of Indian Bank Savings Account

Apart from an attractive Indian Bank savings account interest rate, here are some other key benefits of opting for an Indian Bank SB account:

1. You can securely save in the Indian Bank savings account as the amount is not subject to volatility.
2. Indian Bank extends Internet banking services to customers holding savings accounts. You can also pay utility bills, go online shopping, etc., with Indian Bank internet banking.
3. Indian Bank offers mobile banking facilities so you can conveniently pay your bills, transfer IMPS, get statements on demand, conduct balance enquiries, or even request chequebooks.
4. Indian Bank savings accounts come with an SMS alert and e-statement facility.
5. By opting for the bank’s savings account, you can access debit cards and personalized chequebooks.
6. The Indian Bank savings account comes with an auto sweep facility.

Additional Benefits Associated with Indian Bank Savings Account

Here are a few more additional benefits of opening a savings account with Indian Bank:

1. Customers get access to 20 leaves for free in 1 year for cheque-operated SB accounts.
2. Rupay ATM cards are offered free of cost.
3. 50 free withdrawals are allowed every half a year.
4. RTGS/ECS/NEFT facilities are extended.
5. Customers can opt for a Locker/Demat/Credit card.

You are now caught up with all the benefits of owning a savings account with Indian Bank! If you are ready to create your account, go through the next part of the blog to understand how.

How To Open an Online Indian Bank Savings Account?

You are only 5 steps away from accessing the secured Indian Bank savings account interest rate! Follow the below-mentioned step-by-step guide on how you open your Indian Bank savings account online:

• Step 1: Visit the official website of Indian Bank.
• Step 2: Type in details including your name, phone number, and email ID and enter your captcha.
• Step 3: You must accept the Terms and Conditions to proceed.
• Step 4: Submit the Aadhaar number to continue with the account-opening process. Authorize Indian Bank to collect your details from UIDAI.
• Step 5: Click on “Submit” to complete the registration process.

It is a rather simple online procedure. However, you can also open up your SB account with Indian Bank through the offline mode.

How To Open an Offline Indian Bank Savings Account?

If you prefer to start your new savings account with Indian Bank, here are a few steps you can take to that end:

• Step 1: Visit the nearest/preferred Indian Bank branch along with the necessary documents.
• Step 2: Communicate with a bank representative about wanting to open a savings account. The bank will provide you with an application.
• Step 3: Duly fill out the form and attach the photographs.
• Step 4: Provide your signature and submit the application form to the bank official alongside other necessary documents.
• Step 5: Deposit a minimum balance required to open a specific type of savings account at Indian Bank. 

The above-mentioned steps will conclude the offline account-opening process at Indian Bank. Now just make sure that you meet the basic eligibility criteria to get started with this process. 

Eligibility Criteria to Open Indian Bank Savings Account

If you meet the few points of eligibility criteria listed below, you can immediately start with the account-opening process at Indian Bank. 

1. The applicant must be a resident of India. 
2. He/she must be above the age of 18. 
3. The applicant must have a valid PAN Card and his/her Aadhaar Card should be linked with a phone number.

Are you eligible to open your savings account with Indian Bank? Next, make sure you keep the necessary documents ready to have a smooth account-opening process.

Documents Required to Open Indian Bank Savings Account 

The following are the documents required to avail the attractive Indian Bank savings account interest rate.

1. Filled-up account opening form
2. Identity Proof (Aadhaar Card, PAN Card, Government ID Card, Voter’s ID, Driving License, Senior Citizen Card) 
3. Two passport-size photographs
4. Address Proof (Utility Bills, Bank Statement with Cheque, Passport, Certificate issued by the Post Office) 

If you have the above-mentioned documents ready to be presented when asked, the account-opening process will be complete in a matter of minutes. Next, we will walk you through the different types of savings account options available with Indian Bank.

Types Of Indian Bank Savings Account and Its Features

By opting for a particular type of savings account, customers can get access to unique features and a whole host of benefits. So, go through the list below and explore the features which come with different Indian Bank SB account types:

1. Savings Bank Account

• Minimum Balance to be maintained with cheque facility – ₹1,000
• Minimum Balance to be maintained without cheque facility: ₹500
• No maximum limit
• Demat Account/Locker/Cheque Book/Credit Card facilities are available
• The nomination facility is supported
• No TDS is charged on interest rate

2. IB Smart Kid

• Minimum balance required with cheque facility – ₹100
• Minimum balance required without cheque facility – ₹250
• Nomination facility is available

3. SB Platinum – Savings Bank Platinum Account

• Average Monthly Minimum Balance required for individuals – ₹7,50,000 every month
• Average Monthly Minimum Balance required for non-individuals – ₹10,00,000 per month
• Nomination Facility is available
• Internet/Mobile Banking facility is available
• Sweep In Facility is available

4. Indian Bank – Sammaan

• No Monthly Average Balance
• Singly or jointly operative account
• Free of charge cash withdrawals at any given non-home branches
• Chequebook and Passbook are available on request
• Indian Bank locker charges at a 10% discount
• No extra charges for closing your account
• Interest rates applicable on loans at a concession

5. IB Mahila Shakti for Women

• Average Monthly Balance to be maintained – ₹1,000
• Sweep in Facility is extended
• Customers can avail bank lockers at a 25% discount
• An overdraft Facility is available
• Loans provided at lower interest rates

6. Indian Bank Salaam – Special Account for Defence Personnel

• Singly or jointly operative
• No initial deposit required
• No average monthly minimum balance is to be maintained
• Loans are offered at lower interest rates
• Free Demat/Trading Account for 1 year
• Locker facility at a 25% discount
• Health Insurance granted at concession rates

7. IB Kishore: Savings Bank Account for Minors

• Single mode of operation only
• Initial Deposit Amount of ₹500
• No average monthly minimum balance is to be maintained
• Maximum balance limit -₹2,00,000

Steps to Open Indian Bank Video KYC Savings Account

The Video KYC process is a contactless, paperless verification process, completed in just a few minutes, with no requirement for you to visit the Indian Bank branch. Below are the steps to start an Indian Bank Video KYC Savings account:

• Step 1: Verify your information by entering your contact information. Also, upload your Aadhaar and PAN Cards.
• Step 2: Select the account type with respective benefits.
• Step 3: Submit your application containing the relevant details.
• Step 4: Complete the video KYC to proceed with the onboarding process. 

During the Video KYC process, be sure to keep the original Aadhaar Card, PAN Card, blank white paper and a black pen before connecting to the video call.

How to Close an Indian Bank Savings Account?

Here is a step-by-step guide on how to close your Indian Bank savings account. 

• Step 1: Go to the official website of Indian Bank or visit the nearest Indian Bank Branch.
• Step 2: Download the account closure form or collect it from the clerk.
• Step 3: Fill in details like your name, birth date, account number, address, the reason why you are closing your bank account, etc. Also, specify the date of closure and provide your signature on the form.
• Step 4: Submit the account closure form and KYC documents (self-attested) to the home branch of Indian Bank.
• Step 5: Submit your debit card, passbook and balance cheque leaves.

Note: You must withdraw any remaining balance left in your Indian Bank savings account.

Final Word

With that, you are now up-to-date with all relevant information about an Indian Bank savings account. However, before choosing to avail the Indian Bank savings account interest rate, make sure to evaluate the terms and conditions associated with your desired account since it is subject to change. 

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.