Indian Bank Savings Account

Indian Bank is a public sector banking company with its headquarters in Chennai. It was founded in 1907 and has been dedicatedly providing services like private banking, consumer banking, corporate banking, merchant banking, investment banking, mortgage loans, finance and insurance, savings schemes, credit cards, etc. The bank has spread across the country and has over 2500 branches. 

Types of Indian Bank Savings Account

Savings Bank

This basic savings account provides numerous facilities such as fund transfer through NEFT or RTGS, two free cheque-books per year, debit cards for no annual charges, collection of local cheques, 100 free withdrawals per year, multi-city cheque facility, etc.

SB Platinum

This savings account is especially designed for High Net-worth Individuals or HNIs and for corporate executives. It has the sweep facility. Account holders get a lot of added benefits such as life insurance cover, Personal Accident cover worth Rs. 1 lakh, free of charge inter-city transactions and a debit card free of any charge. This account can be opened for a tenure of 15 days to 180 days. It provides the account holder with the facility of converting all the excess funds in their account into a Term Deposit on a regular basis.

SB Gold

This account perfectly suits all self-employed individuals, salaried employees, business owners and professionals. It offers a free Personal Accident Insurance cover of Rs. 1 lakh to the account holder. It also allows the free issuance of 2 Demand Drafts for the total value of Rs.10,000.

SB Silver

This account is quite similar to the SB Gold account. It is also perfect for all self-employed individuals, salaried employees, business owners and professionals. With this account, account holders get the benefit of a Personal Accident Insurance of Rs. 1 lakh as well as the free issuance of 2 Demand Drafts for the total value of Rs.5000.

SB Power Account for Achievers

This is the best savings account for young professionals. It also suits fresh businessmen, self-employed individuals and regular salaried employees. The account holders receive a free International Debit Card or Global Credit Card without any initial or annual fee. Besides a personalized cheque-book, this account also provides a Personal Accident Insurance cover of Rs 1 lakh for free up to the age of 70 years.

IB Smart Kid SB Account

This account is meant for young children. It allows the transfer of funds from the parents’ or guardian’s account to the account of the child. The account holders who are above the age of 10 years may apply for debit card and internet banking facilities.

Vikas Savings Khata

This savings bank account is a no-frills one, meant for individuals who previously haven’t had access to any banking facility. It doesn’t require the account holder to maintain a minimum balance, thus making it much easier for the individual to keep the account active. A few benefits that are offered by this account include a free debit card, free intra-city transactions and ten free transactions each month.

Indian Bank Minimum Balance Requirement

Type of Account	Minimum Balance
Savings Bank	Rs 250 (without cheque facility) Rs 500 (with cheque facility)
SB Platinum with Sweep Facility	Rs 25000
SB Gold	Rs 10000
SB Silver	Rs 5000
SB – Power Account For Achievers	Rs 5000
Vikas Savings Khata	Not required
IB Smart Kid SB Account	Rs 100 (without cheque facility) Rs 250 (with cheque facility)

Indian Bank Savings Account Charges

ATM transactions	Free at all Indian Bank ATMs; 5 free transactions at other bank ATMs
Account Closure	Ordinary Savings Accounts – Rs.51 (for individuals); Rs.61 (for non-individuals); Rs.40 (for special category of customers)
Collection of local cheques	Free of charge
NEFT	Up to Rs.1 lakh - Free Above Rs.1 lakh & up to Rs.2 lakh – Rs.12 per transaction Above Rs.5 lakh – Rs.28 per transaction.
RTGS	Rs.2 lakh to Rs.5 lakh – Rs.25 Above Rs.5 lakh – Rs.50