Indian Bank Current Account – Features, Benefits & Application Guide

Amit, the owner of BrightTech Solutions, initially handled his ₹6,00,000 monthly turnover through a savings account. However, frequent transaction limits delayed vendor payments, cash deposits beyond ₹50,000 incurred extra charges, and online fund transfers were restricted. Additionally, hidden fees resulted in ₹4,000 in banking charges.

To overcome these challenges, he switched to an Indian Bank Current Account, which allowed seamless transactions, higher limits, and zero banking charges, significantly improving his financial operations.

Amit’s Monthly Expense Breakdown – Before & After Opening a Current Account

 Types of Indian Bank Current Accounts

Indian Bank offers nine types of Current Accounts to cater to the diverse needs of businesses, professionals, and organisations. These accounts are designed to provide seamless banking solutions with features such as high transaction limits, overdraft facilities, digital banking access, and customised services.

1. IB i-Freedom Current Account - The IB i-Freedom Current Account from Indian Bank is a specialised banking solution tailored for businesses, offering flexibility and a range of benefits to meet diverse financial needs. This current account is available in three distinct variants: Cool, Plus, and Prime, each designed with different minimum balance requirements and exclusive benefits to suit various business profiles.

2. Current Account - An Indian Bank Current Account is a demand deposit account designed for businesses and individuals who require frequent banking transactions. It allows unlimited deposits and withdrawals, making it an ideal choice for those managing high transaction volumes. These accounts often come with additional features such as overdraft facilities, cheque book access, and digital banking services, ensuring seamless financial operations.

3. Premium Current Account - The Indian Bank Premium Current Account is a specialised current account designed to cater to high-value businesses, corporate entities, and professionals requiring premium banking services. This account offers enhanced transaction limits, exclusive benefits, and superior banking features to support seamless business operations.

4. IMPORTANT TERMS AND CONDITIONS-CA - The Indian Bank Important Terms and Conditions Current Account is a specialised current account designed for businesses and professionals who require transparent banking services with clearly defined terms and conditions. This account ensures customers have a structured and compliant banking experience while enjoying seamless transactions and premium benefits.

5. IB-COMFORT-DOMESTIC AND NRE - The IB Domestic Current Account is designed for businesses, traders, professionals, and corporate entities operating within India. It provides seamless banking services to manage high-volume transactions efficiently. The IB NRE (Non-Resident External) Current Account is specially designed for NRIs (Non-Resident Indians) and PIOs (Persons of Indian Origin) who need a flexible and tax-free banking solution to manage their Indian earnings from abroad.

6. CA FOR STATE CENTRAL GOVT & CONSULAR, & IND PFMS - Indian Bank offers specialised Current Accounts tailored to meet the unique financial needs of State & Central Government bodies, Consular Offices, and Business Firms. These accounts provide seamless, secure, and efficient banking solutions, ensuring smooth financial operations for organisations handling high transaction volumes.

7. IB RERA Current Account - The IB RERA Current Account is a specialised banking solution designed for real estate developers and promoters to comply with the Real Estate (Regulation and Development) Act (RERA), 2016. This account ensures that all funds received from homebuyers for a real estate project are managed transparently and utilised as per regulatory guidelines.

8. IB HARIT - The IB Harit Current Account from Indian Bank is a specialised banking solution designed to support businesses and individuals engaged in the agriculture and allied sectors. This account provides flexible transaction options, seamless fund management, and tailored financial services to meet the unique needs of the agricultural community.

9. IB PROFESSIONAL - The IB Professional Current Account from Indian Bank is a tailored banking solution designed for professionals such as doctors, lawyers, chartered accountants, consultants, architects, and other self-employed individuals. This account offers specialised features to meet the unique financial needs of professionals, providing seamless banking services to facilitate their business operations.

Key Features of Indian Bank Current Account

Benefits of an Indian Bank Current Account

Indian Bank Current Account Fees &  Charges

1. IB-I Freedom Current Account

2. Current Account

3. Premium Current Account

4. Important terms and conditions - current account

5. IB Comfort domestic and NRE

6.CA FOR STATE/CENTRAL GOVT & COUNSLAR & IND PFMS

7. IB REREA Current Account

8. IB HARIT 

9. IB PROFESSIONAL

Indian Bank Current Account Eligibility and Required Documents

Eligibility Criteria

Indian Bank current accounts can be opened by various individuals and entities, including:

1. Individuals:
   • Resident individuals can open a current account in their name or jointly with others.
     
     
2. Entities:
   • Sole Proprietorship Firms
   • Partnership Firms
   • Limited Companies
   • Hindu Undivided Families (HUF)
   • Trusts and Associations
   • Societies and Clubs
     
     
3. Government & Semi-Government Bodies:
   • Government, Semi-Government, and Local Bodies
   • Associations, Societies, and NGOs
   • Liquidators, Receivers, and Agents operating on behalf of Principals
     
     

Required Documents for Indian Bank Current Account

1. Proof of Identity (Any one of the following)

• PAN Card
• Aadhaar Card
• Passport
• Voter Identity Card
• Driving License

2. Proof of Address (Any one of the following)

• Passport
• Voter Identity Card
• Driving License
• Aadhaar Card
• Utility Bills (Electricity, Telephone, Gas)
• Registered Lease or Sale Agreement of Residence
• Ration Card
  Recent Bank Statement

3. Business Proof (For Entities)

• Copy of Rules or Bye-Laws (For Companies, Societies)
• Registration Certificate or Relevant Business Documents

4. Other Required Documents

• Recent Passport-Size Color Photograph
• Account Opening Cheque (If Applicable)
  
  

How do you open an Indian bank's current account online?

Step 1: Visit the official website of Indian Bank, and after clicking on it, you will see two options: “Hindi” and “English.” Click on your preferred language. Suppose you have clicked on “English.”

Step 2: After clicking on it, in the navbar, you will see an option “Products.” Hover your mouse on that and then hover your mouse on “Deposit Products.”  Now click on the “Current A/C.”

Step 3: In the navbar, click on the “Apply Online” button. After clicking, you will see different buttons 

Step 4: Click on the “SB Account Opening Through Video-CIP.” You will be redirected to a new page, where you have to fill in all your information.

Step 5: After filling in all the information correctly, your current account will be opened.

How to Open an Indian Bank Current Account Offline?

Step 1: Visit the Nearest Indian Bank Branch

Go to your nearest Indian Bank branch and request a Current Account opening form from the customer service desk. You can also ask about different account types and features to choose the one that best suits your business needs.

Step 2: Gather Required Documents

Ensure you have the following documents for account opening:

• Business Registration Documents (GST Certificate, Partnership Deed, Company Incorporation Certificate, etc.)
• PAN Card (of the business and business owners)
• Address Proof (Utility bill, Rental agreement, or Business premises proof)
• Identity Proof (Aadhaar, Passport, Voter ID, or Driving License of business owners)
• Passport-size Photographs
• Bank Account Opening Form (duly filled and signed)
  Step 3: Submit the Application

Provide the completed account opening form along with the required documents to the bank official. They will verify the details and process your application.

Step 4: Initial Deposit

Most banks require a minimum balance deposit to activate the Current Account. Deposit the required amount as per the account type you choose.

Step 5: Verification & Account Activation

The bank will verify your documents and complete internal approval. Once approved, you will receive:

• Current Account Number
• Cheque Book & Passbook
• Debit Card (if applicable)
• Net Banking & Mobile Banking Access

Indian Bank Current Account vs Competitor Bank’s Current Account

Indian Bank offers cost-effective banking with high transaction limits, making it a strong choice for business owners looking for a reliable and affordable Current Account option.

Conclusion

Indian Bank's current account is a valuable financial solution designed to meet the diverse needs of businesses, professionals, and organizations. With features like unlimited transactions, an overdraft facility, digital banking, and free NEFT/RTGS, it ensures seamless financial management. The account offers flexibility, security, and convenience, making it an ideal choice for businesses that require efficient cash flow management.

By maintaining the required balance and leveraging the available benefits, account holders can optimize their banking experience. Whether you are a sole proprietor, a large enterprise, or a professional, Indian Bank’s current account provides the tools necessary for smooth financial operations and growth.

FAQ’s

Who can open an Indian Bank Current Account?
Resident individuals, sole proprietors, partnership firms, companies, HUFs, trusts, and government bodies can open a current account.

What is the minimum balance requirement for a current account?
The minimum balance varies by account type, starting from ₹5,000 for IND Grow Professional.

Does the Indian Bank current account offer an overdraft facility?
Yes, eligible account holders can avail of an overdraft facility based on banking guidelines.

Are NEFT and RTGS transactions free with a current account?
Yes, NEFT/RTGS transactions are free when done via the internet or mobile banking.

Can I get a debit card with an Indian Bank current account?
Yes, RuPay Platinum Debit Cards are issued with free annual maintenance charges.
 

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