Indian Bank Savings Account – Comprehensive Guide to Features & Opening Process

Indian Bank is a public sector bank established in 1906. The bank extends its financial services to the Indian public and assists in their wealth management. The bank has many branches and ATMs across India. It also has overseas branches in Colombo and Singapore. Today, the bank has a robust customer base with dedicated financial services. Indian Bank merged with Allahabad Bank on August 30, 2019.

The bank was founded by a Madras lawyer, V. Krishnaswamy Iyer, with solicited support from Nagarathar Chettiars, spearheaded by Ramasamy Chettiar. The bank commenced its operations on August 15^th, 1907, with its headquarters in Parry’s Corner, Madras. The bank supported many emerging small businessmen even during the British Colonial Period.

Features of Indian Bank

Indian Bank has a plethora of features that support its customers to have seamless banking services.

Eligibility to Open Indian Bank Savings Account

This public sector bank has prescribed certain eligibility criteria that the customers have to meet:

1. Individual or Joint Holders: The account can be operated either single-handedly or jointly. However, the customers need to decide among themselves about the primary holder and secondary holder if it is the case of the joint account.

2. Age Requirement: The applicant must be at least 18 years old.

3. Documents Required: The customers must have an Aadhaar card and PAN card; both must be linked to their active mobile number.

4. Salary Account: For the salary account, the customer needs to furnish a copy of the job offer letter and salary details letter, signed by his or her employer, apart from submitting the KYC documents.

Documents Required to Open a Zero Balance Account in Indian Bank

The following documents are required to open a zero-balance account in an Indian bank:

1. Address Proof

• Ration Card
• Voter ID
• Utility bills, like water bills, electricity bills, or gas bills.

Disclaimer: However, the bank may ask for utility bills not older than three months.

2. Identify Proof

• Aadhaar card
• PAN card
• Voter’s Identity card
• Driving License
• Job card from NREGA signed by a state government officer
• Letter from UIDAI with the application for an Aadhaar card
• Identity Card
• Government/Defense ID
• ID cards from public-sector employers

An address confirmation letter signed by a public authority or public employee.

Disclaimer: Some of the documents mentioned above are both mandatory and optional. Submit the documents required by the bank to process the account opening.

3. Business Proof

For business accounts, the customers ought to be furnished with the following documents:

• A partnership deed
• GST registration form

Features of Indian Bank Savings Account

Types of Savings Account in Indian Bank

How to Open a Savings Bank Account in an Indian Bank Offline?

Step 1: Visit the nearest branch Indian Bank branch in your city area.

Step 2: Introduce yourself and request the account opening form from the bank staff personnel.

Step 3: On the account opening form, select the type of bank account you need, i.e., savings account.

Step 4: Furnish the valid identity proof and address proof, along with your recent passport-size photo.

Step 5: Submit the account opening form to the bank staff member.

The Indian Bank staff members will verify all your details. Ensure that you have linked your active mobile number and email address for the instant bank alerts. You can also apply for Indian Bank’s net banking through their staff members.

Disclaimer: The account opening will not take effect immediately after submitting the form. Depending on the bank’s rules and process, the account opening process will take at least 24 hours.

How to Open a Salary Account in an Indian Bank Offline?

Step 1: Visit the nearest branch Indian Bank branch in your city area.

Step 2: Introduce yourself and request the account opening form from the bank staff personnel.

Step 3: Select the salary bank account on the account opening form.

Step 4: Furnish the valid identity and address proof, along with your recent passport-size photos. Also, attach a copy of your job call letter and your employer’s salary account requisition letter. Make sure that the attachments mention your salary details and employer’s sign.

Step 5: Submit the account opening form with the attachments to the bank staff member.

The Indian Bank staff personnel will verify all your details. Ensure that you have linked your active mobile number and email address for the instant bank alerts. Activate your Indian Bank net banking through their staff members to make instant bank transfers as well as to avail yourself of other facilities.

Indian Bank Savings Account Interest Rate

Other Charges on Indian Bank Account

Conclusion

The Indian Bank provides a vast range of savings bank accounts according to the needs of its customers. Each savings account has its uniqueness and criteria that customers must fulfill before opting for it. However, it is advisable to maintain the required balance in all savings bank accounts. Similarly, for salary accounts, the customers must furnish the documents necessary to enjoy all the banking services.

FAQs Related to Indian Bank Savings Account

1. Does an Indian bank have a net banking feature?

Yes, Indian Bank has a net banking feature.

2. What is the minimum balance for the SB Platinum Account?

The minimum balance for the SB Platinum Account is ₹ 10,000.

3. Is it mandatory to register a nominee in a savings bank account?

Yes, it is mandatory to register a nominee in your savings bank account.

4.  What is the rate of interest for an Indian Bank Savings Account that has a balance of less than ₹ 10,00,000 lakhs?

If the balance is less than ₹ 10,00,000 lakhs, then the rate of interest is 2.75%.

5.  What is the rate of interest for an Indian Bank Savings Account that has a balance of more than ₹ 200 crores?

If the balance is more than ₹ 200 crores, then the rate of interest is 2.90%.

6. What is the Indian Bank Surabhi savings account?

This account is exclusively for women who are employed or housewives. Women who want to avail government schemes may opt for this account. Based on this account, certain women-related loans and schemes are also sanctioned. However, women who are first-time savers with a son/daughter/husband can also apply for this account type.

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