Indian Bank offers different savings accounts for different types of investor needs. The Indian Bank savings account interest rates are around 3.50%. The competitive interest rates and a variety of additional services such as free ATM transactions, net banking, and more attract many customers. The article covers the Indian Bank savings account, its features, benefits, interest rates and types in detail.
Indian Bank Savings Account Interest Rates 2024
Following are the interest rates of different Indian Bank Savings Accounts:
| Savings Account | Indian Bank Interest Rates |
| Savings Bank Account | 2.75% p.a. |
| IB Smart Kid | 2.75% p.a. |
| SB Platinum – Savings Bank Platinum Account | 2.75% p.a. |
| IB – Sammaan | 2.75% p.a. |
| IB Mahila Shakti for Women | 2.75% p.a. |
| IB Kishore: Savings Bank Account for Minors | 2.75% p.a. |
| IB GenX for the Vibrant Youth | 2.75% p.a. |
| IB Salaam – Special Account for Defence Personnel | 2.75% p.a. |
| Savings Bank Account for Pensioners | 2.75% p.a. |
| Motor Accident Claim Tribunal (MACT) Savings Bank Account | 2.75% p.a. |
| IB DIGI Online SB Account | 2.75% p.a. |
| Small Account | 2.75% p.a. |
| SB for Students under Government Scholarship and SB for DBT | 2.75% p.a. |
| SB for Central/ State Government/ Consular Office & IND PFMS | 2.75% p.a. |
| IB Corp SB: Payroll Package Scheme for Salaried Class | 2.75% p.a. |
Minimum Balance in Indian Bank Savings Account 2024
| Type of Savings Account | Average Monthly Balance |
| Savings Bank Account | Rs. 500 |
| IB Smart Kid | Rs. 100 |
| SB Platinum – Savings Bank Platinum Account | For individuals: Rs. 750,000 per month and for Non-individuals: Rs. 1,000,000 |
| Indian Bank – Sammaan | Nil |
| IB Mahila Shakti for Women | Rs. 1000 |
| IB Kishore: Savings Bank Account for Minors | Nil |
| Indian Bank GenX for the Vibrant Youth | Rs. 1000 |
| Indian Bank Salaam – Special Account for Defence Personnel | Nil |
| Savings Bank Account for Pensioners | Nil |
| Motor Accident Claim Tribunal (MACT) Savings Bank Account | Nil |
| Small Account | Nil |
| SB for Students under Government Scholarship and SB for Direct Benefit Transfer | Nil |
| SB for Central/ State Government/ Consular Office & IND PFMS | Nil |
| IB Corp SB: Payroll Package Scheme for Salaried Class | Nil |
Indian Bank Savings Account
Features of Indian Bank Savings Account
Following are the features of the Indian Bank savings account:
- Minimum account balance: The minimum account balance of Indian Bank savings accounts varies based on the type of account. Some accounts are zero balance accounts, while some accounts have a minimum requirement of INR 1,000.
- Fund Transfer: Transferring funds with Indian Bank is easy. You can transfer funds to any other bank account through RTGS, IMPS, UPI, and also NEFT modes.
- ATM Card facility: Indian Bank issues debit cards for all its savings accounts. However, the type of card, its benefits and features differ on the basis of the type of Indian Bank savings account.
Explore How to Check Bank Balance with Account Number Online?
Benefits of Indian Bank Savings account
Following are the benefits of Indian Bank savings account:
- Secure investment: Saving in the Indian Bank savings account is considered safe as the amount is not subject to volatility.
- Internet Banking facilitates: Indian Bank offers internet banking facilitates to their savings account holders. Also, through Indian Bank internet banking, you can pay your utility bills, do online shopping and many more.
- Mobile Banking facilities: Indian Bank mobile banking facilities include paying bills, balance enquiries, IMPS transfers, getting statements on demand, making enquiries, and also requesting cheque books.
- SMS Alerts and e-Statement: Indian Bank savings account offers SMS alter and also e-statement facility.
- Personalised Banking: Indian bank offers personalised cheque books and also debit cards.
- Auto Sweep Facility: Furthermore, some Indian bank savings accounts have an auto sweep in facility.
How to open an Indian Bank Savings Bank Account?
You can open an Indian Bank savings bank account by either visiting the nearest bank branch or online at your convenience. Opening the Indian Bank SB account online is simple the following are the steps:
- Visit the Indian Bank website.
- Enter the following details:
- Name
- Mobile Number
- Email ID
- Enter the Captcha
- Check the following:
- Accept the Terms and Conditions
- Agree to submit Aadhaar number for account opening, and authorise Indian Bank to fetch personal details from UIDAI. I declare that no other account has been opened nor will it be opened using OTP based e-KYC with Indian Bank or any other bank.
- Next, I hereby declare I am an Indian citizen and a taxpayer only in India. I am not a resident or taxpayer of any other country.
- I hereby declare that the first transfer is being done from my fully KYC account with the other bank, and the transfer is not from a third party.
- Next, click on submit.
- Enter all the details to open a savings account on the following page.
However, before opening the Indian Bank savings account, you should meet the following eligibility criteria:
- Must be a resident Indian above the age of 18 years.
- Have a valid Aadhaar Card number (it should be linked to your mobile number) and also Permanent Account Number PAN Card number
Following are the documents required to open an Indian Bank savings account:
- Account opening form
- Two passport size photographs
- Identity proof – Driving License, Voter ID, Aadhar Card, PAN Card, Senior Citizen Card, and any Government ID card.
- Residence proof – Passport, Aadhaar Card, Utility Bills, Bank statement with cheque, and the certificate is given by the Post Office.
Types of Savings Bank Account
Following are the types of Indian Bank savings bank accounts:
- Savings Bank Account
- IB Smart Kid
- SB Platinum – Savings Bank Platinum Account
- IB – Sammaan
- IB Mahila Shakti for Women
- Indian Bank Kishore: Savings Bank Account for Minors
- IB GenX for the Vibrant Youth
- IB Salaam – Special Account for Defence Personnel
- Savings Bank Account for Pensioners
- Motor Accident Claim Tribunal (MACT) Savings Bank Account
- IB DIGI Online SB Account
- Small Account
- SB for Students under Government Scholarship and SB for DBT
- SB for Central/ State Government/ Consular Office & IND PFMS
- IB Corp SB: Payroll Package Scheme for Salaried Class
Types of Savings Bank Account: In Detail
Savings Bank Account
Following are the features of the account:
- Type of Account: With or without cheque facility
- Minimum Balance: INR 1,000 with cheque facility, INR 500 without cheque facility.
- Maximum Amount: No Limit
- Cheque Book, Demat Account, Locker and Credit Card Facility: Available
- Nomination Facility: Available
- TDS: No TDS on interest
IB Smart Kid
Savings account for children who are one day to 18 years old. This is only for minors, and therefore, a joint account cannot be opened. Also, this savings account allows money to be transferred from a parent’s or guardian’s account to the child’s account. Once the child attains majority, the account can be converted to a regular savings bank deposit. Following are the features of the account:
- Minimum Balance: INR 100 with cheque facility, INR 250 without cheque facility.
- Nomination Facility: Available
SB Platinum – Savings Bank Platinum Account
Savings account for High-Net-worth Individuals, high-income earnings Gen-X, corporate executives and institutions and corporations. Following are the features of the account:
- Average Monthly Minimum Balance: For individuals: INR 7,50,000 per month and for non-individuals: INR 10,00,000
- Internet and Mobile Banking: Available
- Sweep In Facility: Available
- Nomination Facility: Available
Indian Bank – Sammaan
Savings account for individuals over 60 years. Following are the features of the account:
- Monthly Average Balance: Nil
- Mode of Operation: Single or joint
- Cash withdrawals: Available for free without any charges at non-home branches
- Cheque book and Passbook: Available
- Account Closure: Doesn’t attract any charges
- Bank Lockers: Available at 10% discount
- Loans: Interest rates on loans at a concession
- Doorstep Banking: Available
- Account Statement: One statement per month for free.
- SMS Alerts: Available for free.
IB Mahila Shakti for Women
Account for women customers only. The account has the following two variants:
- Variant 1: Account where no salary is credited
- Variant 2: Account where salary is credited
Following are the features of the account
- Average Monthly Minimum Balance: INR 1,000
- Sweep-in Facility: Available
- Bank Lockers: Available at 25% discount
- Overdraft Facility: Available
- Loans: Available at lower interest rates
IB Kishore: Savings Bank Account for Minors
Account for minors between the ages of 10 years and up to 18 years can open the account. Once the child attains majority, they can convert the account to GenX Savings Account. Following are the features of the account:
- Mode of Operation: Single, joint account holding is not allowed.
- Initial Deposit Amount: INR 500
- Average Monthly Minimum Balance: Nil
- Maximum Balance: INR 2,00,000
Indian Bank GenX for the Vibrant Youth
Savings account for individuals between the age group of 18 years to 40 years. Following are the features of the account:
- Mode of Operation: Single or joint
- Initial Deposit Amount: INR 1,000
- Average Monthly Minimum Balance: INR 1,000
- Health Insurance: Available, at concession rates
- Loans: Available at lower interest rates
- Demat and Trading Account: Free for one year
Indian Bank Salaam – Special Account for Defence Personnel
Savings account for personnel from the Public Defence Services. Following are the features of the account:
- Mode of Operation: Single or joint
- Initial Deposit Amount: Nil
- Average Monthly Minimum Balance: Nil
- Loans: Available at lower interest rates
- Demat and Trading Account: Free for one year
- Locker: Available at a 25% discount
- Health Insurance: Available, at concession rates
Savings Bank Account for Pensioners
Account is for pensioners – State, Central and EPF. Following are the features of the account:
- Average Monthly Minimum Balance: Nil
- Internet and Mobile Banking Facility: Available
- Account Closure: Free of cost
Motor Accident Claim Tribunal (MACT) Savings Bank Account
Special scheme for disbursement of compensation to road accident victims. All individuals, including minors, along with guardians, can open the account. Following are the features of the account:
- Nature of Operation: You can operate only through withdrawal slip or biometric authentication.
- Mode of Operation: Single. In the case of minors, guardians will operate.
- Average Monthly Minimum Balance: Nil
- Account Conversion: Not available. Furthermore, only new accounts have to be opened. Also, converting existing savings bank accounts is not allowed.
- Nomination Facility: Available
IB DIGI Online SB Account
Savings account for all resident individuals above 18 years. Also, it is a digital account. Therefore, having a smartphone is mandatory. Following are the features of the account:
- Mode of Operation: Only single
- Maximum Withdrawal at a Bank Branch: INR 10,000 per day
- Maximum Withdrawal at Other Bank ATMs: INR 10,000 per day. However, only three withdrawals are free in metro ATMs, and five withdrawals in non-metros.
- Nomination Facility: Available
- Maximum Withdrawal at a POS: INR 10,000
Small Account
Individuals can open the account; however, they have to submit a National Rural Employment Guarantee Act (NREGA) job card. Following are the features of the account:
- Average Monthly Minimum Balance: Nil
- The account has the following restrictions:
- Transactions only through withdrawal slips.
- The Sum of all credits in a financial year cannot exceed INR 1,00,000.
- The Sum of all withdrawals and transfers cannot exceed INR 10,000 in a month.
- Also, the account balance cannot exceed INR 50,000 at any point in time.
SB for Students under Government Scholarship and SB for Direct Benefit Transfer
The savings account is for students who receive a scholarship under government schemes. On the other hand, a Direct Benefit Transfer Account is for beneficiaries under various central and state government-sponsored schemes. Following are the features of the account:
- Initial Deposit: Nil
- Average Monthly Minimum Balance: Nil
SB for Central/ State Government/ Consular Office & IND PFMS
A special account for only central and state government departments and also consular offices. Following are the features of the account:
- Average Monthly Minimum Balance: Nil
- Cheque Book: Available for free
- SMS Alerts: Available
- Service Charges: Nil
IB Corp SB: Payroll Package Scheme for Salaried Class
Account for employees of corporate firms. Following are the features of the account:
- Initial Deposit: Nil
- Average Monthly Minimum Balance: Nil
- Withdrawals: Unlimited withdrawals. However, there is a withdrawal limit of INR 50,000 per day.
- Overdraft Facility: Available
- Locker Facility: Available at a 25% discount, however only for the first year.
- Personal Accident Insurance: Available
- Loans: Concession of loans
Frequently Asked Questions
The minimum balance for an Indian Bank savings account differs with different savings account types. Also, some accounts have no minimum balance requirement.
Yes, Indian Bank offers interest banking and mobile banking for their savings accounts.
The charges for non-maintenance of balance for an Indian Bank Saving account differs on the type of account.
For a few accounts, ATM transactions are free of charge. At the same time, for some accounts, ATM transactions attract charges.
Yes, Indian Bank offers debit cards to account holders. However, the debit card features differ from product to product.
Yes, minors can operate Indian Bank savings accounts singly. Indian Bank offers the option of operating the savings account either singly or jointly.
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