Indian Bank Savings Account

Headquartered in Chennai, Indian Bank is a public sector holding. Founded back in 1907, the bank has been providing a variety of services dedicatedly, including credit cards, savings schemes, insurance and finance, mortgage loans, investment banking, merchant banking, corporate banking, consumer banking, and private banking.

By spreading its wings across the country, the bank already has more than 2500 branches. Apart from an array of facilities that it provides, you can also find a variety of Indian bank Savings Account. In this post, you’ll find segregation of all these accounts along with their benefits.

Types of Indian Bank Savings Account

Savings Bank

This one is the basic account that offers several facilities, including NEFT and RTGS fund transfer, debit cards without any annual charges, two free cheque books every year, local cheques collection, multi-city cheques Facility, 100 free withdrawals every year and more.

SB Gold

This Indian Bank savings account can perfectly suit the requirements of professionals, business owners, salaried employees, and self-employed individuals. It provides free issuance of 2 demand drafts for total Rs. 10,000 in value and free personal accident insurance cover for up to Rs. 1 lakh. And you must have Rs. 10,000 in your account to meet the minimum balance requirement.

SB Platinum

Specially designed for people with high net-worth and corporate executives, this account comes with sweep facility. With this account, you can acquire several advantages, including Life Insurance cover, free inter-city transactions, personal accident cover up to Rs. 1 lakh, and a free Debit Card.

The minimum balance requirement here is Rs. 25,000. With SB Platinum, you get a chance to turn your funds into a term deposit while having an account for anywhere from 15 days to 180 days.

SB Silver

This one is similar to SB Gold account. However, the only difference with this silver option is that its free issuance of 2 demand drafts can only be of Rs. 5,000 in value. As far as the Indian bank savings account minimum balance for this type is concerned, you must have at least Rs. 5,000 in your account.

IB Smart Kid SB Account

It can be comprehended with the name that this account is specifically for children. This savings account type allows transfer from a guardian’s or parents’ account to the child’s account. Those who are above the age of 10 years can apply for internet banking and debit card facilities with this account.

Also, if there is a cheque facility, the minimum account balance requirement would be Rs. 250. And, if there is no cheque facility, then the minimum amount is Rs. 100.

SB Power Account for Achievers

This one is meant for young professionals, self-employed individuals, new businessmen, and salaried employees. If you open this savings account, you would have to maintain a minimum balance of Rs. 5,000.

Along with that, you get to relish the advantages of a free global credit card or an International Debit Card without any annual or initial charges. Along with a personalized cheque-book, you also get a personal accident insurance cover up to Rs. 1 lakh.

Vikas Savings Khata

Lastly, this savings account is especially for those who didn’t have any banking facility access earlier. Having this account wouldn’t compel you to maintain a minimum balance amount. Also, the list of advantages includes free intra-city transactions, free debit card, and up to 10 free transactions each month.

Documents Required to Open an Indian Bank Savings Account

Similar to other savings accounts, this one also requires certain standard documents. You would have to attach KYC documents, fill up a form and attach the following documents along:

• Proof of Address: Utility Bills (phone, electricity, and water), Bank Account statement, Ration Card, credit card statement, Voter ID, Wealth or income tax Assessment Order
• Proof of Identity: Passport, aadhaar card, Voter’s Identity Card, PAN Card, Driving License
• Income Tax PAN Copy

ID proof of guardians or parents will be required if the account is opened for a minor along with the account holder’s birth certificate, a declaration form by the parent/guardian, and photographs of both.

How to Open a Savings Account?

You would have to visit the nearest branch to open up a savings account in this bank. If you want, you can also download the form from their official website, fill up, attach KYC documents, paste your photographs and submit the same for verification.

Once your submission has been verified, you will be given a welcome kit. After a few days, the notification for account activation will be sent to you.