Indian Bank Savings Account

One of the banks to offer multiple choice in Savings Accounts is Indian Bank. They offer 7 different types of Savings Accounts, each designed for a particular category of customers and serving a distinct set of purposes.

Revision of Interest Rates on Indian Bank Savings Bank Deposits

Particulars	Rate of Interest
Saving Deposits Balance upto Rs. 50 lakh.	3.50% p.a
Saving Deposits Balance above Rs. 50 lakh.	4.00% p.a

Types of Indian Bank Savings Account

Savings Bank

This is a basic savings account which provides multiple facilities like fund transfer via NEFT/RTGS, 2 free cheque books per calendar year, free collection of local cheques, charge free issue of ATM debit cards, 50 free withdrawals per half year, multi-city cheque facility and many more such features.

SB Platinum

This savings account with sweep facility has been designed specially for HNIs and corporate executives. With this account, you get some added benefits like life insurance cover and Personal Accident cover for Rs 1 lakh each, free of charge inter city transactions and an ATM Debit card free of charge. This Savings account can be opened for a term of 15 days to 180 days and provides the account holder with the option of converting their excess funds in their account to a Term Deposit on a daily basis.

SB Gold

This account is suited for all those individuals who are self-employed, have regular employment, are owners of a business or are professionals. It provides the account holder with free Personal Accident Insurance cover worth Rs 1 lakh and allows for free issue of a maximum of 2 Demand Drafts for a total value of Rs 10,000.

SB Silver

Similar to the SB Gold, this savings account is also suited for individuals who are professionals, business owners, are self employed or hold regular employment. With this account, you also get the benefit of Personal Accident Insurance worth Rs 1 lakh along with free issue of 1 Demand Draft for a maximum amount if Rs 5,000 per year.

SB Power Account for Achievers

This is a perfect savings account for young professionals, businessmen, self employed individuals and also those with regular employment. Some of the accompanying benefits with this account are:

Free ATM cum International Debit Card / Global Credit Card without any annual / initial fee.
A personalized cheque book.
Free Personal Accident Insurance cover worth Rs 1 lakh up to the age of 70.
Free remittance within India via any mode for a maximum of 2 times per year for a total amount of Rs 25,000.

IB Smart Kid SB Account

Specially designed for young children, this savings account allows for transfer of funds from the parents or guardian’s account to that of this child. Account holders above the age of 10 may be issued an ATM debit card and may also make use of the internet banking facilities provided with their account.

Vikas Savings Khata

This is a no-frills savings bank account meant for people who have previously not had access to banking facilities. This account does not require the holder to maintain any minimum balance making it easier to keep the account active. Some benefits offered along with this account include a free of charge ATM cum debit card, one DD/BPO free of commission for issue to third parties, charge free intra city transactions and 10 free transactions per month, among some others.

Indian Bank Minimum Balance Requirement

Savings Bank	Rs 250 (non cheque operation) Rs 500 (cheque operation)
SB Platinum with Sweep Facility	Rs 25,000
SB Gold	Rs 10,000
SB Silver	Rs 5,000
SB – Power Account For Achievers	Rs 5,000
Vikas Savings Khata	None required
IB Smart Kid SB Account	Rs 100 (non-cheque operation) Rs 250 (cheque operation)

Indian Bank Savings Account Charges

ATM transactions	Free at Indian Bank ATMs; Free at other bank ATMs for 5 transactions
Account Closure	Ordinary SB Accounts – Rs 51 (individuals); Rs 61 (non-individuals); Rs 40 (special category of customers like senior citizens, pensioners, etc.)
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 + applicable time varying tariff subject to a max. of Rs 30. Above Rs 5 lakh – Rs 50 + applicable time varying tariff, subject to a max. amount f Rs 56.