SB FOR CENTRAL / STATE GOVERNMENT / CONSULAR OFFICES & IND PFMS
SB FOR CENTRAL / STATE GOVERNMENT / CONSULAR OFFICES & IND PFMS
SAVINGS ACCOUNT FOR CENTRAL/STATE GOVERNMENT & CONSULAR OFFICES |
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| S.NO. | PRODUCT FEATURES | REVISED WITH EFFECT FROM 1ST APRIL 2020 |
| 1. | Eligibility – Target customers | Central/State Government Departments & Consular Offices. For this purpose KYC data submitted to be examined to ensure that they fall under exempted category of customers.(PAN not required). In case such verification cannot be made, clear endorsement to be obtained in the deposit challan as to the specific Government Department identification of the Central or State Government to which the deposit is made. |
| 2. | NATURE OF OPERATION | · With Cheque facility |
| 3. | KYC REQUIREMENT | · As applicable to Normal Savings Bank account |
| 4. | AVERAGE MONTHLY MINIMUM BALANCE | · NIL |
| 5. | CHARGES FOR NON-MAINTENANCE OF MINIMUM BALANCE | · NIL |
| 6. | CHEQUE BOOK | · Offered free of charges |
| 7. | SMS ALERT | · Free |
| 8. | SERVICE CHARGES | · All service charges offered free |
IND PFMS |
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| S.NO. | PRODUCT FEATURES | REVISED WITH EFFECT FROM 1ST APRIL 2020 | ||
| 1. | Eligibility – Target customers | · Central/State Government Departments & Institutions, Statutory bodies, Trusts, Registered Societies, Autonomous Bodies and Local Bodies etc. on boarded on PFMS platform.
· Implementing Agencies (e.g. Statutory bodies, Trusts, Registered Societies, Autonomous Bodies, State Govt. Institutions, Local Bodies etc.) are registered on PFMS for monitoring their bank balances and tracking flow of funds. After registration on PFMS, the bank accounts of these agencies are duly validated by PFMS – Core Banking Solution (CBS) Interface and used by stakeholders for monitoring their balances |
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| 2. | Variant | Central/State Government Departments (With Cheque facility) | Other Agencies (With /Without cheque facility) | |
| 3. | KYC REQUIREMENT | · As applicable to Normal Savings Bank account | ||
| 4. | AVERAGE MONTHLY MINIMUM BALANCE | · NIL | · As applicable for Normal Savings Bank Accounts and service charges as per latest service charges notification | |
| 5. | CHARGES FOR NON-MAINTENANCE OF MINIMUM BALANCE | · NIL | ||
| 6. | CHEQUE BOOK | · Offered free of charges | ||
| 7. | SMS ALERT | · Free | ||
| 8. | SERVICE CHARGES | · All service charges offered free | ||
Frequently Asked Questions (FAQs)
Find answers to commonly asked questions about Indian Bank Savings Bank Account.
1. What is a Savings Bank Account?
A Savings Bank Account is a deposit account that allows you to securely save money, earn interest on your balance, and access banking services such as ATM, UPI, internet banking, and mobile banking.
2. Who is eligible to open an Indian Bank Savings Bank Account?
Resident individuals, minors (under applicable schemes), senior citizens, and other eligible customers can open a Savings Bank Account with Indian Bank by fulfilling the prescribed KYC requirements.
3. How can I open a Savings Bank Account with Indian Bank?
You can open a Savings Bank Account by visiting your nearest Indian Bank branch or through the online account opening facility, where available, after completing the required KYC process.
4. What documents are required to open a Savings Bank Account?
To open a Savings Bank Account, you generally need valid identity proof, address proof, PAN or Form 97, Aadhaar (where applicable), passport-size photographs, and other KYC documents as prescribed by the bank.
5. What is the interest rate on an Indian Bank Savings Bank Account?
The Savings Bank Account interest rate is determined by Indian Bank and may vary as per the applicable interest rate policy. Please refer to the latest interest rates published by the bank.
6. Is there a minimum balance requirement for a Savings Bank Account?
There are no charges for non-maintenance of minimum balance in Savings Accounts. However, premium Savings Account variants require a minimum balance to avail value-added benefits such as insurance coverage, concessions on service charges, and more. Please check the specific account type for applicable balance requirements.
7. Can I open a joint Savings Bank Account?
Yes. Indian Bank allows eligible customers to open a joint Savings Bank Account as per the bank's terms and conditions.
8. What banking facilities are available with a Savings Bank Account?
Indian Bank Savings Bank Accounts offer facilities such as ATM/debit card, UPI, internet banking, mobile banking, cheque book, SMS alerts, and fund transfer services, depending on the account type.
9. Can I open a Savings Bank Account online?
Yes. Indian Bank offers online account opening for eligible customers under applicable account schemes and KYC guidelines.
10. How is interest calculated on a Savings Bank Account?
Interest on a Savings Bank Account is calculated based on the applicable daily balance method and is credited periodically as per the bank's policy.
11. Can I convert my existing Savings Bank Account to another account variant?
Yes. Subject to eligibility and the bank's policies, you may request to convert your existing Savings Bank Account to another eligible savings account variant.
12. Why should I choose an Indian Bank Savings Bank Account?
Indian Bank Savings Bank Accounts offer secure banking, competitive interest rates, digital banking facilities, multiple account variants, and convenient access through a wide network of branches and ATMs.
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