Capital Gains SB account
Capital Gains SB account
| TARGET CUSTOMERS | · All assesses who are eligible for exemption under Section 54, 54B, 54D, 54F or 54G of the Income tax Act 1961 (43 of 1961) can deposit under this scheme.
· Can be opened in all branches except rural branches |
| KYC REQUIREMENT | As applicable to Normal Savings Bank account |
| NATURE OF OPERATION | Non cheque book SB account |
| AVERAGE MONTHLY MINIMUM BALANCE | · NIL |
| CHARGES FOR NON-MAINTENANCE OF MINIMUM BALANCE | · NIL |
| CONVERSION OF ACCOUNT | · Conversion from Type A (Savings Bank) to Type B (Term Deposit) permitted and vice versa without charges |
| CHEQUE BOOK
|
· Cheque books are not issued – Withdrawal only through withdrawal forms with application in Form C along with Passbook. |
| DD
|
· Amount beyond Rs. 25000/- will be issued vide Account Payee Demand Draft |
| RTGS/NEFT | · No RTGS / NEFT permitted |
| NET BANKING | · Only viewing, Transactions are restricted |
| ATM DEBIT CARD | · Not issued |
| ECS DEBIT | · No ECS debit permitted |
| NOMINATION | · Online facility is restricted – Maximum 3 persons can be nominated |
| RESTRICTIONS IN TRANSACTIONS AT THE BRANCH | · Withdrawal by cash is restricted to Rs. 25000/-
Amount beyond Rs. 25000/- will be issued vide Account Payee Demand Draft |
| CLOSURE OF ACCOUNT | · Application in Form G with letter from assessing officer of the Income tax office to be provided for closure of the account |
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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