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Savings Bank A/c Current A/c Term Deposits NRI A/cs

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IB CORP SB – Payroll package scheme for salaried class

 

Eligibility
  • Regular employees of Corporate firms, IT sector, ITES, State and Central Government Departments, Public Sector Undertakings, Semi Government organizations, Urban development authorities, Educational Institutions, MNCs, Hospitals, Hotels, Universities, Transport Corporations, Reputed Public Sector Companies, Hotels and select Private Sector Companies with at least six month service with their organization and whose salary is credited in our branches.
  • Reputed and select Partnership firm and Proprietorship concern. In case of Proprietorship concern it should be registered under Shop & Establishment Act and in the case of Partnership Firm, it should be a registered firm.

KYC Requirement

    As applicable to Normal SB accounts.

Initial Deposit

    NIL

Average Monthly Minimum Balance & Charges for Non-maintenance of Minimum Balance

    NIL

Value Added services
  • 60 free personalized cheque leaves per annum (includes 20 free offered to all SB accounts)
  • 25% concession in respect of Demand drafts issued to the debit of the Savings Bank account for purpose other than business
  • NEFT & RTGS – Free( If done Online )
  • Free SMS alert, Net/Mobile Banking.
  • Free Rupay platinum card with AMC free
  • Rs.2 Lakhs-Insurance cover on debit card
  • 5 financial and 2 non financial transactions at other bank ATMs per month free of cost. (Irrespective of the centre).
  • Unlimited withdrawal counts with a per day limit of Rs.50,000
  • Maximum transaction at point of sales (pos)-Rs.1,00,000/-
  • Gold Credit card with 2 times of net salary for Government/Public sector employees and one month net salary for other employees. Credit limit Rs.20,000 – Rs.99,999.(Procedure for issuance of credit cards i.e based on scoring model remain same).
  • Free personal accident insurance (death cover)- Rs.2 LAKHS – primary Card holder,Rs1 LAKH – First add on card
  • Concession in processing charges ranging from 25% to 50% for retail loans viz., Home Loan, Vehicle loan, Salary loan, Personal loan etc.
  • 25% concession on first year locker rent.
  • All certifications viz., No due certificate, signature verification, photo attestation, interest certificate, balance confirmation certificate, certificate for dishonoured cheque, details of maintenance of account etc. offered free of cost.

Over Draft Facility
  • OD to the extent of 80% of net salary with a minimum amount of R10,000/- and maximum amount of R2,00,000/-
  • Period of OD is for 6 months on reducing Drawing Limit method and interest to be serviced as and when charged/ debited.
  • Interest charged would be in line with the rate applied for existing salary loan accounts.
  • The facility is to be offered to only those who have not availed any type of Salary loan from any of the branches of the Bank.
  • Salary credited into the account should take care of the interest debited and bring the account to credit balance in the next month itself.
  • Overdraft limit to be renewed after one year and reviewed at the end of 6 months.
  • If the salary is not credited for 2 months consecutively, the limit would be cancelled and the account followed up for recovery

 

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.

(Last modified on:Jul 23, 2026 at 09:00:07 am)