IB Kishore – Savings Bank Account for Minors
IB Kishore – Savings Bank Account for Minors
| TARGET CUSTOMERS | · Accounts introduced for Minors who have attained the age of 10 years upto 18 years and can put their signature.
· The account should be fully KYC compliant. · PAN/ Form-97 to be obtained |
| NATURE OF OPERATION | · No joint account will be allowed under this Scheme |
| INITIAL DEPOSIT | · Rs.500/- |
| AVERAGE MONTHLY MINIMUM BALANCE | · NIL |
| MAXIMUM BALANCE CAPPED AT | · Rs.200000/- |
| CONVERSION OF ACCOUNT | · A provision will be made for conversion to GenX Saving Account on attainment of 18 years of age on submission of upto date KYC documents |
| CHEQUE BOOK | · No cheque book facility at present. |
| NET/MOBILE BANKING | · Would be provided with maximum transaction limit of Rs.10,000/- per day |
| ATM DEBIT CARD | · RuPay Classic ATM Card only with 1st year AMC free. |
| MAXIMUM WITHDRAWAL AT OUR BANK | · Unlimited counts with a per day limit of Rs.10,000
|
| MAXIMUM WITHDRAWAL AT OTHER BANK ATMs | · Rs.10000/- with 3 withdrawals free in Metro ATMs & 5 withdrawals if in Non-Metro including non-financial transactions |
| MAXIMUM TRANSACTION AT POINT OF SALES (POS) | · Not available |
| CONCESSIONS IN INTEREST RATE ON RETAIL PRODUCT LOANS | · Available on Select Products.
· Terms and Conditions apply |
Frequently Asked Questions (FAQs)
Find answers to commonly asked questions about Indian 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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