IB – Sammaan
IB – Sammaan
| Monthly Average Balance | NIL |
|---|---|
| Type of customers | Resident Individuals aged over 60 years |
| Mode of operation | Either singly or jointly; however, the first account holder must be a senior citizen |
| Cash withdrawal at Non-home branches | Enhanced cash withdrawal facility without charges from non-home branches up to Rs 75,000/- per day as against the present limit of Rs 50,000/- |
| Excess debit charges | 60 transactions free per half year excluding online transactions as against the present limit of 50 per half year. |
| Account closure charges | NIL |
| Cheques | 50 leaves free per annum (Additional 30 leaves besides 20 offered free to all) |
| Passbook | Exclusive color of Pass Book for ease of identification |
| DD | 25% concession on the normal charges prescribed for DD |
| RTGS /NEFT Outward | 25% concession on normal charges through branch and Free when done online |
| SMS Alert charges | Free |
| Debit & Credit Card | Senior Citizen Photo Debit card with year of birth. |
| Concession in locker rent | 10% on the rent of small lockers |
| Minimum Balance Charges | NIL |
| Statement of account | Already one per month is being sent through mail [at] free of cost. |
| Signature verification/Photo attestation/All certifications | Free |
| Privileged Services | 1. SMS alerts for submitting Form 121 at the quarter beginning and when a new Term Deposit is opened.
2. Preferential treatment at the bank (No Token System i.e. every alternate person would be Senior Citizen in all the SWO / Chief Cashier Counters) |
| Concession in interest rate on retail loans | 0.50% on pension loans
0.05% in car loan Preapproved personal loan and Home loan to pensioners * *Terms and conditions apply |
| Door Step banking | Door step banking – Cash / Cheque pickup and cash / demand draft delivery, Collection of TDS – Exemption Certificate (Form121) with the use of Business Correspondent.
Free for age above 80 years depending upon the need and call. At a nominal charge for other Senior Citizen aged > 60 years upto 80 years |
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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