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IB Smart Kid

IB Smart Kid Benifits
TARGET CUSTOMERS	For children of age 1 day to less than 18 years. Single only for minor – by Father/Mother and guardian OR In the case of court appointed guardian – by guardian NO JOINT ACCOUNT CAN BE OPENED UNDER THIS SCHEME
KYC REQUIREMENT	As applicable to Normal Savings Bank account
NATURE OF OPERATION	With/Without Cheque facility
AVERAGE MONTHLY MINIMUM BALANCE	Rs.100/- average monthly balance for non cheque book operated savings bank accounts Rs.250/- average monthly balance for cheque operated savings bank accounts
CHARGES FOR NON-MAINTENANCE OF MINIMUM BALANCE	NIL
CHEQUE BOOK	20 leaves free per calendar year
DD	Remittance by DD of school/college fees at par. Others chargeable
RTGS/NEFT	Free if done online.
ATM DEBIT CARD	ATM/Debit card eligible for minors of age10 years or more to those who maintain the prescribed minimum balance and subject to consent by parents / guardian for issue of ATM debit card.
INSURANCE COVER ON DEBIT CARD	Rs.2 LAKHS
MAXIMUM WITHDRAWAL AT OUR BANK	Unlimited counts with a per day limit of Rs.50,000
MAXIMUM WITHDRAWAL AT OTHER BANK ATMs	Presently 3 withdrawals are free in Metro ATMs & 5 withdrawals if in Non-Metro including non-financial.
CONVERSION OF ACCOUNT INTO NORMAL SB	After the child attains majority (18 years of age), the account can be converted to regular SB deposit. Any cheques issued by Guardian prior to the date of the Customer attaining majority and which has been presented for clearing after the conversion of the Account shall not be honoured. Upon the Customer attaining majority, the Guardian shall not be permitted to operate the Account
NOMINATION	Available
INTERNET BANKING	It can be provided with the approval of the guardian. The Guardian is solely and exclusively bound by the terms and conditions for issue of the login password and the transaction password to the minor/ the Guardian/Parent as applicable and the Guardian /Parent further agrees, confirms and undertake that he is solely and exclusively liable and responsible for all charges/expenses/other monies incurred/due and payable on the Internet and debited by the Bank from the Account.
SERVICE CHARGES	As per latest service charges notification

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 09:01:06 am)