IND FAMILY
IND FAMILY
| TARGET CUSTOMERS | All Resident individuals.
Definition of Family: A family is defined as Spouse, Parents, Grand Parents, Father-in-Law, Mother-in-Law, Children (Son, daughter), Son-in-Law & Daughter-in-Law of the primary account holders Only KYC Complied Resident Indians are allowed to open account under the Family SB Variant. Minors, HUFs, Non-Personal Entities, NRIs and Staff (Including Retired Staff) are not permitted to open accounts under IND Family Product. |
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| MODE OF OPERATION | Single, E/S, F/S, Jointly | ||||||||||
| VARIANTS | Diamond | Ruby | Emerald | ||||||||
| FAMILY MONTHLY AVERAGE BALANCE (FMAB) | Rs.50000 | Rs.200000 | Rs.500000 | ||||||||
| Minimum Monthly Average Balance for the IND Family SB Account is defined at the family level and the MAB maintained in the individuals accounts linked to the Family ID will be grouped and the same will be termed as “Family Monthly Average Balance (FMAB)” | |||||||||||
| PENALTY FOR NON-MAINTENANCE OF FMAB | In case of non-maintenance of Family Monthly Average Balance (FMAB), penal charges will be debited from the primary account as per the prevailing rate for Savings Account.
If there is no sufficient balance in the primary account to recover the penal charges for non-maintenance of FMAB, charges will be accrued as uncollected charges and recovery will be made subsequently on availability of the balance in line with other Savings Bank Account.
In the event of the primary account holder choosing not to link any of the family members’ accounts under Family ID, the Average Monthly Balance (AMB) requirement will be governed solely for the individual account. The Family Monthly Average Balance (FMAB) benefit will not apply, and the primary account holder will be required to maintain the AMB as per the selected variant
Failure to maintain the required AMB will result in applicable non-maintenance charges, as per the bank’s prevailing schedule. |
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| WAIVER OF NON- MAINTENANCE OF MAB CHARGES | Waiver of Non- maintenance of FMAB Charges is subject to maintaining of term deposit of undermentioned minimum value at the Family ID level: –
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| CHEQUE BOOK | Free (Only for the Primary Account opened under IND Family Variant) | ||||||||||
| DEBIT CARD | Eligible for all Types of Debit Cards with AMC Free only for Rupay Platinum Card. (Only for the Primary Account opened under IND Family Variant) | ||||||||||
| MAXIMUM WITHDRAWAL AT OTHER BANK ATMs | 5 Transactions Free at other Bank ATMs
(Only for the Primary Account opened under IND Family Variant) |
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| MAXIMUM TRANSACTION AT POINT OF SALES (POS) | Rs.1,00,000/- (Applicable on Rupay Platinum Debit Card)
(Only for the Primary Account opened under IND Family Variant) |
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| CREDIT CARD | All Family members linked to the Family ID will be eligible for Credit Cards with a maximum limit of Rs 10.00 lacs with Zero joining fees and 4 free add on cards subject to Bank’s Eligibility norms. | ||||||||||
| INSURANCE COVERAGE | Group Term Life Insurance (GTLI) for 1st year will be offered to any one of the eligible family members aged between 18 years – 35 years whose Savings Account is linked to Family ID
Insurance cover will be valid only for one year from the next month of linking the SB Account of under Family ID and Renewal of insurance for the next year will be subject to fulfillment of terms & condition of the scheme at Bank’s Discretion.
Insurance Coverage will be available till the account is linked to Family ID scheme Thus, insurance cover will not be available in case the account of the covered member has been delinked from the Family ID. |
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| LOCKER RENT | 25 % concession for Medium/Small Sized Locker to 2 family members linked to Family ID. | ||||||||||
| SMS/ STATEMENT | Free (Only for the Primary Account opened under IND Family Variant) | ||||||||||
| RETAIL LOANS | 100 % waiver of Processing Fees on Retail Loans ( Housing & Vehicle Loans) for family members linked to Family ID | ||||||||||
| RTGS/NEFT | Free if made through Online Mode (Internet & Mobile Banking)
(Only for the Primary Account opened under IND Family Variant) |
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| DEMAT A/C OPENING & TRADING | Free Demat & Trading Account
1st Year AMC waived off, if opened through our Bank’s mobile app “IND Smart” (Only for the Primary Account opened under IND Family Variant) |
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| NOMINATION | Nomination is Mandatory | ||||||||||
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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