MACT SB
MACT SB
| S.NO. | PRODUCT FEATURES | REVISED WITH EFFECT FROM 1ST APRIL 2020 |
|---|---|---|
| 1. | Eligibility | Individuals including Minors (through guardian) in their single name |
| 2. | Minimum / Maximum balance requirement | Not applicable |
| 3. | Cheque Book / Debit Card/ ATM Card / Welcome Kit / Internet Banking / Mobile Banking facility | (i) By default, these facilities are not offered.
(ii) Bank shall make an endorsement on the passbook of the claimant(s) to the effect that no cheque book and /or debit card have been issued and shall not be issued without the permission of the Court. (iii) These facilities will be provided with the permission of the court only. |
| 4. | Operations in the account | (i) Only single operation
(ii) In case of minor accounts, the operations will be by guardian |
| 5. | Withdrawals | Only through withdrawal slips or through Bio-Metric authentication |
| 6. | Product Change | Only new accounts will be allowed to be opened under this product. Conversion from existing SB account to this product and vice versa is not permitted. |
| 7. | Place of opening | The product is offered at all branches of the Bank. However, as per the directions of the Court, the account should be opened only at the branch nearest to the place of residence of the Claimants. |
| 8. | Account Transfer | Not allowed without the permission of the Court. |
| 9. | Other conditions | (i) A suitable certificate /undertaking that “funds are being withdrawn for the benefit of Minor” to be obtained from the guardian, in case of withdrawal from the Minor’s account.
(ii) The operations in the account should be stopped in the event of the death of the guardian (iii) Compliance of KYC guidelines to be meticulously ensured. (iv) Debit card / cheque book / Welcome kit / Internet banking facility / mobile banking facility to be provided only with the permission of the court. |
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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