Elevate Banking with SB Platinum Account
SB Platinum – Savings Bank Platinum Account with Sweep facility
| TARGET CUSTOMERS | · High Networth Individuals (HNIs), high income earning Gen- X and Corporate executives and
· Non Individual – Institutions and Corporates. This facility will be provided to Firms, Companies, Trusts, Institutions etc. who are eligible to maintain SB Accounts |
| AVERAGE MONTHLY MINIMUM BALANCE | For Individuals:
· A Minimum average Balance of Rs. 25,000/- (total products of 7,50,000 per month i.e. 30 days X Rs.25,000/-) and a threshold minimum of Rs.50,000- for transferring to Term Deposit. (i.e. Sweep would be effected only when the balance exceeds Rs.50,000/-) For Non-individuals: · Threshold limit/Minimum Amount: Rs. 10,00,000/- . Sweep shall take place after the cut off level of Rs. 10,00,000/-. |
| CHARGES FOR NON-MAINTENANCE OF MINIMUM BALANCE | For Individuals:
· If the average monthly minimum balance in the Savings Bank Account falls below Rs.25,000/-, i.e. if the total products are less than 7,50,000 in a month, a penalty of Rs.120/- per month inclusive of Service Tax will be levied. For Non-individuals: · If the average minimum balance in the Current Account falls below Rs.1,00,000/-, i.e. if the total products are less than 90,00,000 in a quarter, a penalty of Rs.120/- per month inclusive of Service Tax will be levied. |
| CHEQUE BOOK | · 20 leaves free per calendar year |
| RTGS/NEFT
|
For Individuals & Non-Individuals:
Online NEFT/RTGS free. |
| SMS ALERT
|
Individual: Charges applicable
Non-individual: Free |
| NET/MOBILE BANKING | Free |
| ATM DEBIT CARD
|
Rupay Platinum Card with AMC free for individuals and no card for entities. |
| AUTO SWEEP FEATURES | For individuals:
Sweep Amount & Reverse Sweep · In multiple amounts of Rs.10,000/- over and above the cut off limit of Rs.50,000/- on Sundays or at the option of the customer. · Reverse Sweep will be on “Last in First out” (LIFO) basis. For Non-individuals: Sweep Amount & Reverse Sweep · In multiple amounts of Rs.100,000/- over and above the cut off limit. |
| Other features of sweep | · Should be unencumbered
· Frequency is on Sunday or at the option of the customer. · Sweep facility is being offered for STD & MMD Category Term Deposits product where STD products are available for tenor ranging 7 days -180 days and MMD Products are available for tenor ranging 181 days to 1 year. |
| SERVICE CHARGES | · As per latest service charges notification |
| NOMINATION | · Facility available |
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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