How to open account in Indian bank Easy processs for account open in indian Bank(15 minutes or less)

Indian Bank has a variety of savings accounts to suit everyone’s needs. These accounts are designed to provide best services and benefits to the customers.

In this post, you have been given some important information about various savings accounts of Indian Bank, including interest rates, features, types and method of opening the account.

Indian Bank Saving Account Interest Rate 2024

Savings account interest rate Indian Bank table-

BalancesIndian Bank Savings Interest Rate
Up to Rs. 10 lakhs2.75% p.a.
More than Rs. 50 lakhs – Rs. 200 crores2.80% p.a.
More than Rs. 200 crores2.90% p.a.

Characteristics of Indian Bank Savings Account

Here are the main features: –

  • The minimum account balance for Indian Bank savings accounts varies depending on the account type. Some accounts have a zero balance requirement, while others have a minimum balance requirement of INR 1,000.
  • It is simple to transfer funds with Indian Bank. You could transfer funds to another bank account using RTGS, IMPS, UPI, and NEFT.
  • All of Indian Bank’s savings accounts come with debit cards. However, depending on the type of savings account, the type of card, its advantages, and its features vary.

Indian Bank Savings Account Opening

You can visit the closest branch with relevant documents and open a bank account.

To go for Indian Bank Savings Account Opening Online, get the form from Indian Bank’s official website/portal.

Open Your Indian Bank Account in Nine Easy Steps (Online)

  • Step 1: Visit Website 
  • Step 2: Click on “Open Account”
    • On either the website or app, locate the “Open Account” section and choose “IB Corp SB”.
  • Step 3: Enter Your Details
    • Enter the necessary data, such as your name, birthdate, contact information, and (optional) nomination information.
  • Step 4: Aadhaar e-KYC
    • After that, you’ll be sent to the Aadhaar e-KYC gateway. Confirm the OTP provided to your registered mobile number by entering your Aadhaar number. This electronically confirms who you are.
  • Step 5: PAN Card Details
    • To file taxes, enter the information from your PAN card.
  • Step 6: Account Details
    • Choose your account type (single or joint) preferred branch (optional), and set a secure password for your online banking access.
  • Step 7: Review and Submit
    • Carefully review all the entered information and apply.
  • Step 8: Video KYC (Optional)
    • A video call with a bank representative might sometimes be required for further verification. This will be intimated during the application process for Indian Bank zero balance account opening online.
  • Step 9: Account Activation
    • Once your application is approved, you will receive an account number and login credentials. You can now use your Indian Bank sb account opening online for online transactions and fund transfers. You have successfully completed the process of Indian Bank savings account opening online.

You will receive an account activation notification after a few business days.

Who Can Open a Savings Account in Indian Bank?

Individuals can open Indian Bank Savings Accounts either individually or jointly.

indian-bank
indian-bank

Documents Required for Indian Bank Savings Account

  • Account registration form.
  • Two passport-sized photos.
  • Identity evidence includes a driver’s license, a voter ID card, an Aadhar card, a PAN card, a senior citizen card, and any other government ID card.
  • Passport, Utility Bills, Aadhaar Card, Bank Statement with Cheque, and Post Office Certificate of Residence.

Indian Bank Savings Account Charges

Account ClosureRs. 51 – Rs. 61
NEFTRs. 5 – Rs. 28
ATM TransactionsNil
Local Cheque CollectionsNil
RTGSUp to Rs. 56

Types of Indian Bank Saving Account

Following are the various types of Savings Accounts that can be opened at Indian Bank-

1) Basic Savings Account

This is a no-frills IB saving account that comes with a lot of features, such as a nomination facility, three free ATM transactions at other banks in metro areas, and five free ATM transactions at other banks in non-metro areas.

A minimum balance of Rs. 1000 with a chequebook facility and Rs. 500 without a chequebook facility is required. For genuine students and pensioners, the minimum balance requirement is lower.

2) SB Gold Account

Professionals, businessmen, self-employed individuals, and regular employees are all eligible to open this savings account, which requires a minimum balance of Rs. 10000. Benefits of this account include at least two free demand drafts totaling Rs. 10,000 and free personal accidental cover totaling Rs. 1 lakh.

3) SB Platinum Account

This SB Platinum is specifically created for HNIs and corporate professionals and includes a sweep facility (every Sunday) of Rs. 10,000 minimum and multiples.

It allows you to convert excess savings account balances to Short Term Deposits. The term deposit period ranges from 15 to 180 days. This account is linked to a term deposit, into which excess monies from the savings account can be deposited on a daily basis.

4) SB Power Account

You must keep a minimum balance of Rs. 5000 in the account. This is an excellent savings account for business owners, self-employed individuals, young professionals, and individuals with regular jobs.

This account comes with perks like a personalized cheque book and free accidental insurance coverage of Rs. 1 lakh for account users up to the age of 70.

5) SB Silver Account

This account can be opened by professionals, self-employed individuals, business owners, or regular employees. This account will come with a personal accident insurance coverage of Rs. 1 lakh and one free monthly demand draft for Rs. 5000.

6) Vikas Seva Khata

This is a savings account with no minimum balance aimed at first-time savers. There is no required minimum balance in the account.

The Vikas Savings Khata comes with perks, including ten free monthly transactions, a free ATM cum debit card, one demand draft or BPO with no fees for issuance to third parties, and free intra-city transactions. Other value-added services are available, provided you meet the KYC requirements.

7) Smart Kids Savings Account

This savings account is intended for small children (11 days to less than 18 years).

The account must have an average monthly balance of Rs. 250 with a cheque book and Rs. 100 without a cheque book. The IB Smart Kid SB Account allows funds to be transferred from the parent’s or guardian’s account to the child’s account.

8) IB Corp

Salaried employees in all industries will receive 60 free personalized cheques, two free RTGS and NEFT transactions per month, a pre-opened welcome kit, free mobile alerts, a three-in-one Demat account, free mobile, and internet banking (Ind Pay), an overdraft facility of up to 80% (between Rs. 10,000 and Rs. 2 lakhs), and other benefits.

9) Indian Bank Surabhi

To open an IB Surabhi savings account with the Indian Bank, you must be a housewife or a working woman, or a first-time account holder with a daughter/son and husband, and above the age of 18.

Regular and premium account users will both receive free SMS alerts, preferential rates on vehicle and personal gold loans, a 20% discount on first-year locker rent, unlimited ATM withdrawals at their own bank ATMs, and five free withdrawals per month at other banks’ ATMs.

Also Read: How to Open Savings Account in AU Small Finance Bank– Offline & Online

Indian Bank Video KYC – Open Your Account in Five Easy Steps

  1. Verify Identity. Enter Contact Information, Upload PAN & Aadhaar.
  2. Select Product* Choose Your Account Features & Benefits.
  3. Submit Application. Submit Relevant Details and Choose Service that Suits You.
  4. Complete Video KYC. …
  5. Onboarding Complete.

Frequently asked questions (FAQs) about Indian Bank Savings Accounts:

  1. What are the different types of Indian Bank Savings Accounts? Indian Bank offers a variety of savings accounts to suit different needs, including accounts for:

    • Individuals (Regular accounts, Senior citizen accounts, Youth accounts)
    • Minors (IB Kishore)
    • Women (IB Surabhi)
    • Zero balance account (PMJDY – subject to eligibility)
  2. What are the documents required to open an Indian Bank Savings Account online? The documents required may vary depending on the account type, but generally you’ll need:

    • PAN Card
    • Address proof (Aadhaar Card, Voter ID etc.)
    • KYC documents
  3. Does Indian Bank offer zero balance savings accounts? Indian Bank doesn’t directly offer a zero balance savings account, but you can consider the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme for a zero balance option (subject to eligibility).

  4. What is the minimum balance requirement for an Indian Bank Savings Account? The minimum balance requirement varies depending on the account type. Some accounts have no minimum balance requirement, while others may have a minimum balance penalty if not maintained.

  5. How long does it take to open an Indian Bank Savings Account online? The online application process itself can take around 15 minutes to an hour depending on your internet speed and complexity of your application. However, additional verification steps may add time.

  6. Can I open a joint savings account with Indian Bank online? Currently, Indian Bank doesn’t seem to offer the option to open a joint savings account online.

  7. What are the charges associated with maintaining an Indian Bank Savings Account? Charges can vary depending on the account type and whether the minimum balance is maintained. It’s best to check the Indian Bank website or contact customer care for specific details.

  8. How can I access my Indian Bank Savings Account online? Once your account is opened, you can access it online using Indian Bank’s internet banking platform. You’ll need to register for internet banking separately.

  9. What are the different types of transactions I can perform through my Indian Bank Savings Account? With internet banking, you can perform various transactions like funds transfer, bill payments, online recharges, and check account balance.

  10. What if I forgot my Indian Bank Savings Account number? You can retrieve your account number by contacting Indian Bank customer care or logging in to internet banking (if you have access).