Indian Bank Savings Account

Last Updated : Feb. 5, 2025, 3:18 p.m.

Indian Bank was incorporated on 5th March 1907. Indian Bank commenced operations on 15th August 1907. The Indian Bank is one of the largest banks that offers multiple savings accounts. The Indian Bank has around five thousand branches across the country and three overseas branches. The Indian Bank savings accounts provide unique and varied benefits depending upon the needs of the customers. The Indian Bank savings accounts cater to the current technological and mobile banking needs of their customers.

In this article, we will dig deeper into the types of savings accounts offered by the Indian bank. We will also take a closer look at the features and benefits of these accounts.

Indian Bank Savings Account Interest Rate May 2026

The savings account interest rates for Indian Bank are as follows:

The interest rate calculation for the Indian Bank savings account is done based on its daily balance but the remission of the same to the customer is only done quarterly.

Types of Indian Bank Savings Account

Indian Bank offers the following savings accounts.

Indian Bank Smart Kid Account: This account can be opened by individuals whose ages range from 1 day to 18 years. The minimum balance requirement for this account is Rs. 100 and Rs. 250 without a cheque facility. Once the child attains majority, this can be converted to a regular savings account. This is one of the best savings accounts for minors .

Indian Bank Kishore Savings Account: I This savings account can be opened by minors between the age of 10 and 18 years. It is advised to convert this into a GenX savings account after the minor attains maturity. It can be opened with a meagre amount of Rs. 500 and the maximum cap balance for this account is Rs. 2,00,000. The withdrawal limit for this account is Rs. 10,000 per day and the same is the limit for mobile banking transactions.

Indian Bank Platinum Savings Account: This is one of the best savings accounts for high-net-worth individuals . The minimum average monthly balance for this account is Rs. 7,50,000 for individuals. For non - individuals, the average monthly balance is Rs. 10,00,000. This account comes with an auto sweep feature.

IB Mahila Shakti for Women: Any woman above the age of 18 years can avail of the facility of this account. The average monthly minimum balance is Rs. 1,000. This account provides a concession on lockers and also demand drafts issued by the bank. It also offers a sweep in option and has a salary and a non-salary variant.

IB Samman: This savings account is specially designed for senior citizens. Doorstep banking is available for citizens above 80 years of age. The account provides a concession in interest rates on retail loans. The bank provides preferential treatment to its senior customers and concession on demand draft, RTGS and NEFT facilities. Locker facilities are also provided at a discount. The cash withdrawal limit is also enhanced to Rs. 75,000.

IB GenX Account: Any resident individual above the age of 18 and till the age of 40 years can open this account. It provides free demat for the first year. The initial deposit and monthly balance is Rs. 1,000. Operational health insurance is also available at a concessional rate for this account.

IB Salaam: This account is specially designed for personnel serving in the defence force. A lot of charges are exempt for this savings account. The locker is available at a discounted rate and operational health insurance is made available at a discounted rate.

Savings Bank Account for Pensioners: The employees of central and state governments and EPF pensioners are the target customers for this account. There are no charges for SMS, RTGS and NEFT facilities. Only cheque operations are accepted for this account.

SB for students under govt scholarship & SB for DBT: This account can be used by students, available in state or central government scholarships. There are no minimum balance and initial balance requirements.

Small Account: The interest rate of this account is 2.75%. This account is for individuals who have to submit a NREGA job card. This account has restrictions such as transactions carried out through withdrawal slips only, a maximum balance of Rs.50,000, and a maximum withdrawal of Rs.10,000 per month.

IB DIGI Online SB Account: It is a digital account for resident individuals who are above 18 years old. This has several restrictions, such as a maximum withdrawal of Rs.10,000 per day at bank branches and other ATMs.

IND Gurudev: This account is designed for teachers or resident individuals who are in the teaching profession. The average deposit and balance requirement is zero. A free demat account is available for the first year. A Rupay platinum card with travel benefits can be availed by the customers. The debit card also offers an accidental insurance cover.

Indian Bank Savings Account Features & Benefits

• Cheque Operations: Customers enjoy 20 free cheque leaves per calendar year. Personalised chequebooks can be availed by account holders.
• ATM/Debit Card: Free Rupay ATM cards/ Debit cards are provided to account holders.
• Withdrawals: In the first six months per year, 50 withdrawals are free of charge.
• Electronic Fund Transfers: ECS/RTGS/NEFT facilities are available.
• Additional Services: Demat, Locker, and Credit card facilities are available for charge or free of cost depending on the account type.
• Initial Deposit: Accessibility for individuals who do not have access to funds.
• Nomination Facility: Nomination facility available for account holders.
• Digital Banking: Internet banking, SMS alerts, and mobile banking services are provided free of cost, enhancing convenience.

Documents Required for Indian Bank Savings Account

For opening a savings account in the Indian Bank, knowing your customer details and verification is a must. Apart from filling out the form and submitting the photographs and documents, the documents given below are required for identity and address proof.

Proof of Address:

• Water, electricity bills
• Ration card
• ITR returns
• Voter ID

Proof of identity:

• Aadhar card
• PAN card
• Passport
• Driving licence
• NREGA card in case of small accounts to be opened
• Government ID card
• Identity cards of some of PSU’s

Indian Bank Savings Account Charges & Fee

The Indian Bank levies a certain amount of fees and charges for the savings account holders. These charges are basically to use the services provided by the bank such as mobile banking, RTGS, NEFT etc. or to use ATM cards.

There are fees or charges levied over the collection of local cheques. The Indian Bank also does not penalise the customers for savings accounts in case of insufficient balance in the account.

What is the Minimum Balance for an Indian Bank Savings Account?

The Indian Bank savings account has a minimum balance requirement in the most commonly used savings account it offers. It can also be a joint account. The balance requirement is as follows:

At Indian Bank, there is no upper limit to keeping any balance in the savings account.

How to open a Savings Account in the Indian Bank?

Nowadays, with mobile banking, applying to open a savings account is no longer a tedious process. It can be done very easily either online or offline. The Indian Bank has come up with innovative ways to onboard customers without the need to fill out physical forms and submit hard copies of documents. The TAB method enables instant activation of an account with only one SMS.

Online:

• Login to the Indian Bank portal online
• Fill in the application form
• Submit all the documents as per the savings account opted by you
• Carry original documents for verification by the bank.

Offline:

• Visit the nearest branch office.
• Carry all the original documents for verification
• Fill in the application form