Indian Bank Zero Balance Savings Account
Last Updated : March 24, 2025, 6:09 p.m.
Indian Bank is one of the oldest banks in India. It provides several zero-balance savings accounts and products for customers. In this article, we will dig deeper into the details and know-how of these products. For a better understanding of terms and conditions, read about each type of product offered.
Types of Indian Bank Zero Balance Savings Account
Below are the types of zero-balance accounts offered by Indian Bank. Indian Bank is offering one of the best zero balance savings account .
IB CORP SB – Payroll package scheme for salaried class
- 60 free personalized cheque leaves per year.
- 25% concession in respect of Demand drafts issued.
- Free NEFT & RTGS
- Free SMS alert, Net/Mobile Banking.
- Free Rupay platinum card
- Rs.2 Lakhs-Insurance cover on debit card
- 5 financial and 2 non-financial transactions limit for other banks
- Unlimited withdrawal of INR 50,000
- Maximum transaction at the POS INR 1,00,000/-
- Gold Credit card, Credit limit INR 20,000 – INR 99,999.
- Free personal accident insurance INR 2 Lakhs
- Concession in processing charges ranging from 25% to 50% for retail loans
- 25% concession on first-year rent locker.
IB – Sammaan
Eligibility | Resident Individuals aged over 60 years |
Mode of operation | Either singly or jointly |
Cash withdrawal at Non-home branches | Enhanced withdrawal facility from non-home branches up to INR 75,000/- per day |
Excess debit charges | 60 transactions free per half year excluding online transactions |
Account closure charges | NIL |
Cheques | 50 leaves free per annum |
Passbook | Coloured passbook |
DD | 25% concession on the normal charges for DD |
RTGS /NEFT Outward | 25% concession on normal charges through the branch it is free when done online |
SMS Alert charges | Free |
Debit & Credit Card | Special debit card with photo and birth year |
Concession in locker rent | 10% on the rent of lockers Small |
Minimum Balance Charges | NIL |
Statement of account | one per month is being sent through mail free of cost |
Signature verification/Photo attestation/All certifications | Free |
Privileged Services | 1. SMS alerts 2. Preferential treatment at the bank |
Concession in interest rate on retail loans | 0.50% on pension loans 0.05% in car loan |
Door Step banking | Doorstep banking – Cash / Cheque pickup and cash/demand draft delivery, Collection of TDS – Exemption Certificate (15H) with the use of Business Correspondent. Free for ages above 80 years depending upon the need and call. At a nominal charge for other Senior Citizens between 60 years up to 80 years |
IB Kishore – Savings Bank Account for Minors
MAXIMUM BALANCE CAPPED AT | · INR 200000/- |
CONVERSION OF ACCOUNT | · A provision will be made for conversion to GenX Saving Account upon attaining the majority |
CHEQUE BOOK | · No chequebook |
NET/MOBILE BANKING | · Would be provided with a maximum transaction limit of INR 10,000 per day |
ATM DEBIT CARD | · RuPay Classic ATM Card |
MAXIMUM WITHDRAWAL AT OUR BANK | · Unlimited counts with limit of INR 10,000 per day |
MAXIMUM WITHDRAWAL AT OTHER BANK ATMs | · INR 10000 with 3 withdrawals free in Metro ATMs & 5 withdrawals if in Non-Metro including non-financial transactions |
IB Salaam – Special Account for Defence Personnel
DEMAT ACCOUNT |
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PREFERENTIAL ALLOTMENT OF LOCKER |
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RENT ON LOCKER |
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EXCLUSIVE PRIVILEGES |
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Savings Bank Account for Pensioners
CHEQUE BOOK | · 20 free personalized cheque leaves per calendar year |
RTGS/NEFT | · Free NEFT & RTGS online |
NET/MOBILE BANKING | · Facility available |
ADDITIONAL CONCESSIONS OFFERED | · No Account closure charges |
BSBDA AND SMALL ACCOUNT
CHEQUE BOOK | 20 free personalized cheque leaves |
NET/MOBILE BANKING | Facility available |
RESTRICTIONS IN TRANSACTIONS AT THE BRANCH | No limit on per month transactions maximum of 4 withdrawals allowed in a month |
MAXIMUM WITHDRAWAL AT BANKS | A maximum of only 4 withdrawals per month |
CONVERSION OF ACCOUNT | For availing the value-added services offered to other SB accounts, the account holders of this scheme have to fulfil full KYC procedures and minimum balance requirements as applicable to such SB customers |
SB for students under govt scholarship & SB for DBT
NATURE OF OPERATION | · Without a cheque facility | · Without a cheque facility |
SPECIAL FEATURE | · The stipulation of an inoperative/dormant account due to non-operation does not apply to this account category. | · The stipulation of an inoperative/dormant account due to non-operation does not apply to this account category. |
SB FOR CENTRAL / STATE GOVERNMENT / CONSULAR OFFICES & IND PFMS
CHEQUE BOOK | Offered free of charges |
SMS ALERT | Free |
SERVICE CHARGES | All service charges are offered for free |
MACT SB
Operations in the account | (i) Only single operation (ii) In the case of minor accounts, the operations will be by a guardian |
Withdrawals | Only through withdrawal slips or through Bio-Metric authentication |
IND GURUDEV
AGE GROUP | Entry Age – 21 years Exit Age – 62 years or date of superannuation whichever is earlier. |
INITIAL DEPOSIT | NIL |
AVERAGE MINIMUM BALANCE | NIL |
NATURE OF OPERATION | Single |
AUTO SWEEP FACILITY |
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CHEQUE BOOK | Free 50 Leaves per calendar year. |
DD | Free 10 DDs in a calendar year. |
SMS ALERT | Free |
STATEMENT | Free |
RTGS/NEFT /IMPS |
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DEBIT CARD | Rupay Platinum Debit Card with
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MAXIMUM WITHDRAWAL AT OWN /OTHER BANK ATMs | Unlimited Free Transactions at all ATMs |
EXCESS WITHDRAWAL CHARGES | 70 transactions free per half year excluding online transactions as against the present limit of 50 per half year. |
ACCIDENTAL INSURANCE COVER ON DEBIT CARD | INR 2 Lakhs |
DEMAT A/C OPENING & TRADING |
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MAXIMUM TRANSACTION AT POINT OF SALES (POS) | INR 1,00,000/- |
CREDIT CARD | Eligible as per bank norms |
INSURANCE | Group Personal Accidental Insurance Coverage
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CONCESSIONS ON RETAIL LOANS |
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PRE APPROVED PERSONAL LOAN | Eligible as per existing circularized guidelines. |
LOCKER RENT | 50 % discount on locker rental for the first year |
OTHER BENEFITS |
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OTHER TERMS & CONDITIONS |
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New SB Product for Pensioners” IND PENSION PRIME
Nomination | Mandatory |
Cheque Book | Free |
Sms Alert Charges | Free |
Passbook Charges | Free |
NEFT/RTGS/IMPS | Free if made through Internet / Mobile Banking. |
ATM Debit Card | Platinum Rupay Debit card |
Maximum withdrawal at other bank ATMs. | 5 transactions free per month |
Accidental Insurance Cover On Debit Card | INR 2 Lakhs Personal Accidental Insurance with Debit card is subject to terms and conditions of debit card company & NPCI which may change from time to time. |
Credit card | Available subject to fulfilment of Bank eligibility criteria. |
Personal Accidental Insurance | Free Group Personal Accidental Insurance(PAI) of INR 10 lacs will be provided to the pensioners of age (60yrs- 75 yrs) availing OD facility of more than INR 25000/- |
Overdraft Facility |
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Other Additional Services |
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Documents Required for Indian Bank Zero Balance Savings Account
Proof of residence and proof of identity are mandatory documents required to open a zero-balance savings account. For a Cent Yuva account, video KYC can be done by the bank.
For others, KYC documents include
- Aadhar Card
- PAN card
- Driving Licence
- Passport size photograph
- Passport
- Ration Card
- Utility bills
How to open an Indian Zero Balance Savings Account?
You can open a zero-balance account at the Central Bank of India online and offline.
For the online option,
- Visit the official website of the bank.
- You can select an online account.
- Fill in the required details and application form
- Complete the video KYC for the bank
- You will receive an email for account creation.
For opening offline,
- Visit the nearest branch.
- Fill in the application form and carry all the required documents
- After verification of the documents, the bank will intimate necessary details.
UPI Transaction Limit of Indian Bank Zero Balance Savings Account
- The maximum amount you can transfer via UPI from your Indian Bank zero-balance savings account is ₹1,00,000 per day.
- Per Transaction Limit: You can also make transactions up to a maximum of ₹25,000 per transaction.
What is the Withdrawal Limit Per Day of Indian Zero Balance Savings Account?
While there's no universal daily withdrawal limit for Indian zero-balance savings accounts, they often have a restriction on the number of monthly withdrawals, typically around four, beyond which charges may apply.
Frequently Asked Questions (FAQs)
Does Indian Bank offer zero balance accounts?
Is a zero balance account safe?
Can I withdraw all my money from the zero balance account?
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