Indian Bank Savings Account

The bank has 5 types of savings accounts in total. Each one is unique on its own and is collectively eligible to satisfy all needs.

Type of Savings Account	Primary Features
Saving Bank	Concession on minimum balance for pensioners and bonafide students Free ATM card for the first year
IB Smart Kid	Easy to manage savings account for children Eligible for ATM/debit card
SB Platinum	Suitable for high net worth individuals or corporate executives Sweep facility available
Vikas Savings Khata	A no-frills bank account for low-income individuals Eligible to avail all value-added services*
IB Corp SB – Payroll Package Scheme for Salaried Class	Designed specifically for the salaried class Many facilities like no charges for non-maintenance of minimum balance

* fulfillment of KYC norms is mandatory

1: Saving Bank

Saving Bank	Details
Minimum Balance Requirements	With checkbook: Rs. 1000 Without checkbook: Rs. 500
ATM Debit Card	Free  of cost for the first year
Electronic Fund Transfers ECS/RTGS/NEFT	Yes, available
Nomination Facility	Yes, available
Eligibility	Indian residents, registered trusts, clubs, societies, government bodies, educational institutions, non-trading organizations, etc.

2: IB Smart Kid

This account is exclusively done to inculcate the habit of saving in kids from a very young age. The bank encourages parents to take a full part in this for the kids.

IB Smart Kid	Details
Minimum Balance Requirements	With checkbook: Rs. 250 Without checkbook: Rs. 100
ATM Debit Card	Free issuance of ATM debit card for account holders of age 10 or above
Internet Banking	Yes, available*
Transfer of funds from parents’/guardians’ account	Yes, can be done
Eligibility	Applicant’s age should be below 18 years

*parents must consent for the use of the internet and hence internet banking by their wards

3: SB Platinum

This is well suited for corporate individuals or high net worth individuals who are looking for a safe and reliable savings deposit scheme.

SB Platinum	Details
Minimum Balance Requirements	Rs. 25000
ATM Debit Card	Free ATM debit card for the first year
Insurance Benefits	Personal accidental cover of Rs. 1 Lakh
Inter and Intra City Transactions	Free
Sweep facility	Every Sunday on  Rs. 10,000 and multiples

4: Vikas Savings Khata

Financial inclusion is the sole aim of this account and is accessible to anyone who has not been a user of bank facilities but wishes to do so or wants a simple and cost-friendly option to deposit his/her savings.

Vikas Savings Khata	Details
Minimum Balance Requirements	Zero balance account
ATM Debit Card	Yes, provided
Cash Deposit and Withdrawal Limits	10 free transactions
Benefits	No charges for intracity transactions
Purpose	Financial inclusion of people who have been deprived of banking facility

5: IB Corp SB – Payroll Package Scheme for Salaried Class

This account takes  into consideration corporates,  companies, or government organizations and has facilities that are well-tailored to serve them.

IB Corp SB – Payroll Package Scheme for Salaried Class	Details
Minimum Balance Requirements	Zero balance account
ATM Debit Card	Free RuPay platinum debit card
Internet and Mobile Banking	Free
Mobile Alerts	Free
Eligibility	All regular employees of IT sector, corporate firms, departments of State and Central governments, Public Sector Undertakings (PSUs), urban development authorities, semi-government organizations, hospitals, education institutions, hotels, MNCs, selected private sector companies having salary credit association with the bank.

Like other savings accounts, Indian Bank Saving accounts will require necessary KYC documents. Apart from the latest photographs and duly filled account opening form, you will need the following:

Proof of Address:

• Utility bills (water, electricity, and phone)
• Ration card
• Bank account statement
• Credit card statement
• Wealth or income tax assessment order
• Voter ID

Proof of Identity:

• Aadhaar Card
• Passport
• PAN card
• Voter’s Identity Card
• Driving license
• Job card issued by NREGA duly signed by an officer of the State Government(For Small Accounts) The letter issued by UIDAI containing details of name, address, and Aadhaar number
• Identity card (subject to the bank’s satisfaction)
• Letter from a recognized public authority or public servant verifying the identity and residence of the customer to the satisfaction of bank.
• Government/Defence ID card
• ID cards of reputed Public Sector Employers

To open an Indian Bank Savings account, collect the required form from your nearby branch. You can also download the form from the official website/portal of Indian Bank. Fill in the details correctly, attach the copies of KYC documents and paste photographs at the requested columns. Submit the documents and form and get them verified. After that happens, you will be provided with a welcome kit. After a few working days, you will get a notification regarding account activation.