Indian Bank is one of India’s leading public sector banks. It offers a range of savings accounts designed to meet the needs of individuals, senior citizens, students, and salaried professionals.
This article explains the current interest rate structure of Indian Bank, the types of savings accounts available, and their benefits.
Indian Bank Savings Account Interest Rate
| Account Balance Range | Interest Rate (per annum) |
| Less than ₹50 lakh | 2.75% p.a. |
| ₹50 lakh to < ₹200 crore | 2.80% p.a. |
| More than ₹200 crore | 2.90% p.a. |
The interest is calculated on the daily balance and is credited to the account quarterly.
Check out the Canara Bank interest rate guide.
Types of Savings Bank Accounts Offered by Indian Bank
1. Savings Bank Account
This is the standard savings account for individuals who need basic banking services. This savings bank includes features like fund transfer via NEFT/RTGS, 2 free cheque books annually, free ATM debit cards and free local cheque collection services.
You can also automate your savings in the Jar app with just ₹10!
2. IB Smart Kid
Parents or guardians can open this account for their children who are aged between 1 day to 18 years. It includes a RuPay Classic ATM card and other features tailored for younger savers.
3. SB Platinum - Savings Bank Platinum Account
This premium account is exclusively for High Networth Individuals (HNIs), high-income earners, Gen-X professionals, and corporate executives. The account includes life insurance and personal accident coverage of Rs. 1 lakh each, free inter-city transactions, and a sweep facility to convert excess funds into term deposits.
4. IB - Sammaan
The IB-Samman savings bank account requires no minimum balance and offers free SMS alerts and free account closure. This account is specifically for Senior citizens who are 60 and above. They can operate the account either individually or jointly.
5. IB Mahila Shakti for Women
Exclusively for women customers (students, working professionals, or homemakers) aged 18 and above, this account provides an overdraft facility and a free RuPay Platinum Card. The Aadhaar number must be linked to the account.
6. Indian Bank Kishore: Savings Bank Account for Minors
Exclusively for women customers (students, working professionals, or homemakers) aged 18 and above, this account provides an overdraft facility and a free RuPay Platinum Card. The Aadhaar number must be linked to the account.
7. IB GenX for the Vibrant Youth
Targeted at individuals aged 18 to 40 years, this account offers free IMPS, RTGS, and NEFT transactions. A free Demand Account is provided for the first year, and accounts can be opened jointly or individually.
8. IB Salaam - Special Account for Defence Personnel
Exclusively for armed forces personnel aged 18 years and above, this account requires no minimum balance and no initial deposit. It includes a 25% discount on lockers for the first year and up to 5 free financial transactions at other bank ATMs monthly.
7. Savings Bank Account for Pensioners
For Central, state or EPF pensioners, this account offers a free chequebook, internet and mobile banking, and a free account closure. Pension transfers can be directly credited to this account.
8. MB DIGI Online SB Account
This is an account which is completely online for residents aged 18 and above. This account does not permit joint operations and does not provide a chequebook. Online nominations can be made.
9. Basic Savings Bank Deposit Account (BSBDA) & Small Account
Designed for financially excluded individuals, this account requires no minimum balance and allows account balances up to Rs. 50,000.
10. SB for Students under Government Scholarship and SB for DBT
This account is for students who receive a scholarship under government schemes or are beneficiaries under various central and state government-sponsored schemes. No initial deposit or monthly average balance is required for this type of savings account.
11. IB Corp SB: Payroll Package Scheme for Salaried Class
This is a specialised salary account for salaried employees. This zero-balance account includes 60 free cheque leaves, free mobile and internet banking, and two complimentary RTGS/NEFT transfers monthly.
Know the different types of savings accounts in ICICI Bank in this guide
Minimum Balance Requirement to be maintained in an Indian Bank
Below is the minimum balance requirement for the different account types in the Indian Bank.
| Account Type | Minimum Balance Requirement |
| Savings Bank Account (with cheque book) | Rs. 1,000 |
| Savings Bank Account (without cheque book) | Rs. 500 |
| IB Smart Kid | Rs. 100 (with cheque facility), Rs. 250 (without cheque facility) |
| SB Platinum Account | Rs. 7,50,000 (individuals), Rs. 10,00,000 (non-individuals) |
| IB Sammaan | Nil |
| IB Salaam (Defence Personnel) | Nil |
| IB Kishore (Minors) | Rs. 500 |
| IB Gen X | Nil |
| Basic Savings Bank Deposit Account (BSBDA) | Nil |
| IB Digi Online Account | Nil |
| Small Account | Nil |
| IB Corp SB | Nil |
| SB Platinum with Sweep Facility | Rs.25,000 |
| IB Mahila Shakti for Women | Rs.1,000 |
| Savings Bank Account for Pensioners | Nil |
The Indian bank does not charge any penalty for non-maintenance of the minimum balance.
How to Open a Savings Account in the Indian Bank?
The Indian Bank savings account can be opened either offline or online, through the website. Here’s how:
Offline Account Opening at Physical Branch
Step 1: Visit the nearest Indian Bank branch in your city.
Step 2: Get an account opening form for the savings account you want to open.
Step 3: Based on the requirement and eligibility, select the savings account type on the application form.
Step 4: Along with the application form, provide the requested documents and submit them.
Step 5: The bank will verify your details and process the application. The account opening takes 24 hours or more, depending on the bank's processing timeline.
Step 6: Once the account is active, you need to link your active mobile number and email address to receive instant bank alerts and activate internet banking services.
Online Account Opening
Step 1: Visit the Indian Bank website (www.indianbank.in).
Step 2: Navigate to the 'Savings Account' section and select the 'Apply Now' option.
Step 3: Choose the savings account that you want to open.
Step 4: Fill in your personal information as requested in the online form.
Step 5: Upload digital copies of the documents required.
Step 6: Review the information provided and submit the application.
Step 7: Track the status of your application online and complete any additional verification.
Step 8: Once your application is approved, you will receive your login credentials.
Documents Required for Opening a Savings Account in Indian Bank
To open a savings account with Indian Bank, you need to provide the following documents:
Mandatory Documents
1. Identity Proof (Any one):
- PAN Card (Permanent Account Number)
- Aadhaar Card
- Passport
- Driver's License
- Voter ID
2. Address Proof (Any one):
- Aadhaar Card
- Passport
- Driver's License
- Utility bills (electricity, water, gas) not older than three months
- Lease agreement or property registration document
- Address confirmation letter from a government official or public employee
3. Photographs: Two recent passport-size photographs (4x6 cm)
Additional Documents for Specific Account Types
For Salary Accounts:
- Job offer letter or employment letter from the employer
- Salary details letter signed by the employer
- KYC documents as mentioned above
For Business Accounts:
- Business registration documents
- Partnership deed (if applicable)
- Incorporation certificate (for private limited companies)
- Business address proof
For Senior Citizens (IB Sammaan Account):
- Age proof (birth certificate or passport)
- Standard KYC documents
For Minors (IB Kishore/IB Smart Kid):
- Parent/Guardian's identity and address proof
- Minor's birth certificate
- Guardian's KYC documents
Benefits of having an Indian Bank Savings Account
- Competitive interest rates among public sector banks
- Interest calculated on a daily balance basis
- Wide branch and ATM network across India
- Digital banking through mobile and internet banking
- Multiple account variants for different customer segments
- Secure and RBI-regulated banking
Consider checking the Kotak Mahindra Bank Savings Account Interest Rate
FAQs
What is the Indian Bank savings account interest rate?
The Indian Bank's saving account interest rate is 2.75% for amounts up to ₹50 lakh, 2.80% for amounts between ₹50 lakh and ₹200 crore, and 2.90% for amounts above ₹200 crore.
Is there a minimum balance requirement for an Indian Bank savings account?
Different account types have different minimum balance requirements. The standard savings bank account requires Rs. 1,000 (with a cheque book) or Rs. 500 (without a cheque book).
However, accounts like IB Sammaan, IB Salaam, BSBDA, and IB Digi have no minimum balance requirement. Additionally, Indian Bank does not charge penalties for failing to maintain a minimum balance.
What are the documents required to open a savings account with Indian Bank?
To open a savings account with Indian Bank, you will need the following documents:
- Identity proof (PAN Card, Aadhaar, Passport, or Driving License)
- Address proof (Aadhaar, Passport, utility bills, or lease agreement)
- Two recent passport-size photographs
A job offer letter and the employer's salary details letter will also be required for the salary account.
How long does it take to open a savings account in the Indian Bank?
The account opening process typically takes a minimum of 24 hours. The exact timeline depends on document verification and the bank's processing procedures.
