Indian Bank Online Account Opening: How to Open it?

Indian Bank Online Account Opening process is quite easy; all you need to do is follow some simple steps to open, but first of all, you need to know about what Indian bank has to offer and its importance.

The history of the Indian Bank

The history of Indian Bank is a story of success. The bank has been in operation since the year 1907 and has grown to be one of India’s leading banks, with its headquarter in Chennai, India.

After the merger of Allahabad Bank, Indian Bank becomes India’s seventh-largest government bank. Indian Bank is a Public Sector Undertaking (PSU) of the Government of India and a ‘Navratna’ under the Ministry of Finance, Govt. of India.

Presently, it operates more than 227 Overseas Correspondent banks in 75 countries, with more than 6400 branches across 27 states and 4 union territories with an asset base exceeding Rs.9,30,000 crore.

Indian Bank offers a wide range of banking products, from credit cards to mortgages. Indian Bank’s main priorities are customer satisfaction and security.

The bank focuses on providing the best possible experience for each customer, so choosing which account is right for you can be hard.

So now, in this article, we will discuss the Indian Bank Online Account Opening process, How it works, and some types of accounts you can open with them!

Let’s dive into it!

What’s Ahead

1. Types of Indian bank saving accounts and their features.
2. How to open an Indian Bank saving account.
3. Eligibility criteria
4. Documents required for to open a bank account
5. Conclusion

The different types of Indian bank saving accounts and their features.

The Indian Bank offers many services to meet your banking needs. It is one of the best banks in India and can provide you with a variety of financial needs, including savings accounts.

There are different types of saving accounts that come with their benefits. Here is the list of saving accounts with their features.

#1. Regular Saving Account 

This account comes with a low processing fee and minimum balance requirement. You can easily transfer money to your other bank account and more at zero service charge. This account is perfect for people who love to keep things simple. It offers quick access to funds while still earning some interest! You can apply for this account on the bank’s website.

Features of Regular Saving Account

• This is Individual – Single Accounts.
• You or your spouse can jointly open this account.
• There is a minimum average balance requirement of Rs.2500 with a Cheque facility and Rs.500 without a Cheque facility.
• You will get 20 cheques free in a calendar year for cheque-operated Savings Bank accounts.
• The bank offers you a personalized checkbook.
• You will get Rupay ATM cards/ Debit cards free of cost.
• Demat, Locker & Credit card facility available

#2. IB CORP SB – Payroll Package Scheme For Salaried Class

This account is ideal for regular employees of business organizations, the IT industry, ITES, state, and central government departments, public sector undertakings, semi-governmental organizations, urban development authorities, educational institutions, multinational corporations (MNCs), hospitals.

It also works well for reputable public sector firms such as hotels and selects private sector businesses.)

However, you must have spent at least 6 months with your employer, and your salary should be credited to the service branch to open this account.

Features of IB CORP SB – Payroll Package Scheme for Salaried Class Account:

• Minimum average balance: No need to maintain a minimum average balance
• Free Cheque: 60 free personalized cheque facilities in this account per year.
• Special Discount in Demand Draft Charges: You will receive a 25% discount on Demand drafts issued to the debit of your Savings Bank account for non-commercial reasons.
• Free SMS alert, Net/Mobile Banking.
• Free Insurance cover: You will get an Rs.2 Lakhs-Insurance cover on a debit card
• Free withdrawal from ATM: You can withdraw money from these ATMs and make 5 financial and 2 non-financial transactions each month free of charge. (Regardless of the location).
• Unlimited withdrawal: Withdrawal counts are unlimited, but a daily limit of Rs.50,000.
• Free personal accident insurance: Free personal accident insurance (death cover)- Rs.2 Lakh – primary Lakh, Rs1 Lakh – First add-on card.
• Concession in processing charges in Loan processing: You will get a concession of up to 25% on processing charges for retail loans, Home loans, Vehicle loans, Salary loans, Personal loans, etc.
• 25% off on first-year locker rent: You will get a 25% concession on first-year locker rent.

However, the main benefits of this account are the Over Draft Facility; you can avail yourself up to 80% of the Salary as Over Draft.

#2. IB Smart Kid

This is a special account for children under 18 years old that can help them learn how to save and earn easy interest; kids can open this account under the guardianship of either parent or legal guardian. However, no joint account can be opened for children. You can open this account at any of the bank’s branches.

Features of IB Smart Kid Account:

• Age Requirement: Your age should be 0 to 18 years.
• KYC requirement: Same as regular saving account.
• Average Monthly Balance: Rs.100 for non cheque book operated savings bank accounts and Rs.250 for cheque operated savings bank accounts.
• Free Cheque Book: You will get 20 leaves free per calendar year.
• Free Insurance Cover: You will get a free insurance cover of Rs.2 Lakh on Debit Cards.

The Kids can convert from an IB Smart Kids account to a Normal Saving Account after turning 18. However, cheques issued before conversion shall be dishonored, and the guardian shall not be permitted to operate the account.

#2. SB Platinum – Savings Bank Platinum Account.

Look no further if you’re looking for a savings account designed for HNIs or corporate executives. You’ll love the benefits this account offers. To name a few, it includes life insurance and personal accident cover for 1 lakh rupees each, free inter-city transactions, and an ATM debit card free of charge. This account can be opened for a term of 15 days to 180 days and offers the option of converting your excess funds in your account to a Term Deposit daily.

Let’s check the features of this account:

• MAB: Minimum average balance: Rs.25 thousand.
• Free Insurance Cover: You will get a life insurance cover of Rs.1 Lakh on a term deposit applied to your accounts at the time of maturity, and you will also get a personal accident cover of Rs.1 Lakh on a term deposit applied to your accounts at the time of maturity
• Free Cheque Facility: You will get 20 free cheques per year, and you can avail of this facility through Online, SMS alerts, and Mobile Banking.
• Auto Sweep Facilities: When your Bank balance exceeds the Rs.50,000 threshold will be done automatically, and the amount excess amount shall be transferred into terms deposit.

In summary, SB Platinum – Savings Bank Platinum Account is the new choice of the Indian Bank for HNIs.

#3. Basic Savings Bank Deposit Account

As the name suggests, this account is ideal for those looking for a no-frills savings account. You can open this account online and at any Indian Bank’s branches. This account does not charge you for intercity or intracity transactions, and we’ll even give you an ATM card. Plus, you can add nominees to the account with no problem.

Features of Basic Savings Bank Deposit Account: 

• Nominees can be added to the account.
• No minimum balance needs to be maintained.
• An ATM card will be issued.
• No charges will be levied for intercity/Intracity transactions.

#4. IB – Sammaan Savings Account

This account is for Resident Individuals aged over 60 years or senior citizens. It is called the Sammaan Savings account because it offers incentives, including concession in the interest rate of 0.05% in a car loan.

Here are the features of this account:

• MAB: There are no charges for non-maintenance of minimum average balance.
• Interest: You will get a 0.05% Concession in the interest rate on retail loans.
• Doorstep banking:  You can avail of doorstep banking. However, there are nominal charges for doorstep banking.
• Debit & Credit Card: You will get a Senior Citizen Photo Debit card with the year of birth.
• Cheques: You will receive 50 free leaves each year (in addition to 20 that are given for free to all)

You will get very good benefits from this account, and you should take a look at it if you’re 60 years old or older!

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Read More: How to Open PNB Saving Account Online.

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#5. IB Mahila Shakti For Women

If you’re a woman, then this is the account for you! Even if you are earning a single, double, or triple income. You can open this account online, and you will be given an ATM card free of charge upon opening the account. There are two VARIANTS in the SB Mahila Shakti Account.

Features of IB Mahila Shakti Account:

• The Aadhaar must be linked to the account.
• An overdraft facility will be provided.
• RuPay Platinum Card will be provided at no additional cost.
• Your age must be 18 years or above.
• Interest Rate: 0.50% will be given on the daily balance of your account.
• You need to maintain a minimum average balance of Rs.1,000.
• You will receive a 25% discount on Demand drafts issued to your Savings Bank account for anything other than the company.
• For any locker size, you’ll get a 25% discount on rental for lockers if you have an IB Mahila Shakti SB account linked to it.

This account is best for women who are 18 years old or older!

#6. IB Kishore – Savings Bank Account for Minors

So if you’re between 10 and 18 years old, this saving account can be opened in your name. You’ll receive a RuPay Classic ATM card that you can use to withdraw cash from ATMs and make payments. There’s no need for a checkbook – just use your card. The initial deposit is just 500 rupees, so it’s easy to get started.

Features of IB Kishore Savings Account:

• The minimum age for opening an account is 10 years.
• You’ll receive a RuPay Classic card upon opening the account. Monthly SMS alerts will be sent to your phone, as well as email alerts.
• You will not be given a checkbook.
• You can’t open a joint account.
• You need to deposit Rs.500 as an initial deposit.
• You can not deposit a balance of Rs.2,00,000 or more.
• On completing 18 years of age, the account will be converted into a GenX Saving Account if all required KYC documents have been submitted.

You can open this account for your kids between 10 and 18 years of age.

#7. IB Gen X – For the Vibrant Youth.

Here’s another account for you if you’re between 18 and 40 years old. You’ll get a Free Demat Account for the first year. This account is made for the youth and has many features to offer.

Features of IB Gen X Account:

• You can open this account if your age is between the ages of 18 years and 40
• There are No charges for IMPS/RTGS/NEFT transactions.
• A joint or single account can be opened.
• For the first year, you will get a Demat Account for free.

#7. IB Salaam – Special Account for Defense Personnel

This is a special account for the defense personnel. You can open this account if you’re in the Indian Army, Navy, or Air Force. This is one of the most secure accounts and will meet all their needs.

Below are the Features of the IB Salaam Account: 

• There is no minimum balance requirement.
• Free online bank accounts are available, and mobile banking and internet banking.
• There is no need to deposit for opening an account.
• Individuals above the age of 18 can open a bank account.

#8. Savings Bank Account for Pensioners.

The Special Account for EPF/Central/State pensioners. This savings account comes with a special feature – it provides a free RuPay Platinum debit card.

Features of Savings Account for Pensioners:

• There is no minimum balance required to be maintained in the account.
• A joint or single account can be opened.
  • EPF/Central/State pensioners are eligible to open an account.
  • A checkbook is provided.
• The bank provides online and mobile banking services.
• There are no fees for closing your account.

In the above paragraph, I have discussed the features you can get in an Indian bank saving account. I have also shared the features of all the accounts.

I hope those terms were helpful for those who want to open an account and now know its features.

Now, I will discuss how to open an Indian bank account online and offline.

How to open an Indian Bank saving account online?

#1. Go on the bank’s official website and click on “Accounts” from the menu bar.

#2. Now choose the type of account you want to open and click on it.

#3. Fill in the required details like Name, Address, contact number, account number. Click on the “Submit” button.

#4. The bank will verify your information, and you’ll receive a mail/SMS that your account opening form has been received.

#5. The bank Executive will verify your documents, and within a week, your account will be opened.

#6. After successfully opening your account, the bank shall send you the welcome kit through speed post or courier that will have your account number, IFSC code, checkbook, ATM Card, etc.

#7. Once the account is activated, create the net banking login and mobile banking login. This can be done by visiting the bank’s website.

That’s how you open an Indian Bank saving account online. It is very easy to do, isn’t it?

How to open an Indian Bank saving account offline?

#1. Visit your local branch and fill in the hard copy of the form

#2. Provide photocopies of all required identities. (Passport, Adhar, Voter ID, etc.)

#3. Now, wait for your account opening confirmation mail/SMS.

#4. The bank Executive will verify your documents, and within a week, your account will be opened.

#5. Once the account is activated, create your net banking login and mobile banking login. This can be done by visiting the bank’s website.

That’s how you open an Indian Bank saving account offline. It is very easy to do, isn’t it?

So, these are the steps you need to take to open an Indian Bank saving account online and offline.

Eligibility criteria to open a saving bank account with Indian Bank

The citizen of India is eligible to apply for a bank account.

#1. You need to have an Indian passport or Voter ID/ Adhar Card/ Driving Licence in your name for valid proof of identity and address

#2. A joint account can be opened with the help of any of the account holder’s valid identity documents.

#3. Photo is mandatory to complete the KYC formalities.

#4. To open a Savings Bank account, you need to be at least 18 years of age and above.

What documents are needed to open a bank account in an Indian bank?

There are a lot of documents that you need to submit, which includes your

• Identity proof with photo: i.e., Passport, Voter ID, Driving License, or Adhar Card
• Address proof:  passport, voters’ identity card, ration card, registered lease or sale agreement of residence, driver’s license, statement for the last three months, and utility bills (electricity bills/telephone bills/gas bills) that are more than three months old.
• (Company / Society) Rules and regulations (copies of rules or bye-laws)

The above documents are sample documents that need to be submitted. Bank May ask for additional documents.

Can I open an Indian bank account without a PAN card?

Yes, opening a bank account without your PAN card is possible. Your Aadhar, photocopies of your passport, and driving license will be used as address proof when opening an Indian Bank account. However, you need to submit Form-60 if you cannot produce your PAN card.

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Can a minor open a bank account?

Yes, a minor can open an Indian Bank. A minor needs ID proof: Aadhar Card/ Adhaar number, copy of passport, Voter ID, and driving license. Suppose the account is being opened by a parent. In that case, they need to provide their Aadhar number and be present while opening the account.

Indian bank Savings account minimum balance.

Here is the table showing the minimum balance requirements for Savings accounts.

Types of Saving Account	Minimum Average Balance
Regular Saving Account	Rs.2,500
IB CORP SB – Payroll Package Scheme For Salaried Class	Nil
IB Smart Kid	Rs.100 (non-cheque operation) Rs.250 (cheque operation)
Basic Savings Bank Deposit Account	Nil
IB Sammaan	Nil
IB Mahila Shakti for Women	Rs.1,000
IB Kishore	Nil
IB Gen X – For the Vibrant Youth	Rs.1,000
IB Salaam – Special Account for Defense Personnel	Nil
Savings Bank Account for Pensioners	Nil

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Indian bank savings account interest rate.

Here is the table showing the interest rates offered on different types of savings account in Indian bank.

Deposit Amount	Rate of Interest
Saving Deposits Balance up to Rs.50 lakh.	3.50% p.a.
Saving Deposits Balance above Rs.50 lakh.	3.50% p.a.

Conclusion

Opening an Indian Bank account has never been easier! The bank offers various services to meet your financial needs, including online account opening.

In the article above, we’ve provided insight into how you can open one of these accounts and what documents are required. We also talked about minimum balance requirements for Savings accounts and interest rates offered on different types of savings account in Indian bank.

You now have all the information you need to make an informed decision when it comes time to choose where your money will go. Open up an Indian Bank account today by visiting their official website or Visiting the nearest bank branch.

Here Are Some FAQs regarding Indian Bank Savings Account.