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Product Details
Bank Name
Indian Bank
Account Name
IB – Sammaan
Account Type
Savings
Interest Rate
Up to Rs.10 lakh - 2.75%
More than Rs.10 lakh to less than Rs.200 Cr - 2.80%
Rs. 200 Cr and above - 2.90%
Free Debit Card
Senior Citizen Photo Debit card with year of birth.
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Account Opening Fees
Debit Card Charges
Annual Maintenance Fees
NEFT Charges
SB customers are waived from charges of NEFT online transactions
Minimum Account Balance
NIL
IMPS Charges
Fees and Charges of
IB – Sammaan
IB – Sammaan
Special Features
SMS alerts for submitting 15H at the quarter beginning and when a new Term Deposit is opened.
Preferential treatment at the bank (No Token System i.e. every alternate person would be Senior Citizen in all the SWO / Chief Cashier Counters)
Concession in interest rate on retail loans 0.50% on pension loans
0.05% in car loan
Preapproved personal loan and Home loan to pensioners *
Eligibility Criteria
Resident Individuals aged over 60 years; Either singly or jointly; however, the first account holder must be a senior citizen
Benefits
Features, Eligibility and Benefits of
IB – Sammaan
Pros & Cons of
Pros
Cash withdrawal at Non-home branchesEnhanced cash withdrawal facility without charges from non-home branches up to R75,000/- per day as against the present limit of R50,000/-
Excess debit charges60 transactions free per half year excluding online transactions as against the present limit of 50 per half year. Concession in locker rent10% on the rent of small lockers
Cons
Very low interest rate
IB – Sammaan
IB – Sammaan
The account comes with low interest rate and offers average value add features.
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Review of
IB – Sammaan
Account Opening and Procedure of
How to open an Account?
Application Procedure
IB – Sammaan
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