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Product Details
Bank Name

Indian Bank

Account Name

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.

IB – Sammaan
Account Opening Fees

Annual Maintenance Fees

Minimum Account Balance

NIL

Debit Card Charges

NEFT Charges

SB customers are waived from charges of NEFT online transactions

IMPS Charges

Fees and Charges
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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
Pros & Cons
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
Application Procedure

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Product Review
Account Opening and Procedure
How to open an Account?
Application Procedure
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