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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.
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
IB – Sammaan
76
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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