Ensure a secure financial future by understanding the Indian Bank charges list. Ignoring seemingly negligible charges can drain your funds over time. Learn about fees, penalties, and account charges to manage your finances with discipline and avoid potential financial crises.
Indian Bank is a leading public sector bank with a rich history spanning over years. It provides a wide range of financial services and products to individuals, institutions, and businesses. It focuses on customer satisfaction and a strong commitment to growth and development. The customer-centric approach has gained the bank a large customer base.
On opening an account with a Bank you are routing all your financial transactions through the bank. The bank provides you with various services like debit cards for cash withdrawals and online as well as offline shopping, credit cards that give you the option of buy now and pay later, convenient funds transfer facilities like NEFT/RTGS/IMPS, Internet Banking and Mobile Banking facilities that further makes your financial dealings seamless and hassle-free, and much more. The bank collects fees and costs for these services rendered to cover the operation costs to manage your accounts which are termed Bank Charges.
The Indian Bank charges list comprises charges for the various services rendered. Here are a few common types of charges that you may encounter during your financial journey with Indian Bank.
Minimum Balance Charges
The Indian Bank minimum balance penalty charges for deviating from the minimum balance requirement in either SB or Current Account will be with respect to the shortfall in the average balance stipulated for the accounts. The penalty will range between Rs. 10/- p.m. to Rs. 100 p.m. Inoperative accounts and zero balance accounts are exempted from these charges. The charges will be collected from the 2nd month of opening the account.
For SMS notifications with respect to credit and debit transactions and balances in your account, the bank collects charges. The SMS charges will be collected quarterly.
Doorstep Banking Charges
Indian bank provides doorstep banking for convenient and hassle-free banking transactions. The charges for doorstep banking with regard to cash pick up and delivery will be collected depending on the transaction amount plus the conveyance charges.
Credit Card Charges
The bank collects charges for credit cards at the time of issuance as well as renewal. The renewal charges are collected as annual maintenance charges which depend on the category of credit card you hold.
Cheque Return Charges
If you have issued a cheque and it is returned unpaid for want of funds, the bank will charge cheque return charges for each instance. Similarly, if you have deposited a cheque into your account and returns unpaid for insufficient funds, the bank will collect cheque return charges.
Charge Slip Retrieval Charges
Charge Slips are generated for every POS transaction with credit cards. If at some point in time, you need the charge slips for reference and request for retrieval, the bank will collect retrieval charges of Rs.75/- per slip for Bharat Card and Rs. 125/- per slip for other cards.
Cash Handling Charges
If you conduct cash transactions, either deposit or withdrawal, at non-home branches of Indian Bank, the bank charges cash handling charges for transactions beyond Rs. 50000/- in a day. The charges for cash deposit will be Rs. 1/- per 1000/- with a minimum of Rs. 25/- and for cash withdrawal, it will be Rs. 2/- per withdrawal with a minimum of Rs.25/-
The common charges applied by Indian Bank may seem modest. If you consider the charges negligible and ignore them, you will observe that in the long run, it may seemingly have a toll on your savings. Here are some tips for avoiding these charges and protecting your savings.
- The bank applies charges for cash transactions beyond the monthly free limit stipulated. Avoid frequent cash transactions, both deposits as well as withdrawals. Stick to transactions through online channels as much as possible.
- Avoid deposit of bulk cash and save on cash handling charges.
- Refrain from using international cards for domestic purchases.
- Use ATMs within the bank’s network to avoid ATM charges.
- Minimise the use of cheque leaves for funds transfers.
- Visit the branch for cash transactions if you have to. Do not opt for doorstep banking.
- Transact with the home branch as far as possible.
- Keep track of the daily balances in your account to avoid overspending and paying overdraft charges.
- Note down the due dates of EMIs and standing instructions and provide sufficient funds before the due date to honour the auto-debit transactions.
- Do not issue cheques without verifying your financial status.
Indian Bank provides a wide range of Savings Accounts designed to suit the requirement of varied customer categories. The bank provides several value-added services to these Savings Accounts depending on the type of savings account you choose. On opening the Savings Account with Indian Bank you will incur certain charges like an initial deposit the details of which are given below.
|Type of Savings Account||Charges|
|Savings Bank||For Rural/Semi-urban areas Rs. 1000 for accounts with a cheque book facility Rs. 500 for accounts without a cheque book facility For Urban/Metro Areas Rs. 2500 for accounts with a cheque book facility Rs. 1000 for accounts without a cheque book facility|
|SB Platinum||Rs. 25000|
|IB Smart Kid||Rs. 250 for accounts with a cheque book facility Rs. 100 for accounts without a cheque book facility|
|Vikas Savings Khata||Zero|
|IB-Corp SB-Payroll Package Scheme for Salaried Class||Zero|
|IB Mahila Shakthi for Women||Rs. 1000|
|IB Kishore-For Minors||Zero|
Indian Bank allows unlimited free transactions at ATMs within the Bank’s network. It provides 3 free transactions per month at Metro ATMs and 5 free transactions per month at Non-Metro ATMs. The free transactions are inclusive of financial as well as non-financial transactions. The Indian Bank ATM Withdrawal charges for transactions beyond the limit are given below.
|Other Than Indian Bank ATMs For Cash Withdrawals (Financial Transactions) beyond the limit |
For Balance Enquiry (Non-financial transactions) beyond the limit
|Rs. 21 + GST |
Rs. 10 + GST
|Indian Bank ATMs For Cash Withdrawals (Financial Transactions) beyond the limit |
For Balance Enquiry (Non-Financial Transactions) beyond the limit
|Rs. 15 + GST |
Rs. 6 + GST
Indian Bank Locker Charges depend on the type and size of the locker and the location. The charges are collected in the form of annual rent. The detailed list of locker rent area-wise is given below:
|Service Tax to be paid in addition to the above rental charges|
|NEFT Amount||Indian Bank NEFT Charges|
|Rs. 10,000||Rs. 2.50|
|Rs. 10,001 – Rs 1 lakh||Rs. 5.00|
|Above Rs. 1 lakh – Rs. 2 lakhs||Rs. 15.00|
|Above Rs. 2 lakhs||Rs. 25.00|
The Indian Bank RTGS Charges for funds transferred above Rs. 2.00 lakhs are given below:
|Rs. 2.00 lacs to Rs. 5.00 lacs||Rs. 24.50 + GST per transaction|
|Above Rs. 5.00 lacs||Rs. 49.50 + GST per transaction|
|Transaction Amount||Indian Bank IMPS Charges (Per transaction)|
|For transactions up to Rs. 25000||NIL|
|For transactions above Rs. 25000 up to Rs. 2 lakh||Rs. 6 + GST|
Indian Bank Charges : FAQs
The Indian Bank collects charges for exceeding the free transaction limit in certain types of financial as well as non-financial transactions. These charges are termed bulk charges. Bulk charges comprise charges for cash transactions (both deposit and withdrawal) beyond the free limit, ATM transactions beyond the free limit, cheque leaves required beyond the free limit, payment gateway charges, debit card charges, sms charges, etc
The charges for cash withdrawals at ATMs using credit cards are Rs. 75/- for Bharat Cards, Rs. 100 for Gold, Platinum, and Business Cards.
The markup fee for international transactions using either a debit or credit card is 3% of the transaction amount.
The Indian Bank cardless cash deposit charges will be free for cash deposits up to Rs. 1.00 lakh. For cash deposits beyond 1 lakh, the charges will be Rs. 5/- for every Rs. 10000/- and part thereof.
NEFT stands for National Electronic Fund Transfer.