Indian bank

Indian bank
4.5
A prominent nationalised bank is Indian Bank. The Indian government's Ministry of Finance is the owner of it. Its headquarters are in Chennai, India, and it was founded in 1907.

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Loans offered by Indian bank

Indian bank LoansInterest RateProcessing FeeLoan Amount/Tenure

Indian bank Personal Loan

11% - 12.4%

Up to 2% of the loan amount

-

Tenure(1 - 7 Years)

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Indian bank Home Loan

8.4% - 9.9%

--

Up to ₹75L

Tenure(Up to 30 Years)

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Features and Benefits of Indian Bank

Indian Bank is highly known for its savings account and great customer service. The following are some noteworthy qualities and advantages that Indian Bank provides:

  • The bank gives an alluring interest rate on its products and services, whether you choose loans, deposits, or anything else. These attractive interest rates are comparatively better than other products available in the market. 
  • There is minimal documentation required to apply for loans and open deposit accounts if you already have a savings account with the bank.
  • Another benefit is fast loan disbursal. Indian Bank is well-known for its lightning-fast loan processing and disbursement. Applicants merely need to make sure they have the necessary paperwork on hand.
  • The bank gives its clients access to a number of government programmes, including the Sukanya Samriddhi Scheme, National Pension Scheme (NPS), Pension Accounts, and Senior Citizen Savings Program among others.
  • Indian banks offer flexible loan payback terms for up to 10 years, so you can select the repayment period that best meets your needs. This flexibility has carried the bank a long way.

Indian Bank Overview

Indian Bank is a paramount nationalized bank managed by the Ministry of Finance. Established in 1907, Indian Bank's headquarter is located in Chennai, India.

It is one of the best-performing public sector banks in India well known for offering top-notch banking services through 5,721 bank branches, 5,428 ATMs, and cash deposit machines. In total, 39,734 Indian bank employees serve over 100 million customers. The bank's total revenue as of the end of March 2022 was INR 1,010,000 crore ($130 billion). The information systems and security practices have achieved certification demonstrating their adherence to ISO27001:2013. Indian bank currently serves 75 countries including Singapore, Colombo, Jaffna, and Colombo. Additionally, it has 227 foreign correspondent banks.

On April 1, 2020, the Allahabad Bank and Indian Bank were merged, making Indian Bank the seventh-largest bank in the nation.

FAQs

From refinancing to reducing your interest, we have the answers right here.

Is Indian Bank a Government bank?

Yes, Indian Bank is a government bank. In 1978, the Government of India took ownership of the Indian bank.

What is the minimum account balance in an Indian Bank?

The required minimum account balance in Indian Bank is INR 500 for the ones who have not opted for the cheque facility and INR 1000 for the ones who have opted for the cheque facility.

Is Indian Bank a good bank?

The customer service offered by the Indian bank is highly appreciated. The rate of interest offered on the Indian bank fixed deposit ranges between 2.80% - 5.60%. Indian bank is a government bank that works for the betterment of its customers.

What are the benefits of the Indian Bank?

The Indian bank has various benefits like - zero charge on mobile and net banking, no minimum balance has to be maintained in the account, and closing of account does not require any fees to be paid.

What are the charges in Indian Bank?

ATM transactions are free in the Indian bank. NEFT transactions are free up to INR 1 lakh, and INR 12 is charged on INR 1 lakh - 2 lakhs. RTGS transactions charge INR 25 + taxes on amounts between INR 2 - 5 lakhs and INR 50 + taxes are charged on the amount above INR 5 lakhs.

How many transactions are free in the Indian Bank?

Three transactions are free in the Indian bank as per the guidelines of the Reserve Bank of India.

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