Indian Bank Premium Current Account
Indian Bank is one among the many banks that was established during the Swadeshi Movement. In the last century, the bank has grown exponentially and has expanded its operations internationally as well. Indian Bank is committed to achieving excellence in the banking industry and to add value to its customers and stakeholders alike.
The bank makes sure that it adheres to the best practices and the core values of the institution throughout all its branches. The customer is at the centre of all the operations of the organisation which is why transparency and fairness are crucial elements to the bank's mission. The mission of Indian Bank is to be "the common man's bank" and provide all financial solutions under one roof and at an affordable cost.
Indian Bank has a variety of financial products that it offers its customers. One of these products is the current account. A current account is a bank account that was created specifically to meet the needs and requirements of individuals who require high liquidity. The account has significantly higher limits for deposits and withdrawals made in a single day when compared to a regular savings account. Indian Bank has 3 variants of the current account that it offers its customers. Each of these accounts have features that have been developed exclusively for a specific demographic. One of these accounts is the Premium Current Account.
Features and benefits
The following are the features and benefits of the Indian Bank Premium Current Account:
- The main goal of the Premium Current Account is provide account holders with the option of converting the excess funds in their current account into a term deposit.
- The Premium Current Account requires the account holder to maintain a minimum quarterly average balance of Rs.1 lakh. Non-maintenance of the quarterly average balance attracts a penalty fee of Rs. 573 per quarter.
- The account comes with an Auto Sweep facility which can be activated only when the balance in the account exceeds Rs.2 lakh.
- The auto sweep facility for the term deposit is carried out every Sunday in multiples of Rs.25,000.
- Cheques issued against the balance in this account can be done up to the multi option deposit (MOD) and the balance in the customer's current account.
- A term deposit can be set for a minimum tenure of 15 days to a maximum of 180 days. Interest on the term deposit is paid when the account matures or is closed by the account holders.
- The Push Sweep facility sweeps in the funds in the account that are above Rs.2 lakh. The amount is swept in in multiples of Rs.25,000. This is done on a weekly basis.
- Intracity and intercity transactions do not attract any service charges.
- The bank issues account holders with a free debit cum ATM card with a waiver on the annual charges for the first year.
- Premier Current Account holders receive 6 at par Demand Drafts to the maximum amount of Rs.3 lakh each quarter. Additionally, the bank does not levy any charges for stopping payment or signature attestation procedures.
The Indian Bank Premier Current Account is suitable for corporates, businessmen, traders, entrepreneurs, and individuals with similar requirements.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
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