Indian Bank Facility Deposit 2025
Indian Bank was established as a part of Swadeshi movement on 15th August, 1907. It has a dedicated staff of over 20,222. The bank has its international presence in Singapore and Colombo.
Indian Bank introduced Facility Deposit which is a time deposit that has an overdraft facility with a limit of 90% of the deposit amount.
Eligibility Criteria for applying for Indian Bank Facility Deposit
Also, Check - Fixed Deposit
To see if you are eligible to open a Facility Deposit account with Indian Bank just visit the nearest branch of the bank.
Features of Indian Bank Special Scheme for Senior Citizens
Account Type | Joint or single If joint account is opened, the first named person must be a senior citizen. |
Amount | Minimum– Rs.10,000Additional – In multiples of Rs.1,000 |
Period | The account can be opened for:Minimum– 1 yearMaximum – 3 years |
Auto Renewals | Available. |
Overdraft facility | Built in overdraft facility is available with an overdraft limit of up to 90% of the initial deposit. |
Charges | No folio or cheque book charges applicable. |
Documents required | The customer must submit the following documents along with the duly filled up form:Age proof.Identity proof.Address proof. |
Indian Bank Facility Deposit interest rates
Indian Bank offers a higher rate of interest for its medium and long term fixed deposits. The interest offered for Facility Deposit is 7.50 to 7.75% per annum.
Other Fixed Deposit Schemes Offered by Indian Bank
FAQs on Indian Bank Facility Deposit
- What is the tenure for Indian Bank Facility Deposit?
Indian Bank Facility Deposit can be opened for a minimum of one year and maximum of 3 years.
- Are joint accounts permitted for Indian Bank Facility Deposit?
Yes, joint accounts are permitted, but the first name should be that of a senior citizen.
- What is the minimum initial deposit amount?
The minimum initial deposit is Rs.10,000
- Are additional deposit allowed?
Yes, additional deposit are allowed in multiples of Rs.1,000.
- Is automatic renewal facility available?
Yes, automatic renewal transfer facility is available for equal period.
- Is overdraft facility available?
Yes, overdraft facility is available with a limit of 90% of the deposit amount.
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