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    Indian Bank Facility Deposit

    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

    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.

    Minimum – Rs.10,000

    Additional – In multiples of Rs.1,000

    Period The account can be opened for:

    Minimum – 1 year

    Maximum – 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.
    • 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.

    Note: The interest rate mentioned are as of December, 2015. The interest rate are subject to change at the discretion of the bank.

    Indian Bank Facility Deposit FAQs

    1. 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.

    2. What is the minimum initial deposit amount?

      The minimum initial deposit is Rs.10,000 .

    3. Are additional deposit allowed?

      Yes, additional deposit are allowed in multiples of Rs.1,000.

    4. 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.

    5. Is automatic renewal facility available?

      Yes, automatic renewal transfer facility is available for equal period.

    6. Is overdraft facility available?

      Yes, overdraft facility is available with a limit of 90% of the deposit amount.

    Useful Information on Indian Bank Fixed Deposit

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