Allahabad Bank Premium SB Account is one of the most sought-after savings account in India. This value-added savings bank account comes with attractive features. They were introduced at more than 500 Allahabad Bank branches initially.
Effective 1 April 2020, Allahabad Bank has merged with Indian Bank. For now there are no changes in Account Number and IFSC Code. For more information checkout Indian Bank Savings Account
How to open an Allahabad Bank Premium SB Account online?
If you are interested in opening an Allahabad Bank Premium SB Account, you can visit any one of the bank branches and an executive will help you out. Alternatively, you can also apply for a savings account by visiting the bank’s official website.
- Visit the Allahabad Bank website.
- You will find an enquiry form in the website.
- Please fill all the details in the enquiry form and click on submit.
- Once you have submitted the enquiry form, a bank executive will get in touch with you and will help you in opening a Premium SB Account.
Features of Allahabad Bank Premium SB Account
- As per RBI norms, Allahabad bank offers 4% interest on savings bank deposits.
- Account holders from rural branches will have to maintain a minimum balance of Rs.5,000.
- Account holders from other branches will have to maintain a minimum balance of Rs.20,000.
- The scheme is not applicable for Institutional Accounts.
- Allahabad Bank Premium SB Account holders enjoy free remittances, not exceeding two in a month.
- They also get 25% discount on all service charges across the board for transactions through the account for any amount and any number of times.
- Customers also get 25% discount on processing fees across the board for all types of Retail Loans from the branch.
- Instant credit of all outstation cheques up to Rs.25,000.
- Safe Deposit Lockers are available on a priority basis.
- Account holders also get a free International Debit cum ATM card.
- Free Personal Accident Insurance cover of Rs.1.00 lakh.
- All deposit accounts come with the nomination feature.
- Provides savings accounts for minors.
- Computerized passbook facility is provided.
Documents Required to Open a Savings Account in Allahabad Bank Premium SB Account
- A government issued identity card. It can be Passport, Driving License, Voter ID, identity card of a government approved college or university, Aadhaar card, or, Central government or State Government ID card.
- Proof of residence. You can submit any of the following documents for residence proof – electricity bill, telephone bill of BSNL landline, municipal tax bill, GSPC gas bill, or the recent premium receipt of LIC.
- Any other proof accepted by the bank.
- Two passport size photographs.
- Copy of PAN card.
- For minor accounts, birth certificate is required.
Allahabad Bank Premium SB Account FAQs
What happens if I do not maintain the minimum monthly balance in my Allahabad Bank account?
If the required monthly balance is not maintained in your Allahabad Bank account, a penalty of Rs.25 will be levied once in a month.
What happens if I do not maintain the minimum monthly balance for more than three months?
If you do not maintain the minimum monthly balance for more than three months, then the account will be ceased to be considered as a Allahabad Bank Premium Savings Bank Account.
Are there any charges to close an Allahabad Bank Premium Savings Bank Account?
Yes. You will be charged Rs.100 for closing your Allahabad Bank Premium Savings Bank Account.
Can existing savings account holders shift to Allahabad Premium SB account?
Yes. An existing savings account holder can shift to Allahabad Premium SB account by submitting a form at a bank branch.
Do Allahabad Bank Premium Savings Bank Account holders have netbanking facility?
Yes. Allahabad Bank Premium Savings Bank Account holders can avail netbanking facility.