Overview of Indian Bank SB Platinum
SB Platinum is a Savings Bank Account which offers the option to convert excess funds in the account to Term Deposit on a daily basis. This account can be availed by (HNIs) & Corporate Executives as well.
|Minimum Average Balance Requirements (MAB)||Minimum monthly average balance of Rs.25,000/-|
|Debit Card Offered||Free Indian Bank Debit card for one year from the date of first use|
|Interest Rate||Interest will be paid at the time of maturity|
Services Offered with SB Platinum
The following services are provided with Indian Bank Savings Account
|Cheque Book||Customer can choose to issue the cheque up to the balance in the MOD (multi option deposit ) plus the balance in the SB account.|
|Period||Minimum 15 days to 180 days|
|Remittance||Free remittance up to a maximum of two times a year, totaling Rs.25,000/-|
|Sweep||Daily sweep available for a minimum of Rs.5000 and multiples Push Sweep - at the option of the depositor, cut off balance for transferring to MOD A/c (threshold balance) which will be Rs.50,000 or more. If there is any amount in the Account that is above the threshold balance, it will be transferred to STD (in multiples of Rs.5,000). Pull Sweep – In case of an ATM withdrawal or a cheque received for payment and the balance in the SB A/c is not sufficient, on Last In First Out (LIFO) basis, the latest MOD (STD) will be prematurely closed. Further the amount will be automatically transferred to SB A/c in order to meet the payment. the customer has no option to change the PULL Sweep amount which will be in multiples of Rs. 5,000.|
|Intra / Inter city transactions||No charges for Intra / Inter city transactions|
Features of Indian Bank SB Platinum
Given below are some of the features and benefits that accompany SB Platinum.
|Value Added Services||Interest will be paid at the time of maturity|
|Insurance cover||This account comes with life insurance cover worth Rs. 1 lakh for those in the age group of 15 to 45 years. Personal Accident Insurance cover worth Rs.1 lakh is also offered with the account. Personal accident Insurance is known as “IB Chhatra” and is available for those in the age group of 12 to 70 years.|
|Debit Card Offered||Free ATM /Debit card for one year from the date of first use|
Fees and Charges for Indian Bank SB Platinum
|Service / Product||Fees & Charges|
|Non Maintenance of average Minimum Balance||If the total products are less than 7,50,000 in a month, customer will be charged Rs.120/- per month inclusive of Service Tax as penalty.|
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.