Fixed Deposits are accepted for a minimum amount of Rs.100/- with minimum period of 7* days and a maximum period of 120 months.  No ceiling for maximum amount of deposit. Interest is paid every quarter.  Monthly interest can also be paid at a discounted rate.  Interest payable on Fixed Deposit can also be transferred to Savings Bank or Current Account of the customer. Facilities for loan, foreclosure, nomination etc. are available.

* 7 days minimum amount Rs.1 lakh

Fixed Deposits placed for short term periods  i.e. 7* days to 180 days will be renewed  automatically, on the due date, on the basis of the request from the depositor for the same tenor as that  of the original deposit for a maximum of 6 times.  The customer need not present the deposit receipt every time for renewal. The customer has the option to withdraw the periodical interest or to renew along with the principal.

* 7 days minimum amount Rs.1 lakh

This scheme offers higher returns and liquidity too. Unit  Deposits are Fixed Deposits - with a difference : part withdrawals are allowed. Unit Deposits  are accepted in units of Rs.1,000 for periods of one year and above upto a maximum  of 120 months. Part withdrawals are allowed in multiples of Rs. 1,000 in these accounts without foreclosing the entire deposit.  On part withdrawals, interest will be paid on the amounts so withdrawn as per the rules applicable for foreclosure of deposits. The balance amount of units will continue to earn interest at the contracted rate. There is no restriction on number of withdrawals. No interval required between withdrawals. Loan can be availed - No withdrawals when loan is outstanding. A Passbook will be issued by the bank.  Interest on Unit  Deposits will be at the rates applicable to Fixed  Deposits.

Indian Bank's  "user friendly" Facility deposit combines the advantage of Fixed deposit with  the  flexibility  of  an Overdraft  against  the Deposit. A fixed deposit or re-investment deposit, with a minimum of Rs.1000/- or more, in multiples of Rs. 1,000 is to be made for a minimum period of 1 year and a maximum period of 3 years. A cheque book will be issued to the customer to enable the depositor to draw at any time upto 90% of the initial Deposit as Overdraft, at a rate 2% over the interest rate payable on Fixed Deposits or at rates as prescribed the Bank from time to time. No folio/cheque leaf charges will be levied. The customer has to give option either for withdrawal of interest on renewal or for renewal of principal+interest.

Reinvestment  Plan Deposits (RIP) are accepted for a minimum amount of Rs.100/- and in multiples of Rs.100/- for minimum period of 6 months and a maximum period of 120 months.  No ceiling for maximum amount of deposit. Savings grow faster  under RIP as the interest is compounded quarterly.  At the end of the stipulated period  a  much larger  amount is paid. Facilities for loan, foreclosure, nomination etc. are available.

Indian Bank's  Cash  Certificate is another pleasant proposition similar to RIP. Interest earned will be reinvested at quarterly rests to yield compunded interest. The maturity amounts are in lumpsum in multiples of Rs.100. Cash Certificates are accepted for a minimum period of 6 months and a maximum period of 120 months.

Recurring Deposit is a scheme drawn specially to suit the needs of the individuals, particularly the salaried class, small traders etc., to plan their savings to meet specific demands.  Recurring Deposit account can be opened with a monthly instalment of mere Rs. 5 or in multiples thereof, for a period of 6 months and in multiples of 3 months upto a maximum of 120 months.  The depositor will get the instalment amount along with the interest on the due date. Facilities for Loan, foreclosure, nomination are available.

Variable Recurring Deposit is a Recurring Deposit scheme, where the customer is having an option to vary his monthly instalments according to his convenience.  Minimum period of deposit is 12 months and maximum period is 120 months. The amount of initial deposit can be minimum of Rs.25/- or multiple thereof upto a maximum of Rs.1 lakh. The deposit account is opened with a specific amount called "core deposit" and the customer can remit the monthly instalment upto Rs. 10 lakhs. Future instalments should be only in multiple of core deposits. Even the higher amount remitted by the customer earns interest at the contracted rate. Interest is payable on  the minimum balance between the 10th and the last day of the month. Interest shall be credit to the account every half year ending September and March. Loan and facility for foreclosure are as applicable to other term deposits.

Under the Special Recurring Deposit scheme, deposits are accepted from institutions, societies, Government undertakings, Corporate investors to meet their specific needs like creation of sinking fund, amortisation fund etc.. Period of deposit is 5 years and maximum period 20 years.  There is no bar for opening account by individuals. Deposits may be made monthly, quarterly, half-yearly and annual instalments, in multiples of Rs. 500/-, with a minimum of Rs. 1000. Periodicity once selected can not be changed. Instalments to be paid on or before the corresponding date of initial instalment. Delayed payment will attract penal interest. Loan can be availed against the deposit.

In order to help the customers, particularly the middle income group like salaried class, small traders etc., to plan their savings and to make a financial provision well in advance to meet the future expenditure like the educational expenses of their children, specific purposes like investments, payment of annual instalments, a unique scheme called "Vidhya Nidhi Deposit" has been launched in our Bank.  Under the scheme, deposits are accepted every month for specified periods like 36 months, 48 months or 60 months and the maturity value is paid to the customer in 3, 4 or 5 annual instalments respectively with further interest. The RD on completion of 3/4/5 years, as the case may be, shall be treated as RIP and will continue to earn interest at the same contracted rate, on the balance after annual payemnt. The customer is having an option to choose the amount of annual instalments required by him and the plan period. For fixing the rate of interest, the whlole term of deposit including the repayment period shall be taken into account.

IB TAX SAVER SCHEME  

Central Government vide notification 203 of 2006 dt 28.7.2006 has formulated a Bank Term Deposit Scheme which would be eligible for deduction under Section 80 C of the Income Tax Act. IB Tax Saver Scheme has been launched based on the notification of Central Government. The minimum amount is Rs.100 or in multiples of Rs.100 and the maximum amount is Rs.1,00,000 in a financial year. Individuals or Hindu Undivided Family(HUF) having Permanent Account Number (PAN) can deposit under this scheme under Fixed Deposit or Reinvestment Plan schemes. Joint accounts are permitted but the benefit under Section 80C of IT Act are available to the first person. The scheme is for a period of 5 to 10 years. Term deposit shall not be pledged to secure loan or as security to any other asset for a period of 5 years from the date of deposit . Foreclosure not allowed before the expiry of 5 years from the date of deposit. TDS on deposits as per Section 194A /195 of the Income Tax Act.

VIKAS SAVINGS KHATA  

The Savings Bank scheme is for the financial inclusion of those who have been hitherto deprived of banking facility .The account can be opened with no initial / minimum balance in Savings Bank account with relaxed KYC procedures. The account holder can operate the account with withdrawal slip accompanied by pass book.10 transactions in a month is allowed free of charges and above this limit , a small service charge is prescribed. One DD/BPO is issued free of commission in a month and ATM card is issued and the customer can withdraw upto available balance in the account. Value added services like internet banking etc are available once the customer fulfill full KYC procedures and maintain the minimum balance requirements.

The automatic renewal of term deposits is available for the following schemes viz Short term deposits, Fixed Deposits, RIP, Cash Certificate, Unit Deposit, Facility Deposit, Special Scheme for Senior Citizens with effect from 1.11.2005.
Fresh term deposits opened on or after 1.11.2005 or the accounts which falls due on or after 1.11.2005 are covered under this facility and the term deposits are renewed for equal period of the term deposit subject to a maximum of one year in the absence of any instructions upto the due date of the original deposit. The customer can vary the period etc within 14 days from the renewal of deposits. In the case of RIP, net of TDS amount of maturity value will be renewed.
However Recurring deposit, Special RD, Variable Rd, Vidhya Nidhi, Vidhya Nidhi Matured for payment, Tiny deposit are not eligible for automatic renewal facility.

Senior Citizens who have completed the age of 60 years can open the deposit account under this scheme by providing age proof for the first time only . Joint account can also be permitted provided the first named person should be the Senior Citizens. The scheme may be opened under STD/Fixed Deposit/RIP scheme and can earn 0.50% additional rate over the card rate payable for amount of less than Rs. 15 lakhs. The period of deposit is from 15 days to 10 years. NRE Deposits, Capital Gains Scheme, Term deposits of Rs.15 lakhs and above are not eligible categories. On foreclosure of term deposit, the additional rate of 0.50% will be deducted and the rate of interest prevailing on the date of deposit for the actual period run will be paid without further penalty of 0.75% p.a which is applicable for other term deposits. Other facilities like loan, nomination etc will be applicable for this scheme also.

Savings Bank accounts are suitable for inculcating the habit of savings among the customers. It offers liquidity for the money and also earns interest.

Savings Bank accounts can be opened in the name of individuals, singly or jointly, minors of 14 years of age and HUF.  Minimum balances are prescribed for ordinary as well as cheque operated Savings Bank accounts.

Interest is credited to the account every half-yearly viz. as on 31st January and 31st July. There is no ceiling on the maximum balance earning interest on Savings Bank accounts.  The accounts can be operated by Withdrawal slips or by Cheques. 50 withdrawals per half year are permitted free of  charge.  2 Cheque books of 20 leaves each are issued to the customer free of charge in a year.

Standing instructions are accepted for payment of insurance premia, school fees, etc., at a very  nominal charge.  No charges will be levied for standing instructions within the Branch such as payment of monthly instalment of Recurring Deposit etc..

Local as well as outstation cheques, dividend warrants, interest warrants and pension payable to the account-holder are collected.

Lesser minimum balance is prescribed for pensioners. Nomination facilities are available. ATM cards are provided free of cost if the depositor maintains prescribed minimum balance. No TDS on interest earned in the SB account. Transfer of account from one branch to another branch free of charge.

A Scheme designed to take care of your health.

• What you have to do?
  Maintain a minimum balance of Rs.5000 in this special account.

• What we offer you?
  A Free family Health Plus Savings Card will be issued to the account holder with photograph of the account holder affixed and the names of eligible family members. Discount on Master Medical Check-up and some other diagnostic services as extended by some selected hospitals will be available on producing health plus saving card at prescribed hospitals to the customer's choice on any number of occasions (The card must be renewed every year).

• ATM Card ........... as a Special Gift

Current accounts can be opened in the names of individuals (singly or jointly), proprietory concerns, partnerships, companies etc. Minimum balance is prescribed on this type of account and the account is operated by cheque. Though no interest is payable on this type of account, there is no restriction on the number of transactions.

Issue of cheque book at a nominal cost of Rs.3/- per leaf. Folio charges free on maintenance of certain balance in the account. Free manual/computerised statement of account every month. Collection of local cheques free and collection of outstation cheques through special schemes like Expressway, Cash Management Service etc. Cheque BP/withdrawal against uncleared effects as per prescribed norms.

The Bank undertakes collection of bills, cheques, hundies, pension bills etc., as per instructions of the customers, subject to levy of a nominal service charge.  Standing instructions of the customers are also accepted. 

Nomination for individual/sole proprietary accounts. Trade finance scheme available. DD shoppe/extended business hours/7 days week etc. are other facilities available.

An innovative Current Account, perfectly tailor-made to suit your high value business. Advantage Account offers a wide range of customer friendly  services with a whole lot of following benefits:

• Operative in selected computerised branches in Chennai, Coimbatore, Bangalore, Hyderabad, Mumbai, Pune, Ahmedabad and Kolkata.
• Initial deposit for opening the account if Rs.One lakh.
• DDs/BPOs at par upto Rs.2.00 lakhs and Free ATM card for individuals.
• Instant credit of outstation cheques for an amount upto Rs.20,000/-.
• Faster collection of outstation cheques between selected centres. EFT between 4 metros upto Rs.5.00 lakhs at Rs.25/- per transaction.
• Free ATM card for individuals
• National clearing between major metro centres Free computerised statement of account
• Extended business hours for non cash transaction at computerised branches
• Nominal penal charges in case of non maintenance of balance
• Standing instructions/stop payment instruction/folio & signature attestations carried out free of cost
• Acceptance of cheques for collection till closure of office hours
• No folio charges
• Supply of personalised cheque books
• Drawing against local cheques of Govt. bodies/PSUs/reputed Joint Stock Companies and bank drafts and pay orders
  

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• Assesses eligible under section 54,54B,54D,54F,54G of Income Tax Act can open the account
• All our branches except rural branches can accept the deposits
• Minimum period for the deposit 15 days. Maximum period is 3 years to be eligible for exemption
• The tax payers can avail the benefit of exemption from capital gains only if the amount of Capital Gains or the net consideration is deposited on or before the due date of filing a return of income in accordance with the scheme.
• Deposits can be kept in type A(Savings/Current account) and type B(Fixed/RIP deposit).
• Rate of interest for type A - SB account same as Saving Bank account namely 3.50% p.a.(at present) and for type B - Fixed/ RIP same as domestic term deposit for the relevant period.