Saving money is the first step to attain financial security. Without savings, people will become slave to debt. It is the reason why saving is very important for all people especially to those who are working or doing business.
It is best to have a savings account in the bank to have a secure place for your money. In India, there are many banks which you can chose to apply for a savings account. One good option is Indian Bank.
Overview of Indian Bank
It is a premiere Indian commercial bank owned by the Government of India. It was established on August 15, 1907 and its present headquarter is located in Chennai, India.
The bank was founded by Annamalai and Ramaswami Chettiar in 1907 in response to financial crash faced by two leading trading companies in Chennai, Arbuthnot’s and Binny’s.
The Government of India nationalized the bank, together with other major commercial banks, on 19 July 1969. It is a public listed company whose shares are traded in Bombay Stock Exchange and in India’s National Stock Exchange. Its current chairman and managing director is Mr. T.M. Bashin.
Currently, it has more than 22,000 employees; 1,657 branches and is one of the large public banks of India. It has also branches abroad like in Singapore and Colombo including a Foreign Currency Banking Unit at Colombo and 240 correspondent banks in 70 countries.
The Reserve Bank of India is the parent bank of the bank. It has three subsidiary companies namely: Indbank Merchant Banking Services Ltd., IndBank Housing Ltd. and IndFund Management Ltd.
Some of the its products and services are the following which are available for all of its customers:
- 24/7 Service through 57000 ATMs under shared network
- 100% Core Banking Solution(CBS) Branches
- 1059 Automated Teller Machines(ATM)
- 100% Business Computerization
- e-payment facility for Corporate customers
- Internet and Tele Banking services to all Core Banking customers
- Depository Services
- Cash Management Services
- IB Credit Card
- IB Gold Coin
How to Open a Savings Account at Indian Bank
When you are considering to open a savings account in Indian Bank, you can see the most common requirements in applying a savings account in India by going here: Requirements for Opening a Bank Account in India
Original and photocopies of the documents are needed for processing and verification purposes. These requirements should be attached to the application forms.
If you are ready, just go to a branch near your place to open a new savings account. You should fill up completely all application forms before submitting the requirements.
Indian Bank is a premiere Indian commercial bank managed and owned by the Government of India. If you want to open a savings account, you must ready and prepare the above requirements given to experience a smooth and hassle-free account application.
