Indian Bank Update: If you are an Indian Bank customer, this news could be significant for you. Indian Bank has reduced its starting home loan interest rate to 7.90% per annum. Additionally, the bank has launched the ‘IND Smart’ mobile app to simplify digital banking. It has also introduced the ‘IND SWAGAT’ special deposit scheme and facilities like online KYC for customers. Meanwhile, significant changes to ATM/debit card charges and fees for certain other transactions take effect in August. Therefore, if you hold an account with Indian Bank, it is crucial to be aware of these changes.
Reduction in Home Loan Interest Rates
Indian Bank is now offering home loans at a starting interest rate of 7.90% per annum. This is particularly advantageous for those looking to purchase or build a home. While the bank is currently offering a rate of 7.90%, the actual interest rate may vary based on the customer’s profile, CIBIL score, loan amount, and the bank’s internal policies. It is advisable to check the specific interest rate applicable to your eligibility with the bank before applying for a loan.
About the Bank’s New Mobile Banking App
Indian Bank has launched the ‘IND Smart’ mobile app to make digital banking more accessible. Through this app, customers can access various banking services directly from their smartphones, reducing the need to visit a bank branch. Customers should ensure they download the app only from the bank’s official sources or authorised app stores.
The ‘IND SWAGAT’ Scheme
The bank has introduced the ‘IND SWAGAT’ scheme to attract new customers; this is a special type of deposit scheme. Customers can deposit funds under this scheme subject to the bank’s applicable terms and conditions. Before investing in any deposit scheme, review details such as the interest rate, tenure, premature withdrawal rules, and other relevant terms.
Facility to Open Online Accounts
Indian Bank offers a wide range of online services in the digital banking sector. New customers can open savings accounts online via video-based processes. Additionally, they can avail themselves of services like digital locker agreements online. This eliminates the need for customers to visit the branch repeatedly to access banking services.
Changes to ATM Debit Card Charges
Indian Bank has revised certain charges associated with ATM debit cards, effective August 2026. These revisions cover debit card membership fees and charges related to specific types of transactions. Customers should familiarise themselves with the new charges applicable to their cards. Please note that these charges may vary depending on the type of debit card and the specific rules governing the bank account.