The Indian Bank has a patriotic history to its name. It was established on the 15th of August 1907 as a part of the Swadeshi Movement that was concurrent to the era. The bank has its headquarters in Chennai, Tamil Nadu. From then to now Indian bank has retained its position as a market leader in the financial sector. The bank primarily functions as a banking and financial service provider to organisations, institutions, government entities and individuals. In its journey in the Indian market through the years Indian Bank has provided financial aid to the development of other sectors of the Indian Economy like industry, agriculture, trade, and commerce are some of them.
Banking services to individuals
Indian Bank has amazing customer services around the clock, irrespective of the physical bank timings. The services provided by the bank to individuals are as follows:
∙ Banking on technology
Banking systems have adopted technology to make their services more efficient and convenient. While Internet banking has made banking transactions, fund transfers and bill payments simpler and hassle-free; Mobile banking through the application has made account management way simpler. India Bank balance check number allows customers to check their account balance simply with a call.
The bank provides the customer to open different types of Savings Accounts like regular savings accounts, senior citizen sav. Saving accounts allow individuals to securely deposit their money and earn interest on their savings. They also have provisions for a current account that is mostly beneficial for business as it is ideal for multiple transactions.
The Indian Bank allows both Fixed and Recurring Deposits. Fixed Deposits are varied in their tenures and interest rates, whereas recurring deposits allow customers to pay a certain amount every month for a pre-determined tenure.
The bank provides Credit card and Debit cards, while credit cards help with cashless transactions that come with offers and rewards debit cards allow the consumer to withdraw cash from ATMs or make online purchases.
The bank provides loans to its individual customers for varied reasons like car loans, education loans, home loans and loans against property. These loans boost the economy by helping individuals attain their financial aspirations.
∙ Wealth management
The bank offers investment advisory and wealth management guidance to help customers make the most of their penny by accentuating their wealth.
The Indian Bank provides multiple insurance options that allow customers to safeguard their life and the lives of their loved ones and other assets.
Apart from these services provided to individual customers, some services are curated for institutional customers. Some of these services are as follows:
∙ SME banking services
Indian Bank provides financial aid to small and medium enterprises through services like advisory services, credit, or SME loans.
∙ Corporate banking services
Indian Bank offers special and curated services to its corporate clients like working capital and trade finance as well as term loans and cash management.
∙ Merchant banking
Indian Bank provides IPO also known as Initial Public Offering management and advisory to increase assets through capital forums.
∙ NRI banking
Indian Bank offers services like account and payment management along with investment options to Non-Resident Indians.
∙ EPS or Electronic Payment Services
Electronic Payment Services like NEFT and RTGS are provided by the bank to the institution for the convenience of taking and making payments.
∙ Treasury services
The treasury service of the Indian Bank offers to manage an institution’s investment portfolios, interest rates risk, and foreign exchange.
Indian Bank also aids in government initiatives. Some of the important services Indian Bank offers to the government are as follows:
Indian Bank supports and promotes e-governance by supporting digital banking and online/internet payments.
∙ Government’s treasury
Indian Bank is considered a government banker as it takes care of several treasury operations like fund collection, receipts, and other payments.
∙ Overseeing public debt
The Indian Bank acts as a regulator for government bonds and securities.
∙ Institutional banking
Indian banks help government-owned organisations, institutions, ministries or public sector enterprises.
∙ Cash flow management
The Indian Bank offers cash management advisory to the government to enable smooth cash flow of the government, which results in optimum use of funds.
∙ Participating in government schemes and initiatives
Indian Bank also participates in various government-launched schemes and initiatives, helping financial inclusion of different sectors like agriculture, MSMEs, and others.
Apart from these the Indian Bank also helps the government with Foreign Exchange, Advisory services, Electronic Fund Transfer, Payments, and disbursements.
Indian Bank has its own set of benefits for its customers. Though as a bank they pay attention to every customer with immense precision. The advantages of banking with Indian Bank can be broadly put under the following points –
∙ People’s trust
Indian bank as public sector bank is owned by the government and thus the debtors and depositors a sense of confidence and security.
∙ Wide distribution
Indian Bank has developed a wide connection of ATMs and Banks across India’s rural and urban developments, making the bank accessible to the remotest customer.
∙ One – stop banking solution
Indian Bank provides the overall banking experience catering to all banking needs of their customers, individuals, institutions, or the government.
∙ International bank
Indian Bank has a prominent presence in foreign countries like Singapore and Colombo, serving the purpose of the Indian diaspora and enabling international trade.
∙ Curates national development
Being backed by the government, Indian Bank plays a major role in regulating the economic development of the nation by efficiently diverting funds to sectors and supporting government initiatives.
Indian Bank is a customer-centric bank that provides an all-around banking solution. Allahabad Bank was merged with Indian Bank and that not only grew the customer base but also made the banking operation efficient. And the merged capital help with increasing the bank’s lending and investment capabilities. So being a public sector bank, Indian Bank aims to reach a global level of banking with its services and offers. There are advantages to banking with Indian Bank depending upon the fact if you are an individual, institution, or the government.