Last updated on January 29th, 2018 at 10:38 am
The IDBI is a Government-owned bank, which was established in the year 1964 by the Act of the Parliament. The bank provides credit and banking facilities for the development of Indian industries. Currently, the Bank has a network of 3817 ATMs, 1995 Branches including one overseas Bank in Dubai and 1382 Centers.
The bank offers a wide range of products and services, such as Consumer Banking, Corporate banking, Finance and Insurance, Investment Banking, Mortgage Loans, Private Banking, Private Equity and Wealth Management. One of the most important and basic services that IDBI Bank offers is the Savings Account, which we are going to talk about in this article.
- 1 Savings Account – A Brief Introduction
- 2 How to Open An IDBI Savings Account Online
- 3 IDBI Bank Savings Account Interest Rate
- 4 IDBI Savings Account Minimum Balance Requirement
- 5 Features and Benefits of Having an IDBI Savings Bank Account
- 6 Types of Savings Account in IDBI Bank
- 6.1 Suraksha Plus Savings Account
- 6.2 Super Savings Account
- 6.3 SuperShakti Savings Account
- 6.4 Jublee Plus Account
- 6.5 Being Me Account
- 6.6 PowerKidz Account
- 6.7 Small Account (KYC Related)
- 6.8 Sabka Basic Savings Account (Complete KYC)
- 6.9 Pension Savings Account
- 6.10 Capital Gain Account Scheme
- 7 What are the ATM Transaction Charges
Savings Account – A Brief Introduction
Savings is very important in every people’s life. Starting from a poor person to a rich person. It is necessary if you are planning to live a happy life. The savings account are introduced so that the depositors can earn interest on their money that they put in the account. Though you cannot use the money in savings account directly, so it is an ideal way to keep aside a part of your liquid assets for the future. The work function of the savings account is to translate to more interests and gain quick accumulation of money. For having a savings account there are different rules, systems, interest rates and minimum balance requirements etc. Therefore think before you pick one.
The IDBI Savings account offers you the best financial solutions with various options to manage your money sensibly and systematically.
How to Open An IDBI Savings Account Online
To open an IDBI Savings Account is quite easy. All you have to do is to call or visit the nearest IDBI Bank Branch Office, and the staff official will guide you through the process. The Bank also offers an online mode of applying as well. For the online process, you will have to visit the official website and submit the online filled application form.
IDBI Bank Savings Account Interest Rate
The Savings Bank Rate
IDBI Savings Account Minimum Balance Requirement
Suraksha Plus Savings Account
Super Savings Account
SuperShakti Account (for women)
Jublee Plus Account (for senior citizens)
Being me account
Power Kidz Account
Small Account (KYC Related)
Sabka Basic Savings Account (Complete KYC)
Pension Savings Account (Central Government Employee)
Capital Gain Account Scheme
Rs 10, 000
Features and Benefits of Having an IDBI Savings Bank Account
The various features and benefits of an IDBI Savings Account are as follows:
- The bank provides quicker fund transactions through the online facilities to pay the bills and taxes.
- It is a smart way to accumulate money, as you can earn more interest by opting for a suitable IDBI Savings Account when compared to other bank options.
- A Global Debit card and a passbook are issued to the cardholder, for opening an account.
- You can easily deposit DD (Demand Draft), Cash and Cheque.
- Along with the saving options, you get add-on benefits, rebates, and gifts on travel.
Types of Savings Account in IDBI Bank
The Bank offers different types of the savings account as per the requirements of an individual. Below are the types of the savings account that you can apply for:
Suraksha Plus Savings Account
This savings account provides an exclusive benefit of Insurance Cover along with a complete banking convenience and financial package to access your money with an ease. Through this account, you can also enjoy the benefits of the Accidental Death Cover and Life Cover at a minimal cost.
- It provides insurance benefit for the individuals who are aged between 18 years to 65 years.
- The accidental insurance cover starts at a package of Rs 100.
- Life Insurance Cover starts with a package of Rs 413.
- No medical test is required for the Life Insurance Cover
- There is no separate documentation cover for Life Insurance
- There are no penalty charges for the discontinuation of the Insurance.
- No Separate Nomination Required for the Insurance.
- Automatic Renewal of cover after every year.
- Including all the benefits of the Super Savings Account.
The account holder of this account can enjoy other different benefits as well. The minimum balance requirement in the Metro and Urban Cities is Rs 5000 and Rs 2500 in the semi-urban cities and Rs 500 in the rural cities. An International Debit cum ATM Card is provided along with passbook facility.
Super Savings Account
The Super savings account offers to the complete banking experience to access your money with ease. With this account, you not only save your money but also make it grow.
The advantages of this account is that
- Online facilities are available through which you can transfer your funds faster.
- You can earn higher and attractive interests.
- An International Debit Card along with the passbook facility is available for the account holders.
- You can make easy payments
- The minimum balance requirement in the Metro and Urban Cities is Rs 5000 and in semi-urban cities Rs 2500 and for Rural Cities, the minimum balance is Rs 500 for Rural Cities. The bank also provides free five ATM Transactions from other banks ATMs and Non-Metro Locations.
SuperShakti Savings Account
This type of savings account is specially designed for women. This is a zero balance savings account and is absolutely free for the children below the age of 18 years. The advantages of these accounts are:
- You can create two free accounts for your children below the age of eighteen years.
- Minimum documents required while applying for a savings account.
- Online facility is available for faster funds transfer.
- Minimum balance for metro and urban cities is Rs 5000, for semi-urban cities is Rs 2500 and for rural cities, the minimum balance is Rs 500.
- Provides auto sweep- out and sweep-in facility above Rs 15, 000.
- Provides a specially designed (Women’s) International ATM cum Debit card
- Higher ATM cash withdrawal Limits- Rs 40, 000 per day.
- Offers Personalized PAP- Cheque Book.
- 25% of the Locker Services.
- 50% account on the Demat AMC.
- Free statement by e-mail.
- Offers free ATM Transactions from any other banks.
Jublee Plus Account
This type of savings account is specially designed for the senior citizens. This facilitates your banking transactions and offers benefits and facilities to fulfill the requirement of the customer. You not only save money on this account but also help your money grow through the auto sweep-in and sweep-out facility.
- This type of savings account offers zero balance requirement.
- 25% discount on the locker charges.
- Sweep-in and Sweep-out facility is available for the balance above Rs 15, 000/-
- Higher ATM Cash withdrawal limits- Rs 50, 000 per day.
- Free ten transactions for other Bank ATMs.
Being Me Account
This type of savings account is mainly designed for the Youth. The objective of this type of account is to establish a bond with the Youth and help them to shape up their financial discipline.
The advantages of these savings account are:
- It offers a preferential rate on the educational loan.
- Preference on the project work in the Bank (depends on the availability of the seats)
- Training on Financial Planning.
- Offers discounted charges on the opening of share account with the ICMS.
- The other features and benefits of this account are as follows:
- Requires a minimum balance of Rs 2500 for opening this account.
- There are no charges for the maintenance of MAB.
- The account holders will receive an International Debit-cum-ATM Card.
- The ATM Cash withdrawal limit and Point of Sale Limit is Rs 25, 000 per day.
- Provides free five ATM Transactions from other bank ATMs.
- Passbook is optional.
- Transfer of funds is optional.
- Online facilities are available to pay the bills and tax.
This account is specially designed for the kids. It is just like the piggy bank for the kids, which will not only provide the money but also provides attractive interest rates that will help the money grow. The different features and benefits that are offered in the Power Kidz Account are:
- It allows a MAB of Rs 500.
- There are no charges for non-maintenance of MAB.
- The account holders are provided with a specially designed Kids ATM Card.
- Offers a withdrawal limit up to Rs 2000 at ATMs or POS.
- A Personalized Cheque Book is provided.
- The account holder will receive free monthly statements via e-mail on request.
- Gets a free passbook.
- Demand Drafts and Pay Orders are on request.
- Free Five ATM Transactions at any other Bank ATMs at Non- Metro Locations.
- Documents Required for applying a PowerKidz Account:
List of Documents Required for Opening a Power Kidz account are –
- I S A of a Guardian.
- Minor Documentation to be signed by the Guardian.
- Guardian’s photograph and signature required on AOF.
- Only natural guardian’s as per the law is acceptable, otherwise, the guardian should be a person who is appointed by a court of law.
- Two minors or two guardians not allowed in a minor account.
For Minor Date of Birth Proof
- Birth Registration Certificate
- Report Card showing the Date of Birth.
- School ID with Photo and Date of Birth mentioned.
- Authentication and Certification:
- Minor Declaration to be signed by the Guardian.
- All the supporting documents to be signed by the customer that is the self-attestation and the officer verifying the original documentation.
- If Minor above 10 years and he himself operates the account, his/her photo is required.
- On attaining the minority, the accounts will be frozen and the freeze will be removed only after the submission of the documents.
This is a small savings account that is meant for everyone. It offers zero balance account. It offers free ATM cum Debit Card along with a cheque book. Offers SMS and E-mail Alerts for any transactions occurring in the account. The account offers facilities such as Phone Banking, SMS Banking and Internet Banking that will allow accessing your account from anywhere and anytime.
Sabka Basic Savings Account (Complete KYC)
This type of savings account is an SB Product that does not require a minimum balance. Through this type of savings account, the bank intends to extend its services to a vast section of the population for Financial Inclusion. The account holders of this savings account are provided with a free International Debit cum ATM card. This type of account offers free SMS and e-mail alerts for any transaction in the account. Also provides free account transaction statements via e-mail. No charges for any branch (Home and Non-Home Branch) cash deposit, which means that you don’t have to pay any amount of the cash deposit at any branch.
Pension Savings Account
This is one of the most important account which is specially designed for the future requirements. With this account, you can bank anywhere and anytime. You can avail special privileges, easier and quicker transactions and value-added services with exclusive offers to experience a convenient and hassle-free banking.
There is a zero- balance account and the account holder receives an International Level ATM cum Debit card along with a personalized multicity cheque book. The first five transactions at other bank ATMs at Non-Metro locations are free.
Capital Gain Account Scheme
The IDBI Bank has authorized to accept deposits under the Capital Gain Accounts Scheme. The scheme offers facilities to make an investment in order to save Capital Gains Tax. It offers capital investment in the residential house, flat, shares, family business, farm houses, agriculture land etc. under the Central Government Capital Gains Scheme, 1988.
The Capital Gains Account Scheme can be availed by the following individuals:
- Resident Individual
- Body of individuals
- Non-Individuals like Hindu Undivided Families (HUF)
- Sole Proprietorship Firms
- Partnership Firm Companies
- Association of Persons etc.
- The minimum account balance for this type of account is Rs 10, 000 and the maximum amount of deposit are Rs 100 Crore.
What are the ATM Transaction Charges
There are no transaction charges when you use an IDBI ATM. The first five transactions in the other bank ATMs is not charged. After that, a small fee charge of Rs 20 will be deducted from the account while withdrawing money and Rs 8 will be deducted from checking the balance.