IDBI Savings Account – Open Online | Minimum Balance | Interest Rate | Features and Benefits

“Saving a small amount soon builds up to a large amount”. It is indeed an important practice one should have. Saving money can help one become financially secure and provide a safety net in case of an emergency.

A savings account is an interest-bearing deposit account held at a bank or another financial institution that provides a modest interest rate. Also, a savings account is often the first bank account for many including minors. In services like Savings Account, banks or financial institutions often limit the number of withdrawals you can make from your savings account each month, and they may charge fees unless you maintain a certain average monthly balance in the account. In other words, a savings account is a way to keep aside a part of your liquid assets for the future.

In this article, we will talk about IDBI Savings Account; its Application Method, Interest Rates, Features, etc.

Industrial Development Bank of India or popularly known as IDBI Bank is a government-owned financial institution which was established in 1964 in order to cater to the financial needs of industrial needs. And IDBI bank successfully meets the financial requirements of the developing and growing India.

IDBI bank considered being one of the most prominent Indian Commercial Banks, which has a strong presence in asset and liability products and leading solutions. The bank has its presence across the nation with almost 1400 branches and 2000 ATMs in all the states of India.

How To Open IDBI Savings Account Online

IDBI bank offers both online and offline way of opening a savings account. To open a savings account via the offline way you will have to visit the nearest bank branch or call the IDBI office. For the online procedure, you will have to visit the official website of IDBI bank and follow the required steps.

Interest Rates of IDBI Savings Account

Read the below table to know the interest rates of IDBI Savings Account:

Minimum Balance Requirement in IDBI Savings Account

Below table contains information regarding minimum balance requirement in IDBI Savings Account:

Features and Benefits of IDBI Savings Account

IDBI Savings Account provides complete banking convenience to its customers. It is a complete financial package that offers easy access to your money with ease.  IDBI Savings Account provides a host of banking benefits like SMS Banking, Phone Banking and Internet Banking Facilities. It provides lifestyle and privilege offers, trading and portfolio solutions, flexible easy accounts management, special banking benefits for senior citizens, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with an IDBI Savings Account.

Read below to know some more benefits of having a savings account with IDBI bank:

• You can make your payments more quickly as it provides online facility to pay bills and tax
• By opting a savings account according to your convenience and suitability, you can earn good interest rate as compared to the other instant banking option
• As you open a savings bank account you get a global debit card and a passbook
• You can also easily deposit DDs (Demand Drafts), cheque or cash
• Along with saving a great deal, you also get rebates and gifts on travel

Types of IDBI Savings Bank Account

IDBI bank offers a wide range of products and services to its customers. The bank offers various types of IDBI savings bank account. Read the table below to know the types of savings account and its features:

ATM Transaction Charges on IDBI Savings Account

There are no transaction charges when you use an IDBI ATM. The first five transactions in other banks’ ATMs are also not charged. After that, a small fee of INR 20 will be charged for withdrawing money and INR 8 will be levied for checking your balance.