IDBI Bank Savings Account
|IDBI Savings Account
|Minimum Balance Requirement
||Zero-balance account. available
||3.00% to 3.50%
|Types of SB Accounts
- Super Savings Account
- Sabka Basic Savings Account (Complete KYC)
- Small Account (Relaxed KYC)
- Being Me Account (For Youth)
- Preferred Account
- SuperShakti Women's Account
- Powerplus Account
- Royale Account
- Pension Saving Account
- Senior Citizen Accounts
- Power Kids Account
- Kutumb - Family Banking
- Capital Gain Account
- i-Quick e-KYC Based Account
IDBI Bank Savings Account has a host of facilities for all types of customers (individuals, HUFs, companies, senior citizens, youth, children, women, family, and more). You can save money as well as grow it exponentially with the savings bank (SB) account schemes. You may also avail of the Auto sweep-in and sweep-out facility for a few accounts. Earn decent interest, and know more about financial independence with easy access to own funds.
In this post, we will discuss IDBI Bank Savings Account interest rates, types, features, and frequently asked questions.
IDBI Bank Savings Account Interest Rates
The rate is calculated as per the RBI mandate and bank’s discretion from time to time on the daily balance you maintain in the account:
- The IDBI Savings Account Rate is 3% for a balance less than Rs. 50 lakhs
- The rate is 3.50% for a balance of Rs. 50 lakhs and above
- The interest rate on Savings Deposits is calculated on incremental balance slabs
- The base rate is 9.65% for the same, and the current BPLR is 14.15%
Types and Features of IDBI Savings Account
Here is more information about different types of IDBI SB accounts:
1) IDBI Super Savings Account
This IDBI Savings Account allows you to access money at ease with banking convenience. It helps to grow and save money, and manage it efficiently. You get facilities such as quick fund transfer, International Debit Card, online payment of tax and bills, gift and travel solutions, demand drafts and pay order, value-added services, bank on the move, easy payments, profit from the account.
Features of IDBI Super Savings Account
- The minimum average balance for rural area is Rs. 500
- The same is Rs. 2,500 and Rs. 5,000 for semi-urban and metro/urban areas, respectively
- International Debit cum ATM Card
- 5 free-of-charge ATM transactions (non-metro locations) at other bank ATMs
2) IDBI Bank Sabka Basic Savings Account (Complete KYC)
This is a regular savings account with a complete KYC. It has no requirement for a minimum balance. Thus, it is a zero-balance account. It comes with SMS and email alerts for transactions, free International Debit cum ATM Card, free consolidated account statements every month through email. You do not have to visit the bank for basic services. Rather, you can access the same on SMS/phone/internet banking.
Features of IDBI Sabka Basic Savings Account
- No charges apply for home and non-home branch cash deposit
- Free of charge cheque book on request
- You can transact with the Card at a bank ATM or shop at retail corners
3) IDBI Bank Small Account (Relaxed KYC)
The IDBI Savings Account is for everyone who may not have sufficient KYC documents. It is a zero-balance account with inclusive banking. You can benefit from SMS and email alerts for transactions, a free Debit cum ATM Card, and free monthly account statements on email. You can avail of a cheque book on request. Also, with the ATM Card, you can shop at any retail outlet.
Features of IDBI Relaxed KYC Small Account
- You can access different ways to access your account
- There is no need to visit the bank for basic services
- You can get unique facilities such as SMS banking, phone banking, and internet banking
- So, you can reach your account anytime and from anywhere
- There are no charges for any branch be it home or non-home one
- You can also deposit cash at no extra cost at any branch
4) IDBI Bank Being Me Account (For Youth)
The IDBI Bank Savings Account ‘Being Me’ is for the youth. The account helps youngsters to get habituated with banking activities and build financial discipline. The acc. provides preferential rate on education loans, discounted charges on the opening of share trading accounts with the ICMS, financial planning training, preference for project work at the institution based on the availability of seats.
Features of IDBI Savings Account for Youth
- Account opening amount is Rs. 2,500
- There are no penalties for non-maintenance of the monthly average balance
- Get free 5 ATM transactions at non-metro location bank ATMs of other banks
- Exclusively designed ATM-cum-Debit Card
- Optional Passbook, quick fund transfers
- Rs. 25,000 per day is the daily limit for ATM cash withdrawal and POS (Point of Sale) on the ‘Being Me’ Card
5) IDBI Bank Preferred Account
This Preferred Personal Banking Account comes with facilities such as a free Passbook at the home branch for individual account holders, welcome kit with all deliverables, personalized cheque book, insurance cover, Anywhere Banking, International Platinum Debit Card (higher cash withdrawal limit and POS), Higher limit on NEFT and RTGS, banking through Phone/Mobile/ATM/Internet, ATM access across the globe, higher free limits on transactions, etc.
Features of IDBI Bank Preferred Account
- Discounts: 50% discount on locker and concession on transaction charges of Demat. All these services are available if you maintain an average monthly balance of Rs. 1 lakh, or a Fixed Deposit of Rs. 7.5 lakhs.
- Withdrawal Limits: The cash withdrawal limit daily at ATMs is Rs. 1 lakh and Rs. 1 lakh per day is the limit for POS usage.
- Special Services: Preferred recognition at branches, personalized facilities, doorstep banking (cash pickup and delivery free per month, twice). Dedicated Relationship Manager to assist with profile management, investment advice, and other services.
- Petrol Surcharge Waiver: On transacting with the Card, you will receive a waiver on fuel transactions. The value of the transaction should be Rs. 400 to Rs. 2,000.
- Online Transactions: You can use the Platinum Debit Card for shopping, utility bill payments, booking movie/railway/air tickets.
6) IDBI Bank SuperShakti Women's Account
This is a woman savings account of zero-balance. It is free for her children as well, who are below 18 years of age. The allowance is for two free accounts for children. It comes with online options for tax or bill payments, simple documentation, and fast fund transfer. Get 25% concession on locker services and a discount of 50% on Demat annual maintenance charges.
Features of IDBI Woman Savings Account
- Personalized PAP Cheque Book
- Women’s International ATM cum Debit card (specially designed)
- Per day limit for cash withdrawal from ATM is Rs. 40,000
- MAB for metro and urban branches is Rs. 5,000 and it is Rs. 500 and Rs. 2,500 for rural and semi-urban branches, respectively
- Free Statement by email
- Auto Sweep out/sweeps in the facility of over Rs. 15,000
- Free 10 transaction at other Bank ATMs
7) IDBI Bank Powerplus Account
The IDBI Bank Savings Account offers Preferred Banking services. It fulfils your day-to-day banking needs with top-up benefits. Some of the benefits include free NEFT through net banking, account to account transfer and any branch cheque deposit is free, 25% off on locket of any size, enhanced cash withdrawal limit, and POS on International ATM-cum-Debit Card.
Features of IDBI Bank Powerplus Account
- No account maintenance charges for the first year if you open a Demat account at the bank
- You can opt to maintain Rs. 50,000 as the average monthly balance
- Or, you can earn a higher return on TD (Term Deposit) and get benefits under the Power Plus
- For this, you need to link the TD with the SB account
- The value of the Term Deposit, in this case, is at least Rs. 5 lakhs
8) IDBI Bank Royale Account
The IDBI Bank Savings Account brings royalty in banking facilities with exclusive features and free services. You will receive a welcome kit with all deliverable such as Debit Card, cheque book, and other contents as per your banking needs, access to international as well as domestic ATMs free-of-cost, access to free NEFT and RTGS (higher limit) through net banking, and branch, International Signature Debit Card with enhances access at Merchant Establishments and ATMs.
Features of IDBI Bank Royale Account
- You can use the Signature Debit Card is usable in India and abroad for withdrawal in local currency at ATMs and purchases at merchant locations
- Enrol a family member in the Preferred Banking channel by opening a Power Plus account and get complimentary services
- Get personal accident cover worth Rs. 5 lakhs, Rs. 50,00 as cover for loss of checked baggage, Rs. 25,000 as purchase protection, Rs. 50,000 as fire and burglary of household contents
- Insurance cover for counterfeit and lost cards up to Rs. 5 lakhs
- Doorstep banking wherein free 2 cash pick up and delivery every month
- Higher RTGS and NEFT limit
- You can withdrawal cash in a day up to Rs. 1,50,000
- Per day limit for purchases in a day is up to Rs. 3 lakhs
- Preferred recognition at all branches, dedicated Relationship Manager for assistance on portfolio management, personalized services, and investment advice
Other Benefits of IDBI Royale Account
- Petrol surcharge waiver on the Platinum Card if the transaction value is between Rs. 400 and Rs. 5,000
- Use the Signature Debit Card for online booking movie/rail/air tickets, payment of utility payments, and shopping
- You will get 2 loyalty points on spending Rs. 100 spent every time on the Signature Card
- Each point is redeemable for a cash credit of Rs. 1 to the bank account
- Discount of 50% locker rentals other than free locker of size 5 x 6 x 19
- You will also get a concession on Demat transactions
- All such facilities are possible if you maintain Rs. 3 lakhs as the average monthly balance of Rs. 15 lakhs in Fixed Deposit for Royale Account
- Or maintain Rs. 5 lakhs as monthly average balance in a savings account or Rs. 25 lakhs in FD for Royale Plus Account
9) IDBI Bank Pension Saving Account
With the Pension SB Account, you can experience banking anytime and anywhere. You can get special privileges such as quicker transactions, exclusive offers, value-added services, and hassle-free facilities. You can also avail of instant banking, online options for tax and bill payment, International Debit Card, options to grow money at great interest rates, easy payments, travel and gift solutions, bank on the move, Pay order and Demand Draft, and profit on the account
Features of IDBI Pension Savings Account
- This is a zero-balance account
- Get International Debit-cum-ATM Card
- No charges on non-maintenance of MAB
- 5 ATM transactions free-of-cost at other bank ATMs at non-metro locations
- Personalized multi city cheque book
10) IDBI Bank Senior Citizen Accounts
This IDBI Bank Savings Account is for senior citizens to facilitate banking transactions with other services. It is the ideal way to save and grow money through Auto Sweep Out/Sweep In facility. It is a zero-balance account with simple documentation. You can make a quick transfer of funds, get a free statement by email, and access online methods for bill and tax payments.
Features of IDBI Senior Citizen SB Account
- If your account balance is over Rs. 15,000 then you can choose the sweep in/sweep out FD option
- Get a discount of 25% on locker charges
- Receive a free zero-balance sponsor account
- Rs. 50,000 per day as ATM cash withdrawal limit
- 10 transactions free at other bank ATMs
11) IDBI Bank Power Kids Account
This is a Children Savings Account to inculcate the habit of saving money for kids. It functions as a piggy bank for children. The account keeps the money safe and offers attractive interest earning on the same. Also, the kids can make purchases on a debit card. They can also avail of education loans from the bank for higher education in India or abroad. The minimum average balance is Rs. 500. You will get a personalized cheque book, free Passbook, and other services.
Features of IDBI Power Kids Account
- 5 ATM transactions free at other bank ATMs at non-metro locations
- No charges for non-maintenance of MAB
- The daily withdrawal limit is up to Rs. 2,000 at POS and ATM
- Get an exclusively designed Kids ATM Card
- Pay Orders and Demand Drafts on request
- Free monthly e-statements on email at the request
- Free personal accident insurance cover of Rs. 2 lakhs on the accidental death of the guardian who operated the account on the minor’s behalf
- This accidental cover is for primary account holder until attaining the major status
Eligibility Terms and Conditions
- Two minors or two guardians are now allowed for a minor account
- Only natural guardians are acceptable as per law
- Otherwise, the court of law has to appoint a person as the guardian
Documents for IDBI Bank Children Savings Account
- Photograph and signature of the guardian on the account opening form
- ISA of guardian
- Declaration of the minor signed by the guardian
- Date of birth proof for kids include Passport/School ID Card with DOB mentioned and minor’s photograph, Report Card with mention of DOB, Birth Registration Certificate
Authentication and Certification
- If the minor is over 10 years of age, then he/she can operate the account by self and their photograph is required for account continuation
- Submission of the required documents is mandatory on attaining majority
- Self-attestation of the customer on all supporting documents and signature of the officer who verifies the original documents
12) IDBI Bank Kutumb - Family Banking
The IDBI Bank Savings Account is for family banking experience, where every member can manage and access finances under one roof. As an account holder, you can maintain the minimum account balance on the behalf of the members. This will free them from bearing costs and transact within limits. Some of the facilities are specially designed accounts for family members such as youth/senior citizens/children/women, etc.
Eligible Account for Family Banking at IDBI Bank
- All individual SB accounts excluding capital gains/financial inclusion account and Basic SB Deposit
- All individual sole proprietorship/current accounts/HUF
- The accounts not considered are the ones that are grouped already under a Family ID
- Also, the disqualifiers include accounts with negative balance/freeze/inactive/unrecovered charges/dormant accounts
Features of IDBI Bank Kutumb Savings Account
- Ease of access and greater flexibility to access funds
- You need to add at least 2 and a maximum of 5 members
- Eligible members include mother, child, father, spouse, grandchildren, grandparents, sister, brother, mother-in-law, and father-in-law
- MAB requirement at the family level is the sum of the MAB requirement of every member’s account in the group
- You cannot reckon the FD/FFD balance to meet the MAB requirement
- There are no charges for any facilities according to accounts grouping
- Penal charges for non-maintenance of MAB will be recovered from the primary account holder. In absence of the same, the charges are recovered from the subsequent member, and thereof
13) IDBI Bank Capital Gain Account
This is a Capital Gain Account Scheme. The bank can accept deposits under the CGAS 1988 as per the Gazette notification of 29 November 2012, from CBDT. With this account, you can grow money through investments and save the Capital Gains Tax on the Capital Gains from selling investments such as shared, residential apartment/house, farmhouses, farm business, agricultural land, etc.
This scheme is for a body of individuals, resident individuals, sole proprietorship firms, an association of persons, partnership form companies, HUFs, and non-individuals, etc.
Features of IDBI Bank Capital Gain Account
- There are two types of deposit accounts. The primary one is a savings account. The subsequent account is Term Deposit
- The minimum and maximum amount limit is Rs. 10,000 and Rs. 100 crores, respectively
- The minimum and maximum tenures are 15 days and 20 years, respectively. The same for senior citizens is 45 days and 20 years, respectively
- Senior citizens can earn an additional 0.5% interest on the deposits of 1 year and over
- The Tax Deducted at Source (TDS) is as per the current IT guidelines
- Loan/overdraft against FD is not applicable
- 1% penalty on premature withdrawal, but it may change as per the CGAS guidelines
- You can withdraw more than Rs. 25,000 through Pay Order/RTGS/NEFT/Demand Draft
- There is an option for sweep-in and nomination
14) IDBI Bank I QUICK (E KYC based Account)
You can download the mobile application from App Store for iOS devices and Play Store for Android devices. Or you can click - https://bit.ly/33cfcBV and download the app for the respective devices. Or you may use the following QR Code to download the i-Quick Mobile Application.
You can perform a video KYC and access/open the account from the comforts of your home. The process is quick, simple, and safe, and does not necessitate a visit to the bank. You may access the features from the below QR Code.
You can also open the IDBI Savings Account through the video KYC link on any day (except bank holidays and Sundays) between 10:00 AM and 6:00 PM.
Frequently Asked Questions About IDBI Savings Account
Here are the IDBI Bank Savings Account FAQs:
You can perform NEFT/RTGS through net banking. Access easy payments and funds from the bank account. Make online payments for taxes and bills. And enjoy other internet banking services as per the privileges bestowed on your SB acc.
Yes, you can opt for a fixed deposit as an auto sweep-out and sweep-in facility for certain IDBI Savings Accounts. In several of the accounts, you can avail of free Demand Draft and Pay Order to a certain limit.
You will usually receive an ATM-cum-Debit Card on your savings account until mentioned otherwise. You can shop online, pay at retail outlets, withdraw cash from ATMs, and enjoy other facilities through the Debit Card.
For a few SB accounts by the bank, there is a facility of free insurance coverage for personal accidents and the death of the primary account holder up to a certain amount. Also, you will receive cover for loss/damage/theft of the Debit Card.
Certain account types will offer dedicated services such as advice for investment and management of funds by Relationship Manager, doorstep service to pick or deliver cheque/cash, home banking, and preferential treatment if you are in the gamut of preferred accounts.