IDBI Bank Savings Account

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IDBI Bank Savings Account

A savings account is the most common form of an interest-bearing deposit account which is held with a bank or NBFC and provides a nominal interest rate. A savings account is often the first bank account for many, including minors.

As the name suggests, the main use of a savings account is to save for specific purposes—perhaps for emergency funds, or to fulfil short-term goals like taking a vacation. Using a savings account, you can make deposits and withdrawals. Money stored in a savings account also attracts a nominal interest rate allowing your money to grow.

You can avail ECS (Electronic clearing System) or E-Banking facilities to pay your utility bills, EMIs, recharge your mobile number, or even shop online. You can make transfers to other bank accounts using the Net Banking platform of the bank you have an account with. You can easily keep a track of all the transactions made through that account.

The downside to having a savings account is that you need to keep a certain minimum balance to reap its benefits. You will be charged a penalty fee if your balance falls below the minimum balance requirement. The minimum balance required, interest rate and fees and charges vary from bank to bank. There is a limit on the number of withdrawals you can make from the account each month. Also, you cannot avail a loan solely against your savings account. However, your relationship with the bank might be considered if you apply for a loan.

Savings accounts offer the lowest interest rates of any deposit account. The interest on a savings account is far lower when compared to that of a Fixed Deposit account. Though they are liquid investments and easily accessible in times of need, they offer low yields in comparison to other forms of savings.

IDBI Bank Savings Account

An IDBI Bank 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.

Features and Benefit of IDBI Savings Account

There are various benefits to having a savings account with IDBI Bank. Following is an overview.

  • Safety and security when you store your cash in a savings account
  • Different savings account for different needs.
  • Access your account with ease via Net Banking, Mobile Banking and SMS Banking facilities.
  • Get a free Debit cum ATM card
  • Earn a higher return of up to 4% p.a. on your IDBI Bank Savings Account, enabling your savings to grow faster.

Types of IDBI Bank Savings Accounts

IDBI Super Savings Account

  • Transfer of funds made faster with IDBI Bank’s technology
  • Easy Payment options to pay your bills, tax etc., through Internet Banking
  • International Debit Card cum ATM Card
  • Demand drafts and Pay order and Pass-book facility
  • Banking on the Go through Phone banking
  • Offers and discounts on travel, and gifting solutions
  • Free amount transfer from Net Banking
  • Free five ATM transactions at other Bank ATMs at Non-Metro Locations

IDBI Bank SuperShakti (Women’s) Account

  • Two free Zero Balance accounts for her children below the age of eighteen years
  • Transfer of funds made faster with IDBI Bank’s technology
  • Easy Payment options to pay your bills, tax etc., through Internet Banking
  • Auto Sweep out / sweep in facility above Rs. 15,000
  • Women’s International ATM cum Debit card.
  • Daily ATM cash withdrawal Limit of Rs. 40,000
  • Personalized PAP Cheque Book
  • 25% discount on Locker services (T&C Apply)
  • 50% discount on Demat AMC
  • Free Statement by e-mail
  • Free amount transfer from Net Banking
  • Free ten transactions per month at other Bank ATMs

IDBI Bank Senior Citizen Account

  • Zero Balance savings account
  • Transfer of funds made faster with IDBI Bank’s technology
  • Easy Payment options to pay your bills, tax etc., through Internet Banking
  • Free Statement by email
  • 25% discount on Locker services (T&C Apply)
  • Sweep In/Out FD option available for balance above Rs. 15,000
  • Daily ATM cash withdrawal Limits of Rs. 50,000
  • Free amount transfer from Net Banking
  • Free ten transaction at other Bank ATMs

IDBI Bank Being Me Account: Savings Account for Youth

  • Preferential rates on educational loan
  • Preference for Project work at Bank
  • Training on financial planning
  • Discounted charges for opening of share trading account with ICMS
  • No charges for non-maintenance of Monthly Average Balance
  • ATM cash withdrawal limit and Point of Sale limit Rs. 25,000
  • Free amount transfer from Net Banking
  • Free five ATM transactions at other Bank ATMs at Non-Metro Locations.
  • Transfer of funds made faster with IDBI Bank’s technology
  • Easy Payment options to pay your bills, tax etc., through Internet Banking

IDBI Bank Power Kids Account

  • No charges for non-maintenance of AQB
  • Withdrawal limits up to Rs. 2,000 at ATM / POS
  • Personalized Cheque Book
  • Free monthly statements via mail on request
  • Demand Drafts and Pay orders on request
  • Five free ATM transactions at other Bank ATMs at Non-Metro Locations

IDBI Bank Small Account (Relaxed KYC)

  • Free Debit cum ATM card and cheque Book
  • SMS & Email Alerts for any transaction in your account
  • Free consolidated monthly account statements through E-mail
  • Free Duplicate statement through Phone banking & ATM
  • Multiple ways to access your account with Phone Banking, SMS Banking and Internet Banking
  • Free online NEFT transaction

IDBI Bank Sabka Basic Savings Account

  • Zero Balance Savings Accounts
  • Free International Debit cum ATM card
  • SMS & Email Alerts for any transaction in your account
  • Free consolidated monthly account statements through E-mail
  • Free Duplicate statement through Phone banking & ATM
  • Multiple ways to access your account with Phone Banking, SMS Banking and Internet Banking
  • Free online NEFT transaction

IDBI Bank Pension Saving Account

  • Zero Balance savings account
  • Transfer of funds made faster with IDBI Bank’s technology
  • Easy Payment options to pay your bills, tax etc., through Internet Banking
  • International Debit Card cum ATM Card
  • Demand drafts and Pay order and Pass-book facility
  • Banking on the Go through Phone banking
  • Offers and discounts on travel, and gifting solutions
  • Free amount transfer from Net Banking
  • Free five ATM transactions at other Bank ATMs at Non-Metro Locations
  • No charges for non-maintenance of MAB

IDBI Savings Account Minimum Balance

The minimum balance required in IDBI savings account differs with each kind of account. It is advisable to contact the bank directly for the most up to date details. Following is an overview:

Type of Savings Account Balance Required
IDBI Super Savings Account MAB – Rs. 5000 (Metro & Urban), Rs. 2500 (Semi Urban), Rs. 500 (Rural)
IDBI Bank SuperShakti (Women’s) Account MAB – Rs. 5000 (Metro & Urban), Rs. 2500 (Semi Urban), Rs. 500 (Rural)
IDBI Bank Senior Citizen Account -
IDBI Bank Being Me Account Account opening: Rs. 2,500
IDBI Bank Power Kids Account MAB of Rs. 500
IDBI Bank Small Account -
IDBI Bank Sabka Basic Savings Account -
IDBI Bank Pension Saving Account -

IDBI Savings Account Interest Rate

IDBI savings account comes with interest rates of up to 4%, depending on the daily balance, and the amount in your account. Do keep in mind that the rates are subject to change at the sole discretion of the bank.

IDBI Bank Savings Account Charges

Different IDBI Bank savings accounts have a different schedule of charges. It is better to contact IDBI Bank directly for the most up to date charges.

How to open an IDBI Bank Savings Account

IDBI Bank savings account opening is easy and hassle-free. You can get in touch with the bank on their Phone Banking numbers or visit your nearest IDBI Bank Branch. The bank representative will help you with the requisite application form and explain the process in detail.

IDBI Bank Savings Account FAQS

What is the best interest rate on an IDBI Bank saving account?

The interest rates can go up to as high as 4%. For the latest interest rates, it is advisable to contact the nearest IDBI Bank branch.

Who is eligible to open a basic savings account with IDBI?

An individual residing in India, HUF, minors (with the declaration of the parent / guardian) are eligible to open an IDBI bank savings account.

Is it possible to open an IDBI Bank savings account online?

No, you would be required to go in person to your nearest IDBI bank branch and submit the required application form along with the supporting documents. Alternatively, you can call the Phone Banking numbers.

What is the documentation required for a Kids Saving Account?

Following are the documents required:

  • ISA of Guardian – Minor Declaration to be signed by the Guardian
  • Proof of age of the Minor- Birth certificate, School report Card with DOB, etc.
  • Any other documents as deemed fit by the bank.

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