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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.
About 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.
There are various benefits to having a savings account with IDBI Bank. Following is an overview.
IDBI Super Savings Account
IDBI Bank SuperShakti (Women’s) Account
IDBI Bank Senior Citizen Account
IDBI Bank Being Me Account: Savings Account for Youth
IDBI Bank Power Kids Account
IDBI Bank Small Account (Relaxed KYC)
IDBI Bank Sabka Basic Savings Account
IDBI Bank Pension Saving Account
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:
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.
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.
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.
1. 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 best to contact the nearest ICICI Bank branch.
2. 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.
3. 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.
4. What is the documentation required for a Kids Saving Account?
Following are the documents required:
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Andhra Bank Savings Account
Axis Bank Savings Account
Bandhan Bank Savings Account
Bank Of Baroda Savings Account
Bank Of India Savings Account
Bank Of Maharashtra Savings Account
Canara Bank Savings Account
Central Bank Of India Savings Account
Citibank Savings Account
City Union Bank Savings Account
Corporation Bank Savings Account
DCB Bank Savings Account
Deutsche Bank Savings Account
Dhanlaxmi Bank Savings Account
Federal Bank Savings Account
HDFC Bank Savings Account
ICICI Bank Savings Account
IDFC Bank Savings Account
Indian Bank Savings Account
Indian Overseas Bank Savings Account
Indusind Bank Savings Account
Jammu Kashmir Bank Savings Account
Karnataka Bank Savings Account
Karur Vysya Bank Savings Account
Kotak Mahindra Bank Savings Account
Lakshmi Vilas Bank Savings Account
Oriental Bank Of Commerce Savings Account
Punjab National Bank Savings Account
Punjab Sind Bank Savings Account
RBL Bank Savings Account
SBI Savings Account
South Indian Bank Savings Account
State Bank Of Travancore Savings Account
SVC Bank Savings Account
Syndicate Bank Savings Account
Tamilnad Mercantile Bank Savings Account
UCO Bank Savings Account
Union Bank Of India Savings Account
Vijaya Bank Savings Account
YES Bank Savings Account
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