IDBI Bank

IDBI Bank

The Industrial Development Bank of India was established through the Industrial Development Bank of India Act passed by the Government of India in the year 1964. It acted as a financial institution in the first 40 years of its establishment and in the year 2004 it was converted into a public sector bank. IDBI Bank has its headquarters in Mumbai and caters to each and every banking need of individuals whether it is deposits or borrowings.

Credit Cards

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IDBI Bank currently has four types of Credit Cards in its kitty which are mentioned below:

  • Royale Signature – it is a premium card which offers various benefits like access to airport lounges, loyalty points and discounts on other lifestyle expenses.
  • Euphoria World – a travel oriented credit card which offers travel related benefits and discounts including extra points on travel spending, complimentary lounge access and free travel insurance coverage
  • Aspire Platinum – a credit card with multiple benefits some of which include fuel surcharge waiver, no lost card liability and reward points
  • Imperium Platinum – a VISA affiliated card where the customer can avail credit facilities against their fixed deposits made with the bank.

Debit Cards

Accountholders of the bank are entitled to the range of debit cards which are offered to them from the bank. The various variants of the debit cards which are issued by the bank are summarized below:

  • Signature Debit Card
  • Platinum Debit Card
  • Gold Debit Card
  • Classic Debit Card
  • Women’s Debit Card
  • Being Me Debit Card
  • Kids Debit Card

Contactless Debit Card

Savings Accounts

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For the regular banking needs of customers, IDBI Bank offers a host of varied Savings Accounts which differ in their features and target customers. The types of accounts available include:

  • IDBI Suraksha Plus Savings Account – an account which comes bundled with an insurance coverage on the life of the accountholder
  • IDBI Super Savings Account – a simplified savings account for the common man
  • SuperShakti Women Account – a savings account which caters to the banking requirements exclusively of females where their minor children can also be included
  • Jubilee Plus Senior Citizens Account – a saving account for the senior populace of our country which has attractive features
  • Being Me Account – account designated for the Indian Youth catering to their special requirements
  • Power Kidz Account – a savings account for your kids
  • IDBI Bank Small Account –an account which does not call for complete KYC fulfilment norms and can be opened with minimal documentation
  • Sabka Basic Savings Account – as the name suggests, it is a basic account where a minimum balance needs not to be maintained
  • Pension Savings Account –a  savings account for the employees of the Central Government

Fixed Deposits

Deposits made with the intention of keeping them for a longer tenure and earning a higher rate of interest can be made in a fixed deposit account. The bank has many accounts in this category which are:

  • Freedom Deposit – a new name of the Suvidha Fixed Deposit of the bank, this is a traditional scheme of fixed deposit
  • Suvidha Tax Saving Fixed Deposit – a deposit designed with the objective of tax-saving under the guidelines of Section 80C as contained in the Income Tax Act.
  • Recurring Deposit – a scheme of deposit where deposits in small amounts can be made periodically
  • Godhuli Retail Term Deposit – a deposit scheme where the higher rate of interest allowed to senior citizens is automatically calculated if the depositor attains 60 years of age during the tenure of deposit
  • Floating Rate Fixed Deposit – a scheme which does not promise a fixed rate of return throughout its tenure. The interest is calculated as per the then prevailing rates on the date of computation.

Loans

IDBI Bank understands the needs of individuals who require funds for different purposes and enables them access to such funds through its loan products. All the basic types of loan products are available with the bank. Let us take a look:

  • Home Loan – the bank provides loans for buying or constructing a home or purchasing of a residential plot for building a house to individuals who want to own a residential property.
  • Auto Loan – loans are provided so that customers can buy a two-wheeler or four-wheeler for their lifestyle needs.
  • Education Loan – for pursuing higher education the shortage of funds is overcome through the Education Loan provided by the bank
  • Personal Loan – for all the personal needs of the individual for which there are no specialized loans, the bank grants a personal loan
  • Loan against Property and its variants – any commercial, industrial or residential property can be mortgaged with the bank to avail loan against its value for meeting financial requirements.
  • Loan against Securities – any form of financial security held by individuals can be pledged to avail a loan against them.

NRI Banking

The NRI customers of the bank can access specialized banking solutions designed for their needs through the NRI banking channel of the bank. The services provided include:

  • NRI Remittances – remittances of funds, cheques, drafts or wire transfers so that money can be remitted anywhere easily
  • NRI Accounts – accounts such as NRE, NRO, FCNR and RFC accounts are available for the different classes of NRIs
  • Portfolio Investment Schemes – schemes which are designed to channel NRI funds to the country’s secondary stock market

Internet Banking

IDBI Bank has kept the trend of online transactions alive by offering internet banking services to its customers. Customers can now:

  • Open a bank account
  • Make transfers in the account
  • Pay their bills online
  • Pay their tax liability
  • Open a term deposit account
  • Request for account statements
  • Apply for loans, etc.

This facility has made banking easy and simple for every customer of the bank

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