IDBI Bank

IDBI Bank

IDBI Bank is a government owned service company, formally incorporated in the name of Industrial Development Bank of India. IDBI Bank was established in 1964 to cater to the financial needs of Indian industrial needs. After the Indian independence in 1947, there was an urge to develop a banking system that meets the financial requirements of the developing and growing India. There was a need to build a separate bank for financial management as RBI was busy working towards monetary and regulation policies.
 

The Industrial Development Bank of India, also commonly known as IDBI, is currently one of the most prominent Indian commercial bank, having a strong presence in asset & liability products and leading solutions. The bank is present in all states of India with a vast network of almost 1400 branches & 2000 ATMs across 28 states. IDBI has incarcerated the Indian banking industry with its various pioneering products and remarkable personnel & advanced technological solutions to become a strong market leader, in order to diversify its activity and harmonize the financial development in a phased manner for the commercial banking. To carry out all these activities, IDBI was incorporated as scheduled bank under the RBI Act in 1934 in 2004 with moderate development of banking functions. Once it acquired United Western Bank, there was an increase in the number of branches and ATMs.
 

IDBI has a wide variety of banking operations in tune with the policies of the Government and growing needs of the Indian Industry.
 

Some of the financial products offered by the IDBI Bank are as follows:

Savings Accounts

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For small and regular banking services, IDBI offers various kinds of savings account to cater to the different needs of the growing customers.
 

  1. Super Shakti (Women’s) Account Advantage: This saving account is exclusively for women in which she can add two children below the age of eighteen years as nominees. Other features include zero balance for their children, 25% discount on locker services and 50 % discount on Demat AMC.
     
  2. Super Savings Account: This account contains exhaustive banking solutions for the customers. Apart from the regular banking transactions, it has an added advantage of international debit card, travel and gift solutions for the account holders.
     
  3. Suraksha Plus Savings Advantage: These account holders have an added advantage of insurance coverage from 18 to 65 years, accident insurance coverage and life insurance coverage without medical checkup.
     
  4. Being Me Account: To meet the financial requirements like educational loan, project work at ban, training on financial planning and discounted charges to open share trading account, IDBI bank offer "Being Me" Saving account, designed especially for today's youth.  Additional advantages are zero charges for non-maintenance, free net banking money transfer, exclusively designed debit-cum-ATM card and more.
     
  5. Sabka Basic Savings Account: This zero balance savings account covers the banking services to all sections of the society. It alters in the form of SMS and email for any number of transactions. Multiple ways of using the savings account like mobile banking, SMS banking, Internet Banking.
     
  6. Pension Savings Account: This account has been designed to cover the people who are not enrolled in the regular pension scheme. This account has all regular features like international debit card, mobile banking, etc.
     
  7. Power Kids Account: To build the habit of savings at the tender age for children, Power Kids account is introduced with minimum balance of Rs.500 and features are designed to facilitate the usage of kids like withdrawal limit upto Rs.2000 and no maintenance cost.
     
  8. Senior Citizen Account: This account is zero balance account, offers discounted charges for the lockers, sweep in/out FD option available for balance of above Rs. 15000, free ten transactions at other ATMs.

Fixed Deposits:

  1. Recurring Deposit:  This type of deposit helps to add regular incomes starting with the minimum amount of Rs.100 to Rs. 1 crore every month. The features of this deposit include planned savings for future financial goals. The period of deposit ranges from 1 year to 10 years with the minimum amount. This deposit is widely used by number of small and medium income groups to reap benefits.
     
  2. Floating Rate Fixed Deposit: In this variant of fixed deposit, the interest rate is fixed for the entire tenure of the deposit. Depositors can avail loan in this fixed deposit based on the amount deposited with the added advantage of minimum locking period of one year. The rate of interest for the senior citizen is higher by 50 basis points than the normal interest rate. This deposit also has the auto renewal option for the same period, in the absence of any standing instructions.
     
  3. Freedom Deposit: Previously known as Suvidha Fixed Deposit, this deposit has the highest rate of interest in the industry. This deposit offers 0.5% extra interest rate for the senior citizens and waiver of penalty on premature withdrawal with the wide tenure ranging from 15 days to 20 years.
     
  4. Goduli Retail Term Deposit:   In this fixed deposit scheme, as soon as the depositor attains the age of 60, he/she will start earning at the interest rates offered to the senior citizens. This scheme is introduced to the people who are nearing the age of retirement. Individuals aged above 55 years and less than 60 years are eligible to maintain this term deposit.
     
  5. Suvidha Tax Saving Fixed Deposit Features:  This scheme has the dual benefit of tax exemption under Section 80 of the Income Tax Act, with the higher rate of return and 0.50% being for the senior citizens with effective from February 22, 2017. By opening IDBI Suvidha Tax saving fixed deposit, one can open avenue of banking solutions like less paper work to avail home loans, personal loans, education loans and loan against security.

IDBI Loans Products

To boost the industrial growth and meet the different financial needs, different loans are structured for catering different needs of the individuals.

Home Loans

Housing is the basic need for any individual. IDBI offers home loans to fulfill this need. Home loan is customized to needs of the customers like purchase, renovation, construction, etc.

There are customized home loans for salaried people and self-employed people. Pre-approved approved projects will have easy access to loans. Some of the key features of IDBI home loan are:

  • The borrower receives in-principle approval even before finalizing the property.
  • Multiple variants of home loan product to suit the need of borrower. The loans available are regular home loan, top up home loan, interest saver home loan,  home loan for extension or renovation, etc.
  • Customized home loan for 3 segments of borrowers i.e. salaried individuals, professionals & self-employed non-salaried professionals.
  • Dedicated relationship manager for complete assistance in searching a suitable property and its due diligence.
  • Pre- approved loans for various projects.
  • Available in any region where IDBI has its bank branches.
  • Qualified and conversant staff to handle all queries and concerns regarding home loan.
  • Multiple repayment options.
  • Extensive Branch network that covers all parts of India
     

Auto Loans

After having dream home, one would definitely want to have dream vehicle. IDBI offers pre-approved loans for existing clients that covers maximum funding. There are wide coverage of vehicle to be financed, extending till high end bikes costing Rs.1.20 lacs onwards. It has simple & hassle free processing with the minimum documentation and eligibility.

Education Loans

Meritorious student who wish to pursue higher education can avail education loan from IDBI. There are various schemes like vocational courses & non-vocational courses, for specialized courses, skill based courses like industrial training institute, national skill based corporation. Educational loans are approved with no collateral but only guarantor sign of the parents

Personal Loans

Life always does not go as planned. There will be some unexpected expenses and situations which demands immediate action and might not have the particular purpose of loan category. Here personal loans come to the rescue. These personal loans are collateral free loans and processed against the pay slips of an individual which is credited to the same bank. Personal loans can be availed by the salaried persons, self-employed professionals and pensioners. Banks normally look for the regular source of income for processing these loans. These types of loans can be repaid over a period of 5 years with added advantages provided by IDBI. The personal loans are offered to below mentioned sets of customers in IDBI bank.

  • Salaried resident individual who holds a salary account with IDBI.
  • Resident pensioners holding IDBI pension account.
  • Any salaried resident individual or self-employed professional without any existing relationship with the Bank
  • A salaried resident individual or self-employed person maintaining an asset relationship with IDBI

 
Loan against Property and Its Variants

Property, apart from being a permanent asset, can yield income in the form of loan for immediate requirement. Loan amount can be availed up to Rs. 10 crores with 1% of the loan amount as the processing fees and service tax as applicable from time to time. Funding will be done up to 65% of the value of the property.

Loans against Security

This type of loan is for those who have invested in stocks/shares and can pledge those securities to get the loan. Equity share prices are so volatile that its price changes every day and events related to the company and economy. Keeping this in mind, loan is provided for upto 50% of the market value of equity shares which are held by the investors. There are other securities against which loan can be availed are Mutual Funds, RBI Bonds, Life Insurance Policies, national Savings Certificates, Kisan Vikas Patra, etc. One unique advantage of this loan is that the interest is charged only for the utilized portion of the loan amount.

IDBI Credit Cards

With the nation going towards digital economy and paperless transactions, credit cards and debit cards are boosts to money transactions, especially for those who love to shop online shopping or want to transfer money online.. With the advent of credit and debit cards, a lot of time can be saved in visiting the branch for every banking transaction.

IDBI Bank offers 4 kinds of credit cards, which are mentioned below.
 

  • Royale Signature
  • Aspire Platinum
  • Euphoria World
  • Imperium Platinum
     

Royale Signature Credit Card

IDBI Bank offers Royale Signature Credit Card for the top notch individuals who wish to avail the best in class services blended with extravagance and comfort anywhere in world. This international credit card is one stop card for luxury shopping, specially loaded with features for those who need more than the best.
Currently the card is offered with no joining fee, waiver of surcharge on the fuel refill and interest free credit for 48 days.

  • The card holder can earn 3 Delight Points on every 100 rupees spent using this card. Apart from the reward points, the card holder is also entitled for a welcome gift worth 1150 Delight Points
  • The welcome point in given in two tranches i.e. 750 within 30 days of 1st usage and 400 Points later on within 31-90 days.

 
Euphoria World Credit Card

This card is designed exclusively for the travel needs of the customers. With IDBI Euphoria World Credit Card, the cardholder can avail the benefits of the extravagance & magnificence of some of most the exotic hotels & restaurants worldwide .There are some awesome advantages for the frequent travelers. 6 delight points are earned for every Rs.100 spent with IDBI credit card. Air travel insurance is covered worth Rs. 25 lakhs. Euphoria World Credit Card holders will eligible for the airport shopping. As some the benefits enjoyed are tagged with Master Card, privileges might change as per the Master Card discretion. Apart from the reward points, the card holder is also entitled for a welcome gift worth 4000 Delight points within 60 days of issuances of the card
 
Aspire Platinum Credit Card

Aspire credit card by IDBI bank is intended for a segment of customers who wish to avail a bouquet of top class benefits in lifestyles purchases, dining or travelling. The card comes with additional rewards point’s benefits. This card covers lifestyle spends and rewards the card holders by accumulating delight points on every Rs. 150 spent through the card. These delight points are added for spends like travel, dining, shopping, etc. The card holder can earn 2 Delight points on every 150 rupees spent using this card. Apart from the reward points, the card holder is also entitled for a welcome gift of 800 Delight points. These welcome points are given in two tranches i.e. 500 within 30 days of 1st usage and 300 Points to be used within 31-90 days.
 
Imperium Platinum Credit Card

This card has the credit card facility against one’s own fixed deposit. The main feature of this card is that there is a higher credit limit of 85% of the fixed deposit and can enjoy the higher cash withdrawal limit of up to 70% of the credit limit. The card holder can earn 2 Delight points on every 150 rupees spent using this card. Apart from the reward points, the card holder is also entitled for a welcome gift of 800 Delight points. The welcome point is given in two tranches i.e. 500 within 30 days of 1st usage and 300 Points to be used within 31-90 days.

Fees & charges for IDBI credit cards
 

S.No. Type of charges Royale Signature Credit Card Aspire Platinum Credit Card Euphoria World Credit Card Imperium Platinum Credit Card
1 Joining Fee Zero Zero Rs. 1499/- Rs. 499/-
2 Annual Fee- Main Card Rs. 1499/- Rs. 499/- Rs. 1499/- Rs. 499/-
3 Renewal fee Zero Zero Zero Zero
4 Annual Fee- Add on Card Zero Zero Zero Zero
5 Renewal fee- Add on card Zero Zero Zero Zero
6 Interest 2.50% 2.90% 2.90% 2.90%

IDBI Debit Cards

IDBI has the range of debit cards that are added to the array for different uses of its customers.

Signature Debit Cards

Some of the features like free airport lounge access, higher withdrawal limits and higher amount of POS transactions per day are some of the added advantages of this card compared to other debit cards.

Platinum Debit Card

There are loyalty points which are added each time when you use the debit card at the POS, insurance coverage for the card holders and discounts at merchant establishment usages. This debit card can be used at any part of the world.

Gold Debit Card

This card has enhanced access at ATMs and other merchant establishments. It has tied up both with Visa and Master Card with international validity and transactions that are debited in Indian Rupees. Loyalty points are earned for every Rs.100 spent.
Classic Debit Card
These card holders have international validity, apart from the wide network in India. The withdrawal limit is Rs. 25000 at the ATM and POS and SMS alerts for each transaction done. It also has an insurance cover of upto Rs. 1 lac.

Women Debit Card
The card is specially designed for the women of today with the enhanced shopping limit of Rs.40,000 per day along with special discounts and offers along with itemized billing which helps the shopping list of women.               

Being Me Debit Card
This card is targeted towards young population and students pursuing professional courses in the age group of 18 to 25 years. This card is valid for 5 years and has the advantage of paying the utility bills. In this card, the petrol surcharge is waived off.

Kids Debit Card

Nowadays, kids are curious and have the zeal to explore things faster. To instill the savings and calculated spending in the kids, this card is introduced. This card has the insurance cover of up to Rs. 2,000 and POS up to Rs.2,000.  These cards will earn 2 loyalty points for every Rs.100/- spent.  These cards are valid in India only.

Other value added services by IDBI

Internet Banking: With the advent of digital India, most of the banking transactions are going online. To catch this trend, IDBI is continuously upgrading and introducing new features to the internet banking.

Online Opening Of Bank Account:  Individuals can download the account opening forms and upload the relevant documents for the address proof and ID proof, upon verification and clarification account will be opened.

Online Transactions Transfer Of Funds:   After getting the online credentials for transacting, funds transfer can be done from any part of the world.

Online Payment of Utility Bills: All the utility bills can be paid online telephone, electricity, water, etc. just to mention a few. This payment facility saves a lot of time from standing in long queues for monthly payments.

Other Online Facility: Payment of advance tax or any kind of taxes to the government can be done through internet. These payments are safe and faster and are credited in real time to a particular account. The balance in the account can be transferred to term deposit and as a financial security for future needs. For the purpose of checking and recording financial transactions in the account and many other needs, bank statement can be obtained instantly through internet and nowadays most of the loans are applied and approved online.
Internet Banking has made easy and real time solutions for most of the banking needs of the customers, making it more convenient for the customers.
 
Online Loan Application: IDBI allows interested borrowers to submit their loan application online even before actually applying for the loan. This bouquet of online loan assistance includes

  • Checking the applicant’s eligibility online
  • Filling up of online loan application to avoid any delay and smoothen the processing
  • Update already filled application form
  • Track their loan application status
  • Calculate the prospective loan EMI

However, all the loan offers are tentative and the final loan sanction depends on the borrower’s eligibility and successful verification of all the submitted documents. The final loan sanction amount and tenure might change.
Apart from online application, any interested applicant may call the IDBI Phone Banking service or visit any of the nearest Retail Asset Centre or IDBI Branch to apply for the personal loan.

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