IDBI Savings Account | Savings Account | Online Account Open (2023)

The IDBI Bank has carefully created the following types of savings account in order to make a better fit for the potential account holders. The types of savings bank account are:

A. Super Savings Account

The Super Savings Account provides you convenience of banking so that you are able to access your money easily.

Features of the Super Savings Account:

  • Monthly Average Balance is applicable. An average balance of Rs.500, Rs.2500 and Rs.5,000 needs to be maintained for Rural, Semi Urban, and Urban Areas.
  • Customers can opt for an International Debit cum ATM Card
  • Free five ATM transactions at other Bank ATMs at Non Metro Locations
  • A Demat Account can be opened with a Super Savings Account.

B. Small Account (Relaxed KYC)

IDBI Bank has introduced the Small Account which is a zero balance account with a relaxed KYC procedure. It is a savings account that’s meant for everyone. This is IDBI’s first Zero Balance account for inclusive banking and to bring a larger population in the formal banking system.

Features of the Small Bank Account are:

  • Free Debit cum ATM card
  • SMS & Email Alerts for any transaction in your account
  • Free consolidated monthly account statements through E-mail
  • Value added services like Phone Banking, SMS Banking and Online Banking
  • It is a Savings Bank Account product that doesn’t require a minimum balance and through which IDBI Bank intends to extend its services to a vast section of population for Financial Inclusion.

C. Sabka Basic Savings Account (Complete KYC)

The primary difference between the IDBI Bank Sabka Basic Savings Account (Complete KYC) and the IDBI Bank Small Account (Relaxed KYC) is that the debit card of the Sabka Basic Savings Account is an International Debit Card.

Features of IDBI Bank Sabka Basic Savings Account are:

  • Zero Balance Savings Accounts
  • Free International Debit cum ATM card
  • SMS & Email Alerts for any transaction in the account
  • Free consolidated monthly account statements through E-mail

D. Senior Citizen Account

IDBI Bank has brought to the senior citizens an account that can facilitate your banking transactions with hosts of facilities catering to the needs of the customer.

Features of IDBI Bank Jubilee Plus (Senior Citizens) Account are:

  • It is a zero balance sponsor account
  • 25% discount on lockers charges
  • Sweep In/Out FD option available for balance above Rs. 15,000
  • Higher ATM cash withdrawal Limits – Rs. 50,000 per day
  • Free ten transactions at ATM’s of other Banks

E. SuperShakti Women Account

IDBI Bank has introduced a special savings account for women, which we have coined as SuperShakti women account. Along with this, IDBI Bank are also offering a zero balance savings account absolutely free for her child below the age of eighteen years.

  • Two free accounts for their children below the age of eighteen years
  • Faster transfer of funds
  • Online options to pay your bills or to pay your taxes

F. Being Me Account

“Being Me” savings account is a specially designed product for today’s youth. The objective is to establish a bond with the Youth and help them to inculcate financial discipline.

Key features and benefits of “Being Me” Account

  • Preferential rate on educational loan
  • Training on financial planning
  • Discounted charges for opening of share trading account with ICMS (IDBI Capital Markets and Securities Ltd)
  • Account opening Amount – Rs. 2,500
  • No charges for non-maintenance of Monthly Average Balance
  • Exclusive designed Debit cum ATM Card
  • ATM cash withdrawal limit and Point of Sale limit through “Being Me” card is Rs. 25,000 per day
  • Free five ATM transactions at other Bank ATMs at Non Metro Locations

G. Power Kids Account

It is a piggy bank for kids that will not just keep their money safe but are provided an interest on the same, allowing them to take out money as and when is required, make smart purchases by way of an exclusive debit card and teach them to operate their account in a better and convenient way.

Kids at a young age can start saving the amount received from their parents/guardian into these account which will not only inculcate the habit of saving but also act as an instrument in guiding them into financial sector.

Features of the Power Kids Account

  • Monthly Average Balance of Rs. 500
  • No charges for non-maintenance of MAB
  • Exclusive designed Kids ATM Card
  • Withdrawal limits up to Rs. 2,000 at ATM / POS
  • Free five ATM transactions at other Bank ATMs at Non Metro Locations

H. Pension Saving Account

Pension Savings Account has been specially designed keeping the requirements of Central Government employees in mind.

Features of the Pension Savings Account are:

  • Zero Balance Account
  • No charges for non-maintenance of MAB
  • International ATM cum Debit card
  • Free five ATM transactions at other Bank ATMs at Non Metro Locations

I. Capital Gain Account

The scheme facilitate investment in order to save Capital Gains tax for the Capital Gains made by selling a capital investment like residential house, flat, shares, family businesses, farm houses, agriculture land etc.

The following people are eligible for this type of account:

  • Resident Individuals
  • Body of individuals
  • Non-individuals like Hindu Undivided family (HUF)
  • Sole proprietorship firms
  • Partnership firms companies
  • An Association of persons etc.

The key features of the Capital Gains Account are:

  • Nature of facility: Acceptance of deposits in the form of Savings Deposit or Term Deposit for availing benefit under CGAS, 1988 by the depositor. Thus there will be a Savings Deposit Account created as well as a Term Deposit Account created under the Central Government’s Capital Gains Account Scheme
  • The minimum deposit must be Rs. 10,000 and the maximum can be Rs. 1 Crore
  • The rate of interest for the Savings Deposit Account is based on the Savings Bank rate as per the RBI Guidelines. The rate of interest for the term deposit is decided as per Asset – Liability Committee (ALCO).

J. The Salary Accounts of IDBI Bank:

IDBI Bank State and Central Government Account offers you an exclusive experience with the premium banking facilities.
The State and Central Government Accounts have been divided based on their Net Monthly Salary as follows:
I. Prime Account:
Net Monthly Salary needs to be between Rs.7,000 and Rs.20,000.

Key benefits of the Prime Account are:

  • Multi city at Par cheque books per quarter
  • 24×7 conveniences at no charges
  • Internet Banking, Mobile Banking and Phone Banking
  • Any Branch Banking –cash withdrawal and deposits

II. Star Account:
The account is meant for individuals between Net Monthly Salary between Rs.20,000 and Rs.35,000.

The key benefit of the Star Account is the insurance cover. Individuals can get insurance cover of Rs. 3 lakhs personal accident Insurance and Rs. 50000 purchase protection cover.

III. Crown Account:

Net Monthly Salary should be between Rs.35,000 and Rs.60,000.

The key benefits of the Crown Account are:

  • Interest concession on Home Loans, Auto Loans
  • Discount on locker facility subject to Average Quarterly Balance is maintained
  • Gold Debit Card- Get a free Gold Debit card and set up direct debit for all your expenses

IV. Imperial Account

Net Monthly Salary of the Imperial Account holders should be between Rs.60,000 and Rs.1 lakh.

  • Interest concession on Home Loans, Auto Loans
  • Electronic Fund Transfers across all branches
  • Discount on locker facility subject to Average Quarterly Balance is maintained
  • Electronic Fund Transfers facility – RTGS, Card to Card transfer and Fund Transfer services are available with it

V. Pride Salary Account
Pride Salary Account is an account launched for the defence personnel of the country, which has been specially designed keeping their requirements in mind. With this account you can expect banking anywhere, anytime.

Features of the Pride Salary Account:

  • Zero Balance Account
  • Free International Classic Debit-cum-ATM card
  • Demand Drafts and Pay Orders – IDBI Bank provides concession in Demand drafts and pay orders.

Tags: idbi bank, idbi savings account, types of idbi savings account


Can I open my savings account online? ›

Different financial institutions have different processes, but you can typically request to open a savings account either online, in-branch or over the phone.

How much does it cost to open a savings account in IDBI? ›

2500/- for semi urban Branches and Rs. 500/- for Rural Branches.

Can I open zero balance account in IDBI Bank? ›

IDBI Bank introduces Small Account (Relaxed KYC) - a savings account that's literally meant for everyone. Completely elementary in its approach and Zero Balance account for inclusive banking.

Can I open saving account without visiting bank? ›

You can also open an account through the bank's website or mobile app.

Can I open a bank account online without going in person? ›

You can apply for most checking accounts online if you're 18 or older by going to the bank's website and filling out the application. The application will ask for basic information about yourself and some may ask you to submit documents.

Which bank is best to open savings account online? ›

Here are the best online savings account interest rates
  • Popular Direct – APY: 4.16%, min. ...
  • CIT Bank – APY: 4.05%, min. ...
  • Bread Savings – APY: 4.00%, min. ...
  • Synchrony Bank – APY: 3.75%, min. ...
  • Citizens Access – APY: 3.75%, min. ...
  • Barclays Bank – APY: 3.40%, min. ...
  • Citibank – APY: 3.40%, min. ...
  • Ally Bank – APY: 3.30%, min.

Why can't I open a savings account online? ›

Why can't I open a bank account? A bank can deny your request to open an account because of past accounts that were closed due to negative balances, a history of overdrafts or problems verifying your identity.

Which bank can I open online in USA? ›

In general, we think Chime is the easiest bank account to open online. It gives you a mobile financial app and debit card within normally two days— with a two-minute application process and no credit check!

Which bank is best for savings account? ›

Performance Of the Top Savings Bank Accounts of 2023
  • 1) State Bank of India (SBI) Savings Account.
  • 2) HDFC Bank Savings Account.
  • 3) Kotak Mahindra Bank Savings Account.
  • 4) DCB Bank Savings Account.
  • 5) RBL Bank Savings Account.
  • 6) IndusInd Bank Savings Account.
  • 7) ICICI Savings Bank Account.
  • 8) Axis Bank Savings Account.
Jan 12, 2023

What documents are required to open IDBI bank account? ›

Identity Proof: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc. Address Proof: Aadhar Card, Valid Passport, Utility bill, Property tax bill, Telephone bill, etc. Commencement of Business Certificate. Incorporation and Board Resolution Certificate.

Which bank has no fees for savings account? ›

Ally Bank wins as the best overall free savings account thanks to its high APY, minimal fees, and extra features that help you boost your savings rate. Ally Bank's Online Savings Account comes with no minimum opening deposit requirement, no minimum balance requirements, and no monthly service fees.

How to open savings account? ›

7 steps to take to open a savings account
  1. Choose how to apply. ...
  2. Gather your identification. ...
  3. Provide contact details. ...
  4. Select a single or joint account. ...
  5. Accept the terms and conditions. ...
  6. Submit your application. ...
  7. Fund your new account.
Aug 17, 2022

Which bank has lowest minimum balance? ›

IndusInd Bank - Indus Online Savings Account

Any Indian citizen above the age of 18 years is eligible to open this savings account with no minimum balance. Transfer funds for free via NEFT, IMPS, and RTGS.

Which bank has no minimum balance? ›

Special Feature. Kotak Mahindra Bank has introduced three kinds of zero balance accounts out of which Kotak 811 Full KYC account is the most useful as it provides a cheque book and a debit card (if required by paying INR 199) and a free digital debit card. Facility of NEFT, IMPS, RTGS available without any charge.

How can I open a bank account in India from abroad? ›

DOCUMENTATION (New to Bank /Existing NRI customer)
  1. NRI Account Opening FORM (A4) signed by all holders. ...
  2. Latest Passport size photograph of all holders.
  3. Copy of PAN card / Form 60 (in absence of PAN) (Click Here for form 60).
  4. Proof of Identity (Valid Indian / Foreign Passport)

Which bank account can be opened online without visiting branch? ›

State Bank of India (SBI) has introduced a Video KYC-based account opening feature that will enable users to open an SBI account online without having to go to a bank branch. According to the SBI tweet, "You may open a Savings Account with us without going to the bank.

Can I open a savings account online in India? ›

You can apply online to open a Savings Account with HDFC Bank and benefit from the wide range of features and exclusive deals that come along with the different variants. The online saving account opening process is simple and easy, and can be completed online in just a few steps.

Which all banks allow online account opening? ›

Banks Offering Online Account Opening
  • BayVanguard Bank*
  • Altamaha Bank.
  • Androscoggin Bank*
  • Axos Bank*
  • BankFive.
  • Bank of America*
  • Bank of Travelers Rest.
  • Bank Independent*

Can I open a bank account online without proof of address? ›

To open an account to manage your finances otherwise known as a bank account, you now only need proof of ID using either a valid driving license, passport or National ID card. Modern online financial institutions can now help customers open a bank account with no proof of address. Technology has enabled this.

Can I open a bank account online without going to the bank in India? ›

It can all be done conveniently via our online portal, allowing you to avoid having to go to the bank physically. You can read more on the different types of Savings Accounts here. Regardless of which method you choose, you need to provide certain documents to open your Savings Account.

Is it better to open a savings account online or in person? ›

If you really value a face-to-face customer experience and are willing to forfeit a higher return on your money for it, then a brick-and-mortar savings account is for you. On the other hand, if you care most about high interest rates and low fees, an online (high-yield) savings account is the better choice.

Which bank is easy to open savings account? ›

Kotak Mahindra Bank Savings Account

Kotak Mahindra Savings Bank account or Kotak Mahindra 811 Savings bank account is amongst the best online savings accounts. There isn't any minimum balance requirement to open an account.

What is the minimum balance for an online savings account? ›

Online banks tend to offer a higher APY across all balances, but some require a minimum balance to earn it. The majority of online banks have minimum opening requirements of $100 or less. Total relationship balance of $25,000 required.

How long does it take to open a savings account online? ›

If you're opening an account online and you've gathered all your materials beforehand, you may be able to complete an application within 10 to 15 minutes (or less). Processing your application and issuing your account number could take a day or two.

Can I open savings account without SSN? ›

You are not required to have a social security number to open a checking or savings account. To open a checking or savings account, the bank or credit union will need to verify your name, date of birth, address, and ID number.

Can I open a savings account by myself? ›

If you want a savings account just for yourself, open an individual account. If you're opening the account with another person, such as your spouse or your child, you should open a joint account. Joint accounts offer some benefits: They make it easier for your spouse or child to access funds that are shared.

Can I open a bank account online in USA from India? ›

Yes, foreigners can open a bank account in the US. With providers like Aeldra Bank, Zenus Bank, and Zolve, you can apply fully online. You do not necessarily need a social security number or proof of US residency to apply for a US bank account.

Which bank open in USA without SSN? ›

Here are some banks and credit unions that don't require you to have an SSN to open an account:
  • Bank of America.
  • Chase.
  • Wells Fargo.
  • Marcus by Goldman Sachs.
  • Self-Help Federal Credit Union.
  • Latino Credit Union.
Nov 16, 2022

Which country is easiest to open a bank account online? ›

Generally, Belize is considered one of the easiest countries to have a bank account. The reason behind the popularity of Belize is its stability.

What are the 3 main savings accounts? ›

While there are several different types of savings accounts, the three most common are the deposit account, the money market account, and the certificate of deposit.

Which bank offers 7% interest on savings account? ›

Do Banks Offer 7% Interest On Savings Accounts? 7% interest isn't something banks offer in the US, but one credit union, Landmark CU, pays 7.50% interest, though there are major requirements and stipulations.

What is the safest saving account? ›

Certificates of deposit (CDs) issued by banks and credit unions also carry deposit insurance. U.S. government securities–such as Treasury notes, bills, and bonds–have historically been considered extremely safe because the U.S. government has never defaulted on its debt.

How much cash can be deposited in IDBI Bank? ›

25,000/-: • Penal charge of Rs. 750/- per month would be levied. Free Cash Deposit limit would be 10 times of MAB.

How can I get 6 months bank IDBI? ›

You can give a missed call to 1800-843-1133 from your registered mobile number and post that, you will receive an SMS with the details of your last transactions at IDBI Bank. Q.

What is the age limit for IDBI Bank? ›

Age Limit for IDBI Executive Eligibility

The minimum age limit for the IDBI Executive exam is 20 years while the maximum age limit is 25 years. 1. The maximum age limit specified is applicable to General Category candidates and Economically Weaker (EWS) Candidates. 2.

How can I open a savings account with no money? ›

You can simply bring in your Social Security Card and some form of identification, such as a driver's license or passport. You'll also need to provide your address and date of birth. Once your account is open, you can deposit money into it at any time.

How much money can you have in a savings account? ›

In short, there is no limit on the amount of money that you can put in a savings account. No law limits how much you can save and there's no rule stating that a bank cannot take a deposit if you have a certain amount in your account already. Got about 5 minutes? That's all the time it takes to open an account.

What is the best online bank? ›

Capital One was named the “Best for Online Banking Experience” in NerdWallet's 2023 Best-Of Awards. Capital One offers a strong 3.30% APY on its savings account and high rates on its certificates of deposit, along with 0.10% APY on all checking balances.

Who is eligible to open a savings account? ›

Savings Bank accounts may be opened in the names of

Individuals–single accounts or joint accounts of two or more individuals. Following entities Primary Co-operative Credit Society which is being financed by the bank.

Which Indian bank has minimum balance? ›

Savings Bank Account

Minimum Balance: INR 1,000 with cheque facility, INR 500 without cheque facility. Maximum Amount: No Limit.

How much money can I keep in my savings account in India? ›

As such there is no limit on how much money you can save in a savings bank account, but there is always a 'but'. The maximum amount of money you can save in your account can only be set by your bank, but in most cases, there is no such limit set as the banks also earn a good amount with your deposited funds.

Which bank is best for account opening? ›

Opening a savings account with HDFC Bank is a quick process. The feature of HDFC savings accounts is that customers have to maintain a minimum balance of Rs.
HDFC Bank Savings Account.
Monthly Average BalanceNil/ INR 10,000
Maximum BalanceNo Limit on Maximum Balance
Nomination FacilityAvailable
5 more rows
Dec 15, 2021

What is the simplest bank account? ›

A checking account is the most basic and useful type of bank account. It is designed to have an unlimited number of deposits and withdrawals (though each one may be subject to fees), and does not allow for interest to be paid on any residual balance in it.

Can we open two accounts in same bank? ›

No. An individual is eligible to have only one 'Basic Savings Bank Deposit Account' in one bank. Whether a 'Basic Savings Bank Deposit Account' holder can have any other saving account in that bank ? Holders of 'Basic Savings Bank Deposit Account' will not be eligible for opening any other savings account in that bank.

How many bank accounts can a person have? ›

While there's no limit to how many Savings Accounts you can have, there are a few things to consider before signing up for more than one. According to financial experts, it isn't advisable to open more than three Savings Accounts, as it can be difficult to manage.

How can I open my savings account? ›

7 steps to take to open a savings account
  1. Choose how to apply. ...
  2. Gather your identification. ...
  3. Provide contact details. ...
  4. Select a single or joint account. ...
  5. Accept the terms and conditions. ...
  6. Submit your application. ...
  7. Fund your new account.
Aug 17, 2022

What documents required for IDBI Bank account opening? ›

(Details of PAN / Passport / Aadhaar furnished above and self attested copy attached.)

What are the requirements to open a savings account? ›

What do I need to open a bank account?
  • Government issued photo ID or driver's license.
  • Social Security Card or Individual Taxpayer Identification Number.
  • Passport or Birth Certificate.

Is it quick to open a savings account? ›

Opening a savings account is a quick and easy process. In most cases, you can do it from your home.

How much money do you need to deposit to open a savings account? ›

If you do, opening an account at a bank or credit union is straightforward. The interest they pay for savings accounts You usually need to make an initial deposit between $25 and $100 to open a savings or checking account. Find out how much you must keep in the account at all times to avoid or reduce fees.

How many types of account are there in IDBI bank? ›

Types of IDBI Bank Savings Accounts
Types of IDBI Bank Savings AccountsPrimary Features
IDBI Bank Jubilee Plus Senior Citizen AccountZero Balance Savings Account Auto Sweep Facility
IDBI Bank SuperShakti (Women's) AccountATM Withdrawal Limit – Rs. 40000 per day Auto Sweep Facility
15 more rows
Jan 3, 2023

How much cash can be deposited in IDBI bank? ›

25,000/-: • Penal charge of Rs. 750/- per month would be levied. Free Cash Deposit limit would be 10 times of MAB.

What is the daily limit of IDBI bank? ›

Cash withdrawal limit of Rs. 1,00,000/- at ATMs and POS usage limit of Rs. 1,00,000/- per day.

What is the easiest bank account to open online? ›

Easiest Bank Accounts To Open Online
  • Easiest account to open — Revolut.
  • 2nd-easiest account to open — Chime.
  • 3rd-easiest account to open — Capital One.
  • 4th-easiest account to open — Juno.
  • 5th-easiest account to open — Current.
  • 6th-easiest account to open — Wise.
  • 7th-easiest account to open — Majority.
  • FAQ about online banking.

How long does it take for a savings account to open? ›

Processing your application and issuing your account number could take a day or two. Opening a bank account online can be the easiest way to do so but it isn't likely to be the fastest. If you'd prefer to open an account in person, the process may take much longer (i.e. 30 minutes to an hour or more).

What are 3 reasons to open a savings account? ›

  • You may not need a lot of money to open a savings account.
  • A savings account can make saving automatic.
  • Your money is accessible.
  • You can earn interest on your savings.
  • Your savings are protected.
Jan 11, 2023

How much money can a person have in a savings account? ›

Banks and credit unions typically don't have account maximums, nor are there any laws limiting how much you can keep in a bank account. So, you can deposit as much as you want into a savings account. However, one thing you should be aware of is FDIC insurance limits.

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