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IDBI Savings Account Interest Rates

IDBI Savings Account Interest 2020-21

Last Updated 12th Dec 2020

Saving Account Interest Rate
Super Savings Account 3.10% - 3.60%
SuperShakti (Womens) Account 4.00% - 4.00%
Jubilee Plus (Senior Citizens) Account 4.00% - 4.00%
Being Me Account 4.00% - 4.00%
Power Kidz Account 4.00% - 4.00%
Small Account(Relaxed KYC) 4.00% - 4.00%
Sabka Basic Savings Account(Complete KYC) 4.00% - 4.00%
Pension Savings Account(Central govt. Employee) 4.00% - 4.00%
Capital Gain Account Scheme 4.00% - 4.00%
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IDBI Bank Savings Accounts Interest Rate

IDBI Bank offers an interest rate ranging between 0.00% to 3.60% on the minimum average balance maintained in the savings account. It calculates the interest rate on savings bank accounts on a daily basis. However, the interest is paid to the account holders every quarter. With IDBI Bank Savings Account youth and minors can get additional benefits on their Savings Account.

Features

IDBI Bank Savings Account helps you to save money by providing interest on your idle money deposited in the savings accounts. The rate of interest on IDBI Bank Savings Account varies as per the Savings Account product. Some of the key features and benefits of IDBI Bank savings account are:

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  • It offers interest rates from 0.00% to 3.60% p.a. You can easily access IDBI Bank Savings Account anywhere through a large network of branches and ATMs.
  • If you want to transfer funds from IDBI Bank Savings account to any other bank account, you can do it through modes such as RTGS, IMPS, NEFT and UPI facilities.
  • To maintain IDBI Bank Savings account, you require a minimum balance of Rs. 5,000 Metro and Urban, Rs. 2,500 Semi Urban, Rs. 500 Rural.
  • IDBI Bank personalized account number and cheque book enhances security and ensures your money is safe.
  • You can get SMS Alerts and e-statement facilities with IDBI Bank Savings Account.
  • With Auto Sweep Facility of IDBI Bank, your account can be linked to Multi Option Deposit MOD account.

IDBI Savings Account Rates

Saving Account Interest Rate Minimum Balance
Super Savings Account 3.10% - 3.60% Rs. 5,000 Metro and Urban, Rs. 2,500 Semi Urban, Rs. 500 Rural
SuperShakti (Womens) Account 4.00% - 4.00% Rs. 5,000 Metro and Urban, Rs. 2,500 Semi Urban, Rs. 500 Rural
Jubilee Plus (Senior Citizens) Account 4.00% - 4.00% NIL
Being Me Account 4.00% - 4.00% N.A
Power Kidz Account 4.00% - 4.00% Rs. 500
Small Account(Relaxed KYC) 4.00% - 4.00% NIL
Sabka Basic Savings Account(Complete KYC) 4.00% - 4.00% NIL
Pension Savings Account(Central govt. Employee) 4.00% - 4.00% NIL
Capital Gain Account Scheme 4.00% - 4.00% Rs. 10,000

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IDBI Savings Account Products

  • Super Savings Account: IDBI Bank offers interest rates ranging between 3.10% to 3.60% on Super Savings Account.You can open a Super Savings Account in IDBI Bank by depositing Rs. 5,000 Metro and Urban, Rs. 2,500 Semi Urban, Rs. 500 Rural amount as minimum balance.
  • SuperShakti (Womens) Account: If you have deposited your excess funds in a SuperShakti (Womens) Account, you can get interest at 4.00% to 4.00% on your account. This account can be opened by anyone with a minimum age of 18 years.
  • Jubilee Plus (Senior Citizens) Account: IDBI Bank provides interest rates ranging between 4.00% to 4.00% on Jubilee Plus (Senior Citizens) Account. The minimum balance requirement to open this account is NIL.
  • Being Me Account: You can get interest at 4.00% and 4.00% respectively on Being Me Account in IDBI Bank. The account can be opened in IDBI Bank by depositing amount. The debit card available for this account are .
  • Power Kidz Account: If you have deposited your excess funds in a Power Kidz Account, you can get interest at 4.00% to 4.00% on your account.
  • Small Account(Relaxed KYC): You can get interest at 4.00% to 4.00% in Small Account(Relaxed KYC). This account can be opened in IDBI Bank by depositing a minimum amount of NIL after an age of 18 years.
  • Sabka Basic Savings Account(Complete KYC): The interest that you can earn on Sabka Basic Savings Account(Complete KYC) is in the range of 4.00% to 4.00% respectively. The debit card available for this product is
  • Pension Savings Account(Central govt. Employee): IDBI Bank provides interest rate at 4.00% to 4.00% on Pension Savings Account(Central govt. Employee). Further, to open this Saving Account, the minimum balance requirement is NIL. You can open this account at a minimum age of 18 years.

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FAQs

✅How much interest is charged by IDBI on Savings Account?

IDBI offers an interest rate of 0.00% to 3.60% on Savings Account.

✅What is the minimum amount required for opening Savings Account in IDBI Bank?

The minimum amount required for opening Savings Account in IDBI is Rs. 5,000 Metro and Urban, Rs. 2,500 Semi Urban, Rs. 500 Rural.

✅How does IDBI calculate interest charged on Savings Account?

Interest on Savings Account is calculated on Quarterly basis. The following formula is used by IDBI Bank to calculate interest on Savings Account.

Monthly interest=Amount (Daily balance)*(No of days)* Interest/Days in the year

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✅What is the eligibility criteria to open a savings account in IDBI Bank?

Eligibility criteria for IDBI Bank savings account -

  • This account is for resident Indians of 18 years of age and above
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IDBI News - Jan 2021
  • 2020-10-20 : IDBI Bank launched banking services on WhatsApp
    IDBI Bank launched the banking service on WhatsApp. WhatsApp Banking service will be offered through a dedicated WhatsApp verified number. The bank customers will be able to avail various essential banking services such as account balance information, last five transactions, request for a cheque book and an email statement through newly launched WhatsApp banking services. Further, the details of the nearest IDBI Bank branches or ATMs will also be available via WhatsApp.
  • 2020-07-28 : IDBI Bank reported Q1 net profit of ₹144 crore
    IDBI Bank reported Rs 144 crore net profit for June quarter on account of a reversal of Rs 1335 crore of bad loan provisioning. It is IDBI second successive net profit after 13 consecutive quarters of loss. CASA increased to ₹ 1,04,315 crore and cost of deposit which includes fixed and recurring deposits improved by 64 bps to 4.65%. In addition to this, NII bolstered by home, personal, gold, car and two-wheeler loan along with business and mudra loans stood at ₹ 1,773 crores.
  • 2020-02-12 : IDBI Bank reported a Q3 profit before tax of Rs. 756 crores
    Private sector lender IDBI Bank posted a Q3 profit before tax of Rs. 756 crores. It was driven by an increase in Net Interest Income and a slump in provisions by loans. Further, the Bank Fixed and recurring deposits grew to Rs. 2,18,180 crores and the share of saving and current accounts rose to 47.65%.
  • 2019-04-17 : IDBI Bank introduces a new feature that facilitates the opening of a savings bank account
    Private sector lender, IDBI Bank has introduced mobile and web-based services to help consumers in opening and activating a savings bank account. Using this new facility, the customers will be able to open their savings account by using e-KYC or QR code method in few seconds without the need for any physical paperwork.
  • 2019-04-16 : IDBI Bank announces the launch of mobile and web-based savings bank account opening interface
    Private sector lender, IDBI Bank has said that it has launched a mobile and web-based savings bank account opening interface. This will help customers open and activate their savings bank account by using Aadhaar E-KYC or QR Code mechanism through a user-friendly interface. This interface will help customers to open their savings account in very less time without the need of any paperwork.
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