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IDBI Savings Account Interest Rates

IDBI Savings Account Interest 2022

Last Updated 23rd Dec 2021

Saving Account Interest Rate
Super Savings Account 3.00% - 3.35%
SuperShakti (Womens) Account 3.00% - 3.35%
Jubilee Plus (Senior Citizens) Account 3.35% - 3.35%
Being Me Account 3.35% - 3.35%
Power Kidz Account 3.35% - 3.35%
Small Account(Relaxed KYC) 3.35% - 3.35%
Sabka Basic Savings Account(Complete KYC) 3.35% - 3.35%
Pension Savings Account(Central govt. Employee) 3.35% - 3.35%
Capital Gain Account Scheme 3.35% - 3.35%
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IDBI Bank Savings Accounts Interest Rate

IDBI Bank offers an interest rate ranging upto 3.35% 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. IDBI Bank also offers attractive benefits like mobile and internet banking services, free Debit Card and customised savings account depending on different customer profiles.

Features and Benefits

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:

  • It offers interest rates upto 3.35% 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 an 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 the Auto Sweep Facility of IDBI Bank, your account can be linked to a Multi Option Deposit MOD account.

IDBI Savings Account Rates

Saving Account Interest Rate Minimum Balance
Super Savings Account 3.00% - 3.35% Rs. 5,000 Metro and Urban, Rs. 2,500 Semi Urban, Rs. 500 Rural
SuperShakti (Womens) Account 3.00% - 3.35% Rs. 5,000 Metro and Urban, Rs. 2,500 Semi Urban, Rs. 500 Rural
Jubilee Plus (Senior Citizens) Account 3.35% - 3.35% NIL
Being Me Account 3.35% - 3.35% N.A
Power Kidz Account 3.35% - 3.35% Rs. 500
Small Account(Relaxed KYC) 3.35% - 3.35% NIL
Sabka Basic Savings Account(Complete KYC) 3.35% - 3.35% NIL
Pension Savings Account(Central govt. Employee) 3.35% - 3.35% NIL
Capital Gain Account Scheme 3.35% - 3.35% Rs. 10,000

Eligibility & Documentation Required for Opening Savings Account in IDBI Bank

To open a savings account in IDBI Bank, you need to fulfill the following eligibility criteria:

  • You need to have valid KYC Documents.
  • You can open a savings account singly or jointly.

Documents Required

You can open a savings account with prescribed application form and minimum KYC documents, which are mentioned below:

  • Application Form with attested photographs
  • Proof of identity- Passport, Voter ID card, PAN Card, Govt./Defence ID card, Driving Licence etc.
  • Proof of current address- Credit Card Statement, Salary slip, Electricity Bill/Telephone Bill, ration card etc.

How is IDBI Bank Savings Account Interest Rate Calculated?

As per the RBI mandate, IDBI Bank calculates saving account rate on average balances in the account on a daily basis. The interest can however be paid monthly, annually or quarterly. The following formula is used by IDBI Bank to calculate interest on Savings Bank Account on the basis of daily balance in the account

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

Compare Savings Account Interest Rates of All Banks

IDBI Savings Account Products

  • Super Savings Account : IDBI Bank offers interest rates ranging between 3.00% to 3.35% 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 3.00% to 3.35% 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 3.35% to 3.35% on Jubilee Plus (Senior Citizens) Account. The minimum balance requirement to open this account is NIL.
  • Being Me Account : You can get interest at 3.35% and 3.35% respectively on Being Me Account in IDBI Bank. The account can be opened in IDBI Bank by depositing amount.
  • Power Kidz Account : If you have deposited your excess funds in a Power Kidz Account, you can get interest at 3.35% to 3.35% on your account.
  • Small Account(Relaxed KYC) : You can get interest at 3.35% to 3.35% 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 3.35% to 3.35% respectively.
  • Pension Savings Account(Central govt. Employee) : IDBI Bank provides interest rate at 3.35% to 3.35% 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.

FAQs

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

As per the current rates, IDBI Bank offers maximum interest rate of 3.35% on Savings Account. IDBI Bank provides this interest on the minimum balance maintenance of Rs. 5,000 Metro and Urban, Rs. 2,500 Semi Urban, Rs. 500 Rural. The interest rate may however vary across the IDBI Bank savings account product.

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

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

How does IDBI Bank 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

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

To open a savings account in IDBI Bank you need to fulfill the following eligibility criteria:

  • This account is for resident Indians of 18 years of age and above
  • You must have your basic KYC done

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IDBI News - Jan 2022
  • 2021-07-01 : IDBI Bank revision for locker charges, savings account, and cheque leaflets
    IDBI Bank has revised its charges. In the case of cheque books, only 20 leaflets will be provided to a customer, beyond which the bank will charge Rs. 5 per cheque after the free limit. But this is not levied if you maintain an IDBI Sabka Saving Account.
  • 2021-06-14 : IDBI to revise services like free transaction limits and number of free cheques
    IDBI is set to revise the savings bank account services like free transaction limits (for select facilities) and lock discounts offered to individual savings bank customers. From July 1, 2021, the customers will get only 20 free cheque leaves per year
  • 2021-01-15 : IDBI Bank reported Rs 378-crore profit
    IDBI Bank posted a net profit of Rs 378 crore for the December quarter. The loans which includes home, LAP, personal, car, two-wheeler, gold, education and doctor loan along with business and mudra loans fell 7% to Rs 1.6 lakh crore (y-o-y) in December 2020. The bank’s total deposits which includes fixed and recurring deposits rose 2.85% y-o-y to Rs 2.24 lakh crore at the end of December 2020. In addition to this, CASA improved to 48.97% as on December 31, 2020.
  • 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.
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