IDBI Bank

IDBI or the Industrial Development Bank of India has been established with the objective of providing financial and credit facilities for the development of Indian industry. This bank operated as a subsidiary of Reserve Bank of India and later was transferred to Government of India. Many of the financial institutions which contributed to the development of the country have their roots in IDBI Bank. Some of these are Sidbi, Exim Bank, NSDL and NSE. The bank currently has 3700 ATMs and 1892 branches. It also has an overseas branch in Dubai.

History of IDBI Bank

• The IDBI Bank was established in the year 1964. This bank was established under an act of parliament.
• In 1976, the ownership of the bank was however transferred to Government of India.
• The main work of IDBI Bank is to provide financial assistance in terms of foreign currency and rupee.
• In the year 2006, IDBI Bank acquired United Western Bank. Thus its branches doubled from 195 to 425.
• As of January 2019, the IDBI bank has been acquired by LIC which holds the status of a promoter in the bank.
• Mumbai, Maharashtra is the headquarter city of IDBI Bank.

Services offered by IDBI Bank

IDBI Bank offers a range of services to its clients. These include:

Personal Banking: Preferred Banking, Savings account, Flexi Current account, Payroll account, Deposits and Lockers

Corporate Banking: Trade finance services, fund and non-fund based services, cash management services, foreign currency.

Agriculture Banking: Agriculture finance (short term loan) and Agriculture loan (term loan)

NRI Banking: Account services, remitting funds, preferred banking

IDBI Super Saving Account

IDBI bank also offers the facility of Super Savings Account to the customers which ensure the faster transfer of money, online options for paying bills and tax, offers the facility of an international debit card, a range of value added services and range of travel and gift solutions.

Interest rates offered by IDBI Bank

IDBI Bank offers an interest rate of 4% annually in its savings accounts to the customers.

IDBI Bank Fixed Deposit Interest rates:

Interest rates for NRI:

Multiple fixed deposit options are offered by IDBI Bank to its customers. Opening up of Fixed Deposit account in IDBI Bank has many benefits for the customer. Loan facility is offered on up to 90% of the deposit. The depositors earn a fairly good amount of interest rate on their deposits. Senior citizens are able to get a 0.50% extra interest rate. The bank also offers auto renewal facility to the depositors. Premature closure of the account is allowed but the depositors are likely to get lower interest rates in such cases.

IDBI Bank has also won numerous awards and recognitions over the years. Some of the noteworthy awards include Overall Best Bank and Best Public Sector Bank awards in the Dun and Bradstreet Banking Awards 2014, Banking Technology Award for best use of business intelligence in the year 2011. Moreover, the bank was also ranked at 1197 rank in the Forbes Global 2000 list in May 2013. IDBI Bank is one of the leading financial institutions in the country and has contributed to the development of the country as a whole.