IDBI Bank

IDBI, or formally known as Industrial Development Bank of India, is a government-owned banking institution that was established in 1964 to meet the financial needs of Indians. At present, IDBI is one of the most prominent commercial banks of the country, providing cutting edge asset and liability products and leading business solutions. IDBI is present in all the 28 states of India with an extensive network of more than 1400 branches and over 2000 ATMs.

IDBI has transformed the Indian banking space with its various pioneering products, experienced personnel, and advanced technological as well as financial solutions to become a strong market leader. IDBI has also acquired United Western Bank, and there has been a subsequent increase in the number of its branches and ATMs. mymoneykarma gives all the relevant information about IDBI Bank and its products.

IDBI Facilities

In addition to the various financial products, CitiBank also offers customer-friendly facilities that are intended to enrich its customer experience, which are listed below.

• IDBI Net Banking

• IDBI Mobile Banking

• IDBI Customer Care Services

• IDBI Mobile App

IDBI IFSC Code

The IDBI IFSC code is used for various electronic financial transactions for IDBI customers. Each branch of IDBI has a separate and unique IFSC code. The first four letters are IBKL, and the last six letters represent the branch code. An example would be IBKL0002027.

IDBI Savings Accounts

IDBI provides different kinds of savings accounts to service the needs of different customers. Here are a few of the savings accounts offered by IDBI.

• Super Shakti Account: This savings account is provided exclusively to women. Customers can then add their children as nominees. One can add only two nominees for a single account. Other benefits of the account include zero balance and a 25% discount on locker services.

• Super Savings Account: IDBI offers this account to its multi-tasking customers. In addition to the regular banking transactions, the account provides an international debit card and other travel and gift solutions to the account holders.

• Suraksha Plus Savings Advantage: With this account, IDBI offers life insurance from 18 to 65 years, additional accident insurance, and life insurance without a medical checkup.

• Being Me Account: IDBI bank offers this account to millennials, designed especially for today's youth.  Additional advantages include zero charges for non-maintenance, exclusively designed debit-cum-ATM card, free net banking money transfer, etc.

• Sabka Basic Savings Account: A basic no-frills savings account that suits the needs of the common man.

• Pension Savings Account: This account covers senior citizens who don't receive pensions and provides benefits such as an international debit card, mobile banking, etc.

• Power Kids Account: Power Kids account is designed to facilitate the usage of the account by minors.

• Senior Citizen Account: This account is designed to facilitate the usage of the account by senior citizens.

IDBI Fixed Deposits Schemes

IDBI offers secured fixed deposits schemes that provide its customers with higher earnings and the flexibility of easy maintenance of funds through seamless cash withdrawals. These are the following types of FD schemes by IDBI

• Recurring Deposit

• Floating Rate Fixed Deposit

• Freedom Deposit

• Goduli Retail Term Deposit

• Suvidha Tax Saving Fixed Deposit

IDBI FD schemes have the following benefits.

• Flexible tenures

• Attractive interest rates

• Short lock-in periods

• Quick liquidity options

IDBI Home Loans

IDBI offers home loans to fulfill the needs of hundreds of Indian families to build their homes. IDBI home loans are customized to the home-related requirements of the customers such as the purchase of a house, home renovations, house constructions, etc. Here are the key features of IDBI home loans:

• Loan amount disbursed before property finalization

• Multiple variants of a single home loan product to suit the variant needs of customers such as regular home loans, top-up home loans, interest saver home loans,  home loans for extension or renovation, etc.

• Customized home loans for a large pool of customers.

• Dedicated relationship manager for each customer to ensure complete assistance and due diligence.

• Pre- approved loans for various construction projects.

• Loans available in every IDBI branch.

• A dedicated home loan staff to handle all customer queries and concerns.

• Multiple repayment options.

IDBI Auto Loans

Possessing a means of transport is a necessity for covering daily commute in India as public transport is unreliable. IDBI realizes this need and offers auto loans to customers for buying two-wheelers and four-wheelers. The auto loans come with the following benefits.

• Wide coverage of approved vehicles

• Simple and hassle-free loan processing

• Minimum documentation

• Relaxed eligibility criteria

IDBI Education Loans

Higher education is essential for the development of careers and personality of students. However, with a college degree becoming costlier by day, not a lot of students and their families can afford it. IDBI offers education loans to help these students and their families fulfill their dreams of education in a top institute. This loan covers tuition fees, exam fees, lab fees, purchase of books/uniform/equipment, travel expenses to study abroad, and more.

IDBI Personal Loans

Whatever be the financial need, IDBI offers a smooth resolution of business problems with IDBI personal loans. These loans can be used to cover the massive medical bills, substantial wedding expenses, international vacation expenses, or debt consolidation. IDBI personal loans do not require any security or collateral and are hassle-free with an easy application process. The loan tenures are reasonable with a maximum limit of 5 years. IDBI offers personal loans to the following types of customers.

• Salaried individuals with an IDBI salary account.

• Resident senior citizens with an IDBI pension account.

• Self-employed professionals without any existing relationship with the Bank

• Salaried resident individuals or self-employed people having an asset relationship with IDBI

IDBI Loans against Property

A customer's property, apart from being their permanent asset, can yield a significant source of income as a loan against property. IDBI offers loans against property or LAPs as alternative options for customers to meet their varied financial requirements. Customers don’t have to provide any justification for the end use of the loan funds. IDBI LAPs allow both residential and commercial properties to be pledged to the bank for the loan. The total loan amount has a maximum limit of Rs. 10 crores. The loan constitutes up to 65% of the property's current value.

IDBI Loans against Security

Customers can also pledge their securities such as stocks, company shares, and savings certificate to IDBI as collateral for a loan. This type of loan is called a loan against security. The loan is provided for up to 50% of the current market value of the pledged equities.

PSL Gold Loan Scheme- IDBI Bank offers this gold loan to farmers against gold to aid them in meeting social obligation, cultivation needs and medical emergencies. The gold loan is also for traders, small businesses, distributors, and self-employed. The minimum loan amount is Rs. 10000 and the maximum is Rs. 5 lakhs. The minimum and maximum tenor is 1 month and 24 months respectively.

Before signing up for the loan, be sure to check the current gold rate.

IDBI Credit Cards    

IDBI provides a vast range of credit cards to suit the needs of different types of customers. These cards are made to maximize the benefits when the customers are shopping, traveling, dining, entertainment, booking airline tickets and much more. Here are some of the features of the credit cards from IDBI

• The facility to transfer balances from other bank credit cards

• Flexipay option to break huge expenses into affordable EMIs.

• Hassle-free cashless shopping experience with convenient repayment options

• Secure payment of utility bills with attractive cashback rewards

IDBI offers four different credit cards that are mentioned below.

• Royale Signature credit card

• Aspire Platinum credit card

• Euphoria World credit card

• Imperium Platinum credit card

IDBI Debit Cards      

Customers who open savings accounts with IDBI get complimentary debit cards with them. All IDBI debit cards are accepted internationally and offer various rewards and benefits. The types of IDBI debit cards are listed below.

• Signature Debit Cards: Cards offer free airport lounge access, higher withdrawal limits and a more significant number of POS transactions per day.

• Platinum Debit Cards: Cards offer loyalty points on every purchase, insurance coverage for the cardholders and discounts at merchant establishment usages.

• Gold Debit Cards

• Classic Debit Cards

• Women Debit Cards: Cards specially designed for women.

• Being Me Debit Cards

• Kids Debit Cards: Cards specially designed for children and minors.