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Industrial Development Bank of India (IDBI)
Industrial Development Bank of India (IDBI)

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:

Tenure

Fixed Deposit rates

Senior Citizen Fixed Deposit Rates

15 days to 30 days

5.75 %

5.75 %

31 days to 45 days

5.75 %

5.75 %

46 days to 60 days

6.25 %

6.25 %

61 days to 90 days

6.25 %

6.25 %

91 days to 6 months

6.25 %

6.25 %

271 days to 364 days

6.50 %

6.50 %

6 months 1 day to 270 days

6.50 %

6.50 %

1 year

7.25 %

7.75 %

1 year I day to 3 years

7.05 %

7.55 %

3 years 1 day to 5 years

6.85 %

7.35 %

5 years 1 day to 10 years

6.25 %

6.75 %

10 years 1 day to 20 years

6.00 %

6.50 %

Interest rates for NRI:

Term

Interest Rate (per annum)

15-30 days

5.75 %

31-45 days

5.75 %

46-60 days

6.25 %

61-90 days

6.25 %

91 days-6 months

6.25 %

6 months  1 day to 270 days

6.50 %

271 days to less than 1 year

6.50 %

1 year

7.25 %

1 year-2 years

7.20 %

2 years-3 years

7.05 %

3 years to less than 1100 days

6.85 %

1100 days

7.30 %-7.40 %

1100 days to less than 5 years

6.85 %

5 years

6.85 %

5 years to 7 years

6.25 %

7 years to 10 years

6.25 %

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.

Phone Number 91-22-67719100, 1800-209-4324, 1800-200-1947, 1800-22-1070
Fax Industrial Development Bank of India
Email [email protected], [email protected]
Web Site https://www.idbi.com/index.asp
Head Office IDBI Tower, WTC Complex,Cuffe Parade, Colaba, Mumbai-400005
Disclaimer: The Details shown may be different from actual. Please confirm on the bank site before process.

Loan Type Interest Rate Minimum Age (in yrs.) Minimum Income (in Rs.)
Home Loan 09.75-12.50% Minimum 21 years Regular Source of Income should be there
Personal Loan 13.25% to 14.25% Minimum 22 Years; Maximum age at termination of loan should not be above 60 years or date of retirem Based on the classification of cities the minimum net salary ranges from Rs.15,000 to Rs.25,000
Car Loan 10.25% per annum 22 years to 65 years Minimum 1.5 Lac per annum
Business Loan Not available Not applicable Not applicable
Loan Against Property 13% Age criteria not provided Income criteria not provided
Education Loan 12.5%-13.5% Co-Applicants and Students Age will be considered Co-Applicant Income will be considered
Disclaimer: The Details shown may be different from actual. Please confirm on the bank site before process.

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