Thursday, 10 November 2011

IDBI Bank - I'm Lovin It ;)

Most of us hold just one account which our employer gives us, a salary account. If you have changed your employer, you would have one more. And you would have one more from the great State Bank of India which our father or our grand father would have opened for us

I have been using IDBI bank for a few months now and I would suggest you all to walk in to any IDBI Bank branch and open a Savings account

I have listed down some attractive offerings that have impressed me
  1. Savings account in IDBI Bank is a ZERO balance account. You don't have to maintain any minimum or average balance. Use as you like
  2. NO charges for ATM card (issuance fees, transaction fees, annual fees, etc)
  3. UNLIMITED ANY BANK ATM usage. Most banks allow you to withdraw only 5 times a month at other bank ATMs for free. Further, they charge Rs 20 per transaction
  4. NO charges for NEFT. Free online fund transfer to any Bank account in India (with IFSC code)
  5. NO 24 hours waiting period for activating payee. You get a password on registered mobile using which you can activate payee immediately
  6. NO charges for issuing DD, cheque books, statements, etc
  7. NO limit on number of transactions by any mode. It means you can even deposit cash in the account from anywhere
  8. Internet banking, Mobile banking, SMS banking, Phone Banking, ATM Banking, SMS Alerts, etc. All FREE
  9. NO pesky calls or SMS for loans, credit cards, investments, etc. Good customer service when you go to branch. Less crowd
  10. High interest rates on Fixed Deposits, Recurring Deposits. For FD more than 1 year, you get 9.50% which is among the highest in India. (Senior Citizens - 10.25%. So, if you want to open accounts for your parents or grand parents, its a viable option)

You should always have an account for your own savings and financial plans other than the regular salary account. Considering current conditions, IDBI Bank is a very good option. Try it. If you like it, continue. If not, close it. There is nothing to lose ;)

Finally, we must also not forget that IDBI Bank is a decent, stable and profitable bank which has majority of its banking business into industrial sector. This is their initiative to foray in to retail banking and thus, all the freebies

1. Even Visa Money Transfer is FREE. Other banks charge Rs 20 per transaction. This effectively means you can transfer funds to any Visa credit card in India absolutely free
2. Mobile recharge by SMS - Just send an SMS to get your mobile recharged. You don't even have to log on to net banking or do anything. The bank will automatically deduct the amount, send to your service provider & recharge your mobile. All this in seconds


  1. Hey puneet that's really great news infact because now a days though banks speak of providing multiple services under one umbrella there are so many charges & complications in being using those services but the features you've mentioned are just so cool.........Thanks! for sharing that....Aha! you observe & analyse so many issues that's great, perfect atticate for being a Writer!

  2. Thank you @Priyanka... I'm glad it helps... ;)

  3. Hey Puneet,

    Very good article.

    IDBI bank will charge for NEFT,any bank ATM usage from December-15-2011.Please have a look

    Please update third and fourth points.

    There are no changes in remaining offerings.
    So,Still idbi bank is a very good option.

    1. yes the NEFT service is not free they are charging Rs 5 till Rs 1lakh and above Rs 25 and also the cash upto 15 transaction can be deposted from any branch, as other bank offer this facility with charges and on fixed time, it is simply awsome.