IDBI Bank Saving Account interest rate. Savings Bank Rate Saving Balance of: Less. IDBI Bank offers you a range of savings account for optimal management of your money. With Account, you not only save your money but also make it grow. Account Advantage. Faster transfer of funds; Online options to pay your bills or tax; Good options to grow money at attractive interest rates Instant Banking; International Debit Card.

IDBI Systematic Savings Plan (SSP) helps you to add your savings at your complete convenience. With your regular incomes, you can start saving any fixed amount from 100 to less than 2 crore every month. The amount as decided by you will be deducted every month from your savings account.
The IDBI Bank Systematic Savings Plan (SSP) Advantage

The Industrial Development Bank of India (IDBI) offers personalised financial and banking solutions to corporate and retail customers. To encourage the customers to develop the habit of saving, IDBI has come up with an array of savings accounts. IDBI Bank Savings Account Interest Rates. IDBI Bank offers you a range of savings account for optimal management of your money. With Account, you not only save your money but also make it grow. Account Advantage. Faster transfer of funds; Online options to pay your bills or tax; Good options to grow money at attractive interest rates.

• No charges for executing your standard instruction

IDBI Bank Systematic Savings Plan (SSP) Features

• Pre-planned saving for a future goal
• Regular savings for a certain period of time
• The period of deposit can be from 1 year to 10 years
• Deposit can be start with minimum amount of Rs. 100

IDBI Bank Systematic Savings Plan Plus (SSP Plus)
SSP Plus offers Regular Savings with Principal + Interest protection Plus Complimentary Insurance Cover and Reward Points.
The IDBI Bank SSP Plus Features :

• Complimentary one time redeemable Reward Points ( upto 1,000 points )
• Complimentary Personal Accidental Insurance Cover upto Rs.5 lakhs
• Minimum eligible Instalment Amount : Rs.5,000 and multiples of 100 thereof
• Minimum eligible tenor : 3 years and completed quarters, Maximum : 10 Years
• Can be availed by Individuals / HUF

For the detailed T & Cs and features of SSP Plus, Click here

How to Apply

Applying for a Systematic Savings Plan is absolutely simple. You can apply online through Net Banking /Go Mobile + App or visit our nearest Branch.

© PTI IDBI Bank and Canara Bank offer the best rates on savings accounts among public sector banks

Most salaried individuals manage multiple savings accounts. One savings account is linked to salary deposits and investments, while another is used to pay loan instalments, credit card dues, manage monthly expenses, etc. You can also use the savings account for parking your emergency funds.

Savings bank accounts generally carry lower interest rates compared to those on fixed deposits.

Public sector banks offer much lower interest rates on savings accounts than what many new private and small finance banks do. It’s important to give some serious thought on how much interest is paid by banks for leaving your funds in the savings account.

Interest rates are comparable to those of leading private banks

As per data compiled by BankBazaar, public sector banks such as IDBI Bank and Canara Bank offer interest rates of up to 3.5 percent and 3.2 percent, respectively on their savings accounts. These interest rates are competitive when compared with what leading private banks offer. For instance, HDFC Bank and ICICI Bank offer 3-3.5 percent interest.

However, large public sector banks give far lower interest rates to their savings account holders. For instance, State Bank of India (SBI) and Bank of Baroda (BOB) pay just 2.70 percent and 2.75 percent, respectively.

The interest rates offered by small finance banks to their savings account holders are higher compared to those on public sector banks. For instance, AU Small Finance Bank and Ujjivan Small Finance Bank offer interest rates of up to 7 percent and 6.5 percent, respectively.

Minimum balance requirements are lower

The minimum balance requirement in savings accounts of public sector banks starts from Rs 250 and at State Bank of India, it’s nil. This is kept much lower compared to the requirements of leading private banks in India because public sector banks are backed by the Government of India and they are more interested in reaching out to lower and middle-income group customers with their services. For Axis Bank and HDFC Bank, the minimum balance requirement is Rs 2,500 to Rs 10,000. In the case of ICICI Bank, the minimum balance requirement is Rs 1,000 to Rs 10,000.

Choose a bank with a long-term track record, good service standards, wide branch network and ATM services across cities; a higher interest on savings accounts would be a bonus.

Also read: Keep your bank account adequately funded to avoid penalties

Idbi Saving Account Interest Rate 2019

A note about the table

Idbi Saving Account Interest Rate

Interest rates on savings accounts for all BSE-listed public sector and private banks are considered for data compilation. Banks whose websites don't advertise the data are not considered. Minimum balance requirement for regular savings accounts and excluding basic savings bank deposit (BSBD) account are considered.