IDBI Bank

Features and Benefits of IDBI Bank

The journey of the IDBI bank has been nothing short of amazing. The bank presents itself dressed in the finest features and ornate itself with the following benefits. 

• The brand has asserted a strong posture in the market. The bank’s brand value has increased since LIC of India acquired 51% of its shares. It has made the bank reach new levels.
• Whether you pick loans, deposits, or anything else, the bank offers an enticing interest rate on its goods and services. Comparatively speaking, these appealing interest rates outperform other products on the market.
• If you already have a savings account with the bank, the paperwork needed to apply for loans and open deposit accounts is less.
• A further advantage is the quick loan disbursal. IDBI Bank is renowned for its incredibly quick processing and disbursement of loans. The only thing applicants need to do is make sure they have all the required documentation.
• You can select a payback period with IDBI Bank that best suits your financial situation. For home loans, loans secured by real estate, and car loans, the bank provides a flexible repayment period.

IDBI Bank Overview

The Indian government established the Industrial Development Bank of India (IDBI) as a Development Financial Institution per the Industrial Development Bank of India Act, 1964, and began operations on July 1. According to the guidelines of Section 4A of the Companies Act of 1956, it was regarded as a Public Financial Institution. It remained in operation as a DFI for another 40 years before becoming a bank in 2004. Since January 21, 2019, IDBI Bank Limited has been classified by the Reserve Bank of India as a “Private Sector Bank” for regulatory reasons as a result of Life Insurance Corporation of India purchasing 51% of the bank’s total paid-up equity share capital.

Through a comprehensive range of banking products and services, IDBI Bank Ltd., a universal bank, affects the lives of millions of Indians. In addition, the bank is well-established in companies related to the financial industry, such as investment banking, capital markets, and mutual funds.

As of March 31, 2021, the bank’s total balance sheet was ₹2,97,764 crore. The bank’s corporate philosophy is defined by its dedication to supplying pertinent financial solutions, ensuring maximum customer convenience through a simple access to 1890+ branches and 3300+ ATMs as well as digital products, and providing outstanding customer service.

Products Offered by IDBI Bank

IDBI Bank offers its customers different products to help them satisfy their banking needs. The products offered by the bank are as follows.

Accounts

An account is a product offered by the bank that holds a customer’s financial assets on their behalf. The type of accounts offered by IDBI Bank is as follows.

• Savings Account
• Fixed Deposit Account
• Salary Account
• Current Account
• Kutumb Family Banking

Cards

Cards simplify the task of making a payment or carrying out various banking-related activities. The various cards offered by the bank are as follows. 

• Credit Card
• Debit Card
• Prepaid Card
• Cash at POS Facility
• Debit Card Green PIN Generation

Loans

A loan is when a sum of money is lent to another party in exchange for the principal or value being paid back at a later time. IDBI Bank provides the following loan products:

• Home Loans
• Auto Loans
• Education Loan
• Personal Loans
• Loan Against Property
• Loan Against Securities

Investment

Investment refers to the creation of wealth by acquiring or investing in an asset. It also includes retaining money from the income earned or appreciation. The investment products offered by the IDBI Bank are:

• Advisory
• Capital Market
• Capital Gain Account Scheme
• Pradhanmantri Social Security Scheme
• Small Savings Schemes
• IDBI Samridhi Portal
• Financial Guide

Services Offered by IDBI Bank

IDBI Bank offers the following services to its customers to ensure the smooth execution of banking-related activities.

Phone Banking

Phone banking is a telephone banking service that provides account information around the clock, anywhere, at any time. A customer can use the IVR (Interactive Voice Response) or manually interact with one of the bank’s phone banking executives.

Mobile Banking

With the help of the mobile app, users have the freedom to manage their accounts whenever they need to, from any location. When at work or commuting, a user can examine their account statements or make a remittance at their convenience.

Internet Banking

With its internet banking, IDBI Bank offers its clients around-the-clock, anytime, anywhere access to online banking services. From the convenience of your home or office, carry out all your banking transactions, including account information, Demat account information, online instructions, requests, bill payments, and other merchant payments.

mPassbook

The Android version of IDBI Bank’s mPassbook application allows you to access your actual passbook in electronic form at the convenience of your phone. You can view all of your accounts’ transactions both online and offline.

Paywiz- UPI

Customers of any participating bank that engages in the Unified Payments Interface (UPI) can download and use IDBI Bank’s “PayWiz” mobile application. 

Account Alerts

You can keep an eye on your bank account while you’re on the go with IDBI bank’s account alert service. The bank notifies your email address or mobile device of activity occurring on your bank account.

Positive Pay System (PPS)

Positive Pay System enables an additional security layer to the cheque-clearing process wherein the issuer of the cheque shares cheque details with the bank. When the beneficiary submits the cheque for clearing, the presented cheque details will be compared with the details provided to the bank through PPS.

Online NACH Mandate Cancellation

A NACH mandate is a request from a customer to the bank to honour periodic payments made through the National Automated Clearing House, run by NPCI, such as SIP, EMI for a loan, insurance premium, utility bills, etc. In addition to the currently available option of cancelling NACH Mandates by submitting a request at your Branch, IDBI Bank also offers the option to do so online at your leisure.

IDBI Bank Soft Token

A system for in-app authentication used by IDBI Bank allows for transaction authentication without SMS-based OTP. The app is available for both Android and IOS users.

FASTag

To pay for tolls directly from the Prepaid Wallet, Savings, or Current Account linked to it, IDBI FASTag is a thick paper-based tag or gadget that uses Radio Frequency Identification (RFID) technology. 

BHIM Digital POS-UPI & Aadhar Pay App Merchants

BHIM DIGITAL POS is a two-in-one, all-in-one mobile point-of-sale application enabling businesses to accept cashless payments from customers using BHIM UPI Apps and Aadhaar-seeded accounts, 24 hours a day, seven days a week, without having to worry about setting up a complicated hardware infrastructure.

JusTab

You can now begin a banking connection with the bank from the convenience of your home or place of business. The bank will handle the paperwork, even if it is digital. In addition, you will get your account number shortly.