IDBI Current Account
IDBI Current Account
IDBI Bank is ranked among the leading public sector banking companies in India which provides personalized financial and banking solutions. Industrial Development Bank of India (IDBI) offers a vast network of customized current account banking products and services to individuals as well as businesses. A current account is a type of demand deposit account which provides unlimited transactions based on the balance maintained in the account. It can be opened by entrepreneurs and professionals who deal with large transactions on a regular basis. In this article, we look at the various types of IDBI current accounts that can be opened by business individuals.
Features and Benefits – IDBI Current Accounts
The following are some of the main features and benefits of opening a current account with Industrial Development Bank of India (IDBI).
- Current bank accounts are specifically designed to be used by a business.
- Current accounts do not provide any interest on the balance lying in the account with the bank.
- It also offers with Sweep-In and Sweep-Out facility that ensures the automatic transaction of amounts.
- It provides customized solutions as per the specific business requirements.
- No minimum balance maintenance is required to open this current account.
- The account can be transferred to any other branch, and the monthly statements can be obtained.
- Overdraft facilities, Internet banking, and Mobile banking facilities are also available for current account holders.
- Home/Doorstep banking facility is available with any branch.
- It offers unlimited deposits/ withdrawals in the home branch.
- Free Fire Insurance in Premium Current Account of Rs. 5 Lakhs
- Free Fire & Burglary Insurance of Rs. 5 Lakhs each In Premium Special Account
Eligibility Criteria – IDBI Current Account
In general, the below-specified business entities can open a current account with IDBI Bank:
- Resident Individual
- Hindu Undivided Family (HUF)
- Sole Proprietorship Firm
- Partnership Firm
- Private or Limited Company
- Limited Liability Partnership
- Trust/Association/Club/Society
Documents Required
The following documents must be furnished along with the application form while opening a current account with IDBI Bank:
For HUF (Hindu Undivided Family)
- Application Form (duly filled)
- Identity Proof of the Karta: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
- Address Proof of the Karta: Aadhar Card, Valid Passport, Utility bill, Property tax bill, Telephone bill, etc.
- Duly signed HUF letter by Karta and all Co-Parceners.
- Passport-size photographs.
For Sole Proprietorship
- Registration certificate
- Sales and income tax returns.
- Identity Proof as per KYC norms: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
- Address Proof as per KYC norms: Aadhar Card, Valid Passport, Utility bill, Property tax bill, Telephone bill, etc.
- ID proof of the person holding POA.
- CST/VAT registration Certificate.
- Passport-size photographs
Know more about Sole Proprietorship registration.
For Partnership Firm
- Identity Proof as per KYC norms: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
- Address Proof as per KYC norms: Aadhar Card, Valid Passport, Utility bill, Property tax bill, Telephone bill, etc.
- Partnership Registration Certificate (in the case of a registered concern).
- Partnership Deed
- Passport-size photographs of the partners.
To know more about the Partnership Firm.
For Public/ Private Limited Companies
- Application form in the prescribed form.
- Memorandum and Articles of Association.
- Identity Proof: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
- Address Proof: Aadhar Card, Valid Passport, Utility bill, Property tax bill, Telephone bill, etc.
- Commencement of Business Certificate.
- Incorporation and Board Resolution Certificate.
- Registration certificate
- License Certificate issued by the Municipal Authorities under Shop & Establishment Act.
- Passport-size photographs
Know more about company registration.
For Clubs/ Societies/ Trusts
- Registration certificate (if registered).
- Documents listing the name and address proof of the trustees, sellers, beneficiaries, and the persons holding the Power of Attorney (POA).
- Constitution document of the entity.
- The updated directors list to be submitted.
- Application Form (duly filled).
- Power of Attorney
- Identity Proof as per KYC norms: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
For Limited Liability Partnerships (LLP)
- Power of Attorney (POA)
- Registration Certificate issued by Registrar of LLP.
- Identity Proof of POA holders: PAN Card of the entity.
- Address Proof: Aadhar Card of the sole proprietor/ entity, Valid Passport, etc.
- Two passport size color photographs.
- LLP agreement.
- Designated partners updated list.
Know more about LLP registration.
Types of IDBI Bank Current Account Products
Industrial Development Bank of India (IDBI) offers various types of current account products based on the profile of entrepreneurs that serves the requirements of different businesses. Entrepreneurs or business entities can select the product from the below-given list in accordance with their business requirements.
- Flexi Current Account
- Suprema Current Account
- Start-Up Current Account
- Cash Current Account
- IDBI Trade Current Account
- Corporate Current Account
- Co-operative Bank Current Account
Flexi Current Account (Flexi Retail Current Account)
- Free payments and collections via RTGS and NEFT transactions.
- Multicity Cheque Book
- Free Platinum / Gold Card – debit-cum-ATM card
| IDBI Current Account | IDBI Current Account Minimum Monthly Average Balance (MAB) Requirement | Non – Maintenance of MBA | Cash Deposit Requirement | Cash Withdrawal | |||
| Metro/Urban | Semi Urban | Rural | Rural FI | ||||
|
Flexi Current Account
|
Rs. 10,000 | Rs.5,000 | Rs.1,000 | Nil |
Over 50% of stipulated MAB – Rs. 500/- Up to 50% of MAB – Rs.750/- |
10 times of MAB (Inclusive of both Home and Non-Home Branch) | Free (Unlimited) |
Suprema Current Account
- An increased option of total NEFT transactions (via Net Banking/ Mobile banking) – Transaction Amount up to Rs. 10,000 will cost Rs. 2.50/-.
- RTGS transactions (via Net Banking/Mobile banking) – From Rs. 2 Lacs to Rs. 5 Lacs will cost Rs.25/-
| IDBI Current Account | Product Variant (Names) | Minimum Monthly Average Balance (MAB) Requirement | Non – Maintenance of MBA | Cash Deposit Requirement |
| Suprema Current Account | Universal | 1,00,000/- | 1500/- | 12 times of MAB |
| Special | 3,00,000/- | 2000/- | 15 times of MAB | |
| Sliver | 5,00,000/- | 3000/- | 17 times of MAB | |
| Gold | 10,00,000/- | 5000/- | 20 times of MAB | |
| Platinum | 20,00,000/- | 7000/- | 30 times of MAB |
Start-Up Current Account
- A high number of total NEFT transactions (via Net Banking/ Mobile banking) – Transaction Amount up to Rs. 10,000 will cost Rs. 2.50/-.
- RTGS transactions (via Net Banking/Mobile banking) – From Rs. 2 Lacs to Rs. 5 Lacs: Rs.25/-
| IDBI Current Account | IDBI Current Account Minimum Monthly Average Balance (MAB) Requirement | Non – Maintenance of MBA | Cash Deposit Requirement | Cash Withdrawal | |||
| Metro/Urban | Semi-Urban | Rural | Rural FI | ||||
Start-Up Current Account
|
Rs. 1000 | Rs. 500 | NIL | NIL | NIL | Rs. 5/1000/- Min Rs. 100 | Free within the overall limit of 5 customer debit transaction per month |
Cash Current Account
- A high number of total NEFT transactions via Net Banking/ Mobile banking) – Transaction Amount up to Rs. 10,000 will cost Rs. 2.50/-.
- RTGS transactions (via Net Banking/Mobile banking) – From Rs. 2 Lacs to Rs. 5 Lacs: Rs.25/-
| IDBI Current Account | IDBI Current Account Minimum Monthly Average Balance (MAB) Requirement | Non – Maintenance of MBA | Cash Deposit Requirement | Cash Withdrawal |
|
Cash Current Account
|
From Rs. 25,000 up to Rs. 1,00,000 | MAB limit of Rs.25,000/ | Free cash deposit up to 10 times of MABs | Free (Unlimited) |
IDBI Trade Current Account
- A high number of total NEFT transactions (via Net Banking/ Mobile banking) – Transaction Amount up to Rs. 10,000 will cost Rs. 2.50/-.
- RTGS transactions (via Net Banking/Mobile banking) – From Rs. 2 Lacs to Rs. 5 Lacs: Rs.25/-
| IDBI Current Account | Product Variant (Names) | IDBI Current Account Minimum Monthly Average Balance (MAB) Requirement | Non – Maintenance of MBA (per month) | Cash Deposit Requirement | Cash Withdrawal |
| Corporate Current Account | iTCA Basic | 3,00,000/- | 1500/- | 12 times of MAB | Free (Unlimited) |
| iTCA Gold | 5,00,000/- | 2000/- | |||
| iTCA Universal | 10,00,000/- | 3000/- |
Corporate Flexi Current Account
- A high number of total NEFT transactions ions (via Net Banking/ Mobile banking) – Transaction Amount up to Rs. 10,000 will cost Rs. 2.50/-.
- RTGS transactions (via Net Banking/Mobile banking) – From Rs. 2 Lacs to Rs. 5 Lacs: Rs.25/-
- A number of multi-city cheque leaves – 50 Multi-city cheque leaves free per month.
| IDBI Current Account | IDBI Current Account Minimum Monthly Average Balance (MAB) Requirement | Non – Maintenance of MBA | Cash Deposit Requirement | Cash Withdrawal | |
| Metro/ Urban | Semi-Urban | ||||
|
Corporate Flexi Current Account
|
Rs. 10,000/- | Rs. 5,000/- |
Over 50% of stipulated MAB – Rs. 500/- Up to 50% of MAB – Rs.750/- |
10 times of MAB (Inclusive of both Home and Non-Home Branch) | Free (Unlimited) |
Co-operative Bank Current Account
- A high number of total NEFT transactions (via Net Banking/ Mobile banking) – Transaction Amount up to Rs. 10,000 if free of cost.
- RTGS transactions (via Net Banking/Mobile banking) – From Rs. 2 Lacs to Rs. 5 Lacs: Rs.25/-
| IDBI Current Account | IDBI Current Account Minimum Monthly Average Balance (MAB) Requirement | Non – Maintenance of MBA | Cash Deposit Requirement | Cash Withdrawal |
| Co-operative Bank Current Account | Rs. 10,000/- |
Rs. 500/- per month in case MBA maintained over Rs.5000/- Rs. 750/- per month in case MBA is below Rs. 5000/- |
10 times of MAB (Inclusive of both Home and Non-Home Branch) | Free (Unlimited) |
Application Procedure
To open a current account with IDBI bank, the applicant can apply either by visiting the nearest branch or by filling up a form on its official website. The applicant will have to fill up the online form with the appropriate details. In the case of the latter, the bank official may contact the applicant to take the process further.
