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Industrial Development Bank of India – Role and Meaning of IDBI Bank

The Industrial Development Bank of India (IDBI) is a public sector banking and financial services company headquartered in Mumbai, India. It is a government-owned company and a subsidiary of the Industrial Development Bank of India Limited (IDBI Ltd.), a wholly-owned company of the Government of India. IDBI is one of the most significant development finance institutions in India.

The primary role of IDBI Bank is to finance and promote industrial development in India. It provides a wide range of banking and financial services to corporate and retail customers, including loans, advances, deposits, trade finance, and other services. IDBI Bank also has a significant presence in the insurance and mutual fund industries.

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    Importance of IDBI Bank for India

    The importance of IDBI Bank for India can be summarized as follows:

    • IDBI Bank is the most significant development bank in India, with over 1,100 branches across the country.
    • The bank offers a wide range of banking and financial services to its customers, including deposit and loan products, credit cards, and insurance products.
    • IDBI Bank is one of the most trusted banks in India and is known for its customer-centric approach.
    • The bank has a strong financial position and is well-equipped to cater to the banking needs of its customers.

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    FAQS on IDBI Bank

    What is IDBI Bank?

    IDBI Bank is a public sector banking institution that was founded in 1964. The bank is headquartered in Mumbai, India, and has more than 1,000 branches and offices. IDBI Bank is a major provider of banking and financial services in India.

    What are the services offered by IDBI Bank?

    The services offered by IDBI Bank include retail banking, corporate banking, investment banking, and other banking services.

    What are the products offered by IDBI Bank?

    The products offered by IDBI Bank include savings accounts, fixed deposits, loans, credit cards, and other banking products.

    What are the eligibility criteria for opening an account with IDBI Bank?

    The eligibility criteria for opening an account with IDBI Bank vary depending on the product. Generally, applicants must be 18 years or older and have a valid ID and proof of address.

    What minimum balance is required to maintain an account with IDBI Bank?

    The minimum balance required to maintain an account with IDBI Bank varies depending on the product. Generally, the minimum balance required is Rs. 1,000.

    What interest rate is offered on savings accounts with IDBI Bank?

    The interest rate offered on savings accounts with IDBI Bank varies depending on the product. Generally, the interest rate is 3.5%.

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