from the source of IDBI Bank website i tells you the pro-n-cons of Frill Account.
Frill account definition:
Sabka Account -No Frill account
IDBI Bank introduces Sabka Account- a savings account that’s literally meant for everyone; absolutely elementary in its approach and Zero Balance for Financial inclusions.
Salient features of Sabka Account– NO Frill Account
Frill account definition:
Sabka Account -No Frill account
IDBI Bank introduces Sabka Account- a savings account that’s literally meant for everyone; absolutely elementary in its approach and Zero Balance for Financial inclusions.
Salient features of Sabka Account– NO Frill Account
- Debit cum ATM Card and Cheque Book
Get an ATM cum Debit Card and cheque book on request. The card allows you to transact at IDBI Bank ATMs and shop at retail outlets. The cheque book however, will help you carry out other banking transactions - Multiple ways to access your account
Now you don’t need to visit the bank time and again. Our unique services like Phone Banking, SMS Banking and Internet Banking will allow you to access your account from anywhere, anytime - Recurring Deposits
This account offers you a recurring fixed deposits service wherein you can earn a higher rate of interest just by investing a small amount (as low as Rs 100) every month. There will be no charges for standing instruction for credit to Recurring Deposits account from the Savings Account.
Relaxation in Documentation for opening Sabka account In case a person wants to open a Sabka account, but is not able to furnish all the documents as required by the bank, an account can be opened with
- Introduction from another account holder who has been subjected to full KYC procedure as required by the bank. (The introducer's account with the bank should be at least six month old and should show satisfactory transactions. Photograph of the customer who proposes to open the account and also his address needs to be certified by the introducer)
- Any other evidence as to the Identity and Address of the customer as required by the bank
- For all accounts opened with such relaxed documentation, if, at any point of time, the total balance in all the customers' accounts with the bank (taken together) exceeds rupees fifty thousand (Rs. 50,000/-) or total credit in the account exceeds rupees one lakh (Rs. 1,00,000/-), no further transactions will be permitted by the bank, until the full KYC procedure is completed.
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