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IndusInd Bank was established in the year 1994, it is headquartered in Mumbai. The bank is considered as the Indian new generation bank. Providing a host of banking services including commercial, transactional and retail, the bank has seamlessly integrated technology into its products and services.
As with any other bank, IndusInd Bank provides the basic product suite including variety of deposits such as savings deposit, term deposits, recurring deposits etc., and loans or advances such as home loan, personal loan, industrial loan, education loan etc.
About IndusInd Bank Savings Account
Savings account deposit is a basic product which bears nominal interest rate. The financial institutions may limit the number of withdrawals made from the savings account each month. Typically, the salary account is opened as a savings account. While the salary account can have no balance, other savings bank accounts should have a minimum balance. Penalty is levied if the balance in the account falls below this minimum balance.
Savings bank account is the most basic form to hold excess cash, it is not considered as an investment. The earnings from savings bank account are nominal. These funds are typically the excess cash which the individual does not intend to hold at home. Savings account will come with a debit card, cheque book etc.,
IndusInd Bank presents the best savings bank accounts for their customers, most of the products are customised to the needs of the customers. They are creatively designed to provide a host of banking benefits including reward points for active transactions, privilege and lifestyle offers, trading and portfolio solutions, flexible fund management, special banking facilities for senior citizens with extra interest rates. The account provides access from around the world, it enables quick utility bill payments, NEFT and RTGS facilities and be privy to other banking solutions. Such benefits make the entire banking experience conducive and pleasant for the investor or account holder.
The types of savings accounts in IndusInd Bank are–
Designed with the best privileges and offers along with best staff and customer support to ensure that the account holder’s banking experience is pleasant and hassle free.
Features and benefits
Use the emergency card replacement and cash disbursement benefits while traveling abroad
Indus Exclusive Savings Account comes just based on existing relationship between customer and bank over the years. Based on the promptness of transactions and activity in general, the account holder will generate reward points based on the value of reward points, the account holder can become an Indus Exclusive Savings Account holder.
A premier banking program designed with an array of privileges and lifestyle offers. This account is a blend of services and rewards which will make the banking experience hassle free and pleasant.
This account gives you a host of premium & exclusive services with IndusInd Platinum Debit Card. The account offers privileges, discounts and offers to match the lifestyle of the account holder. It provides premium services and exclusive banking solutions which are tailor made for the account holder’s financial needs.
Eligibility for Indus Maxima Savings Account
Indus Privilege Savings Account offers more value for your money, gives you the power to save and enjoy convenient and a hassle-free banking experience.
The eligibility to open an Indus Privilege Savings Account is as mentioned below –
Balance requirement for Indus Privilege Savings Account
Average monthly balance (AMB) requirement for Indus Privilege Savings Account –
A and B category branches – Rs. 10,000 /-
C category branches – Rs. 5,000 /-
This savings account will give you a convenient and rewarding banking experience, with rewards on being active on payments or balance transfers. It can be maintained at zero balance facility and other host of privileges and benefits.
Benefits and features
This is a transaction account, there is no minimum monthly average balance required to be maintained. Every month, there should be atleast one of the below mentioned transactions which should be initiated –
This account is specially crafted for women customers. This account provides best savings solutions and privileges, keeping in mind the progressive modern-day women’s requirement.
Features and benefits
Average Quarterly Balance Requirement Rs 20,000 / 40,000/- or Fixed Deposit of Rs 5,00,000
Specially designed account for senior citizens, provides higher returns compared to other types of savings account and a host of services specially crafted to cater to the senior citizens.
a. Indus Senior (Privilege)
b. Indus Senior (Maxima)
Senior citizen saving account balance required
Average Monthly Balance of Rs. 10,000 or Fixed Deposit of Rs. 2,50,000
Average Quarterly Balance Requirement: Rs 20,000/40,000* or Fixed Deposit of Rs. 5,00,000
Note – Indus Senior (Maxima) allows the account holder to open 2 additional Add on accounts for family members and enjoy grouping benefits. The average balance required can be maintained across 3 accounts together.
This single bank account provides the cumulated benefit of savings account, demat account and trading account. The broking partner is Kotak Securities who brings the best brokerage / pricing for the market related transactions. Their trading solutions are also cutting edge and best in the industry. The savings account is automatically integrated to the trading and demat account, thereby enabling hassle – free trading. The features and benefits are similar to that of other savings account.
This is solution which was specifically designed to save for higher education of children. This is an easy solution to secure the future of the child, it is also ideal method to ensure a disciplined and consistent method of saving for the future of the child. The account offers a balanced portfolio of savings and investment solutions for the child. The savings account also encourages the child to save money and use it wisely, it also engages them in the concept of reaping returns from the investments.
Benefit of Indus Young Saver Account
Offers its unique Gold Debit Card which can be issued on the child’s name (for children above 12years)
The Indus Young Saver Account can be opened in the minor's name, either-
Average monthly balance to be maintained is Rs. 5,000 per month
Account which provides the best access to funds with the flexibility to manage the funds anytime, anywhere. Like all other accounts, this account provides internet and mobile banking facility. Account holder can benefit from the convenience of value-added services with Indus classic savings account and enhance the ease of conducting banking transactions.
Average monthly balance requirement for A and B category branches is Rs. 10,000/- per month; C category branches is Rs. 2,500/- per month; Rural / C1 category branches is Rs. 1,500.
This is a Basic Savings Bank Deposit Account (BSBDA) which offers you maximum benefits with minimum requirements. The basic banking facilities at ‘no minimum balance’ and ‘complete KYC done’.
Resident individuals above 18 years of age
Indus Easy Savings Account balance requirement
Average monthly balance required for easy savings account is -
Account holder can avail all banking facilities and services at zero balance requirement and simplified documentation
Features and Benefits
1. How to open an IndusInd Bank savings account?
Step 1 – Fill the savings account eligibility form online, the form once submitted will be checked for eligibility of the applicant and personalized savings account options
Step 2 – Applicant can compare the various savings account options available and choose the one that is most suitable
Step 3 – Concerned staff gets in touch with the customer for collection of documents to open the account as chosen by the customer
Step 4 – receive account opening kit and make necessary deposits for maintenance of minimum balance
2. What are the typical interest rates offered by IndusInd Bank on their savings account deposits?
For daily balance up to Rs. 1 Lakh – Interest rate is 4% p.a
For daily balance between Rs. 1 Lakh and Rs. 10 Lakh– Interest rate is 5% p.a
For daily balance above Rs. 10 Lakh – Interest rate is 6% p.a
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