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IndusInd Bank Savings Account

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.

What is a Savings Account?

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.,

Advantages of Savings Accounts

  • Excess cash in hand earns nominal interest
  • Easy access to funds and facilitates savings
  • Withdrawals and deposits are easy

Disadvantages of Savings Accounts

  • High liquidity leads to higher spend
  • Low interest rates as compared to other similar instruments such as treasure bills and certificate of deposit

Features and Benefits of IndusInd Bank Savings Account

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.

Types of IndusInd Bank Savings Accounts

The types of savings accounts in IndusInd Bank are–

1. Indus Exclusive Savings Account

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

  • Lifetime free Platinum Exclusive Debit Card
  • Buy one and get one free movie ticket from Bookmyshow
  • Up to 100% discount on first year fee of Standard Locker
  • Family grouping facility; 365 days banking service, concierge services, doorstep banking
  • Regular industry updates/reports to help account holder keep abreast of latest developments that impact investment decisions
  • Monthly physical and e-statements and Net Banking to help account holder track transactions and access accounts online, including wealth portfolio
  • An independent team will review wealth transactions and provide notification if required.
  • Check-On-Cheque service to help keep track of cheques issued
  • Get enhanced protection via a host of complimentary insurance covers like air accident insurance, lost card liability in case of misuse etc.
    • Air accident insurance: INR 30,00,000/-
    • Personal Accidental Death Insurance: INR 2,00,000/
    • Lost card liability in case of misuse: INR 3,00,000/-
    • Purchases made using the card are protected against fire and theft INR 50,000/-

Use the emergency card replacement and cash disbursement benefits while traveling abroad

Eligibility

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.

Relationship criteriaIndus Exclusive - Relationship value required (in INR)
Savings Account (Single)1,00,000 / 2,00,000
Savings Accounts (Household Grouped)2,00,000
Savings + Current Account5,00,000
Savings + Fixed Deposits20,00,000
Mutual Fund/DP Valuation (with Savings Account)6,00,000
Life Insurance Premium (with Savings Account)1,00,000
Salary Credit in account1,25,000
Upfront margin2,00,000
Home Loan/Loan against property50,00,000
Personal Loan10,00,000
Credit CardIndulge / Pinnacle Credit Card
General Insurance Premium20,000

2. Indus Select Savings Account

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.

Features and benefits

  • Lifetime free Platinum Select Debit Card
  • Buy one and get one free movie ticket from Bookmyshow
  • Up to 100% discount on first year fee of Standard Locker
  • Dedicated relationship manager
  • Monthly or periodic statements including wealth portfolio updates at regular intervals
  • Tracking cheques issued against the account held by the customer
  • Enhanced protection by means of insurance cover provided on complimentary basis

Eligibility

Relationship CriteriaIndus Select – Relationship Value Required (in INR)
Savings Account (Single)50,000 / 1,00,000
Savings Accounts (Household Grouped)1,00,000
Savings + Current Account3,00,000
Savings + Fixed Deposits10,00,000
Mutual Fund / DP Valuation (with Savings Account)3,00,000
Life Insurance Premium (with Savings Account)50,000
Salary Credit in Account75,000
Upfront Margin for Trading Account1,00,000
Home Loan / Loan against property25,00,000

3.Indus Maxima Savings Account

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.

Features and benefits

  • Lifetime free Maximum Platinum Debit card; Limit of Rs. 2 Lakhs per day for shopping and purchases online or physical merchant establishments; ATM withdrawal limit of Rs. 1 Lakh per day
  • Limits on the card are flexible, customer can set the limit as per requirement
  • Two free add-on accounts
  • Platinum Debit Card free on add-on accounts
  • Mobile and internet banking
  • Free services and facilities including – 365-days banking at select branches, doorstep banking, unlimited payable at par cheque books, unlimited other bank ATM withdrawals in India and 1 free international ATM withdrawal per month, unlimited pay orders and own bank demand drafts free, 1 correspondent bank draft upto Rs. 50,000 per day
  • Free fund transfers via NEFT or RTGS

Eligibility for Indus Maxima Savings Account

  • Resident individuals (sole or joint account)
  • Minor
  • Hindu undivided families
  • Trusts, associations, societies and charitable trusts.
  • Foreign national residing in India for a period greater than 180 days, can open a savings account by providing the following
    • Valid Passport
    • Valid Visa
    • Document proof of residency in India

4. Indus Privilege 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.

Features and benefits

  • Free Indus Young Saver Account with recurring deposits facility for your child
  • Choice of International Classic VISA Debit Card, International Gold VISA Debit Card or Platinum VISA Debit Card
  • Debit card can be used to do daily transactions
  • Free demand drafts up to Rs. 25,000 per day at all branches
  • Toll-free customer care support
  • 365 days banking at select branches, doorstep banking at select locations
  • Internet banking facility
  • Multi-city cheque book
  • Free standing instructions and sweep-in facility
  • On-demand statements and nomination
  • Cashless or digital transactions

Eligibility

The eligibility to open an Indus Privilege Savings Account is as mentioned below –

  • Resident individuals (sole or joint account)
  • Minor
  • Trusts, associations, societies and charitable trusts
  • Foreign national residing in India for a period greater than 180 days, can open a savings account by providing the following documents – valid passport, valid visa and documentary proof of residency in India

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 /-

5. IndusInd Privilege Active Savings Account

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

  • Waiver of balance requirement based on monthly transactions
  • Specially crafted Platinum Plus Debit Card
  • Host of services and facilities like cheque book, free demand drafts up to Rs. 25,000 per day at all branches, free fund transfers through RTGS and NEFT, Monthly e-statements
  • Anywhere banking – Internet and mobile banking services

Eligibility

  • Resident individuals (Sole or joint account)
  • Initial funding – Rs. 20,000 (with Platinum Plus Debit Card)

Balance requirement

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 –

6. Indus Diva Savings Account

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

  • Specially crafted Platinum Plus Debit Card comes with 50% off on first year free. Cashless payments for shopping, dining, entertainment etc., free debit cards on add-on accounts
  • Group account benefits – 2 add-on accounts free
  • 25% discount on first year fee of Standard Locker
  • Banking from anywhere in the country /world
  • Doorstep Banking – cheque, demand draft, cash pickup and delivery
  • Host of free services and benefits – 365-day banking at select branches, free internet and mobile banking service, unlimited pay orders and own bank demand drafts free, unlimited ATM withdrawals and 1 international ATM withdrawal free per month, 1 correspondent bank draft upto Rs. 50,000 free per day
  • Free fund transfer through RTGS and NEFT; on demand monthly or periodic statements

Eligibility

  • Resident Indian Women (sole or joint Account)
  • In case of joint account, woman has to be the first applicant

Balance requirement

Average Quarterly Balance Requirement Rs 20,000 / 40,000/- or Fixed Deposit of Rs 5,00,000

7. Indus Senior Savings Account

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.

Features and benefits

a. Indus Senior (Privilege)

  • Free RuPAY Debit Cards
  • Higher interest (0.5% additional) on fixed deposits
  • Insurance and discounts

b. Indus Senior (Maxima)

  • Free Platinum Debit Card
  • Free add-on accounts for family
  • Higher interest (0.5% additional) on fixed deposits
  • 20% discount on first year fee of Standard Locker
  • Medical Insurance and discounts
  • Banking from anywhere in the country /world

Eligibility

  • Resident Indian (sole or joint Account) above the age of 60 years
  • In case of joint account, senior citizen has to be the first applicant

Balance requirement

Senior citizen saving account balance required

a. Indus Senior (Privilege)

Average Monthly Balance of Rs. 10,000 or Fixed Deposit of Rs. 2,50,000

b. Indus Senior (Maxima)

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.

8. Indus 3 in 1 Savings Bank Account

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.

9. Indus Young Saver 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)

Eligibility

The Indus Young Saver Account can be opened in the minor's name, either-

  • As an "Under Guardian" account, where the parent shall be operating the account
  • By the minor himself/herself, if the minor's age is 12 years or more

Balance requirement

Average monthly balance to be maintained is Rs. 5,000 per month

10. Indus Classic Savings Account

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.

Features and benefits

  • Choice of debit cards – International Classic VISA Debit Card, International Gold VISA Debit Card, Platinum VISA Debit Card
  • 365-days banking at various branches, access and transact from account across India completely free, Toll-free 24 X 7 customer support, free personalized cheque book
  • Banking at account holder’s convenience – doorstep delivery and pickup of cheques, cash, demand draft etc.,
  • On-demand statement for different periods, digital transactions at various merchant outlets

Eligibility

  • Resident Individuals (Sole or Joint Account)
  • Minor
  • Hindu Undivided Families
  • Trusts, Associations, Societies and Charitable trusts.
  • Foreign national residing in India for a period greater than 180 days, can open a Savings Account by providing the following
    • Valid Passport
    • Valid Visa
    • Documentary Proof of residency in India

Balance requirement

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.

11. Indus Easy Savings Account

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’.

Features and benefits

  • Hassle-free account opening process
  • Direct withdrawal facility – weekly once
  • 365 days banking at select branches
  • Toll free customer support staff
  • Internet banking and mobile banking
  • On demand statements and nominations available

Eligibility

Resident individuals above 18 years of age

Indus Easy Savings Account balance requirement

Average monthly balance required for easy savings account is -

  • Zero minimum balance
  • Non – Maintenance charges
  • No charges on non-maintenance of minimum average quarterly balance

12. Indus Small Savings Account

Account holder can avail all banking facilities and services at zero balance requirement and simplified documentation

Features and Benefits

  • Simplified process
  • Hassle-free and convenience in banking at zero minimum balance
  • Easy account opening process with simplified documentation
  • ATM Card - Get an ATM card free
  • Convenient Access to account
    • Access IndusInd Bank ATMs across India for cash withdrawals, cash/ cheque deposits, VISA Credit Card bill payment, balance enquiry, mobile top-up and other miscellaneous requests, all for free
    • 5 Free Domestic Other Bank ATM transactions in a month (Cash withdrawal, Balance enquiry, PIN change OR Mini Statement)
    • Banking as per your convenience
    • Direct Withdrawal facility – weekly once
  • 365-days banking at select branches
  • Internet banking - Free funds transfer through NEFT or RTGS
  • Statements & Nomination- Half yearly statements, monthly statement through email
  • Free nomination facility

IndusInd Bank Savings Account FAQS

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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