IndusInd Savings Account

IndusInd Savings Account

Savings Bank Balance	IndusInd Savings account Interest rate (p.a.)
Daily Balance up to Rs. 1 Lakh	4.00%
Above Rs. 1 Lakh and Up to Rs. 10 Lakh	5.00%
More than Rs. 10 Lakh	6.00%

IndusInd Savings Account

Savings Bank (SB) accounts are low-interest savings accounts kept at a retail bank or other financial institution. They cannot be used as money directly (medium of exchange). Banks can restrict the number of withdrawals you may make from your savings account each month and charge fees if you do not maintain a certain average monthly balance in the account. These accounts usually need a low minimum balance as an initial balance. Depending on various variables, interest rates will range from 3.5 per cent to 9 per cent.

IndusInd, like any other bank, offers a basic product facility that includes a range of deposits such as 

• Savings deposits, 
• Term deposits, 
• Recurring deposits, as well as 

Loans or advances such as 

• Home loans, 
• Personal loans, 
• Industrial loans,
• Education loans, and so on.

Features and Benefits of IndusInd Savings Account

IndusInd Savings Account Charges

IndusInd provides a variety of savings accounts to suit the needs of various types of customers. Customers may use net banking, phone banking, IVR support, and other services provided by the bank. Customers can easily open an IndusInd savings account by visiting any bank branch and testing their eligibility.

• The interest rate for daily balances up to Rs.10 lakh is 4% per annum.
• Interest rate on regular balances over Rs.10 lakh and up to Rs.1 crore: 5% p.a.
• Interest rate on regular balances above Rs.1 crore: 6% p.a.

IndusInd Savings Account Products

The following are the various types of savings account schemes offered by IndusInd:

1. Indus Exclusive Savings Account: It comes with a variety of lifestyle advantages and privileges and a rewards program that helps you receive reward points with each purchase.
2. Indus Choose Savings Account: This is a premium savings account that includes Air Accident Insurance, Fire among Theft Insurance, and other perks.
3. Indus Maxima Savings Account: provides benefits such as free withdrawals at other banks’ ATMs, free debit cards for add-on accounts, free fund transfers through NEFT and RTGS, and so on.
   • A quarterly balance of Rs 25,000 is needed.
   • If the balance is less than Rs 12,500, the penalty is Rs 900;
   • if the balance is more than Rs 12,500 but less than Rs 18,750, the penalty is Rs 300; and
   • if the balance is more than Rs 18,750 but less than Rs 25,000, the penalty is Rs 300.
4. Indus Privilege Savings Account: This is a savings account that minors can open that provides benefits such as a low minimum balance requirement, free Internet & Mobile Banking, year-round banking (at selected branches), and so on.
   • A minimum balance of Rs 10,000 is needed in A and B category branches, and 
   • Rs 5,000 in C and C1 category branches.
   •  The penalty for non-balance management varies from Rs 250 to Rs 350, depending on the account’s available balance.

1. Indus Privilege Active: A transaction-based account with no minimum balance requirement and a unique feature called ‘My Account My Number’ allows you to choose your bank account number.
2. Indus Diva Savings Account: It is the perfect savings account for today’s women, with features specifically designed to suit their banking needs.
   • A quarterly balance of Rs 25,000 is needed.
   • If the balance is less than Rs 12,500, the penalty is Rs 900;
   • if the balance is more than Rs 12,500 but less than Rs 18,750, the penalty is Rs 300; and
   • if the balance is more than Rs 18,750 but less than Rs 25,000, the penalty is Rs 300.
3. Senior Indus Savings Account: This is a savings account that provides the elderly, or senior citizens, with a more relaxed and convenient banking experience.
   • A monthly balance of Rs 10,000 is needed, or a fixed deposit of Rs 2,50,000. 
   • There is a Rs 250 penalty if the balance is greater than Rs 5,000 but less than Rs 10,000, and 
   • a Rs 350 fine if the balance is less than Rs 5,000.
4. Indus 3-in-1: It has the distinct advantage of leveraging Demat and savings accounts for e-trading through Kotak Securities.
5. Indus Young Saver: It is the perfect savings account for minors since it has no minimum balance limit and can be opened with a minimum deposit of just Rs 11.
6. Indus Classic Savings Account: It allows consumers to manage their funds between Savings Accounts and Fixed Deposits without worrying about maintaining a minimum balance.
   • A minimum balance of Rs 10,000 is needed in A category branches (or a Rs 50,000 FD), 
   • Rs 10,000 in B category branches (or a Rs 35,000 FD), 
   • Rs 2,500 in C category branches (or a Rs 25,000 FD), and 
   • Rs 1,500 in C1 category branches (or FD of Rs 25,000). 
   • The penalty for non-balance management ranges from Rs 250 to Rs 350, depending on the account’s balance.
7. Indus Easy Savings Account: This is an instant saving and deposit account with a ZERO minimum balance requirement.
8. Indus Small Account: It is a savings account with ZERO minimum balance requirement and other features that provide customers with a hassle-free banking experience.
9. Indus Comfort Select: This is a salary account that provides lifestyle advantages such as locker discounts and other perks.
10. Indus Comfort Maxima: It offers consumers the ability to gain interest at the cost of 6% p.a. as well as other benefits.
11. Indus Comfort Premium: This is a corporate salary account with several advantages: no quarterly balance requirement, the ability to select the currency of transaction, and so on.
12. Indus Comfort Regular: It has improved features and advantages such as a zero-deposit requirement for opening an account, a 6% annual interest rate, and so on.

IndusInd will mail a Welcome Package containing a custom chequebook and ATM Card to the customer’s postal address chosen for correspondence 7–8 working days after the date of opening a specific savings account.

Also, Check: IndusInd Personal Loan

IndusInd Savings Account Opening Process

Individuals can also open a savings bank account with IndusInd online. Individuals can open an Instasavings account as well as a digital savings account.

To open a savings account with IndusInd, there is no minimum balance requirement. Non-balance maintenance charges are imposed if a person does not maintain the minimum balance.

IndusInd Documents Required Savings Account

The following is the report for the IndusInd savings account. You must bring a photocopy of all documents (along with the originals) to show when submitting the account opening form.

ID proof for Individuals:

• Aadhaar card/letter issued by the Unique Identification Authority of India (UIDAI) with address, name, and father’s name information (Mandatory)
• Form No. 60 / 61 or PAN card (as applicable) (Required)
• Voter identification card
• Passport
• Driver’s License

Proof of address: Either one or two of the following documents, as required by the bank.

• Bills for electricity and telecommunications service
• Statement of bank accounts
• A letter from a recognized public official
• Rent agreement specifying the customer’s address that has been registered with the state government or a similar registration authority
• Employer-issued ration card letter (satisfaction of the bank)

If a single document is sufficient for both address and identity verification, no separate records are needed.

FAQs about IndusInd Savings Account