The IndusInd is a Mumbai- based Bank. This bank was established in the year 1994. The bank offers commercial, transactional and electronic products and services. The IndusInd Bank is one of the new generation private banks of India. The bank has its headquarters in Mumbai, India.
The bank has a wide network of 1200 branches and 1885 number of ATMs across India. It also has its representative offices in Dubai, London and Abu Dhabi.
The bank offers a number of products and services to its customers, out of which, savings account is widely used. In this article, we will be providing you complete details regarding the IndusInd Bank Savings Account.
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How to Open a IndusInd Bank Savings Account
IndusInd Bank Savings Account opening is easy and hassle free. The IndusInd Bank offers both offline as well as online mode of applying for a savings account. If you want to open an account offline then you can visit the nearest bank branch and fill in the account opening form and submit to the bank officials with the mentioned KYC Documents. After the verification of the application form and the documents the bank officials will send a notification in your mobile account and within a few days the account will be activated.
In case of online mode, you can visit the official website of the bank and fill in the account opening form. One of the advantage of using the online application process is that, the documentation process will be done at your door-step which states that you don’t have to move anywhere. In other words, the bank comes to you.
Once, the account is activated, the users can check the status of their application through SMS as well as e-mails.
Savings Interest Rates Offered by the IndusInd Savings Account
The Interests Rates offered by the IndusInd Savings Account are as follows:
- For a daily balance up to Rs 1 Lakh it is 4% per annum.
- For a daily balance above Rs 1 Lakh and below Rs 10 Lakhs it is 5% per annum.
- For a daily balance above Rs 10 Lakhs it is 6% per annum.
Types of IndusInd Savings Account
The IndusInd Bank offers a wide range of savings account on the basis of the requirements of the people.
The types of Savings Account that the bank offers are:
Indus Exclusive Savings Account:
This savings account offers numerous lifestyle and privileges along with rewards and benefits to its customers. Thus, through this account you earn benefits and rewards with each purchase.
Indus Select Savings Account:
This is a premium savings account. The account provides Air Accident Insurance, Fire and Theft Insurance and other premium benefits.
Indus Maxima Savings Account:
This account comes with a number of benefits such as maximum number of withdrawals at ATMs of other banks, free debit cards and add-on accounts. Also offers free funds transfer through NEFT/RTGS.
Indus Privilege Savings Account:
This savings account can be opened by the minors. This special account offers facilities such as low minimum balance requirement, free Internet and Mobile Banking, round the year (at selected branches) etc.
Indus Privilege Active:
This is a transaction based account and has no minimum balance requirement. It also comes with a unique feature called as “My Account My Number” that allows you to choose your own bank account number.
Indus Diva Savings Account:
This is an ideal savings bank account number which is exclusively designed for the women of today. This account offers all the required facilities to meet the banking needs of a woman.
Indus Senior Savings Account:
This type of savings account offers a comfortable and convinient banking experience. This account is specially designed for the senior citizens of our country.
It comes with a unique benefit of leveraging Demat and savings account for e-trading through Kotak Securities.
Indus Young Saver:
It is a ideal savings account for the minors. This savings account offers the customers a zero- minimum balance account. The account can be opened with a minimum deposit of Rs 11.
Indus Classic Savings Account:
This savings account offers the customers the flexibility of managing their funds between their Savings account and Fixed Deposits without worrying of maintaining a minimum balance.
Indus Easy Savings Account:
This savings account is a zero balance account and offers an excellent banking feature to its customers.
Not only this, the IndusInd Bank also offers its customers a wide range of Corporate Salary Accounts as well.
Indus Comfort Exclusive:
This accounts comes with the benefits such as discounts on the lockers, reduces processing fee for loans, unlimited ATM Withdrawals in India as well as Abroad.
Indus Comfort Select:
This salary account offers lifestyle privileges, discounts on the lockers plus other benefits as well.
Indus Comfort Maxima:
This salary account offers the customers to earn an attractive interest of 6% per annum and other added benefits.
Indus Comfort Premium:
This is a corporate salary account which comes with a bulk of benefits. It offers a zero minimum deposit for opening the account. Also offers an attractive interest rate of 6% per annum.
Minimum Account Balance of IndusInd Bank Savings Account
The following savings account of the IndusInd Bank have the following minimum balance requirements:
Indus Maxima Savings Account and Indus Diva Savings Account:
The average quarterly balance requirement is Rs 25, 000 and a penalty of Rs 900 is charged if the account balance is less than Rs 12, 500. Rs 600 is charged if the account balance is more than Rs 12, 500 but less than Rs 18, 750. A penalty of Rs 300 is charged if the balance is more than Rs 18, 750 but less than Rs 25, 000.
Indus Senior Savings Account:
The average monthly balance requirement is Rs 10, 000 or a Fixed Deposit of Rs 2, 50, 000. A penalty of Rs 250 is charged if the account balance is above Rs 5000 but below Rs 10, 000 and a penalty of Rs 350 is charged if the balance is below Rs 5000.
Indus Classic Savings Account:
The minimum balance requirement in the “A” Category branch is Rs 10, 000 or a Fixed Deposit of Rs 50, 000. A minimum balance requirement of Rs 10, 000 or a Fixed Deposit of Rs 35, 000 is required in the “B” category branches. Rs 2500 or Fixed Deposit of Rs 25, 000 is the minimum balance requirement in the “C” Category Branch. For “C1” Category branches, the minimum balance requirement is Rs 1500 or Fixed Deposit of Rs 25, 000. The penalty charges ranges from Rs 250- Rs 350, depending on the available balance of the account.
Indus Privilege Account:
The minimum balance requirement is Rs 10, 000 in “A” Category branch and “B” Category Branches. For the “C” and “C1” Category Branches the minimum balance requirement is Rs 5000. The penalty charges ranges from Rs 250- Rs 350 depending on the available balance of the account.
Important Information on IndusInd Bank Savings Account:
- For Indus Senior Savings Account, the applicant must be an Indian resident and should be above 60 years of age. In case of the joint accounts, the first applicant must be a Senior Citizen.
- The Indus Easy Savings Account is a Basic Savings Bank Account (BSBDA). The applicants above 18 years can open this account. The BSBDA is a type of account that is introduced by the Reserve Bank of India. This features of this savings account is that: it requires minimum balance requirement and the submission of the KYC Documents is minimal.
- The Indus Diva Savings account offers 25% of standard locker free along with door-step banking facilities.
- If you are a NRI residing in India for more than 180 days then you can open a IndusInd Savings account. For this you need to provide your passport, visa and proof of residency in India.