Ranked one of the top banks in the country, IndusInd has constantly innovated their approach towards banking by rolling out a number of savings accounts that has made banking a pleasure. One such savings account that is doing just that is the Indus Classic Savings Account. With the Indus Classic Savings Account, customers are privileged with the most competitive interest rates on deposits in the market, can avail insurance coverage, get discounts on shopping, hotel lodging and so on.
Features and benefits of the Indus Classic Savings Account
- Customers who have opted for the Indus Classic Savings Account can choose between the International Classic VISA Debit Card, Platinum VISA Debit Card or the International Gold VISA Debit Card when opening the account.
- With the aforementioned debit cards, customers can bank from anywhere in the world, make withdrawals and shop at merchant establishments in India and internationally.
- The debit cards come with the Reward Point structure. Customers can earn points while making transactions which can either be redeemed as cash back, can be used to shop from the reward points catalogue, exchanged for miles, etc. When opening the account, customers can choose how they would wish to redeem their points.
- Customers holding the Indus Classic Savings Account have access to online banking facilities for 365 days.
- Online banking facilities such as transfer of funds through NEFT and RTGS , making requests, opening a fixed deposit account and so on are completely free.
- One can even shop online with luring discounts, book railway, bus or air tickets online.
- When opening the Indus Classic Savings Account, customers are granted a personalised cheque book.
- To keep a track on your funds and the cash flow - in and out - IndusInd Bank issues a monthly e-statement that is updated with every transaction.
- A customer can even nominate a family member to whom the funds or insurance would be passed on to following an occurrence of death or disability.
Balance requirement for Indus Classic Savings Accounts
To avoid a penalty for non-maintenance of the Indus Classic Savings Account, customers are required to have a minimum balance in their account, depending on the category branch they belong to.
- For A category branches of IndusInd Bank, a minimum balance of Rs.10,000 has to be maintained.
- Rs.10,000 minimum balance for B category branches has to be maintained for this category as well.
- For C category branches, Rs.2,500 has to maintained to avoid a penalty.
- For rural or C1 category branches, a minimum balance of Rs.1,500 has to be maintained.
Eligibility criteria for Indus Classic Savings Account
Apart from maintaining a satisfactory relationship with IndusInd Bank, which is imperative to be eligible for the Indus Classic Savings Account, customers have to also meet some conditions:
- For an individual or a joint account holder, he/she to be a resident of India.
- The applicant cannot be a minor.
- All Hindu undivided families are eligible for grouped savings accounts.
- Those part of or running a trust, a society or a charitable organisation are eligible for the Indus Classic Savings Account.
- Foreigners residing in the country for more than 6 months are also eligible for the Indus Classic Savings Account. That said, they have to provide the following documents:
- Valid passport identification.
- Valid Visa also has to be provided.
- Document containing proof of residency in India.
Steps to apply for the Indus Classic Savings Account
- The first step is to visit the official page of IndusInd Bank. Under the section of the Indus Classic Savings Account, click on “apply”.
- Next, one will have to fill in the application form to open an Indus Classic Savings Account.
- Next, the bank will request you to submit the following document, in order to begin the verification process:
- Identity proof - either passport, Aadhaar card, Voter’s ID card, etc.
- Address proof - passport, Aadhaar card, Voter’s ID card, driver’s license, etc.
- One passport size photograph.
- PAN card. If one does not have a PAN card, he/she can submit Form 60/61 instead.
Once the documents have been submitted, the bank starts the verification process. If all the documents are legit and there are no discrepancies between the documents submitted and the records of the bank, the customer will be given the green signal to open an Indus Classic Savings Account.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.