Indus Easy Savings Account
In an attempt to cater to all segments of society, the IndusInd Bank has rolled out the Basic Savings Bank Deposit Account (BSBDA) to offer privileges to customers less fortunate, giving them, the best banking experience with little requirement. The Indus Easy Savings Account is a zero-balance savings account and the process of opening such an account is hassle-free.
Unlike other IndusInd Bank savings accounts, here no maintenance or minimum balance has to be maintained. Having said that, this is just one of the numerous benefits that the Indus Easy Savings Account comes with.
Features and benefits of the Indus Easy Savings Account:
- The Indus Easy Savings Account is a Basic Savings Bank Deposit Account (BSBDA) that comes with a zero-balance feature. In other words, there is no minimum balance requirement.
- Opening a Indus Easy Savings Account is hassle-free and can be done in a matter of minutes. All that is required to open the account is one’s basic KYC documents.
- Customers, when opening the Indus Easy Savings Account, can choose if they want the free ATM card.
- Using their online banking account, customers can make withdrawals, transfer funds, clear their Credit card bills, make balance enquiries, etc., all for free.
- Customers can make 5 free withdrawals from any other domestic bank in a month.
- Online banking facilities are available for customers throughout the year.
- Fund transfers through NEFT and RTGS are completely free.
- Banking registration is free as well.
Eligibility and balance requirements for Indus Easy Savings Account:
Any Indian resident that is above the age of 18 is eligible to open an Indus Easy Savings Account. All that the citizen over 18 years of age has to do is to provide his/her basic KYC documents. Unlike other IndusInd savings accounts, there is no balance requirements for the Indus Easy Savings Account as it is a zero-balance savings account. There are no maintenance charges.
Steps to apply for the Indus Easy Savings Account:
- The first step is to visit the IndusInd Bank’s official page.
- Once you’re on the page, click on “apply”.
- The page will redirect you to the application form for the Indus Easy Savings Account.
- Once you have filled the application form, the bank will contact you for your KYC documents.
- The documents required to be submitted to open an Indus Easy Savings Account are:
- Proof of Identity - either one’s passport, Aadhaar card, Voter’s ID, etc.
- Proof of address - passport, driver’s license, Voter’s ID, etc.
- Latest passport size photograph of the applicant.
Once the documents have been submitted, the bank will start the verification process, following which, if the documents are valid one can open an Indus Easy Savings Account.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
FAQs on Indus Easy Savings Account
- Is Indus Easy Savings Account also a Basic Savings Bank Deposit Account (BSBDA) ?
Yes, the Indus Easy Savings Account is also a Basic Savings Bank Deposit Account (BSBDA). In other words, the account can be opened with minimum requirement but the advantages of holding the account are plenty. A Basic Savings Bank Deposit Account (BSBDA) also means that the account is a zero-balance account - there is no minimum balance requirement and no maintenance charges are applicable for this type of account.
- Do all Basic Savings Bank Deposit Account (BSBDA) have the same norms that have been issued by the Reserve Bank of India?
Yes, all Basic Savings Bank Deposit Account (BSBDA) across the country have to follow the norms and restrictions issued by the Reserve Bank of India. Some of the norms issued by the Reserve Bank of India with regard to Basic Savings Bank Deposit Account (BSBDA) are:
- There should be no minimum balance requirement.
- Every citizen holding Basic Savings Bank Deposit Account (BSBDA) can make withdrawals and transactions through electronic portals and payment channels.
- A free ATM card has to be issued when opening the account.
- Online facilities such as online banking and provision of ATM debit cards should be completely free.
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