With the competition between banks increasing by the day, banks are now rolling out savings accounts with numerous benefits, such as insurance, reward points, cash back facilities, luring discounts for shopping and travel tickets, etc. One such bank that has followed suit is the IndusInd Bank. IndusInd Bank has launched the Indus Exclusive Savings Account which comes with a number of privileges for the account holder, making it ideal for wealth management.
Features and Benefits of the Indus Exclusive Savings Account
- The IndusInd wealth management gives every Indus Exclusive Savings Account holder regular reports and updates of the industry. With this valuable information, one can choose their investment safely and wisely.
- To make sure you keep a tab on how you’ve spent your money the last month, every month the bank issues e-statements. Now, one can track their cash flow.
- Notifications when one makes a transaction or money is credited to their savings account. With this, the account holder can keep track of their outstanding balance.
- The Check-On-Check service helps customers keep a track of the checks he/she has issued with the help of the e-statement.
- Every Indus Exclusive Savings Account holder has the benefit of insurance that comes with the account. The insurance covers areas such as lost card liability, air accident, death or disability, etc.
- With the help of the Visa Global Assistance service, once can make use of the cash replacement or emergency disbursement of cash in the case of an emergency when travelling abroad.
- Every account holder can get the help of a certified relationship manager who could assist the customer with investment planning, choosing an insurance policy and deciding on which foreign exchange service to trust with their money.
- Free Lifetime Platinum Exclusive debit card at the time of opening the savings account.
- Account holders are not charged a transaction fee for withdrawals from ATMs across the country.
- No processing fees when shopping at merchant establishments.
- Indus Exclusive Savings Account holder can make a group account by merging all family accounts into one. By doing so, managing the wealth of the family becomes easier.
- ‘Buy one get one free’ offer when buying tickets from Bookmyshow.
- Luring discounts on locker rental fees for the first year of holding the account.
- Flat 20% off on loan processing fees.
- No maintenance charges for Demat accounts for the first two years of holding the account.
- An Indus Exclusive Savings Account holder can enjoy the benefit of enhanced withdrawal limit and spending limit per day.
- 2.5% waiver on petrol surcharge.
Through the 5X Reward program, an account holder can redeem points on every transaction, use them for purchases or opt for cash back for the accumulation of the points. For auto-cashback, each point is equivalent to Rs.50 paise. One can use it as miles as well, where 2 points is equivalent for every JP mile.
- For transactions made up to Rs.5,000, 1 point is earned for every Rs.100 spent.
- Over Rs.5,000, 2 points are earned for every Rs.100 spent.
- For transactions made between Rs.10,000 and Rs.20,000, 3 points are earned for every Rs.100 that is spent.
- For transactions made between Rs.20,000 and Rs.40,000, a customer can earn 4 points for every Rs.100.
- 5 points for every Rs.100 that is spent can be earned for transactions above Rs.40,000.
One has to choose their redemption option when signing up.
- For those holding the Signature Exclusive debit card, there are no charges for cross currency withdrawals and purchases overseas. A 1% waiver can be enjoyed by those holding the Platinum Exclusive debit card.
- Using the online banking facility, customers can make requests, lodge complaints and make queries in a matter of minutes.
- Just by holding the Indus Exclusive debit card, a customer can enjoy the best-in-class concierge service for booking of tickets, restaurant recommendations, booking a hotel, etc.
- In an attempt to make banking with IndusInd Bank all the more convenient, customers can enjoy the pleasures of doorstep banking. Here, one can get their cheques or cash picked up or delivered on request, without any charge.
- 25% discount on Wellness & More spas across the country.
Eligibility criteria for Indus Exclusive Savings Account
Members of IndusInd Bank are offered the chance to open an Indus Exclusive Savings account, only once their relationship with the bank has met expectations. Some of the requirements to open an Indus Exclusive Savings Account are listed below:
- Balance in their savings account should be Rs.1 lakh - for an individual savings account.
- For a group Indus Exclusive Savings Account, the balance maintained in the account should be Rs.2 lakh.
- The collective balance of the individual's savings and current account should be Rs.10 lakh.
- The amount in one’s savings account and amount invested in a fixed deposit should collectively be Rs.20 lakh.
- One’s mutual fund evaluation should be Rs.6 lakh.
- The Life insurance premium that is linked to the savings account should be Rs.1 lakh.
- The salary credited to one’s account should be a minimum of Rs.1.25 lakh.
- He/she can be eligible if one has a Home loan against the property from IndusInd Bank that is Rs.50 lakh or more.
To check your eligibility, one can contact the Relationship Manager at any of the branches of the bank or call the toll-free number 1860 267 7777.
Indus Exclusive Savings Account FAQs
Does the Indus Exclusive Savings Account come with an incentive structure or a cashback facility?
Yes, the Indus Exclusive Savings Account follows the 5X Reward points structure. Depending on the amount of the transaction, the customer is rewarded with a minimum of 1 point or a maximum of 5 points for every Rs.100 that is spent.
What is the interest rate for the Indus Exclusive Savings Account?
Depending the balance one maintains in his/her account, the interest rate for the Indus Exclusive Savings Account can float between 4% to 6%.
What are the privileges of holding an Indus Exclusive Savings debit card?
Just by using the Indus Exclusive Savings debit card, one can get a ‘buy one get one free’ offer for movie tickets purchased from Bookmyshow. Apart from that, one can get luring discounts on airfares, hotels, etc. This, however, is just scratching the surface with regard to the privileges that come with holding an Indus Exclusive Savings Account debit card.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.