Having already bagged the ‘Best Bank of the year’ award in 2015-2016, IndusInd has been constantly innovating their approach towards banking. In the process, they have made the process of banking, taking out loans and so on, seamless. Recently, IndusInd Bank rolled out the Indus Maxima Savings Account. With this savings account, customers are at the receiving end of a number of benefits. Starting with an enhanced interest rate, discounts while shopping and lots more.
Features and benefits of Indus Maxima Savings Account
- Keeping in mind those who need guidance, the Indus Maxima Savings Account holders are assigned a dedicated Relationship Manager. The Relationship Manager will assist in investment planning, choosing a type of loan that is suitable to their needs for the best price and taking them through all the facets of banking.
- With the Indus Maxima Savings Account, customers can have three add-on accounts for their family members. This makes it easier to manage the wealth of the family with the bonus being the free Platinum debit card.
- Indus Maxima Savings Account holders can bank from any part of the globe. Online banking facilities are available 365 days a year.
- In certain areas, the bank offers customers holding this account free doorstep banking facilities, such as pickup and delivery of cash or cheques.
- There are no charges for ATM withdrawals anywhere in the country. For customers travelling abroad, they are allowed one free international ATM withdrawal per day.
- Bank drafts up to Rs.50,000 are completely free every day.
- To keep track of one’s funds and cash flow, the bank issues a monthly e-statement.
- Using internet banking, customers can make requests, queries regarding the account, open a fixed deposit, request for a demand draft, etc.
- Discount on locker rentals.
- Just by holding the Indus Maxima Savings Account, customers are eligible to insurance coverage in case of an air accident, fire or burglary or in the case of losing one’s debit card or misuse.
- Grouped accounts or family accounts are granted a free Maxima Platinum debit card.
Benefits of the Maxima Platinum debit card
- Customers holding the Maxima Platinum debit card have the privilege of having higher withdrawal and spending limits per day. The daily withdrawal limit for Maxima Platinum debit card holders is Rs.1 lakh and the spending limit per day is enhanced to Rs.2 lakh.
- The Maxima Platinum debit card comes with insurance coverage as well. Insurance coverage is granted in cases such as lost or stolen card - resulting in misuse, air accident, death or disability.
- Up to Rs.250 waiver for fuel surcharge a month.
- The debit card comes with the 5X Reward points program. Depending on the amount spent, customers can get points up to 5 times per Rs.100. When the card is issued, customers can choose how they would like to redeem their points. Either cash back, shopping discounts from the redemption catalogue, miles, etc.
- The card is completely free for add-on accounts, but for primary accounts it is minimally priced at Rs.99 per year.
Charges for non-maintenance of an Indus Maxima Savings Account
Charges are levied on customers having add-on accounts that fail to maintain the minimum balance. For add-on accounts, the average balance of all three accounts is taken into consideration. Listed are the charges for non-maintenance:
- The average quarterly balance for an Indus Maxima add-on savings accounts is Rs.25,000.
- For accounts having balance less that Rs.25,000 and more than Rs.18,750, Rs.300 penalty is slapped on the account.
- For accounts less than Rs.18,750 and more than Rs.12,500, a penalty of Rs.600 is charged.
- For accounts having less than an average of Rs.12,500 in their account, they will have to pay a penalty of Rs.900.
The penalty is deducted from the primary account - the one who opens the account initially.
Eligibility criteria for Indus Maxima Savings Account
Customers that they have a good relationship with the bank are eligible to open an Indus Maxima Savings Account. That said, customers need to meet certain requirements to open an Indus Maxima Savings Account.
- They have to be a resident of India, whether it is a single or a joint account.
- Customer opening an account cannot be a minor.
- Customers are eligible to open an account if they either run a Trust, a Society, or part of a Charitable organization.
Foreigners who have resided in India for more than 6 months can also open an Indus Maxima Savings Account. That said, they would need to provide the following documents:
- Have to provide their valid passport details.
- Provide their visa details.
- Lastly, should provide their proof of residency in India.
How to apply for an Indus Maxima Savings Account
- Customers who wish to apply for the Indus Maxima Savings Account can do so on the official bank page.
First the customer would need to fill in the application form and then submit the required documents. The documents required are:
- Any identity proof document - Passport, Aadhaar card, Voter’s ID, etc.
- Any address proof document - Passport, Aadhaar card, Voter’s ID, etc.
- One passport size photograph.
- PAN card details. If one does not have a PAN card, he/she can fill in Form 60/61 during the submission.
- Customers will then have to make an initial deposit of Rs.25,000. For add-on accounts, an addition of Rs.1000 or more can be made on behalf of each member.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.