The Indus Privilege Active Savings Account by IndusInd Bank presents to you an effortless banking experience. With various banking products and features, the Indus Privilege Active rewards its account holders for being active on balance transfers and payments. Based on monthly transactions and spends, customers can avail the Privilege Active Savings Account with a zero balance facility and other privileges and benefits.
Eligibility criteria for opening an Indus Privilege Active Savings Account:
Given below are the eligibility criteria that an applicant must meet in order to open a Privilege Active Savings Account at IndusInd Bank:
- Applicant should be a resident of India. (For independent as well as joint account)
- Applicant should have an initial funding of Rs.20,000 – Platinum Plus Debit Card
Documents required for opening an Indus Privilege Active Savings Account:
If you want to apply for the savings account, you must click on the ‘Apply Now’ button on the IndusInd Bank’s website, enter all the required details and submit. Alternatively, you can also visit the bank and submit it physically. The following documents need to be submitted while opening the Privilege Active Savings Account:
- Duly-filled account opening application form.
- Rs.25,000 or above as initial deposit. Rs.2,000 or more as initial deposit for add-on accounts.
- Coloured passport size photograph of the applicant.
- PAN card or Form 60/61 copy.
- Address proof as Voter’s ID or DL or Passport or recent utility bill.
- Identity proof in the form of Passport/Driving License/Voter’s ID/Photo Credit Card or Debit Card.
Balance requirement in Indus Privilege Active Savings Account:
This account is based on transaction and does not require a monthly average balance. Any of the following transactions should be initiated in each month:
- One POS (Point of sale) transaction every month with minimum Rs.2,500 or above and one mobile banking or net banking.
- Offline or online bill payment/SIP from the linked account worth of minimum Rs.2,500 or more/EMI.
- Recurring deposit linked to Indus Privilege Active Savings Account worth of minimum Rs.2,500 or more.
Features and benefits of the Indus Privilege Active Savings Account:
The Privilege Active Savings Account offered by IndusInd Bank comes with the following benefits:
- My Account My Number – With the Privilege Active Savings Account, you get the option to choose the account number of your choice. You can choose any number that is easy to remember, it could be your date of birth or your mobile number or any random number that you think you will not forget easily.
- Platinum Plus Debit Card – Account Holders of the Indus Privilege Active Savings Account can avail the Platinum Plus Debit Card that comes with superior features and exciting deals. It offers the convenience of cashless payments for entertainment, shopping, and dining.
- Zero Balance facility – Account Holders can enjoy zero balance facility, provided any of the transactions listed below are carried out:
- One POS and one mobile banking transaction worth Rs.2,500 p.m. (per month)
- One POS and one net banking transaction worth Rs.2,500 p.m.
- EMI loan payment of minimum Rs.2,500 p.m.
- Offline or online bill payment of Rs.2,5000 in a month.
- SIP (Systematic Investment Plan) of Rs.2,500 p.m.
- Recurring deposit of Rs.2,500 p.m.
- Transfer of funds from another account to IndusInd bank through NACH – Rs.10,000 p.m.
- Anywhere banking – If you have an Indus Privilege Active Savings Account, you can access your account from anywhere in India, through any of IndusInd branches. From cash withdrawals, to deposits, to enquiries, you can carry out any transaction without having to worry about any extra charges at non-base branches.
- Internet banking – IndusInd bank allows you to enjoy facilities such as mobile banking and internet banking for transactions at any time from the comfort of your home. You can also download e-statements, request for a DD, place an FD, or transfer funds online. You are also entitled to transfer funds through NEFT and RTGS using the account.
- Doorstep banking – Account Holders of the Privilege Active Savings Account can also opt for doorstep banking offered by IndusInd bank, where facilities such as cash pick-up, cheque pick-up, etc. can be availed.
- Monthly e-statements for free
- PAP(Payable at Par) cheque book
- Demand drafts up to Rs.25,000 in a day, without any charge at all branches
Fees and Charges:
Given below in the table are the following fees and charges levied on the usage of the Indus Privilege Savings Account:
|Demand Draft charges||Up to Rs.25,000 – One free DD per day Above Rs.25,000 – Rs.2.5 per Rs.1,000 Minimum – Rs.50 per instrument Maximum – Rs.5,000 per instrument|
|PO or DD cancellation||Rs.100 per instrument|
|VISA Credit Card payment through net banking/ATM||Nil|
|NEFT – outward||Up to Rs.10,000 – Rs.2.5 Rs.10,001 – Rs.1,00,000 – Rs.5 Rs.1,00,001 – Rs.2,00,000 – Rs.15 Above Rs.2,00,000 – Rs.25
|RTGS - outward||Rs.2,00,000 to Rs.5,00,000 – Rs.25 Above Rs.5,00,000 – Rs.50
|ATM Annual or renewal fees||Free|
|Debit Card annual or renewal fees||Classic – Rs.249 p.a. Gold – Rs.249 p.a. Platinum (International) – Rs.499 p.a.|
|Balance Non Maintenance||
- Do I have to pay any fees to IndusInd bank if I want to close my Indus Privilege Active Savings account?
The bank does not charge anything if account is closed within 14 days of opening. If account is closed after 14 days and within six months, the bank charges Rs.200 or balance in the account, whichever is lower.
- What is the debit card provided with the opening of an Indus Privilege Active Savings Account at IndusInd Bank?
IndusInd Bank offers you a Platinum Plus Debit Card when you open a Privilege Active savings account.
- Is there a fee for the weekly mobile alerts that I receive on my mobile from IndusInd Bank?
Yes, IndusInd Bank charges Rs.30 per quarter for weekly balance alerts facility.
- Will the bank charge me for monthly e-statements of my account?
No, the monthly e-statements are not chargeable.
- Does IndusInd bank offer any door-step banking facilities for Privilege Active Savings Accountholders?
Yes, door-step banking facilities such as cash pick-up, cash delivery, cheque pick-up, and DD or cashier’s cheque delivery can be availed.
- If I have request for a demand draft of Rs.20,000 towards my Privilege Active Savings Account, will I be charged anything by IndusInd Bank?
No, demand drafts of up to Rs.25,000 in a day are not charged by the bank.
- Is there a zero balance facility available in the Indus Privilege Active Savings Account?
Yes, IndusInd offers a zero balance facility for the account holders of the Privilege Active Savings Account, provided specific transactions of at least Rs.25,000 are carried out on a monthly basis.
- Is there a requirement for an initial funding for the Platinum Plus Debit Card of the Privilege Active Savings Account?
Yes, account holders are required to have an initial funding of Rs.20,000 for the Platinum Plus Debit Card.
- What is the significance of ‘My Account My Number’ facility and what does it mean?
IndusInd Bank allows you to choose your own account number through the ‘My Account My Number’ facility. This enables you to select an easy-to-remember number as per your choice.
- Can I open an Indus Privilege Active Savings Account If I am an NRI?
No, NRIs are not eligible for opening a Privilege Active Savings Account at IndusInd Bank.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.