The Indus Privilege Savings Account by IndusInd Bank is an account that offers exclusive features and benefits making it a card that provides value for money. With this card comes the power of saving and hassle-free banking. The Indus Privilege Savings Account offers the dual advantage of a power-packed transactional account and free Indus Young Saver Account for your child, which comes with a recurring deposit facility.
Given below are the eligibility criteria that an applicant must meet in order to open a Privilege Savings Account at IndusInd Bank:
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 Savings Account:
The Monthly Average Balance (MAB) requirement in Indus Privilege Savings Account according to the category of branches are:
Category A branches | Rs.10,000 |
Category B branches | Rs.10,000 |
Category C branches | Rs.5,000 |
The Privilege Savings Account offered by IndusInd Bank comes with the following benefits:
3. Internet banking: If you have the Indus Privilege Savings Account, you are entitled to use internet banking facility, free of cost. Checking the status of your account, making online transactions, and getting e-statements can be done through internet banking.
4. Convenient banking: IndusInd Bank allows you to avail its banking services 365 days in a year at select branches. Some locations also offer you the doorstep banking services, which includes demand draft delivery and free cheque pick-up. Deposit, withdrawal, and other transactions can be carried out at any IndusInd branch across the country, without any charges.
Demand drafts of up to Rs.25,000 per day is allowed at all the bank’s branches per day.
Other facilities:
Given below in the table are the following fees and charges levied on the usage of the Indus Privilege Savings Account:
Charges | Amount |
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 |
|
RTGS - outward |
|
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 |
|
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
Yes, you get a personalised multicity cheque book when you open an Indus Privilege Savings Account for free.
Yes, you can open an Indus Privilege Savings Account, provided you have stayed in the country for more than 180 days and have sufficient documentary proof of residence and identity.
IndusInd Bank allows you to open an Indus Young Saver Account with a recurring deposits facility for your child, for free. This is one of the most advantageous features of the account.
IndusInd Bank allows you to choose from an International Classic VISA Debit Card, International Gold VISA Debit Card, or Platinum VISA Debit Card.
Yes, IndusInd Bank charges Rs.30 per quarter for weekly balance alerts facility.
The MAB requirement in category A and B branches is Rs.10,000, while in category C is Rs.5,000.
Yes, IndusInd Bank allows you to opt for a nomination facility while opening a Privilege Savings Account.
No, the monthly e-statements are not chargeable.
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.
The bank does not charge anything if account is close 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.
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