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.
Eligibility criteria for opening an Indus Privilege Savings Account:
Given below are the eligibility criteria that an applicant must meet in order to open a Privilege Savings Account at IndusInd Bank:
- Applicant should be a resident of India. (For independent as well as joint account)
- Applicant can be a minor.
- Charitable trusts, associations, societies, and trusts can also open this account.
- Foreign nationals who are living in India for more than 180 days can also open an Indus Privilege Savings Account, provided the applicant has a valid Passport, a valid VISA, and address proof in India.
Documents required for opening an Indus Privilege 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 Savings Account:
- Duly-filled application form.
- Coloured passport size photograph of the applicant.
- PAN card or Form 60/61 copy.
- Rs.10,000 or above as initial deposit, if account belongs to the A & B category, or Rs.5,000 if account belongs to the C category.
- Identity proof in the form of Passport/Driving License/Voter’s ID/Photo Credit Card or Debit Card.
- Address proof as Voter’s ID or DL or Passport or recent utility bill.
Balance requirement in Indus 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|
Features and benefits of the Indus Privilege Savings Account:
The Privilege Savings Account offered by IndusInd Bank comes with the following benefits:
- Indus Young Saver Account – When you open an Indus Privilege Savings Account, the account holder is eligible to open an Indus Young Saver Account for free. This is a recurring deposit facility for your child that you can avail without having to pay any extra charges.
- Debit Card facility – IndusInd Bank offers you a range of utility Debit Cards that are loaded with exciting and useful features, making banking an easy and hassle-free affair. There are three types of Debit Card that you can avail if you have a Privilege Savings Account with IndusInd Bank. They are:
- International Classic VISA Debit Card – This card offers secure and convenient banking where you can travel, shop, dine, without any worry. To make it the perfect card, it provides you the option to avail rewards and redemption.
- International Gold VISA Debit Card – The Gold VISA Debit Card is a customised card that can be used by cardholders at any POS terminals or VISA ATMs, anywhere in the world.
- Platinum VISA Debit Card – Exclusively crafted for its users, the Platinum VISA Debit Card is meant for users to explore the world of privileges, exclusive deals, and luxuries.
- 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.
- 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.
- Easy bill payment – Using the Indus Privilege Savings Account Debit Card, you can make online bill payments for various things. Railway tickets, online shopping, mobile top-ups at ATMs, credit card bill payments, etc. can be done using the card.
- Cashless shopping – Using the VISA Debit Card, an Indus Privilege Savings Account holder can enjoy endless cashless shopping without having to worry about carrying any cash.
- Funds transfer – IndusInd Bank allows you to use RTGS and NEFT transfer for free, anywhere in India.
- Free standing instruction facility
- Sweep-in facility
- Monthly e-statements for free
- Nomination facility available
- Personalised multi-city cheque book, free of charge
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||
Indus Privilege Savings Account FAQs
- Do I get a cheque book at the opening of the Indus Privilege Savings Account and what are the charges?
Yes, you get a personalised multicity cheque book when you open an Indus Privilege Savings Account for free.
- If I am a foreign national residing in India, can I open a Privilege Savings Account at IndusInd Bank?
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.
- What is the most beneficial feature of the Indus Privilege Savings Account?
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.
- What are the debit card options that I can avail if I open the Privilege Savings Account at IndusInd Bank?
IndusInd Bank allows you to choose from an International Classic VISA Debit Card, International Gold VISA Debit Card, or Platinum VISA Debit Card.
- Are the weekly balance alerts on my mobile chargeable by IndusInd Bank?
Yes, IndusInd Bank charges Rs.30 per quarter for weekly balance alerts facility.
- What is the monthly average balance (MAB) requirement in the Privilege savings account at IndusInd Bank?
The MAB requirement in category A and B branches is Rs.10,000, while in category C is Rs.5,000.
- Can I opt for a nomination facility if I open an Indus Privilege Savings Account?
Yes, IndusInd Bank allows you to opt for a nomination facility while opening a Privilege Savings Account.
- Will the bank charge me for monthly e-statements of my account?
No, the monthly e-statements are not chargeable.
- Are there door-step banking facilities available for Privilege Savings Account holders of IndusInd Bank?
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.
- Does the bank charge anything for closure of account?
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.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.