IndusInd Bank is one of the leading private banks in India. The bank offers a variety of savings account schemes to cater to the needs of all kinds of customers. IndusInd Bank Savings Accounts offer a wide range of privileges and benefits that enhance the banking experience of customers. The customers can easily access their IndusInd Bank Savings Account through facilities such as Net Banking, Phone Banking, Mobile Banking and IVR support. The bank has more than 600 branches and 1200 ATMs spread across India, making it very convenient for the customers to withdraw money from their savings account and access other banking facilities with ease.
How to Open an IndusInd Bank Savings Account Online?Applying for a Savings Account at BankBazaar.com involves three simple steps :
Step 1: In the first step, the user must fill the Savings Account eligibility form available online with required personal data. Once submitted the Savings Account tool automatically checks for eligibility of the applicant and personalized Savings Account options.
Step 2: In the second step, the applicant can compare various Savings Account options offered by the tool interface and apply for the best suitable Savings Account.
Step 3: The last step involves receiving an instant e-approval from BankBazaar.com after successful submission of Savings Account application online.
The application is sent electronically to the selected bank. The Savings Account department of the concerned bank gets in touch with the applicant directly. Users can check the status of their application through SMS alters as well as emails.
IndusInd Bank Savings Account Interest Rate
The interest rates offered with IndusInd Bank Savings Account are as follows:
- For daily balance up to Rs 1 lakh it is 4% p.a.
- For daily balance above Rs 1 lakh and below Rs 10 lakhs it is 5% p.a.
- For daily balance above Rs 10 lakhs it is 6% p.a.
Types of IndusInd Bank Savings Account
The different types of savings account schemes offered by IndusInd Bank are as follows:
- Indus Exclusive Savings Account – It comes with numerous lifestyle privileges and benefits along with a rewards programme that allows you to earn reward points with each purchase.
- Indus Select Savings Account – It is a premium savings account that offers Air Accident Insurance, Fire and Theft Insurance and other premium benefits.
- Indus Maxima Savings Account – It offers benefits such as unlimited withdrawals at ATMs of other banks, free debit cards for add-on accounts, free transfer of funds through NEFT & RTGS etc.
- Indus Privilege Savings Account – It is a savings account which can also be opened by minors and offers facilities such as low minimum balance requirement, free Internet & Mobile Banking, round the year banking (at selected branches) etc.
- Indus Privilege Active – It is a transaction based account that has no minimum balance requirement and comes with a unique feature called 'My Account My Number’ that allows you to choose your own bank account number.
- Indus Diva Savings Account – It is the ideal savings account for the women of today and comes with specially designed features to meet the banking needs of women.
- Indus Senior Savings Account – It is a savings account that offers a more comfortable and convenient banking experience to the elderly i.e. the senior citizens.
- Indus 3-in-1 – It comes with the unique benefit of leveraging demat and savings account for e-trading through Kotak Securities.
- Indus Young Saver - It is the ideal savings account for minor that has a zero minimum balance requirement and the account can be opened with a minimum deposit of only Rs 11.
- Indus Classic Savings Account – It offers customers with the flexibility of managing their funds between their Saving Accounts and Fixed Deposits without the hassle of maintaining a minimum balance.
- Indus Easy Savings Account– It is a basic savings and deposit account that offers a multitude of benefits with ZERO minimum balance requirement.
- Indus Small Account – It is a savings account that comes with ZERO minimum balance requirement and other features that offer a hassle-free banking experience to the customers.
- Indus Comfort Exclusive – It comes with benefits such as discounts on lockers, reduces processing fee for loans, unlimited ATM withdrawals in India and abroad, and so on.
- Indus Comfort Select – It is a salary account that offers lifestyle privileges, discounts on lockers and other benefits.
- Indus Comfort Maxima – It provides the customers with an opportunity to earn interest at the rate of 6% p.a. and other added benefits.
- Indus Comfort Premium – It is a corporate salary account that comes with a host of benefits such as zero quarterly balance requirement, option to choose the currency of transaction etc.
- Indus Comfort Regular – It comes with enhanced features and benefits such as zero minimum deposit for opening the account, interest of 6% p.a. and so on.
Indusind Bank Savings Account Minimum Balance
The following savings accounts offered by IndusInd Bank have a minimum balance requirement:
- Indus Maxima Savings Account and Indus Diva Savings Account – There is an average quarterly balance requirement of Rs 25,000. There is a penalty of Rs 900 if balance is less than Rs 12,500, a penalty of Rs 600 if balance is more than Rs 12,500 but less than Rs 18,750 and a penalty of Rs 300 if balance is more than Rs 18,750 but less than Rs 25,000.
- Indus Senior Savings Account – There is an average monthly balance requirement of Rs 10,000 or a Fixed Deposit of Rs 2,50,000. There is a penalty of Rs 250 if the balance is above Rs 5,000 but below Rs 10,000 and a penalty of Rs 350 if balance is below Rs 5,000.
- Indus Classic Savings Account – There is a minimum balance requirement of Rs 10,000 in A category branches (or FD of Rs 50,000), Rs 10,000 in B category Branches (or FD of Rs 35,000), Rs 2,500 in C branches category (or FD of Rs 25,000) and Rs 1,500 in C1 category branches (or FD of Rs 25,000). The penalty for non-maintenance of balance ranges from Rs 250 – Rs 350, depending on the available balance of the account.
- Indus Privilege Savings Account - There is a minimum balance requirement of Rs 10,000 in A category branches and B category Branches, and Rs 5,000 in C and C1 category branches. The penalty for non-maintenance of balance ranges from Rs 250 – Rs 350, depending on the available balance of the account.
IndusInd Bank Savings Account FAQs
- What is the eligibility criteria and minimum balance requirement for Indus Senior Savings Account?
The applicant should be a resident Indian aged above 60 years. For joint accounts, the first applicant must be a senior citizen.
For Indus Senior Privilege account, an average monthly balance of Rs.10,000 must be maintained or a fixed deposit of Rs.2,50,000 must be held with the bank. For Indus Senior Maxima Savings account, a fixed deposit of Rs.5,00,000 should be held or an average quarterly balance of Rs.25,000 must be maintained.
- What is a BSBDA Savings account? Can I open a BSBDA account with IndusInd Bank?
Basic Savings Bank Account was introduced by the RBI and the following are its main features – there is no minimum balance requirement and the KYC documentation is minimal. Indus Easy Savings Account is a BSBDA and resident individuals aged above 18 years can open this account.
- Does IndusInd bank offer any special savings account for women?
Yes, Indus Diva savings account is specially crafted to meet the banking requirements of women. It comes with features like 25% of standard locker fee for first year, free add-on accounts and door step banking facilities.
Can I open an IndusInd bank Savings account for my child?
You can open an Indus Young Saver account for your child. If you kid is under 12 years, you can operate the account as a guardian. For minors over 12 years, the account can be opened in the name of your child.
I am a Non-Resident Indian. Can I open a savings account with IndusInd Bank?
Yes, if you are a NRI residing in India for more than 180 days, you can open a savings account with IndusInd Bank by providing a valid passport, visa and proof of residency in India.
News About Indusind Bank Savings Account
Rise in second quarter Net Profit for IndusInd Bank
The recent data shows that there has been increase in the net profit for the September quarter in IndusInd Bank Ltd. The profit was contributed by a lot of factors such as higher interest income from fees, commissions and loans. The net profit has increased from Rs. 560 crore last year to Rs. 704.3 crore this year. The Net Interest Income has also increased by 33%. The same trend can be observed in case of Non-interest income also which increased by 24%. The rise of 39% can be seen in total deposits. The NIM(Net Interest Margin) increased from 3.88% in the last quarter to 4% in the September quarter. The gross non-performing assets(NPA) increased from Rs. 860 crore to Rs. 899 crore in the second quarter. However, provisions and contingencies came down to Rs. 213.9 crore from Rs. 230.5 crore. Considering the percentage of total loans, Net NPAs has contributed to 0.37 % whereas gross NPAs is quite steady at 0.90%.
17th October 2016
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.