Indus Senior Savings Account

1. Free RuPay debit card when the account is opened.

1. With the RuPay debit card, there are no withdrawal charges anywhere in India.

1. Indus Senior Privilege account holders get an additional interest rate on fixed deposits (0.5%).

1. Just by holding the account, senior citizens are eligible for insurance coverage. Those with the RuPay debit card can avail personal accident insurance coverage of Rs.1 lakh.

1. 20% discount for medical tests from SRL labs.

The benefits of the Indus Senior Maxima account are:

1. Free Platinum debit card as soon as the account is opened.

1. With the Platinum debit card, the withdrawal limit per day is enhanced to Rs.1 lakh. The spending limit at merchant establishments is enhanced as well to Rs.2 lakh per day.

1. Indus Senior Maxima account holders are given the opportunity to club at least three accounts together. By doing this, the wealth of the family can be easily managed.  All the benefits can be enjoyed by all members of the grouped accounts.

1. Higher interest rate (0.5%) on fixed deposits.

1. For the first year of opening the account, Indus Senior Maxima account holders are given a 20% discount on locker rentals.

1. Account holders are given personal accident insurance of Rs.1 lakh.

1. Medical insurance in the case of fractures up to Rs.50,000 is granted as well.

1. 20% discount for medical tests from SRL labs.

1. Using internet banking, senior citizens holding this account can bank from anywhere in the world. They can make transactions, place a fixed deposit, request for a demand draft, etc.

1. Utilize the privilege of doorstep banking for pickup or delivery of cash or cheques with no charges.

1. Senior citizens can enjoy the privilege of free internet and mobile banking services.

1. Free NEFT and RTGS transfers. Issue of e-statements to keep track of the cash flow and the outstanding balance in the account.

1. No withdrawal charges from ATMs anywhere in India. One free withdrawal from international ATMs.

1. Free demand drafts and pay orders up to Rs.50,000.

Account balance requirements for the Indus Senior Savings Account:

To avoid paying a penalty, a certain balance has to be maintained for the Indus Senior Savings Account.

1. For Indus Senior Privilege account holders, the minimum monthly balance should be Rs.10,000. For fixed deposits, a minimum balance of Rs.5 lakh should be maintained.
2. For Senior Maxima accounts, an average quarterly balance of Rs.25,000 should be maintained. With regard to fixed deposits, a balance of Rs. 5 lakh should be maintained to avoid a penalty. For add-on accounts under Senior Maxima, the average balance across all accounts will be taken into consideration.

Eligibility criteria for Indus Senior Savings Account:

Customers who wish to open an Indus Senior Savings Account apart from having a satisfactory relationship with IndusInd Bank should meet certain conditions. They are:

1. Should be a resident of India
2. Should be a senior citizen - that is 60 years of age or above.
3. In case of a joint account, the primary account should be that of the senior citizen.

How to apply for a Indus Senior Savings Account?

1. The first step is to visit the bank’s official page and click on ‘apply’ for the Indus Senior Savings Account.
2. Next, fill in the application form.
3. Once you have filled the form, you will have to submit certain documents. The documents are:
   1. Identity proof - either Aadhaar card, Passport, Voter’s ID card, etc.
   2. Address proof - Aadhar card, passport, Voter’s ID, driver’s license, etc.
   3. One passport size photograph.
   4. PAN card. For those who do not have a PAN card, they can submit the application with Form 60/61.
4. Once the documents have been submitted and certified, an initial deposit of Rs.20,000 has to be made for Indus Senior Privilege accounts.
5. For Indus Senior Maxima accounts, an initial deposit of Rs.25,000 has to be made, and an additional Rs.2,000 or more on behalf of each member for add-on accounts.

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

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