Indus Small Savings Account

Eligibility criteria for Indus Small Savings Account:

1. All residents of India that are above the age of 18 are eligible for the Indus Small Savings Account.
2. There is no initial deposit requirement as it is a zero-balance account.
3. The total credits of the individual should not exceed Rs.1 lakh per year.
4. The withdrawals for the month and transfers should not exceed Rs.10,000 as this savings account caters to the underprivileged segment of society.
5. The balance of the individual should not exceed Rs.50,000 at any point of the year.
6. No transfers can be made to this account from foreign bank accounts.

If the conditions mentioned are not met by the individual, he/she will have to submit his/her KYC documents. If the individual fails to submit his documents, the bank is entitled to close the account immediately.

Steps to apply and documents required for Indus Small Savings Account:

1. The first step that the individual who wishes to open an Indus Small Savings Account has to take is to visit the IndusInd official bank page.
2. On the page, he/she should click on "apply" for the Indus Small Savings Account.
3. He/she should then fill in the application form.
4. Following which, the passport photo of the applicant has to be submitted.
5. Next, the applicant should affix his signature or thumb impression in the presence of the Bank Manager or the dedicated bank executive for this type of savings account.

For the first twelve months of opening the account, the provision of KYC documents is relaxed. In the second year, if the documents have still not been submitted, the bank will review the provision, and if the requirements of the savings holder is not met, the bank can choose to close the account.

Limitations of the Indus Small Savings Account:

Since the Indus Small Savings Account is meant to cater to those who are underprivileged, there are certain limitations with this account, also taking into consideration that the regular KYC documents do not need to be submitted for the first twelve months. The account can be opened just by the signature or the thumb impression of the applicant and his/her's passport photo. The limitations of the Indus Small Savings Account are:

1. The total credits of the individual for the entire financial year should not exceed Rs.1 lakh.
2. Withdrawals and transfers from an Indus Small Savings Account is curtailed to a maximum of Rs.10,000.
3. At any point of the year, the accumulated balance of the individual should not exceed Rs.50,000.
4. At no point can the individual holding a Indus Small Savings Account receive transfers from a foreign account.

For individuals who fail to adhere to these limitations, the bank is entitled to close the account immediately.

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