The IndusInd Bank is doing everything in its part to make sure that it caters to all segments of society. Well aware of the rich/poor diversity in the country, unlike its other savings accounts which have the minimum balance requirement, the IndusInd has introduced the Indus Small Savings Account. Here, the Indus Small Savings Account is a zero-balance account with minimum requirement though there are a number of privileges that comes with holding this account.
Features and benefits of the Indus Small Savings Account
- The primary feature of the Indus Small Savings Account is that it is a zero-balance savings account. With this account, one does not require to maintain a minimum balance and there are no maintenance charges.
- The process for opening an Indus Small Savings Account is simplified and is hassle-free.
- Free ATM card is given to customers at the time of opening the account.
- Using the online banking facilities, customers can facilitate withdrawals, make transfers, make balance enquiries, etc., all for free.
- Customers holding the Indus Small Savings Account debit card can make up to 5 free withdrawals from other domestic banks every month.
- A free direct withdrawal is allowed once a week.
- Banking facilities are available year round - 365 days.
- Customers can make NEFT and RTGS transfers for free.
- For customers to keep a track of their funds and cash flow - in and out - the IndusInd Bank issue monthly, quarterly and yearly e-statements.
- Customers can nominate any of their family members for free.
- The Indus Small Savings Account follows the norms of Basic Savings Bank Deposit Account (BSBDA) issued by the Reserve Bank of India.
Eligibility criteria for Indus Small Savings Account
- All residents of India that are above the age of 18 are eligible for the Indus Small Savings Account.
- There is no initial deposit requirement as it is a zero-balance account.
- The total credits of the individual should not exceed Rs.1 lakh per year.
- The withdrawals for the month and transfers should not exceed Rs.10,000 as this savings account caters to the underprivileged segment of society.
- The balance of the individual should not exceed Rs.50,000 at any point of the year.
- 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
- 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.
- On the page, he/she should click on “apply” for the Indus Small Savings Account.
- He/she should then fill in the application form.
- Following which, the passport photo of the applicant has to be submitted.
- 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:
- The total credits of the individual for the entire financial year should not exceed Rs.1 lakh.
- Withdrawals and transfers from an Indus Small Savings Account is curtailed to a maximum of Rs.10,000.
- At any point of the year, the accumulated balance of the individual should not exceed Rs.50,000.
- 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.