Every parent wishes to provide the best for their children. Parents across the globe save for their children’s education expenses, medical needs, wedding expenses, and for higher studies. IndusInd Bank offers a great saving option for parents so that they don’t have to worry about their children’s financial security. Indus Young Saver Account secures your child’s financial future as it offers a balanced portfolio of savings and investment solutions. It is a Flexi Recurring Deposit Account which gives parents the to transfer as much as they want every month instead of transferring a fixed pre-agreed amount.
Features and benefits of Indus Young Saver Account
- Indus Young Saver Account can be opened with a minimum deposit of Rs.11 only
- This account can also be opened as a free add-on account with your regular IndusInd savings account.
- The monthly contribution towards Indus Young Saver Account is flexible and the account holder can choose to deposit any amount he/she wishes.
- On the last day of every month, the balance in the savings bank account will be transferred to the Flexi Recurring Deposit Account. Only Rs.100 will be left in the savings bank account on the last day of every month.
- The tenure of Flexi Recurring Deposit Account ranges between 6 months to 120 months
- You can also set standing instructions from your savings account to your Indus Young Saver Account and watch the savings grow month by month.
- Tax Deducted At Source(TDS) is not applicable on interest earned on the recurring deposit.
Eligibility criteria to open an Indus Young Saver Account
- If a minor is above 12 years old, he/she can open an Indus Young Saver Account by himself/herself.
- However, if the minor is below 12 years of age, “Under Guardian” account should be opened where the parents will be operating the Indus Young Saver Account.
Balance requirement for an Indus Young Saver Account
- Average monthly balance: An Indus Young Saver Account can be opened and maintained even with zero balance. There is no set average monthly balance limit for Indus Young Saver Account
- Balance non-maintenance charges are not applicable for Indus Young Saver Account
How to apply for an Indus Young Saver Account?
Customers planning to open an Indus Young Saver Account can do it online or walk into a IndusInd Bank branch. If the customers prefer opening the account online, they will have to visit the bank’s website and select Indus Young Saver Account. The next step would be to click on the “Apply Now” button. Once the customer clicks on the “Apply Now” button, the customer will be asked to fill an account opening form which will ask for the account holder’s personal information. The customer will have to fill the form and submit it. After the form is submitted, one of the bank’s executives will get back to the customer. On the other hand, if the customer walks into a bank, he/she can fill the account opening form manually and submit it to the bank officer who will get back to the customer after verifying the details.
Documents required to open Indus Young Saver Account
The following documents are required to open an Indus Young Saver Account:
- Duly-filled account opening form
- Introduction by the parent/guardian
- PAN card or Form 60/61 where PAN card is not available
- Birth certificate of the minor
- One passport size colour photograph
- Identity proof like passport/driving license/Voter's ID/Photo Debit/Credit Card
- Address proof like passport/driving license/Voter's ID/utility bill
Indus Young Saver Account FAQs
Will the bank give me a chequebook while opening an Indus Young Saver Account?
Yes, IndusInd Bank will provide you a cheque book if you open an Indus Young Saver Account.
Can a foreign national residing in India open an Indus Young Saver Account at IndusInd Bank?
Yes, foreign nationals residing in India can open an Indus Young Saver Account provided they have stayed in the country for more than 180 days and have sufficient documentary proof of residence and identity.
Can I opt for a nomination facility if I open an Indus Young Saver 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.
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.
Can I use utility bills which are four months old as proof of address?
No, utility bill should not be older than 3 months to be used as address proof.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.