Indusind Bank Savings Account
IndusInd Bank provides different kinds of savings accounts to meet the requirements of different types of customers. The bank provides several benefits to its customers, including net banking, phone banking, and IVR support.
Savings Account in Indusind Bank
If you want to open an IndusInd bank savings account, then you should also be familiar with the IndusInd bank savings account interest rate. You can also open an IndusInd savings account by checking the bank’s eligibility and visiting the bank’s nearest branch office.
IndusInd Savings Account Interest Rate
The interest rates applicable on an IndusInd bank savings account are mentioned below.
- 4% per annum interest rate for the daily balance of up to INR 10 lakh
- 5% per annum interest rate for daily balance above INR 10 lakh and up to INR 1 crore
- 6% per annum interest rate for daily balance value over INR 1 crore
Steps to Open an IndusInd Savings Account
There are three main steps that should be followed for opening an IndusInd savings account. These three main steps are:
- Step 1: Customers must fill the savings account eligibility form that is available online with the required personal details. After submitting the savings account eligibility form, the savings account tool will automatically check for eligibility of the customer and provide personalized savings account options that one can opt for with IndusInd bank
- Step 2: The applicant should compare several savings account options provided by the savings account eligibility tool. You can select the best possible option in terms of savings accounts available
- Step 3: The last step involves receiving an instant e-approval from the bank. This is done after the successful submission of the IndusInd savings account application
It should be noted that after submitting the application electronically to the IndusInd bank, the savings account department of the concerned bank would get in touch with the applicant directly. Customers can check the status of the savings account application through SMS as well as emails.
The Different Types of IndusInd Bank Savings Account
As mentioned earlier, there are different types of IndusInd bank savings account schemes offered by the bank to its customers. These different types of IndusInd bank savings accounts are mentioned below.
- Indus Exclusive Savings Account: This account comes with numerous lifestyle benefits and privileges along with a rewards program. The rewards program allows one to earn reward points with each purchase.
- Indus Select Savings Account: The Indus Select Savings account is a premium savings account that offers Air Accident Insurance, Fire, and Theft insurance. Other premium benefits are also provided with this account.
- Indus Maxima Savings Account: The Indus Maxima Savings account provides several benefits to customers like unlimited withdrawals at ATMs of other banks, free debit cards for add-on accounts, and free transfer of funds through RTGS and NEFT.
- Indus Privilege Savings Account: The Indus Privilege Savings account is a savings account that can be opened by minors and other facilities. These other facilities are low minimum balance requirement, free internet, mobile banking, and round the year banking, which is available at selected branches.
- Indus Diva Savings Account: The Indus Diva Savings account is the ideal savings account for the women of today. This account comes with specially designed features to meet the banking needs of women.
- Indus Senior Savings Account: The Indus Senior Savings account is a savings account that provides a more comfortable and convenient banking experience to the elderly.
- Indus Young Saver: Indus Young Saver is the ideal savings account for minors. This account has a zero minimum balance requirement and the account can be opened with a minimum deposit of only INR 11.
- Indus Classic Savings Account: The Indus Classic Savings account offers customers the flexibility of managing their funds between their savings accounts and fixed deposits. This is done without the hassle of maintaining a minimum balance.
- Indus Easy Savings Account: The Indus Easy Savings account is a basic savings and deposit account. This account offers a multitude of benefits with zero minimum balance requirement to all its customers.
- Indus Small Account: The Indus Small account is a savings account that comes with zero minimum balance requirement and other features. These features ensure that customers can get a hassle-free banking experience.
The Minimum Balance of IndusInd Bank Savings Account
Now, let’s look at the different savings accounts offered by IndusInd Bank that come with a minimum balance requirement. These savings bank accounts are mentioned below.
- Indus Maxima Savings Account and Indus Diva Savings Account
In both of these savings accounts, there is an average quarterly balance requirement of INR 25,000. If the balance is less than INR 12,500, then a penalty of INR 900 is charged from the customer. Similarly, if the balance is more than INR 12,500 but less than INR 18,750, then a penalty of INR 600 is charged from the customer. If the balance is more than INR 18,750 but less than INR 25,000, then a penalty of INR 300 is charged from the customers.
- Indus Senior Savings Account
The Indus Senior Savings Account has an average monthly balance requirement of INR 10,000 or a fixed deposit of INR 2,50,000. If the balance amount is above INR 5,000 but less than INR 10,000, then a penalty of INR 250 is charged from the customers. A penalty of INR 350 is charged from the customers if the balance is below INR 5,000.
- Indus Classic Savings Account
The Indus Classic Savings account has a minimum balance requirement of INR 10,000 or a fixed deposit of INR 50,000 in A category branches, INR 10,000 or fixed deposit of INR 35,000 in B category branches, INR 25,000 or fixed deposit of INR 25,000 in C category branches, and INR 1,500 or fixed deposit of INR 25,000 in C1 category branches. A penalty between INR 250 to INR 350 will be charged to the customer on the non-maintenance of the balance amount.
- Indus Privilege Savings Account
In an Indus privilege savings account, the minimum balance requirement is INR 10,000 in the A and B category branches. In the case of C and C1 category branches, the minimum balance requirement is INR 5,000. The penalty for non-maintenance of these minimum balance requirements can range from INR 250 to INR 350.