IndusInd Bank Savings Account
Established in 1994, IndusInd Bank is one of the youngest banks functioning in India. It is a new-generation private bank, based in Mumbai, which has already expanded well to set up more than 1000 branches all over the country.
IndusInd Bank Savings Account Interest Rate
IndusInd Bank offers the following interest rates for its Savings Account:
- 4% p.a. for daily balance up to Rs 1 lakh
- 5% p.a. for daily balance above Rs 1 lakh and below Rs 10 lakhs
- 6% p.a. for daily balance above Rs 10 lakhs
Types of IndusInd Bank Savings Account
These are the different types of savings account offered by IndusInd Bank:
- Indus Exclusive Savings Account – This type of savings account offers numerous lifestyle privileges as well as a rewards programme which enables the customers to earn reward points for each purchase.
- Indus Select Savings Account – This is a premium savings account which offers Fire and Theft Insurance, Air Accident Insurance and other premium benefits to the customers.
- Indus Maxima Savings Account – This type of account gives attractive benefits such as unlimited withdrawals at the ATMs of other banks, transfer of funds for free through NEFT & RTGS, free debit cards for add-on accounts, etc. The average quarterly balance requirement for this type of account is Rs 25,000. Customers must pay a penalty of Rs 900 if the account balance is less than Rs 12,500 and a penalty of Rs 600 if the account balance is between Rs 12,500 to Rs 18,750. The penalty is Rs 300 if the balance exceeds Rs 18,750 but is less than Rs 25,000.
- Indus Privilege Savings Account – This is a type of savings account with facilities like low minimum balance requirement, free Internet Banking & Mobile Banking, round the year banking at selected branches, etc. Minors can also open this type of account. The minimum balance requirement for A and B category branches is Rs 10,000 and Rs 5,000 for C and C1 category branches. The penalty charges for not maintaining the minimum balance ranges from Rs 250 – Rs 350, and it depends on the available balance of the account.
- Indus Privilege Active – This is a transaction-based account that has no minimum balance requirement. It comes with a unique feature named 'My Account My Number’ which allows the customers to choose their own bank account numbers.
- Indus Diva Savings Account – This savings account is ideal for the women of today as it comes with specially crafted features to satisfy the banking needs of women. The average quarterly balance requirement for this type of account is Rs 25,000. Customers must pay a penalty of Rs 900 if the account balance is less than Rs 12,500 and a penalty of Rs 600 if the account balance is between Rs 12,500 to Rs 18,750. The penalty is Rs 300 if the balance exceeds Rs 18,750 but is less than Rs 25,000.
- Indus Senior Savings Account – This savings account offers a comfortable and convenient banking experience to the senior citizens. This type of account should either have a minimum account balance of Rs 10,000 or a Fixed Deposit of Rs 2,50,000. If the balance is below Rs 10,000 but above Rs, 5,000, a penalty of Rs 250 is charged. The penalty becomes Rs.350 if the balance falls below Rs 5,000.
- Indus 3-in-1 – This account comes with the unique benefits of leveraging demat and savings account for e-trading.
- Indus Young Saver – This is the ideal savings account for minors as it has no minimum balance requirement. This type of account can be created with a low minimum deposit of Rs 11.
- Indus Classic Savings Account – This type of account offers customers a lot of flexibility in managing their funds. Customers can manage money between their Savings and Fixed Deposit accounts, without going through the hassles of maintaining a minimum balance. In case the account is in A category branches, the customers must keep a minimum balance of Rs. 10,000 or an FD of Rs.50,000. Accounts in B category branches must have a minimum balance of Rs. 10,000 or Rs. 35,000 in FDs. The same is either an FD os Rs.25000 or account balance Rs.2500 and Rs.1500 in C and C1 category of branches respectively). The penalty charges for not maintaining the minimum balance ranges from Rs. 250 – Rs. 350.
- Indus Easy Savings Account– This basic savings and deposit account offers a multitude of benefits including zero minimum balance requirement.
- Indus Small Account – This savings account has zero minimum balance requirement, and it also offers other convenient features to provide a hassle-free banking experience to their customers.
Apart from these, IndusInd Bank also offers corporate salary accounts. They are:
- Indus Comfort Exclusive – These accounts provide benefits such as special discounts on lockers, reduced processing fee for loans, unlimited withdrawals from ATMs in India and abroad, etc.
- Indus Comfort Select – This salary account offers lifestyle privileges, special discounts on locker facilities and other benefits.
- Indus Comfort Maxima – This account provides the customers with a scope to earn interest at 6% p.a. and various other added benefits.
- Indus Comfort Premium – This corporate salary account comes with a multitude of benefits like zero quarterly balance requirement, options to choose the currency of transaction, etc.
- Indus Comfort Regular – This account offers improved features: open this type of account with zero deposit and receive an interest of 6% p.a.
What are the minimum balance requirements and eligibility criteria for Indus Senior Savings Account?
Ans: The applicant must be a resident of India above 60 years of age. This type of account should either have a minimum account balance of Rs 10,000 or a Fixed Deposit of Rs 2,50,000. If the balance is below Rs 10,000 but above Rs, 5,000, a penalty of Rs 250 is charged. The penalty becomes Rs.350 if the balance falls below Rs 5,000.
What is a BSBDA Savings account? Can a BSBDA account be opened with IndusInd Bank?
Ans: BSBDA or Basic Savings Bank Account, introduced by the RBI has the following features – it doesn't have any minimum balance requirement; the KYC documentation is minimal. The Indus Easy Savings Account is a BSBDA account. Any resident individual above 18 years of age can open this account.
Are there any special savings accounts for women at IndusInd Bank?
Ans: Yes, the Indus Diva savings account is specially designed to meet the banking requirements of women.
Can an IndusInd bank Savings account be opened for a child?
Ans: Yes, an Indus Young Saver account is meant for children. A guardian needs to operate the account for children below 12 years of age; however, once they cross 12, they can have the account on their own names.
Can an OCI open a savings account with IndusInd Bank?
Ans: Yes, an OCI residing in India for more than 180 days can open a savings account with IndusInd Bank. A valid passport, visa and proof of residency in India will be required.