IndusInd Bank Savings Account

Committed to providing the best of services to its customers since it’s very inception, IndusInd bank has built its reputation on trust, customer service and its flexible banking services tailored to suit the modern needs of the modern customer.

In this post, we will discuss about the IndusInd Bank Savings Account, it’s features and benefits, how to open a IndusInd Bank Savings Account, IndusInd Bank Savings Account Interest Rates and much more to help you make an informed decision.

Let’s first take a look at the IndusInd Bank Savings Account Interest Rates:

IndusInd Bank Savings Account Interest Rates, 2023

Below given are the interest rates of IndusInd Bank Savings Account based on account holder’s sitting balance:

(Disclaimer: Interest Rates are subject to changes. Please check the official bank website for the most recent changes in the data)

Types of IndusInd Savings Account

Indus PROgress Savings Account

• Designed specifically for self-employed professionals
• Free lockers for 1^st Year
• Free Add On Accounts for Family Members upto 4 Family members
• Complimentary Insurance Cover
• 10% discount on Loan Processing Fee
• Unlimited free ATM withdrawals within India
• Access to Airport Lounges
• Discounts and offers on movies, travel, shopping etc.
• Minimum Balance requirement: Rs 1 Lakh

Indus Select Savings Account

• Free Zero Balance Accounts for 4 Family Members
• Complimentary Insurance Coverage
• Discount of 50% on small and medium lockers on Year 1 and 35% year 2 onwards
• AMC Waiver on Demat Account for a year
• 10% off on loan processing fee
• Discounts and offers on Movies, Travel, Shopping etc
• Access to airport lounges
• Unlimited free ATM withdrawal within India
• Minimum Balance Requirement: Rs 50,000 / Rs 1,00,000 (varies with location)

Indus Partner Joint Savings Account

• Designed specifically for married couples, partners with shared financial goals
• Free locker facility for Year 1, 50% off year 2 onwards
• Free Demat for 1 Yaer
• Free Zero Balance Account for 4 family members
• Complimentary Insurance Coverage
• Preferential Loans and 10% off on Loan processing free
• Free FastTag for car rides
• Complementary access to airport lounges
• Discounts and offers on food, grocery, travel and movies
• Unlimited Free ATM withdrawals within India
• Minimum Balance Requirement: Rs 1 Lakh

Indus Exclusive Savings Account

• Dedicated relationship manager for priority banking services
• Unrestricted ATM Withdrawals Across India
• Complimentary Airport Lounge Access
• Priority Treatment at Branches
• Discounts and offers on travel, shopping, dining, movies etc.
• Free Zero Balance Accounts for upto 6 family members
• Complimentary Insurance Coverage
• Discounted Locker Facility
• 20% on Loan Processing Free
• Signature Exclusive Debit Card Free for Life
• Daily ATM Limit: Rs 2 Lakh
• Minimum Balance Requirement: Rs 1 Lakh/ Rs 2 Lakh (varies with location)

IndusStox Savings Account

• One single account for three purposes: Trading, Demat, Savings
• Hassle Free Trading facilities
• Complimentary Insurance Coverage
• Offers and Discounts on food, groceries, travel, shopping
• Recommended Titanium Debit Card, ATM Limit: Rs 50,000
• Minimum Balance Requirement: Rs 10,000 per month
• If Trading and Demat Account is linked, then it becomes a zero balance account

Indus Multiplier Max – FD Linked Savings Account

• Designed for higer returns and convenience as it is linked with FD
• Can be opened instantly online
• Can start with a low initial balance requirement of Rs 10,000
• Smart Sweep Feature: ensures that any excess balance above a threshold limit of 20000 in your Savings Account is automatically booked as Fixed Deposits, giving higher and better interest earnings.
• Cashback rewards and Complimentary Insurance
• Can get a Platinum Debit Card at just Rs 249

Indus Delite Savings Account

• Zero Balance Savings Account
• Benefits like Cashback offers and discounts on travel, food, shopping etc
• Can be opened instantly online using Aadhar and PAN
• Complimentary Insurance Coverage
• Initial Funding of Rs 10,000 required
• Recommended RuPay debit card

Indus Max Active Savings Account

• Comes with rewards, offers and dsicounts
• Discounted locker facilities
• Complimentary Insurance
• Initial Payment Requirement: Rs 25,000
• Average Monthly Balance Requirement: Rs 25,000
• Waiver of non-maintenance charges if you use the Account Actively for setting up Standing Instructions for a single transaction of INR 10K or above for certain transactions

Indus Maxima Savings Account

• Unlimited free ATM Withdrawals across India
• Offers and discounts on food, travel, dining, shopping, movies etc.
• Free Zero Balance Account for up to 2 Family Members
• Complimentary Insurance Coverage
• Discounted locker facility
• Minimum Balance Requirement: Rs 20,000/ 40,000 (varies with location)

Indus Privilege Max Savings Account

• Complimentary INSURANCE Coverage
• Discounted Locker Prices
• Offers and cashback on dining, shopping, travel and movies etc
• Minimum Balance Requirement is Rs 20,000

Indus Privilege Savings Account

• Complimentary Insurance Coverage
• Cashback and discount offers
• Recommended Titanium Debit Card with Rs 50,000 ATM limit
• Minimum Balance Requirement: Rs 5,000/ 10,000 (varies with location)
• Convenient Banking

Indus Diva Women’s Savings Account

• Specifically designed for women
• Free Zero Balance Account for up to 2 family members
• Complimentary Insurance Coverage
• Discounted Locker
• Recommended Visa Platinum Card with Daily ATM Limit of Rs 1,25,000
• Minimum Balance Requirement is Rs 20,000/ 40,000

Indus Digi Start

• Zero Balance Account
• Open Instantly Online with Aadhar Card and PAN Card
• Earn Reward Points
• Cashback and offer on dining, travel, shopping, movies etc
• Complimentary Insurance
• Minimum Balance Requirement Zero
• Initial Funding: Rs 20,000

Indus Senior Citizen Savings Account

• Designed specifically for senior citizens
• Zero balance Account
• Higher Rates on FD
• Extend privileges by adding 2 family member accounts
• Discount and offers
• For age group of 60 and above
• Doorstep Banking services

Indus Young Saver Savings Account

• Designed specifically for Minor Children
• Age group – 10 years and above
• Can be opened solely or by guardian

Indus Classic Savings Account

• Minimum Balance Requirement is low: Rs 1,500/2,500/10,000 (varies with location)
• Recommended Titanium Debit Card with Rs 50,000 ATM limit
• Discounts and offers on dining, shopping, movies
• Discounted locker facility

Indus Small Savings Account

• Simplified documentation
• No Minimum balance requirement
• Discounts, offers, rewards, cashback

Indus Easy Savings Account

• It’s a basic BSBDA Account
• No minimum balance requirement
• Hassle free account opening with simple documentation
• Discount, offers, rewards, cashback

Features of IndusInd Bank Savings Account

The following are the prime features of the various savings accounts offered by IndusInd Bank:

• Zero balance account: IndusInd Bank offers multiple varieties of zero balance savings account to fulfil the needs of a wide range of customers who do not wish much to save
• Interest Rates: IndusInd Bank provides a flexible interest rates on daily account balance so that the customers receive a higher return on their savings
• Diverse account types: Catering to the requirements and preferences of a wide variety of consumers, IndusInd bank has designed various kinds of savings accounts for specific groups like women, children, entrepreneurs and senior citizens with specific needs of the group in their mind.
• Online Account Opening: Many of their accounts can be opened online without much hassle and trouble which makes the banking experience really smooth and customer-friendly.
• Debit Cards: IndusInd Bank provides a wide range of debit card options with various discounts, offers and benefits attached to each of them which the customers can enjoy.
• Mobile Banking and Internet Banking: IndusInd Bank offers multiple services through its mobile and internet banking services like fund transfer, balance enquiry, transaction history, SMS Alerts.
• Customer Service: With an excellent customer service and assistance record, the banking representatives are always ready round the clock to provide guidance and help to the customers.

How to Open an IndusInd Bank Account Offline?

The IndusInd Bank offers various kinds of savings accounts that cater to diverse individuals’ requirements. Here’s how to open a IndusInd Bank Savings Account

STEP 1: Visit your nearest IndusInd Bank branch

STEP 2: Ask for an application for opening a savings account and fill it up with all the necessary details

STEP 3: Choose the kind of savings account that fits your need

STEP 4: Carry your identity proof and address proof documents (Aadhar cards, PAN card, voter ID card, Passport size photograph, utility bills etc.)

STEP 7: Submit the application form and depending on the minimum balance requirement, an initial deposit is to be made depending on the account type.

STEP 8: After the documents are verified successfully you will receive your account information and details.

STEP 9: Once the activation of your account is complete, you can start using it for transactions, withdrawals and much more.

How to Open an IndusInd Bank Acccount Online?

Head on to the official website of the bank

STEP 1: Browse through the savings account section and find the type of account that suits your needs

STEP 2: Click on “Apply Now”

STEP 3: Keep all your documents ready and submit them after filling up the form with required details

STEP 4: You need to complete your KYC verification through eKYC

STEP 5: Once the KYC is completed, your account will be activated and you need to make the initial deposit (if any)

Once your account is activated, you will receive an alert on your registered mobile number

Documents Required to Open an IndusInd Savings Account:

The applicant is required to submit following documents:

1. Two latest Passport Size Coloured Photographs
2. A duly filled up Account Opening Form (AOF)
3. Copy of PAN Card/ Form 60 (with reasons of not having PAN Card)
4. KYC (Know Your Customer) Form with Documents: Proof of Identity & Proof of Address
5. Proof of Date of Birth (DOB) in case of Minor & Senior Citizen

When the customer submits all the above-mentioned documents for opening the account, the bank will verify the documents and the details mentioned in the application form in order to ascertain whether he is eligible for the savings account or not.

Eligibility for Opening an IndusInd Bank Account:

1. Resident Indian Individuals, HUF, NRIs above the age of 18

2. Minors above the age of 10 can open accounts solely or with their parents

3. Estates, Corporations, Partnerships, Trusts, Associations, Companies, Sole Proprietorships

4. Senior Citizens Above the age of 60

5. Joint Accounts for Couples

6. The person who wants to open an account must meet the requirements established by the Reserve Bank of India and must present the required address evidence.

7. For several types of savings accounts, the user is required to maintain a minimum account amount, therefore, the user must be fit to maintain the same.

Benefits of Opening IndusInd Bank Savings Account

Here, the benefits of opening a savings account with IndusInd Bank, are listed and explained:

• The bank affirms that they cater to the unique needs of each and every sort of consumer wishing to register a bank account by offering a comprehensive selection of account alternatives.
• It offers tailored savings options and perks for women, older adults, children, and those earning a salary, along with a variety of support options and interest rates based on their needs.
• Opening a IndusInd Bank savings account relieves the customer’s worry while applying for credit and loans from the bank, including personal loans, mortgages, and business loans.
• Customer service is supplied to customers at every stage and around-the-clock through a variety of channels, ensuring their satisfaction and reducing question times.
• Different types of cashback incentives, retail discounts, and medical discounts are given to users in particular types of savings accounts for their advantage.
• There are several ways to start a fund transfer, which makes the procedure simple and hassle-free. Some of them include NEFT, RTGS, and IMPS.
• Customers receive personalised services to enhance their overall experience. These include personalised account packages, doorstep banking, etc.
• Flexible minimum balance and no minimum balance accounts help children and people from impoverished backgrounds to create bank accounts and take use of banking services, promoting equality in society.

IndusInd Bank Savings Account vs. Current Account

The bank provides both savings account and current account option to its consumers based on their needs. Below are certain differences between the two to help you choose what you want:

• Need: Both savings account and current account are distinctive type of accounts that serve different purposes. Usually people who want to save money and want to grow the funds over a period time choose savings account while Current accounts on the other hand are designed for businesses and people who make a frequent transactions of higher amounts.

• Minimum Balance Requirement: While savings account usually caters to the common man and salaried individuals, they have lower minimum balance requirements as compared to Current accounts which have a higher minimum balance requirement due to its use in larger transactions.

• Interest Rates: Usually the rate of interest on savings is higher which helps the people who want to grow their savings however current accounts do not provide any interests on the funds that is held in the account

• Transaction Limit: Usually current accounts are used for more frequent transactions and therefore they do not have any set transaction limit but savings accounts have a limit on transactions as repeated withdrawals deter the savings’ growth

• Overdraft: Current accounts generally provide overdraft privileges, which let people as well as corporations withdraw more money than their available amount which is typically unavailable with savings accounts.

To conclude, it is wise to note that the reasons why savings account and current account are used are quite different from each other. Beneficiaries use the account for various purposes and for their unique features. It is advisable to customers to check which type of account fulfils their requirements and needs and select the type of account based on those parameters.

Tabular Comparison of IndusInd Bank Savings Account vs. Current Account

Modes of Transferring Funds from IndusInd Bank Savings Account

IndusInd Bank offers a number of options for transferring money from savings accounts. The most well-liked models include:

1. NEFT: One of the most popular electronic fund transfer techniques for moving money supplied by banks is NEFT. One only has to supply the beneficiary’s bank account information and the transfer amount to complete a transfer.

2. RTGS: In a similar vein, RTGS is one of the online funds transfer techniques used to send a sizable sum of money to other bank accounts (minimum 2 lakhs; no upper limit).

3. IMPS: IMPS, which is accessible around-the-clock, is used to send money rapidly. One may employ this technique on holidays as well. Required Parameters: Mobile money identifier (MMID), account number, and IFSC code for the beneficiary

4. UPI: With the rise of cashless transactions, UPI use has become extremely popular. Using one’s UPI ID (Unified payment interface) is a simple, safe, and trustworthy method of transferring funds.

5. Cheque: A check is a written instrument that authorises a bank to transfer a certain amount of money from a person’s account to the individual or business listed in the check’s address.

Steps to Transfer Funds from IndusInd Bank Savings Account:

The following steps can be followed for online transactions from your IndusInd Bank Savings Account

STEP 1: Log in to your IndusInd Bank Net banking account by entering your registered ID and password

STEP 2: Find the option of “Fund Transfer” and click it.

STEP 3: Choose the mode such as NEFT/RTGS or IMPS.

STEP 4: Enter beneficiary details.

STEP 5: Enter the amount you want to transfer.

STEP 6: Review the details and verify them.

STEP 7: Confirm the transaction by entering the transaction password and OTP.

Once the transaction is complete, you will receive an alert on your registered mobile number

IndusInd Bank Customer Care

24*7 IndusInd Bank Customer Care Phone Banking Numbers

 WhatsApp Banking: Send a “Hi” from your registered mobile number to “+22 4406 6666”

IndusInd Bank Savings Account: FAQs