A Savings bank account is a most basic type of bank account where one can deposit or withdraw cash. It is one of the most liquid investments that offers a nominal rate of interest. There is a minimum balance requirement on savings accounts; however, salary accounts can be zero balance accounts. In case the account balance falls below the minimum balance requirement, a penalty is levied. Savings accounts are the most liquid investments that can be used easily whenever required to conduct transactions. Hence, when compared to other regular investments, funds can easily be withdrawn from a savings account, i.e. anywhere and anytime.
IndusInd Bank came into existence in 1994, having its headquarters in Mumbai. It provides plenty of services, including transactional, commercial, and retail, with its seamless technology. Its products are investments, deposits, loans, advances, credit cards, and many more. In this article, we will discuss how to open an IndusInd Savings bank account.
Features of Savings Bank Account
Mentioned below are the features of IndusInd Savings Bank account:
- IndusInd Bank provides one of the best savings bank accounts to its customers.
- Its major products can be customised as per the customers’ specific needs.
- It is designed to provide maximum benefits to the accountholders, like reward points for active transactions, lifestyle and privilege offers, solutions to trading and portfolio, flexible money management, and special banking facilities for senior citizens with high rates of interest.
- The account can be maintained from anywhere in the world and can be accessed to make utility bill payments, make NEFT or RTGS, or get access to any other services.
Minimum Account Balance Required
Mentioned below is the list of minimum balances required in different savings bank accounts of IndusInd:
| Account Type | Minimum Account Opening Balance Required |
| Indus Exclusive Savings Account | INR 1,00,000/ INR 2,00,000 |
| Indus Select Savings Account | INR 50,000/ INR 1,00,000 |
| Indus Delite Savings Account | INR 10,000 |
| Indus Progress Savings Account | INR 1,00,000 |
| Indus Maxima Savings Account | INR 20,000/ INR 40,000 |
| Indus Partner Savings Account | INR 1,00,000 |
| Indus Digi Start | INR 20,000 |
| Indus Max Active Savings Account | INR 25,000 |
| Indus Privilege Max Savings | INR 20,000 |
| Indus Diva Women Savings Account | INR 20,000/ INR 40,000 |
| Indus Multiplier Max Savings Account | INR 10,000 |
| Indus Privilege Savings Account | INR 5,000/ INR 10,000 |
| Indus Senior Citizen Savings Account | Individuals above 60 years |
| Indus Classic Savings Account | INR 1,500/INR 2,500/ INR 10,000 |
| Indus Young Saver Savings Account |
|
Documents Required
An individual desired to open a Savings account in IndusInd Bank should visit the bank within IndusInd Bank Time along with the below-mentioned documents:
- Proof of Identity:
- Aadhaar card (Mandatory)
- Passport
- PAN card or Form No. 60 / 61 (whichever is applicable) (Mandatory).
- Driver’s license
- Voter identification card
- Proof of Address:
- Telephone bill or electricity bill
- Bank Account Statement
- Employer-provided ration card letter (satisfaction of the bank)
- Rent agreement with the customer’s address registered with the state government or similar registration authority
- Any recognised public authority’s letter.
Advantages of Opening of Savings Bank Account
Mentioned below are the advantages of the opening of Savings Bank Account:
- Deposits and Withdrawals become easier
- Access to funds becomes easy
- It facilitates savings
- There is an earning of nominal interest on excess cash in hand.
Disadvantages of Opening of Savings Bank Account
Mentioned below are the disadvantages of the opening of Savings Bank Account:
- Higher liquidity contributes towards higher expenditure.
- It provides a very low rate of interest as compared to other instruments like treasury bills and certificates of deposit.
Eligibility for Opening of Savings Bank Account
Mentioned below are the eligibility requirements for opening a Savings Bank Account:
- An applicant should be an Indian Resident.
- The required minimum age of an applicant should be 18 years and above.
IndusInd Bank Savings Account Fees and Charges
Mentioned below is the list of fees and charges applicable to the IndusInd Savings Bank Account.
| Category | Fees and Charges |
| DD revalidation | INR 100 per |
| Issuance of duplicate PIN | INR 20 |
| Non-cash transactions at the Bank’s ATM | Free |
| Cash withdrawal at the Bank’s ATM | Free |
| Issuance/renewal/re-issuance of debit card | INR 249 |
| Foreign currency mark-up | 2% |
| ATM transactions decline at other banks’ ATMs due to insufficient balance | INR 20 per transaction |
| Cash withdrawal at Bank’s ATMs |
|
| Non-cash transactions at other Bank’s ATMs |
|
| Account closure |
|
| Cash withdrawal at other Bank’s ATMs outside India | INR 125 |
| NEFT/RTGS | Free |
| Credit card payment through ATM/net banking | Free |
| Issuance of duplicate passbook | Free |
| DD cancellation | INR 100 per instrument |
| Cheque stop payment | INR 100 per instruction |
How to Open an IndusInd Savings Bank Account
Mentioned below are the two different ways to get a savings account opened in IndusInd Bank:
- Through Online Modes:
Step 1: Open the official website of IndusInd Bank. Under “Products”, choose “Savings Account”.
Step 2: Select “Individual Savings Account” and then select “Digital”.
Step 3: Then click on “Indus Digi Start”.
Step 4: Click on “Apply Now”.
Step 5: Click on “Open your Account Now”.
Step 6: Fill out the account opening form, choose the account number, and deposit some amount in your bank account.
Step 7: Complete the video KYC to get the account opened instantly.
- Through Offline Modes:
Step 1: Visit the nearest IndusInd branch on any of the working days regulated as per RBI Holiday List 2023.
Step 2: Fill out the form for opening a savings bank account by entering some basic details.
Step 3: Provide the self-attested copy of your PAN and Aadhar Card.
Step 4: Select the type of Savings account you want to open.
Step 5: Provide all the documents required.
Step 6: The bank will then verify the documents, and the account will then be opened.