IndusInd Bank Savings Account Interest Rate – 2024

To accommodate the banking needs of varying customer types, IndusInd Bank offers different savings account options. An interested candidate can check the updated IndusInd Bank savings account interest rate online by visiting the bank’s official website. In this blog, we will walk you through a comprehensive guide on IndusInd saving accounts while highlighting all its features and benefits. 

Latest IndusInd Bank Savings Account Interest Rates 2024

The following table shows the current IndusInd savings account interest rate that became effective from December 2023.

In case the IndusInd Bank interest rates on savings accounts seem truly profitable to you, you can also consider checking out the IndusInd RD rates

IndusInd Bank Savings Account Minimum Balance Required

Depending upon the type of savings account, the IndusInd Bank savings interest rate and balance requirements tend to vary. Now that you know the applicable interest rates, let us find out the minimum balance requirements of these accounts. 

IndusInd Bank Savings Account Charges 

Besides knowing the IndusInd savings interest rate, these are some common charges that you should be aware of:

1. Remittance Charges(Through Own Bank)

• Indus Select Savings Account                      –   For demand draft issuance: Free one draft (correspondent bank only) per day up to ₹1,00,000. Above the free limit ₹1.5 per ₹1,000
  Minimum of ₹25 & Maximum of ₹3,000 per instrument. NEFT and RTGS transactions are free. 
• Indus Multiplier Max Savings Account      –  For demand draft issuance: FreeAlso no charges are levied on NEFT and RTGS fund transfers.
• Indus Delite                                                           –   NA
• Indus Diva Savings Account                         –   Free one draft(correspondent bank only)per day up to ₹50,000;above this ₹1.5 per ₹1,000, Minimum of ₹50 & Maximum of ₹5,000 per instrument. 
• Indus Senior Savings Account                    –   Free one draft per day up to₹25,000; above this ₹2.5 per ₹1,000, Minimum of ₹50 & Maximum of ₹5,000 per instrument 

2. Cheque Bounce Charges

• Indus Select Savings Account                      –   ₹100 along with actual out of pocketexpenses
• Indus Multiplier Max Savings Account      –  ₹100 along with actual out of pocketexpenses
• Indus Delite                                                           –   NA
• Indus Diva Savings Account                         –   Collection charges are subject toa minimum of ₹100 plusactual out-of-pocketexpensesIndus Senior Savings Account        –             ₹100 per cheque

3. ATM Card Charges

• Indus Select Savings Account                      –   Platinum Select Debit Card is free
• Indus Multiplier Max Savings Account      –  Platinum Max Debit Card Issuance Fees- ₹249 + taxes Annual Fees- ₹249 + taxes 
• Indus Delite                                                           –   VISA Platinum Card: ₹499Titanium Card: ₹249 
• Indus Diva Savings Account                         –   Gold/Titanium (Non ChipDomestic): ₹199 
• Indus Senior Savings Account                    –   Classic (Chip ): ₹249

4. SMS Charges

• Indus Select Savings Account                      –   Free transaction alerts.
• Indus Multiplier Max Savings Account      –  Free transaction alerts.
• Indus Delite                                                           –   Free daily balance and transaction alerts
• Indus Diva Savings Account                         –   Balance Notification Servicewill be charged at ₹30 perquarter
• Indus Senior Savings Account                    –   Free transaction alerts

5. Cash Withdrawal/ Deposit Charges

• Indus Select Savings Account                      –   Unlimited withdrawals free in IndiaOutside India: 1 free per month, ₹125 per withdrawal exceeding free limits
• Indus Multiplier Max Savings Account      –  Unlimited withdrawals free in India
• Indus Delite                                                           –   5 free cash or non-cash transactions (balance enquiry, PIN change and mini statement) per month. Beyond 5 transactions, all cash transactions would be charged at ₹21 /- per transaction.
• Indus Diva Savings Account                         –   Free
• Indus Senior Savings Account                    –   Free

6. Doorstep Banking Charges

• Indus Select Savings Account                      –   Unlimited free
• Indus Multiplier Max Savings Account      –  Cash Delivery: 1 request free per day ; Minimum value of ₹10,000/- & Maximum ₹1 Lakh Thereafter ₹50/- per request 
• Indus Delite                                                           –   NA
• Indus Diva Savings Account                         –   1 request free per day;Minimum chequeconsolidated value ₹10,000 
• Indus Senior Savings Account                    –   1 request free per day;Minimum chequeconsolidated value ₹10,000

Why Choose an IndusInd Bank Savings Account?

You can prefer opening an IndusInd Bank savings account as it proves to be a stable investment instrument. Here’s how:

1. Great Interest Returns on Your Savings

Leveraging the high IndusInd Bank savings account interest rate, you can convert your surplus income into growing wealth. However, based on the RBI policies and several other economic factors, the interest may vary quarterly. For such updates, you should refer to the bank’s official website.

2. Benefits of 3-in-1 with Savings, Demat and Trading Accounts

To realise hassle-free fund transfers between savings, trading and Demat accounts, IndusInd Bank allows its customers to opt for all-in-one accounts. You can avail this facility by getting your application approved for an IndusStox account.

3. High Liquidity

All the accrued money in your savings account(s) with IndusInd Bank can be accessed at any moment either online or offline. Therefore, many people prefer performing daily transactions with an IndusInd savings account debit card.

Additionally, you become eligible for many additional discounts and offers when you use this card on certain food ordering platforms, shopping sites, hotel booking platforms, etc.

4. Seamless Mobile Banking

If you are wondering how to pay other bank account holders or UPI IDs unconditionally, then you can open an IndusInd Bank savings account. Using its phone banking features is too easy. You may refer to your past transactions, remaining balance and other related information anytime via the IndusMobile app.

Key Benefits of IndusInd Bank Savings Account

These are some commonly discussed perks one eventually experiences upon opening an IndusInd Bank savings account:

1. High Interest Rates

At present, the IndusInd Bank savings account interest rate can go up to 6.75% per annum. Such attractive rates help people beat inflation and simultaneously keep their income safe.

2. Easy Application Process

With IndusInd Bank, you can open a savings account from the comfort of your home with just a few taps. To fill out the application form and submit the necessary documents, kindly proceed to the bank’s official website.

3. Minimum Paperwork

It is possible to open a full-fledged savings account by completing a virtual KYC verification procedure. Thus, no paperwork is needed as such.

4. Zero Balance Account

If you are a salaried individual, the bank offers you a zero-balance account. Also, if you have opted for the Indus Delite savings account, there is no need to maintain a minimum balance. All you have to ensure is to deposit ₹10,000 while opening the account.

5. Debit Card at a Minimal Charge

You get a VISA debit card against your IndusInd savings account at very low charges. These cards are globally accepted.

6. Multiple Lucrative Options

With the vast variety of savings bank accounts, IndusInd has made it easy for everyone to manage their financial goals. Presently, some exclusive savings account schemes include the Indus Maxima, Indus Select and Delite accounts.

Additional Benefits Associated with IndusInd Savings Account

These are some supplementary factors that make IndusInd Bank a preferred option for customers interested in opening savings accounts:

1. With an IndusInd savings account, you get to customise your account number.
2. On online shopping or while booking tickets or making reservations, you receive tailored discounts occasionally.
3. Endless purchasing opportunities await you as the bank extends a wide array of digital banking services.
4. Lastly, you can expect 24/7 customer support from the bank representatives over online platforms like WhatsApp.   

How To Open an Online IndusInd Bank Savings Account?

Follow these steps to open a savings account online with IndusInd Bank. 

• Step 1: Visit the official website of IndusInd Bank.
• Step 2: Apply for a new account. The portal will ask you to enter your phone number.
• Step 3: By default, this phone number is converted to your account number. If you wish you can change this to a personalised account number.
• Step 4: Provide your Aadhaar Card and PAN Card details.
• Step 5: Continue to fill out the account opening form. Here you have to provide some personal details like contact number, name, address, date of birth, etc.
• Step 6: Complete the KYC verification via a video call at your convenience.
• Step 7: Fund your account.

Note: The minimum initial deposit will vary as per the account type selected. 

How to Open an Offline IndusInd Bank Savings Account?

For those who wish to open their savings account offline, here are the steps they need to follow. 

• Step 1: Visit your nearest IndusInd bank branch and get in touch with a bank representative to procure the savings account application form.
• Step 2: Fill out the basic details by addressing all the mandatory fields.
• Step 3: Provide your self-attested Aadhaar and PAN card photocopies.
• Step 4: Now, you must choose a particular savings account type. You will be assisted by the bank representative to complete the task.
• Step 5: Submit all the documents and wait for the verification to be over.

After your account opening request has been approved, you must make the initial deposit. Next, the bank will send you a welcome kit either via courier or hand it over to you.

Eligibility Criteria to Open IndusInd Bank Savings Account 

Anyone may apply for a new IndusInd savings bank account if they meet these criteria:

1. They must be at least 18 years or above.
2. The applicant has to be an Indian by birth.

Apart from these conditions, there is a minimum balance criteria that varies according to the account type chosen.

Documents Required to Open IndusInd Bank Savings Account 

While opening a savings account with IndusInd Bank, you should present these documents:

1. Aadhaar Card
2. PAN Card/Form 60
3. Driving Licence
4. Voter’s ID Card
5. NREGA Job Card duly signed by an officer of the State Government
6. Letter sanctioned by the National Population Register showing your name and address specifications

Besides this, you may have to submit your recent passport-size photographs as well. 

Types Of IndusInd Bank Savings Account and its Features

Here is a list of different types of savings accounts offered by the IndusInd Bank and their associated features. 

1. Indus Select Savings Account

• You get up to 50% discount on annual locker charges (it becomes 35% from the 2nd year).
• 6X rewards are regularly credited on the usage of the Signature Select Debit Card.
• For 1 year AMC waiver is applicable on the account holder’s Demat account.

2. Indus Multiplier Max Savings Account

• You can take advantage of the Smart Sweep feature and park anything over ₹50,000 as a fixed deposit.
• There’s a complimentary protection cover worth ₹34.5 Lakhs with the Titanium debit card.
• You get 50% off on locker charges.

3. Indus Delite Savings Account

• You can maintain this account without keeping an average maintenance balance.
• You get a 5% discount on card payments towards fuel, entertainment and dining.
• You get 1 movie ticket free each quarter.

4. Indus Diva Savings Account

• The account holders get free BookMyShow tickets worth ₹3,000 each year.
• Cashback is also provided on shopping using the Platinum Plus Debit Card.
• You get additional vouchers from top brands on completing several purchases.
• A total annual discount of ₹7,200 is rewarded on Swiggy.
• You become eligible for a 35% discount on locker charges

5. Indus Senior Savings Account

• Various occasional offers are made available for health and shopping expenses.
• The primary account owner is allowed to add two more family members by creating a group account.
• Up to 35% waiver is provided in locker charges for the first year.

Steps to Open IndusInd Bank Video KYC Savings Account 

Here is a detailed stepwise explanation of how to open an account through video KYC:

• Step 1: Visit the official portal for IndusInd video KYC.
• Step 2: On the page, mention your phone number and set the option ‘Savings Account’ under ‘Product Type’.
• Step 3: Enter the CAPTCHA code to proceed.
• Step 4: Then select a slot for KYC verification by clicking on ‘Continue’.

IndusInd Savings Account Transaction Limit

Here’s a table discussing the daily transaction limits of different IndusInd savings accounts:

How to Close an IndusInd Bank Savings Account?

The savings account closure steps at IndusInd Bank are as follows:

• Step 1: Visit the nearest branch and collect the IndusInd Bank savings account closure form.
• Step 2: Fill out the form details and collect the signature of the authorised official.
• Step 3: Return your debit card and chequebook.
• Step 4: Submit your address and ID proof details.

Once your request gets processed, you get the remaining balance through the selected mode of payment.

IndusInd Bank Savings Account Onboarding Kit

Upon opening a savings account with IndusInd Bank, you get the following things in a welcome kit:

1. Debit card
2. Chequebook
3. A complimentary Tata AIA insurance plan
4. Passbook

Final Word

Opening a savings account is a great way to park your income. For this purpose, you can rely on the high IndusInd Bank savings account interest rate. In addition, there are several other benefits for the account holders which make the IndusInd savings account even more attractive.

FAQs

Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.