Savings Account: Open Savings Bank Account Online Instantly

When you deposit money into a savings account, you earn interest on that money over time. The percentage at which this interest is calculated is known as the savings account interest rates.

Check the latest IndusInd Bank savings account interest rates.

There are broadly two types of interest: simple interest and compound interest. How much interest you earn depends on the interest rate as well as the interest type.

Here’s an example to help you understand the concept better:

Let’s assume the interest rate on a savings account is 5% p.a. You have deposited ₹1,000 in the account. As per the 5% interest rate, you will earn ₹50 in interest for the year. Consequently, your total amount will be ₹1,050. This is called simple interest.

The savings interest is typically compounded. It means you can earn interest on the interest amount that you have previously earned. So, the next time you will earn interest, it will be on ₹1,050.

As per the compound interest on a savings account, the interest earned is added to the principal amount. The interest for the next period is calculated on the original principal amount plus the interest earned on it. This means you earn interest on your initial deposit and on the accumulated interest.

Suppose you have Rs. 10,000 in a savings account that pays an annual interest rate of 5% compounded quarterly. After the first quarter, your account balance would be Rs. 10,125, which is the original Rs. 10,000 plus interest of Rs. 125. In the second quarter, the interest would be calculated at Rs. 10,125, not just the original Rs. 10,000. Therefore, the interest earned would be Rs. 127.03, which is slightly more than the interest earned in the first quarter because you are now earning interest on Rs. 10,125. This process repeats every quarter, and the interest earned keeps increasing due to the compounding effect.

Compounding interest on a savings account can help your savings grow faster over time.

Interest rates are calculated and paid out quarterly. The interest earned depends on the balance in your account and the interest rate offered by the bank. 

Yes, usually, you receive a Debit Card on opening a Savings Account. However, this is optional. You can opt-in/opt-out as per your preference. You can also apply later for a Debit Card if you had opted out earlier.

This Debit Card is linked to the Savings Account and will help you access the funds in the account. You can use the Debit Card to withdraw money and conduct transactions from your account. 

Here’s how you can open a high-interest Savings Account such as the Indus Select Savings Account:

1. Visit the IndusInd Bank website and browse over to the Indus Select Savings Account page. Click on ‘Apply Now’.

2. Enter Account Number. IndusInd Bank allows you to choose a customised account number.

3. Input Your Details, such as address, contact information, and so on.

4. Add funds to your account.

5. Complete KYC verification virtually with our representative.

Your high-interest Savings Account will be ready for use! 

The minimum balance required for an IndusInd Bank Savings Account depends on the type of account you have. For instance, the Indus Multiplier Max Savings Account, which is an FD-Linked Savings Account, has an average monthly balance requirement of ₹10,000.

We also have Zero Balance Savings Accounts such as Indus Delite Savings Account, wherein there is no need to maintain a minimum balance (subject to initial funding).

To calculate Average Monthly Balance or AMB, you can use the following formula:

AMB = Total of Everyday Closing Balance / Total Number of Days in the Month.

Ensure to have the minimum balance in your account on a regular basis to avoid any non-maintenance charges. 

You can transfer money from one account to another in several ways, including:

• Online Fund Transfers – Open your net banking account or mobile banking app like IndusInd Bank Mobile App - INDIE, to transfer funds via NEFT, IMPS, RTGS, etc.
• Cheque Deposits – Fill up a cheque and a deposit slip and submit it at your nearest branch.
• UPI – Send money instantly to your friends, family, merchants, and more, with UPI. You can use any UPI-enabled app, such as the BHIM IndusPay app, for this purpose. You will need the recipient’s UPI address to make an UPI payment.
• Cash Deposits - You can also deposit cash (with the filled-out deposit slip) at the nearest branch. 

You must fill the appropriate nomination form to add, modify, or delete a nominee in your Savings Account. A ‘New Nomination’ form and a ‘Nomination Modification’ form will be available with the bank.

You can visit your nearest branch and inform the representative of your requirement. Then, fill the form with the relevant details and submit. In case the nominee is a minor, you will have to enter a lawful guardian’s name.

Depending on the bank and the account type, you may be able to carry out this process online as well. 

To deposit money into your Savings Account, you can:

• - Visit your bank's branch and submit a cheque/cash along with a deposit slip.
• - Deposit cash at an ATM that has a cash deposit slot.  
• - Transfer funds via Net Banking, by opting for NEFT/RTGS/IMPS.
• - Use mobile banking apps such as IndusMobile. 

You can also use a UPI-enable app to transfer money from one account of yours to another. 

If there are no customer-initiated transactions in a bank account for 24 months, the bank account becomes dormant. A dormant account means that the holder has restricted access to banking services. Furthermore, a dormant account may also lead to penalties or account maintenance charges. You will have to connect with a bank representative to reopen a dormant account.