Whatâs more? Add a personal edge to your savings account with a customised account number. Choose your preferred account number and make your IndusInd Bank Savings Account experience uniquely yours! Open a savings account online in minutes and enjoy the freedom of banking from anywhere, anytime with IndusInd Bank.
The most premium offering of IndusInd Bank, designed for managing the wealth and banking needs of our top most clients.
Indus GrandĂŠ Prime Banking Services offers you a gamut of exciting benefits and exquisite privileges
Join the Indus GrandĂŠ care community for a seamless banking experience blending top-tier services with exclusive rewards. Unlock a world of premium banking that put your convenience first
Discover the Indus Care Savings Account Program, crafted to support your financial well-being with exclusive wellness benefits.
Welcome to the world of Exclusive Banking with IndusInd. A premier banking program, it is designed with the special privileges and offers only for you. It also offers you a dedicated team to experience seamless banking services.
Indus Select Savings Account is a premier bank account with numerous privileges and lifestyle offers.
Indus Delite Savings Account offers tailor made solutions for your delight. Enjoy exciting offers with Delights debit card!
Indus Multiplier Max Savings Account offers the flexibility of a savings account along with FD-like returns.
Our savings account stands as a testament to our unwavering commitment to prioritising our customers. Enjoy the advantage of highly competitive interest rates across all our online savings account variants. Check out the latest interest rates we are offering on savings accounts here.
Note:
The interest on your savings account is calculated based on your daily maintained balance. The interest is disbursed at quarterly intervals.
A savings account is a type of bank account that allows individuals to deposit money and earn interest on it. If you are looking for a safe and low-risk option to save money that you do not plan on spending immediately, a savings account is the right alternative.
Savings accounts offer flexibility and liquidity. So, you can deposit and withdraw funds when you need them. Since a savings account offers a steady amount of interest, you can also use it to save money for future use or emergencies. You can use the funds from a savings account to carry out financial transactions, pay bills, shop online, set up auto-payments, and more.
Whatâs more, a savings account typically has low to no fees. This makes it a cost-effective option to save money. Whether you are looking to manage your everyday finances, store funds for future expenses, or take steps towards short-term financial goals, a savings account is an invaluable tool in your arsenal.
With IndusInd Bank, your new savings account online is just a few taps away!
You can open a new IndusInd Bank Savings Account in just 4 easy steps:
That's it! No need to fill any offline form, collect lots of paperwork, or visit the branch! The account opening process can be carried out entirely online in minutes.
Once your Video KYC is complete, you get unrestricted account access. Enjoy a higher transaction limit, lifetime validity, and many more features with your IndusInd Bank Online Savings Account.
To open a savings account online, you must meet the following criteria and furnish required documents:
At IndusInd Bank, not only is the account opening process easy and quick, but also requires minimal documentation. We want to ensure a hassle-free Savings Account opening process.
To open a new Savings Account with IndusInd Bank, all you need are the following documents:
Click here to apply for a savings account online.
IndusInd Bank has a 100% paperless account opening process. So, you only need to provide soft copies of the above documents and share related details.
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.
You can check this link for the latest interest rates that IndusInd Bank offers.
IndusInd Bank offers attractive interest rates on different online savings accounts. Each of our savings accounts is tailored to your specific needs based on your income, expenditure, and lifestyle. We have a vast network of branches spread across the country. You can visit any branch to open a new savings account. We also offer a robust digital banking system that enables you to transact from anywhere anytime.
Enjoy benefits such as:
We also offer attractive discounts on locker charges. We allow cash withdrawals in the denomination of your choice and lots more. Additionally, you can enjoy debit card offers on dining, travel, and entertainment! So, donât wait â open a savings account with IndusInd Bank NOW.
When looking for a bank that provides the savings account for your needs, look for the following:
For the offline procedure, you can open a savings account easily by visiting the nearest bank branch.
IndusInd Bank offers a variety of savings accounts to meet the needs of various types of customers. You can choose an account that suits you best by entering these details:
- Your age (minor, adult, senior citizen),
- Your monthly income, andÂ
- Services you want. For example, free ATM transactions, offers on dining, travel or more.
While opening savings accounts online, you can select from the following variants offered by IndusInd Bank:
Regular Savings Account | Special Savings Account | Premium Savings Account |
---|---|---|
Indus Privilege | Indus Delite | PIONEER Banking and Wealth Management |
Indus Privilege Max | Indus Multiplier Max | Indus GrandĂŠ |
Indus Classic | Indus Diva Women | Indus Exclusive |
Indus Digi Start | Indus Senior Citizen | Indus Partner |
Indus Maxima | Indus Young Saver | Indus PROgress |
Indus Small | Indus 3-in-1 Account | Indus Select |
Indus Easy | Â | Â |
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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.
Hereâs an example to help you understand the concept better:
Letâs assume the interest rate on a savings account is 5% p.a. You have deposited âš1,000 in the account. As per the 5% interest rate, you will earn âš50 in interest for the year. Consequently, your total amount will be âš1,050. 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 âš1,050.
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.Â
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 âš10,000.
We also have Zero-Balance Savings Accounts, such as the 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.Â
You can transfer money from one account to another in several ways, including:
You must fill the appropriate nomination form to add, modify, or delete a nominee in your Savings Account. A âNew Nominationâ form and a âNomination Modificationâ 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 guardianâs name.
Depending on the bank and the account type, you may be able to carry out this process online as well.Â
To deposit money into your Savings Account, you can:
You can also use a UPI-enable app to transfer money from one account of yours to another.Â
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.Â
Hereâs 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 âApply Nowâ.
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!Â
You can open a Savings Account without a PAN card. However, such an account may have certain restrictions compared to a regular savings account. For instance, you may not be able to deposit or maintain more than a certain amount. Fixed Deposit options may not be available either.
You can reach out to the bank and get clarity regarding such an account.
Note that you can convert such an account into a regular account once you are able to provide the PAN card.
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.
* T&C apply. Saving Accounts Terms & Conditions
*T&C apply. Credit Card Bill Payment Offer Terms & Conditions