Privilege Saving Account

IndusInd Bank Limited is a Mumbai-based bank founded in April 1994 and inaugurated by then Union Finance Minister Manmohan Singh. The bank was among the first new-generation private banks offering commercial, transactional, and online banking products and services. The financial institution is better known for its frequent technology upgradation to deliver specialized banking services. The bank is focused on expanding its network across the country while meeting the global benchmark. Presently, it has around 1500 branches and over 2400 ATMs. It also has its representative offices internationally in London, Abu Dhabi, and Dubai. Moreover, CRISIL has marked AA+ ratings to the bank.

What is Privilege Savings Account?

IndusInd’s privilege savings account is an exclusive account packed with amazing features and benefits making it a complete value for money. It gives the accountholders a power to save effortlessly and get convenient and hassle-free banking experience. The account gives you the dual privilege of free young saver account with RD facility for the child and power-packed transactional account.

Key highlights of privilege savings account:

Maximum returns – The account offers an array of investment options which promises maximum returns and waives off trading account opening fee and demat annual maintenance fee for the first year. Moreover, accountholders can earn higher interest rates for the idle funds parked in the savings account. Accountholders can also set a balance limit after which any balance above the given limit can be converted into fixed deposit, if requested.

Complimentary debit card - Customers will get complimentary Gold Privilege Debit Card with exciting offers and VISA privileges. Cardholders can enjoy free unlimited cash withdrawals from any ATM. Also, get complimentary personal accident insurance cover and purchase protection insurance cover on the debit card. A single card is packed with numerous benefits.

Locker benefits – Accountholders can save up to 20% more on safe deposit lockers’ annual fee. No doubt why the privilege account is known for its dual benefits.

Convenient banking –IndusInd Bank promises convenient banking services to its customers so that they can manage their accounts from anywhere and anytime. Keeping this in mind, the bank offers internet banking and mobile banking apps for the convenience of its customers. Apart from this, it also offers services like free e-statements every month, SMS alerts, free passbook facility, and free multi-city cheque book.

Eligibility criteria:

  • Any resident of India can open the account (either individually or jointly).
  • Foreign national and Hindu Undivided Family (HUF) members are also eligible for the privilege savings account.
  • Minors below 18 years of age and senior citizen above 60 years can also avail the privilege account benefits.

Documents required:

  • Duly filled account opening application form
  • Passport size coloured photograph
  • A copy of PAN card or Form 60/61 if PAN is not available
  • A copy of identity proof (Passport/ driving license/ Voter's ID/ Photo Debit or credit card)
  • A copy of address proof (Passport/ driving license/ Voter's ID/ Utility bill not older than 3 months)

How to apply for privilege savings account online?

Log on to relevant website, select IndusInd Privilege account and click on apply now. Then fill in the details in respective fields, scan and upload KYC documents, and submit. Make initial deposit of Rs.10000 in A&B Category branch or Rs.5000 in C category branch and you’re good to go for convenient banking services.

About us

Well, we have heard instructions from our elders to keep some cash readily available as emergencies can hit the door anytime with no warning or alert. In addition, till now we have definitely learned about the importance of following a good saving habit. Hence, while planning to open a savings account, make sure to do a thorough research to zero down on a scheme that suits best to your needs along with providing financial security in long-run.

Quick links