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Overview

IndusInd Bank extends the working capital limits to small traders and businessmen on the basis of their turnover and other business parameters.

Features

Nature of facility
Demand Loan/Overdraft

Margin
25%

Security
Primary security of the stock and collateral security of property

Quantum
20% of annual turnover of up to INR 10 lakh. Projected turnover and audited financial statements for credit limits over INR 10 lakh and the eligibility would be fixed as per various financial parameters

Repayment
By monthly installment/on demand and servicing of monthly interest

Eligibility

Wholesale/retail traders with valid licence/registration

Documentation

  • Company profile
  • Balance sheet
  • Profit and Loss account

FAQs

How much money can one receive under Money Transfer Service Scheme?

A maximum of US $ 2,500 which is equivalent in Indian Rupees per transaction. For transactions where the amount is up to INR 50,000 the Bank will pay in Cash. For transactions involving amounts greater than INR 50,000, the amount will only be paid vide a Pay Order or Direct credit to Bank account of IndusInd Bank customers.

Is there a limit on the number of transactions under Money Transfer Service Scheme?

A beneficiary can receive a maximum of 12 transactions per calendar year under this service.

What are the various mode of disbursal available for beneficiary in India for Money Transfer Service Scheme?

The money can be paid to the Beneficiary either in Cash (up to a maximum of INR 50,000) or by way of a Pay Order / direct credit to beneficiary's bank account (in case of IndusInd Bank Customers).

Is it mandatory for the beneficiary to bank with IndusInd Bank in India to avail Money Transfer Service Scheme?

No, even a non-account holder can avail this facility from IndusInd Bank's branches. However, it is beneficial for a person to hold an account with the Bank as the money can be conveniently deposited into the Bank account directly.

Can one use Money Transfer Service Scheme to send money back, out of India?

No, Outward remittance from India is not allowed under this arrangement.

What are the acceptable Identity documents that need to be available with the beneficiary to avail Money Transfer Service Scheme?

Following are the acceptable photo identity proof:

  • Valid Passport (with valid Visa for Foreign National)
  • Driving License
  • Pan Card
  • Ration Card (with photo)
  • Bar Association Card
  • Defense Personnel Identity
  • Election/ Voter Identification
Can the remittance request be sent by fax for Money Transfer Service Scheme?

No, as of now, IndusInd Bank does not accept requests by way of fax.

What kind of payments are not allowed under Money Transfer Service Scheme?

Trade related remittances, remittances towards purchase of property, investments or credit to NRE / conversion to FCNR account / Donations, contributions to charitable organizations not allowed under this arrangement.

How can one contact the Bank to understand more about Money Transfer Service Scheme?

You can write to the Remittance Desk at remittance{}indusind.com and get more details about this service.

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  • SAVINGS RATES

  • Daily balance upto 1 lac 5.5 %
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  • DEPOSIT RATES

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