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Overview

At IndusInd Bank, we understand your varied needs as a parent in providing the best education for your children, saving for their future and ensuring their good health and habits. We feel a strong responsibility in securing your financial future. We therefore offer you a balanced portfolio of savings and investment solutions for your child.

With that in mind we present you with the Indus Young Saver Account. A flexi recurring deposit for your child, which gives you the freedom to transfer as much you want in a month, without worrying about pre determined limits.

Features & Benefits

Presenting the Indus Young Saver Account with a host of unmatched features for your children
Open the account with a minimum deposit of Rs.11/- only. It can also be opened as a free add-on account with a regular IndusInd Savings Account. This account is an ideal combination of a Savings Bank Account and Flexi Recurring Deposit.

Flexi Recurring Deposit

  • A linked Flexi Recurring Deposit will be opened along with the Indus Young Saver Account
  • The monthly installment towards the Recurring Deposit are flexible
  • Balance in the Savings Bank Account will be transferred to the Flexi Recurring Deposit on the last day of every month, leaving Rs.100/- in SB account
  • Tenure of Flexi Recurring Deposit - 6 months to 120 months

Standing Instruction
You can setup a standing order instructions from your account to your child's Young Saver Account and watch his savings grow generously.

TDS not applicable
TDS is not applicable on the interest earned on the Recurring Deposit.

Eligibility

The Indus Young Saver Account can be opened in the minor's name, either-

  • As an "Under Guardian" account, where the parent shall be operating the account
  • By the minor himself/herself, if the minor's age is 12 years or more

Balance Requirement

Average Monthly Balance to be maintained
Zero Balance

Balance Non-Maintenance charges
Not Applicable

How to Apply

You can open an Indus Young Saver Account online. Click on the Apply Now button on this page, fill in your details and submit it. We will get back to you for further KYC process. Alternately, you can visit a branch and submit the Savings Account form.

Documentation
The following documents will be needed to open the Indus Young Saver Account:

  • An account opening form duly filled
  • One passport size colour photograph
  • PAN card or Form 60/61 where PAN card is not available.
  • Birth certificate of the minor.
  • Introduction by the parent/guardian.
  • Any one document from each of the following groups:

Identity Proof
Passport or driving license or Voter's ID or Photo Debit/Credit Card

Address Proof
Passport or driving license or Voter's ID or utility bill (not older than 3 months) The above list is indicative. For a more detailed list, please contact your nearest branch or call our contact center.

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  • SAVINGS RATES

  • Daily balance upto 1 lac 4.5 %
  • Daily balance above 1 lac 6 %
  • DEPOSIT RATES

  • 1 year to 1 year 2 months 9.1 %
  • Indus Tax Saver Scheme - 5 years (upto Rs 1 lac) 8.75 %
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