Indus Young Saver

    Specially designed to build and secure your child’s future

    At IndusInd Bank, we understand your varied needs as a parent getting the best education for your children, saving for their future, ensuring their good health and habits – you always wish you had the time and resources to give them the best they deserve. As a Bank we feel a strong responsibility in securing your financial future. We therefore offer you a portfolio of savings and investment solutions for your child.

    Presenting to you 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. This account can 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 instalment towards the Recurring Deposit are flexible
    • Balance in 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 Standing Order Instructions from your account to your child’s Young Saver Account and watch his savings grow.

    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

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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