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Terms and Conditions - Account Grouping

  • Consent for grouping means that all the accounts linked with the mentioned/ grouped Cust ID will automatically become a part of Group
  • The Special Current Accounts like Dollar One, EXIM Basic, EXIM Advantage, EEFC, Indus Green, Infotech, and Customized Current Accounts will continue to run on existing Product SOC and not be upgraded to Program Variant, however their account balances will be considered for Group Balance
  • Grouping allows customers to add existing or new accounts of their family members and related entities only. Add-on account holder must be a family member/Related Entity of the primary account holder
  • Family as per account grouping program constitutes: Kids, Parents, Spouse, Siblings, Grand Parents, Grand Children, Father in Law, Mother in Law, Daughter in Law & Son in Law
  • Related Entity as per account grouping program constitutes:  Entities with common Authorized Signatory(s)
  • By opening add-on accounts of their family members/related Entities, most of the benefits of the primary account holders get extended to the add-on account as well
  • By opening add-on accounts of the family members and grouping them with his own account, primary member is required to maintain balance required for the product at family group level failing which non-maintenance charges would be levied on his account
  • Primary Account Holder/Add-on Account Holder making any false and/or misleading representation in regard of their relationship shall no longer be covered under the  Grouping facility  and will be treated as normal  current/savings accounts and normal SOC would be applied for such account
  • Bank reserves the right to change the logic of the Grouping and the benefits linked to Grouping of accounts
  • Below is the eligibility criterion for a client to upgrade his/her account to particular variant or get grouping done in a particular program. Bank reserves the right to change this eligibility criterion from time to time and the eligibility agreed by the client at the time of filling upgrade/grouping form will be considered as final
Minimum Requirement for Grouping/Upgrade
Location Developed Market/Gurgaon/Noida Other Locations
Grouping Type/Upgrade Type Standard
(Max 4 CIF’s)
Maxima
(Max 3 CIF’s)
Select
(Max 5 CIF’s)
Exclusive
(Max 7 CIF’s)
Standard
(Max 4 CIF’s)
Maxima
(Max 3 CIF’s)
Select
(Max 5 CIF’s)
Exclusive
(Max 7 CIF’s)
SA-SA NA 40,000 1,00,000 2,00,000 NA 20,000 50,000 1,00,000
CA-SA/CA-CA  1,00,000  NA  3,00,000 5,00,000   1,00,000  NA  3,00,000 5,00,000 

Requirement for PIONEER PROGRAM:

Average Quarterly Balance of Rs. 10,00,000 (group based) and above in a Savings Account or Current Account
Alternatively, a Net Relationship Value* of Rs. 30,00,000 (group based) and above with an  Average Quarterly Balance of Rs. 1,00,000 (group based) and above in a Savings or Current Account
*Net Relationship Value = CA AQB + SA AQB + FD AQB + MF AUM (invested amount for active investments) + Insurance Premium (active policies) +  Demat Account’s Holding Value (AQB - Average Quarterly Balance)

        - By agreeing to upgrade/group accounts, customer authorizes the Bank to recover all charges including charges due to non-maintenance of stipulated AQB by debit to the required account (not applicable for Pioneer Customers)
        - In case of grouping, Non Maintenance Charge will only be charged to the primary customer in the scenario of group for non-maintenance of the required group balance

  • An initial funding amount of Rs 10,000/Rs 20,000 for Savings & as per variant for Current Account is mandatory to open a new add-on account
  • IndusInd Bank is not liable for extension of any third party offer if there is any change in the third party offering ( product, pricing)
  • IndusInd Bank reserves the right to alter any of the terms and conditions of the offer or to withdraw the offer completely at any time without prior notice.
  • IndusInd Bank shall neither be responsible for nor guarantee the quality of products by partner
  • IndusInd Bank shall not be liable for any loss or damage whatsoever that may be suffered, or for any personal injury that may be suffered as a result of availing the offers
  • The offers are subject to force majeure events.
  • The participation in the program shall constitute deemed acceptance by the Account Holder of all the terms and conditions governing the program
  • IndusInd Bank does not warrant, represent or guarantee the quality of goods / services availed by the customers.
  • IndusInd Bank Account holders irrevocably agree and acknowledge that IndusInd Bank makes no guarantee or warranty that the participating Merchant/Vendor shall honor the offer. Accordingly, IndusInd Bank customers shall not make any claim or seek compensation against IndusInd Bank in relation to any loss, damage, expense suffered in relation to non-fulfillment by the participating Merchant/Vendor under this program.   
  • Any dispute/complaints/ grievances as regards the quality of the products and services are to be taken by Customer directly with Merchant/vendor.   
  • A group can be disbanded by the explicit consent of the primary member of the group or when primary account ceases to exist or when all add-on account holder give consent to not be part of the group.
  • An add-on account can be removed from a group by explicit consent of the add-on account holder. In such a scenario, add-on account holder is required to sign up for a new variant and maintain the stipulated balance in the account, failing which non maintenance charges will be levied as per SOC.
  • In scenario where group is disbanded when primary account ceases to exist or is not part of the group, add-on accounts may get converted to a lower/previous variant and may lead to applicable non-maintenance charges as per the SOC. Bank reserves the right to charge an add-on account holder for non-maintenance of stipulated group required balance/base required balance in a scenario where add-on account holder remains in a group without any primary account.
  • In a scenario where add-on account wants to upgrade/downgrade his/her account, either primary account holder needs to upgrade/downgrade the group or add-on account needs to stop being part of the group and then request for an upgrade/downgrade of his/her account.
  • In a scenario where a client upgrading his/her account as a result of upgrade request or grouping request, all accounts of the joint holder with the bank will also get upgrade to the same variant as that of the primary: In case of upgrade or grouping & upgrade all account held by joint account holders will also be upgraded to the same variant as primary.
  • A written request is required by customer to get his/her account downgraded. Customer needs to explicitly share the new variant and new balance requirement that he is ready to sign up for
  • IndusInd Bank reserves the right to disqualify any customers from the benefits of this offer inter alia for events like unusual transaction pattern or any cases of transaction failure.
  • The Bank at its sole discretion can decide customers who can avail these offers. The decision of IndusInd Bank will be considered as final and binding for rewarding the customers/employees.
  • In all matters relating to the Program, the decision of IndusInd Bank shall be final and binding in all respects.
  • The Bank reserves the right at any time without prior notice to add, alter, modify, all or any of these terms and conditions or replace, wholly or in part, this Offer by any other Offer, whether similar to this offer or to withdraw it altogether without giving prior notice
  • For detailed list of features & benefits of the Debit card & the terms & conditions applicable to the use of the debit card please visit www.indusind.com
  • For detailed schedule of charges of the respective account variant, please visit www.indusind.com

Additional T&C for PIONEER Program:

  • Indusind Bank reserves the final right  to downgrade the account to existing/previous variant in case of non-maintenance of the required threshold balances for PIONEER Program. However any such amendment will be made effective after a prior notification of at least 30 days. In any such case, the account(s) will be downgraded to the previous version.
  • Bank will not levy any non-maintenance charges in case of an upgrade to PIONEER Programme
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