Overview
Indus Select Current Account offers a delightful blend of scale and convenience to help businesses create more value. In addition, it allows access to curated lifestyle privileges and offers.
Best Suited for medium size business with an Average Quarterly Balance requirement of Rs. 1 Lac (at single/group level)
Features of Indus Select Current Account
Indus Select Current Account Fee & Charges
Schedule of Charges for Indus Select Current Accounts
Program Criteria to be maintained at Group Level | Any one of the criteria mentioned below |
AQB (in combination of Current and Savings Accounts) | Rs. 1 Lac |
Total Relationship Value (CA+SA+FD) ^ | Rs. 10 Lacs with minimum AQB Rs. 50,000 (in combination of Current and Savings Accounts) |
Charges for Non-Maintenance | 10% of the shortfall in required AQB as per program, subject to max of Rs. 900 |
Cheque Leave Issuances (Payable At Par) | 250 cheque leaves free per month |
Charges on Additional Usage | Rs. 2 per leaf |
Outstation Cheque Collection | Â | ||||||||||
Non-IndusInd Bank Location  |
|
Cash Deposit at Home+Non Home Locations | |
Free Limit per month | 8 times of previous Month's AMB or Rs. 20 Lacs, whichever is higher |
Additional Charges | |
Charges on Additional Deposits | Rs. 4/1000, Min Rs. 50/- Per transaction. |
Cash Withdrawal | |
Cash Withdrawal Non IndusInd ATMs * | Free |
Cash Withdrawal Limit by Debit Card | Refer Standard Schedule of  Charges for Debit Card |
Demand Draft Issuance- At any IndusInd Bank Locations | Â |
 Free Limit | Rs. 200 lacs per month |
Charges on Additional usage | Rs 1/1000, Min Rs. 25 , Max Rs. 10,000 |
Demand Draft Issuance - At Correspondent Bank Locations | |
Free Limit | Rs. 40 lacs per month |
Charges on Additional usage | Rs. 2/1000, Min Rs. 100, Max Rs. 15000 |
Demand Draft Issuance - At Non-Correspondent Bank Locations | Â |
Charges on usage | Rs. 3/1000, Min Rs. 100, Max Rs. 15000 |
Stop Payment | |
Cheque | Single cheque Rs. 100,Series cheque Rs. 150 Nil charges if requested through Indus Net /Indus Mobile/ IVR |
Cheque Return | |
Inward For Financial Reasons | Upto 2 instruments per month- Rs. 350 per instrument On 3rd & 4th instrument - Rs. 500 per instrument 5th instrument onwards - Rs. 750 per instrument |
Outward | Nil Charges upto 5 cheques per month, thereafter Standard charges $ |
NACH / ECS | |
NACH / ECS Return | Rs. 200 |
Debit Card | |
Visa Signature Select/Master Card World Select | Free |
ATM/POS Limit on Debit Card | Limit As per Debit Card Taken, Refer Standard Schedule of Charges for Debit Card |
Account Statement | |
Adhoc Statement (printed) | Rs. 10 per statement through branch |
Cheque Pick-up (On call) | Free Once in a day |
Cheque Pick-up (Beat) Per month | Free |
Cash Delivery / Pick-up Cash upto Rs. 2 Lacs (Per Call) | Free once in a day |
Cash Delivery / Pick-up Cash above Rs. 2 Lacs (Per Call) | Standard Charges - from Rs. 2 to 5 Lacs - Rs. 250, from Rs. 5 to 10 Lacs - Rs. 400,from Rs. 10 to 20 Lacs - Rs. 800, contact branch for cash above Rs. 20 Lacs |
Cash Delivery / Pick-up Cash up to Rs. 1 Lac (Beat) per month | Free once in a day |
Cash Delivery / Pick-up Cash above Rs. 1 Lac (Beat) per month | Standard Charges - from Rs. 1 to 2 Lacs - Rs. 3,000, from Rs. 2 to 5 Lacs - Rs. 5500, from Rs. 5 to 10 Lacs - Rs. 9,000, from Rs. 10 to 20 Lacs - Rs. 16,000,contact branch for cash above Rs. 20 Lacs |
+Available in Select Location Only
Collections | Local Cheque Collection  |  Outstation Cheque Collection - IndusInd Bank Locations |
Payments | Anywhere Payment - Cheques paid at any location of IndusInd Bank | Cash Withdrawal - any IndusInd Bank Branch or ATM |
Other Services | Non-financial Transactions - Other Bank ATMs in India^Â | Email Statement (Daily / Monthly) | Dormant Account Activation | Internal Transfer Return Charges | Account Closure Charges |
NEFT / RTGS / IMPS | Branch |  Online** |
Remittances | |
Inward Remittances | Free |
Non Trade Outward Remittances | Rs. 250 |
FIRC Issuances | Free |
Exports | |
Export Bills for Collection & under LC | Rs. 500 |
Advance Export Bills | Rs. 500/bill |
Export LC Advising | Rs. 600 |
BRC issuances for allexport transactions | Free |
Imports | |
Advance Payments for Imports | Rs. 500 Flat |
Direct Import Bills | Rs. 500 Flat |
Import Bills for Collection | Rs. 500 Flat |
Miscellaneous Charges | |
Swift Charges | Rs. 250 |
International Courier Charges | Rs. 1000 |
Registered Post Charges | Rs. 250 |
Commission in lieu of exchange | 0.125% |
^Total Relationship Value = Current Account AQB + Savings Account AQB + Fixed Deposits AQB (3 months rolling average) |
*Free Monthly Cash Withdrawal Limit at Non-IndusInd Bank ATMs is capped at 50 transactions per month subject to Average Monthly Balance maintenance of Rs.10,000 in previous month. In case the Average Monthly Balance in previous month is less than Rs.10,000, then 5 transactions are Free. Cash Withdrawal transactions above the specified limits will be charged at Rs. 21 per transaction. | Cash Withdrawal outside India is Rs.125. |
$Standard Cheque Return (Outward) Charges: Rs. 50 per cheque for IndusInd Bank Location & Rs. 100 per cheque + out-of-pocket expenses for Other Locations |
^W.e.f. 15th November 2024, capping on number of Non-financial ATM transactions i.e. Balance Enquiry, Mini-statement, PIN Change, Mobile Banking Registration, Cheque Book Request, Statement Request and Aadhaar Number Seeding, etc. on Non-IndusInd Bank ATM has been revised to 2 transactions per day. |
**Online mode refers to Mobile Banking & Retail Net Banking |
+Available in Select Locations only |
PAP - Payable at Par | GST and FX conversion tax would be applicable as per current regulations. |
FAQs for Indus Select Current AccountÂ
What is the Indus Select Current Account?
The Indus Select Current Account is designed to support medium-sized businesses operated by Indians domestically and internationally. It provides a new level of banking convenience to businesses while also ensuring scalability. It offers features like dynamic cash deposit limits, preferential trade charges, a free Visa Signature Select Debit Card, and more. It requires an Average Quarterly Balance (AQB) of â‚ą1 lakh.
What are the benefits of Indus Select Current Account?
The Indus Select Current Account offers benefits, such as:
- Free demand draft issuance (up to a limit)
- Dynamic cash deposit limits
- Waiver on outward cheque return charges
- Automatic transfer of excess balance from current account into sweep FDsÂ
- Extension of program benefits to family members and group businesses
- Doorstep banking services
- Preferential trade charges for cross-border transactions
- A free Visa Signature Select Debit Card, and more
Ensure to consider the above benefits when comparing a Select Account vs current account of other types.
What are the fees and charges for opening an Indus Select Current Account?
Opening an Indus Select Current Account requires maintaining an AQB of â‚ą1 lakh (in a combination of Current and Savings Accounts). Charges for non-maintenance are 10% of the AQB shortfall, with a maximum charge of â‚ą900. Additional fees include â‚ą2 per extra cheque leaf, cash deposit charges of â‚ą4 per â‚ą1,000, and more.Â
What are the documents required for opening an Indus Select Current Account?
To open an Indus Select Current Account, a business will need standard documents like identity proof, address proof, and business registration documents. The list of documents required can depend on the business type.Â