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Indus Select Current Account

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

Dynamic Cash Deposit Limit

Anywhere free cash deposit of up to 8 times of previous month’s maintained AMB or Rs 20 Lacs, whichever is higher

Demand Draft Issuance

Free Demand Drafts up to 200 lacs p.m. at IndusInd Bank and 40 Lacs p.m. at Correspondent Bank Locations.

Waiver on Outward Cheque return charges

Nil charges up to 5 Outward cheque returns per month.

Auto Sweep Deposit

Automatic transfer of excess balance from current account into sweep FD.

Grouping of accounts

To extend the Program Benefits to Family members & Group Businesses at no incremental balance requirement.

Doorstep Banking Services

Enjoy Free Cheque pickup & Cash pickup/delivery services right from your doorstep.

Preferential Trade Charges

For all your cross border Business requirements.

Free Visa Signature Select Debit Card

Indus Select Current Account Fee & Charges

Schedule of Charges for Indus Select Current Accounts

Indus Current Account Fee & Charges

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  

Non-IndusInd Bank Location

 

Instrument Value Charges
Cheques collection up to and including Rs. 5,000 Rs. 25/-
AboveRs. 5,000 and up to and including Rs.10,000 Rs. 50/-
Above Rs.10,000 and up to and including Rs.1,00,000 Rs. 100/-
Above Rs.1,00,000 Rs. 200/-

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  
 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  
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^ | 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 Account 

  • 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 FDs 
    • 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 ₹1 lakh (in a combination of Current and Savings Accounts). Charges for non-maintenance are 10% of the AQB shortfall, with a maximum charge of ₹900. Additional fees include ₹2 per extra cheque leaf, cash deposit charges of ₹4 per ₹1,000, and more. 

  • 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