Overview
Merchant Max Basic Account is a benefit-oriented bank account that offers you a host of value-for-money and practical features to help you grow your business. Ideal for small businesses with an Average Monthly Balance (AMB) requirement of Rs. 10,000 only.
Feature of Merchant Max Basic Account
- Open your current account and become a merchant via completely digital and paperless flow
- Minimum account balance requirement of 10K
- Interest bearing current account with auto sweep facility
- Enjoy best in class free cash deposit limits upto Rs. 6 Lakhs
- Enjoy benefits such as Free NEFT/RTGS/IMPS; Free 50 cheque leaves per month
- Doorstep Banking with free cash and cheque (upto 3) pick-ups per month
- Completely digital POS activation
- All-in-one payment collection platform: DC/ CC, QR, UPI, Link based payment, wallets
- POS machines suitable for all your needs: GPRS enabled, wifi, Android POS
- Accept contact and contactless cards
- Generate send receipts to your customers via SMS/ email
- Free QR Code upon subscription
- Say goodbye to daily cash flow challenges!
- Now you don’t have to wait for 2-3 days for transaction settlement
- Settle transactions* immediately at the click of a button even on bank holidays
- Easy availability of cash 24x7
*Nominal charges applied; get in touch with RM for details
- Get easy, flexible access to credit on your terms
- Choose from a comprehensive suite of loan products: loan against card receivables, small ticket instant business loan, Loan Against Property or working capital loans
- End to end Digital loan application process
- India’s only all-in-one merchant app with banking, loan, payment acceptance, servicing and value added functions all combined in one top-of-the-line platform
- Use the app in your local language
- Manage your credit transactions with built-in Khatabook functionality
- Customizable business performance dashboard which shows you sales and volume trends, settlements details and helps you take better business decisions
- Bill payments and recharges
- Service requests and real-time tracking through the app
- Trustworthy and transparent service support enabled by a 12x7 dedicated service desk
- Omnichannel Service Support – dedicated helpline (022-66238000), mobile app and RM
- Real-time tracking of all service issues through the app
Merchant Max Basic Account Eligibility
Eligible Customer types for Merchant Max Basic Account are:
- Individual
- Sole Proprietorship
- Partnership
- Limited Company / Limited Liability Partnership
- Trust / Association / Club / Society
Fee & Charges of Merchant Max Basic Account
Schedule of Charges for Merchant-Max Basic Account
| Average Monthly Balance Requirement | Rs.10,000/ - |
| Charges for Non-Maintainance of AMB | Rs. 750 per month if AMB is >=50% but <100% & Rs. 1000 per month if AMB is <50% |
| Cheque Book Issuances ((Payable At Par: 50 leaves Book) |
1 cheque book Free per month |
| Charges of Cheque Book on additional usage 1 | Rs. 2 per leaf |
| DD/PO (At Branch Locations) | |
| Free Limit | Rs. 25 lacs per month |
| Charges on Additional usage | Rs. 1/1,000, Min Rs. 25 , Max Rs. 10,000 |
| DD/ PO (Correspondent Bank Location) | |
| Free Limit | Rs. 5 lacs per month |
| Charges on Additional usage | Rs. 2/1000, Min Rs. 100, Max Rs. 15000 |
| DD/ PO (Non-Correspondent Bank) | Rs. 3/1000, Min Rs. 100, Max Rs. 15000 |
Outstation Cheque Collection - Payable at Non-IndusInd Bank Locations |
Instrument Value | Charges |
| Cheques collection up to and including Rs. 5,000 | Rs. 25 | |
Above Rs. 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 Transactions
| Cash Deposit at Home+Non Home Locations | |
| Free Limit per month 4 | Rs. 6 lacs p.m. |
| 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 | Limit As per Debit Card Taken, Refer Standard Schedule of Charges for Debit Card |
| 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 | IndusInd Locations-Rs. 50 per cheque Other Locations-Rs 100 per cheque + Out of pocket expenses |
| NACH / ECS | |
| NACH / ECS Return | Rs. 200 |
| Debit Card | |
| Titanium Debit Card | Issuance, Annual Charges, Replacement & Supplementary Card - Rs. 249/- |
| Platinum Business Debit Card | Issuance, Annual Charges & Supplementary Card- Rs 699, Replacement Card Rs.-249/- |
| Balance Inquiry Outside India | Rs. 20/- per transaction |
| 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 page |
| Charges | |
| Cheque Pickup (On call) | Upto 3 pickups free in a month |
| Cheque Pickup (Beat) Per month | Rs. 500 |
| Door Step Cash upto Rs. 2 Lacs (Per Call) | Rs 150 per call |
| Door Step Cash above Rs. 2 Lacs (Per Call) | Standard Charges: From 2 to 5 Lacs-Rs 250, From 5 to 10 Lacs-Rs 400, From 10 to 20 Lacs-Rs 800, Contact branch for cash above 20 Lacs |
| Door Step Cash (Beat) Per month | Standard Charges: Up to Rs 1 Lac- Rs 2000, From 1 to 2 Lacs-Rs 3000, From 2 to 5 Lacs-Rs 5500, From 5 to 10 Lacs-Rs 9000, From 10 to 20 Lacs-Rs 16000 Contact branch for cash above 20 Lacs |
| Collections | Local Cheque Deposit | Cheques deposited at any location of IndusInd Bank for clearing in the same location | Funds Transfer within IndusInd Bank Outstation Cheque Deposit on IndusInd Bank Location |
| Payments | Anywhere Payment - Cheques paid at any location of IndusInd Bank | Funds Transfer within IndusInd Bank | Cash Withdrawal - Any IndusInd Bank Branch or ATM |
| Other Services | Balance Inquiry at other ATMs within India | Email Statement (Daily) | Dormant Account Activation Charges | Internal Transfer Return Charges Account Closure Charges |
| NEFT / RTGS / IMPS | Branch | Online (Through Indus Net) |
| IMPORTANT: If Average Monthly Balance is maintained less than 60% of the product selected, free limits will not be applicable and below mentioned standard charges will apply. |
| 1. Standard charges per cheque leaf is Rs. 2 |
| 2. Standard charges for funds transfer transaction is Rs. 15 per cheque |
| 3. Standard charges for cash withdrawal at Non-Home Location is Rs. 2.5/1,000 minimum Rs. 50 |
| 4. Standard charges for cash deposit at Home Location/Non-Home Location: Rs. 4/1,000 minimum Rs. 50 |
| Cash Withdrawal Non IndusInd Bank ATM is unlimited Free for balance above Rs. 10,000 in previous month. If balance in previous month is less than Rs. 10,000 then 5 transactions free. Beyond 5 transactions, Charges of Rs. 20 per transactions | Cash Withdrawal outside India Rs. 125 |
| Available in Select Locations only |
| PAP - Payable at Par | GST as applicable on charges |