Overview
Merchant Exclusive Account offers a top-of-the-line range of comprehensive services and privileges to help businesses grow their output. In addition, it allows access to curated lifestyle privileges & offers. Best Suited for large size business with an Average Monthly Balance (AMB) requirement of Rs. 5 Lakhs.
Feature of Merchant Exclusive Account
- Open your current account and become a merchant via completely digital and paperless flow
- Minimum account balance requirement of Rs. 5 Lakhs
- Interest bearing current account with auto sweep facility
- Enjoy best in class free cash deposit limits upto Rs. 30 Lakhs or 10 times of previous month AMB, whichever is higher
- Enjoy benefits such as Free NEFT/RTGS/IMPS; Unlimited Free cheque book issuance per month
- Free* cash pick-up and cheque pick up at your doorstep
*Unlimited cheque and cash pick-ups (upto 2L) in a month (once a day, on call)
- 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
- Dedicated relationship manager for all your needs
- 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 Exclusive Account Eligibility
Eligible Customer types for Merchant Exclusive Account are:
- Individual
- Sole Proprietorship
- Partnership
- Limited Company / Limited Liability Partnership
- Trust / Association / Club / Society
Fee & Charges of Merchant Exclusive Account
Schedule of Charges for Merchant Exclusive Account
| Average Quarterly Balance Requirement (Single/ Group Balance) | Rs. 5,00,000/- |
| Cheque Book Issuances ((Payable At Par: 50 leaves Book) |
10% of the shortfall in required single/group AQB as per program, Subject to max of Rs. 900 |
| Cheque Book Issuances (Payable At Par: 50 Leaves Book) | Free |
| Local Cheque deposit | Free |
| Cheques deposited at any location of IndusInd Bank for clearing in same location | Free |
| Outstation Cheque collection, payable at IndusInd Bank location | Free |
| Outstation Cheque collection, payable at Non-IndusInd Bank location | Free |
| Cash Deposit at Home Location + Non-home Location | |
| Free Limit per month | 10 times of the previous month's AMB or Rs. 50 lacs, which ever is higher |
| Additional charges on incremental deposits | Rs. 4/1,000 (Min.Rs. 50 per transaction) |
| Cash Withdrawal | |
| Cash Withdrawal (Home Location) | Free |
| Cash Withdrawal (Non-Home Location) | Free |
| Cash Withdrawal (ATMs) IndusInd Bank Network | Free |
| Cash Withdrawal at other ATMs | Free unlimited for average balance above Rs. 10,000/- in previous month. If average balance in previous month is less than Rs. 10,000/- then 5 Transactions Free. Beyond 5 Transactions, Charge of Rs. 20 per Transaction. |
| Cash Withdrawal outside India ATMs | Free |
| Cash Withdrawal Limit at ATM | Refer Standard Schedule of Charges for Debit Card |
| Funds Transfer within IndusInd Bank | Free |
| Payments through payable at par cheque | Free |
| DD/ PO (At IndusInd Bank Locations) | |
| Free Limit | Unlimited Free |
| DD/ PO (Correspondent Bank Location) | |
| Free Limit | Rs. 60 lacs per month |
| Charges on Additional usage | Rs. 2/1,000 Minimum Rs. 100 Maximum Rs. 15,000/- |
| DD/ PO (Non-Correspondent Bank) | Rs. 3/1,000 Minimum Rs. 100 Maximum Rs. 15,000/- |
| NEFT (NATIONAL ELECTRONIC FUNDS TRANSFER) | Free |
| RTGS (REAL TIME GROSS SETTLEMENT) | Free |
| Stop Payment (Cheque) | Single Cheque - Rs. 100, Series Cheque - Rs. 150, Nil Charges if requested through IndusNet/ IndusMobile/ IVR |
| Cheque Return (Inward) For Financial Reasons | Up to 2 instruments per month - Rs. 350 per instrument. On 3rd & 4th instrument - Rs. 500 per instrument. 5th instrument onwards - Rs. 750 per instrument. |
| Cheque Return (Outward) IndusInd Bank Location | NIL charges up to 15 cheques per month, there after Rs. 50 per cheque |
| Cheque Return (Outward) Other Locations | Rs. 100 per cheque + Out of pocket Expenses |
| Internal Transfer Return Charges | NIL |
| Debit Card | |
| PIONEER World Debit Card | Free |
| Balance inquiry at other ATMs within India | Free |
| Balance inquiry outside India | Free |
| PoS Limit on Debit Card | Limit As per Debit Card Taken, Refer Standard Schedule of Charges for Debit Card |
| Email Statement (Daily) | Free |
| Adhoc Statement (Printed) | Free |
| NACH / ECS Return | Rs. 200 |
| Debit Card# | |
| Exclusive Debit Card | Free |
| Balance Inquiry at Other ATMs within India | Free |
| Balance Inquiry Outside India | Rs. 20 per transaction |
| POS Limit on Debit Card | Limit as per Debit Card taken, Refer Standard Schedule of Charges for Debit Card |
| Email Statement (Daily) | Free |
| Adhoc Statement printed | Rs.10 per page |
| Charges | |
| Cheque Pickup (On call)+ | Free once in a day |
| Cheque Pickup (Beat) Per month* | Free |
| Cash Delivery/Pick-up (Per call) + | |
| Till Rs. 2 lacs | Free once in a day |
| Rs. 2 - 5 lacs | Rs. 250 |
| Rs. 5 - 10 lacs | Rs. 400 |
| Rs. 10 - 20 lacs | Rs. 800 |
| > Rs. 20 lacs | Contact Branch for Cash above Rs. 20 lacs |
| Cash Delivery/Pick-up (Beat delivery) per month+ | |
| Till Rs. 2 lacs | Free once in a day |
| Rs. 2 - 5 lacs | Rs. 5,500 |
| Rs. 5 - 10 lacs | Rs. 9,000 |
| Rs. 10 - 20 lacs | Rs. 16,000 |
| > Rs. 20 lacs | Contact Branch for Cash above Rs. 20 lacs |
| Remittances | |
| Inward Remittances | Free |
| Non Trade Outward Remittances | Rs. 250 per Txn |
| FIRC Issuances | Free |
| Exports | |
| Export Bills for Collection & under LC | Rs. 400 per Bill |
| Advance Export Bills | Rs. 400 per Bill |
| Export LC Advising | Rs. 500 per Txn |
| BRC Issuances for all Export transactions (EBRC) | Free |
| Imports | |
| Advance Payments for Imports | Rs. 400 per Txn |
| Direct Import Bills | Rs. 400 per Bill |
| Import Bills for Collection | Rs. 400 per Bill |
| Miscellaneous Charges | |
| Swift Charges | Rs. 150 |
| Courier Charges | Rs. 1,000 |
| Registered Post Charges | Rs. 250 |
| Commission in lieu of exchange | 0.100% |
| 1. Available in select locations only |
| 2. For other variant of Debit Cards and further information, please refer Debit Card Schedule of Charges at www.IndusInd.com |
| 3. PAP- Payable At Par |
| 4. GST as applicable on charges |