Overview
Merchant Pioneer Account offers the best-in-class banking privileges and innovative solutions help businesses grow their value. Best Suited for large size business with an Average Monthly Balance (AMB) requirement of Rs. 10 Lakhs.
Feature of Merchant Pioneer Account
- Open your current account and become a merchant via completely digital and paperless flow
- Minimum account balance requirement of Rs. 10 Lakhs
- Interest bearing current account with auto sweep facility
- Enjoy best in class free cash deposit limits upto Rs. 1 Crore or 12 times of previous month AMB, whichever is higher
- Enjoy benefits such as Free NEFT/RTGS/IMPS; Unlimited Free cheque book issuance per month
- Extend Pioneer benefits to other accounts (group upto 10 SA or CA accounts)
- 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
- POS related services resolved within 48 hours in select cities
- Real-time tracking of all service issues through the app
Merchant Pioneer Account Eligibility
Eligible Customer types for Merchant Pioneer Account are:
- Individual
- Sole Proprietorship
- Partnership
- Limited Company / Limited Liability Partnership
- Trust / Association / Club / Society
Fee & Charges of Merchant Pioneer Account
Schedule of Charges for Merchant Pioneer Account
| Relationship Criteria to be maintained at Group Level# | Any one of the criteria mentioned below |
| AQB (in combination of Current and Savings Accounts, Max. – 10 Accounts) | Rs. 10 lacs |
| Cheque Book Issuances ((Payable At Par: 50 leaves Book) |
Rs. 30 lacs |
| Charges of Cheque Book on additional usage 1 | Waived off |
| Cheque Book Charges | |
| Cheque Book Issuances (PAP) (50 leaves book) | Unlimited 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 |
| Funds Transfer within IndusInd Bank | Free |
| Cash Deposit at Home Location + Non-Home Location | |
| Free Limit per month | 12 times of the previous month’s AMB or Rs. 1 Cr, 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 |
| Cash Withdrawal outside India ATMs | Free |
| Cash Withdrawal Limit at ATM | Refer Debit Card Standard SoC |
| Funds Transfer within IndusInd Bank | Free |
| Payments through PAP cheque | Rs. 100 lacs per month |
| DD/PO (Branch Locations) Limit | Unlimited Free |
| DD/PO (Correspondent Bank Location) | |
| Free Limit | Rs. 75 lacs per month |
| Charges on Additional usage | Rs. 2/1,000 (Min. Rs. 100 Max. Rs. 15,000) |
| DD/ PO (Non-Correspondent Bank) | Rs. 3/1,000 (Min. Rs. 100 Max. Rs. 15,000) |
| NEFT (National Electronic Funds Transfer) | Free |
| RTGS (Real Time Gross Settlement) | Free |
| Stop Payment (Single Cheque, Series Cheques) | Free |
| Cheque Return (Inward) for Financial Reasons | Rs. 100 per cheque |
| Cheque Return (Outward) Other Locations | Free |
| Internal Transfer Return Charges | Nil |
| NACH/ECS Return | Rs. 100 |
| 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 |
| Charges | |
| Cheque Pickup (On call) | Unlimited Free |
| Cheque Pickup (Beat) Per month | Free |
| Cash Delivery/Pick-up (Per call) | |
| Till Rs. 4 lacs | Free once a day |
| Rs. 4 - 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. 4 lacs | Free once a day |
| Rs. 4 - 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. 75 per Txn |
| FIRC Issuances | Free |
| Exports | |
| Export Bills for Collection & under LC | Rs. 75 per Bill |
| Advance Export Bills | Rs. 75 per Bill |
| Export LC Advising | Rs. 75 per Bill |
| BRC Issuances for all Export transactions (EBRC) | Free |
| Imports | |
| Advance Payments for Imports | Rs. 75 per Txn |
| Direct Import Bills | Rs. 75 per Bill |
| Import Bills for Collection | Rs. 75 per Bill |
| Miscellaneous Charges | |
| Swift Charges | Rs. 75 |
| Courier Charges | Rs. 1,000 |
| Registered Post Charges | Rs. 75 |
| Commission in lieu of exchange | 0.125% |
| 1. As identified with the Bank. Please contact your Service Relationship Manager for details of your Group |
| 2. Net Relationship Value = Current Account AQB + Savings Account AQB + Fixed Deposits AQB (3 months rolling average) + Mutual Funds’ & Investment Products’ Original Invested Value (of active investments) + Insurance Premiums (of active policies, single premium policies excluded) + DP Value Average Quarterly Value (3 months rolling average) |
| 3. Available in select locations only |
| 4. All charges are exclusive of GST as applicable |
| PAP - Payable at Par | GST as applicable on charges |