Overview
Merchant Select Plus Account offers a premium range of comprehensive services to help businesses diversify and grow their business 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. 3 Lakhs.
Feature of Merchant Select Plus Account
- Open your current account and become a merchant via completely digital and paperless flow
- Minimum account balance requirement of Rs. 3 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; Free 500 cheque leaves per month
- Free* cash pick-up and cheque pick up at your doorstep
*Unlimited cheque and cash pick-ups (upto 2L)Â 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 Select Plus Account Eligibility
Eligible Customer types for Merchant Select Account are:
- Individual
- Sole Proprietorship
- Partnership
- Limited Company / Limited Liability Partnership
- Trust / Association / Club / Society
Fee & Charges of Merchant Select Plus Account
Schedule of Charges for Indus Merchant Plus Account
| Program Criteria to be maintained at Group Level | Any one of the criteria mentioned below |
| AQB (in combination of Current and Savings Accounts) | Rs. 3 Lac |
| Total Relationship Value (CA+SA+FD)^ | Rs. 15 Lacs with minimum AQB of Rs. 1 Lac (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 Book Issuances (Payable At Par: 50 Leaves Book) | 10 Cheque Books Free per month |
| Charges of Cheque Book on Additional Usage | Rs. 2 per leaf |
| DD/PO (At Branch Locations) | Â |
| Free Limit | Rs. 500 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. 50 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 |
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 | 10 times of the previous month’s AMB or Rs. 30 Lacs, whichever is higher |
| Additional Charges | |
| Charges on Additional Deposits | Rs. 4/1,000, 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 |
| Stop Payment | |
| Cheque | Single cheque Rs. 100 & Series cheques 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 up to 10 cheques per month, thereafter standard charges$ |
| NACH / ECS | |
| NACH / ECS Return | Rs. 200 |
| Debit Card# | |
| Master Card World Select/ Signature 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 page |
| Charges | |
| Cheque Pickup (On call) | Free once in a day |
| Cheque Pickup (Beat) Per month | Free |
| Door Step Cash upto Rs. 2 Lacs (Per Call) | once in a day |
| Door Step 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 |
| Doorstep Cash up to Rs.1 La c (Beat) per month | Free once in a day |
| Doorstep Cash from Rs. 1 Lac to Rs. 2 Lacs (Beat) per month | Free once in a day |
| Doorstep Cash above Rs. 2 Lacs | Standard Charges - from Rs. 2 to 5 Lacs - Rs. 5,500, 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 |
| 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 | Cash Withdrawal - any IndusInd Bank Branch or ATM |
| Other Services | Balance Inquiry at other ATMs within India | Email Statement (Daily) | Dormant Account Activation | Internal Transfer Return Charges | Account Closure Charges |
| NEFT / RTGS / IMPS | Branch | Online (through Indus Net) |
| Remittances | |
| Inward Remittances | Free |
| Non Trade Outward Remittances | Rs. 250 |
| FIRC Issuances | Free |
| Exports | |
| Export Bills for Collection & under LC | Rs. 400 |
| Advance Export Bills | Rs. 400/bill |
| Free | Rs. 500 |
| BRC issuances for all export transactions | Free |
| Imports | |
| Advance Payments for Imports | Rs. 400 Flat |
| Direct Import Bills | Rs. 400 Flat |
| Import Bills for Collection | Rs. 400 Flat |
| Miscellaneous Charges | |
| Swift Charges | Rs. 150 |
| Courier Charges | Rs. 400 |
| Registered Post Charges | Rs. 250 |
| Commission in lieu of exchange | 0.125% |
| 1. Total Relationship Value = Current Account AQB + Savings Account AQB + Fixed Deposits AQB (3 months rolling average) |
| 2. Cash Withdrawal Non IndusInd Bank ATM is unlimited Free for balance above Rs. 10,000 in previous month. If balance in the previous month is less than Rs. 10,000, then 5 transactions free. Beyond 5 transactions, Charges of Rs. 20 per transaction | Cash Withdrawal outside India Rs. 125 |
| 3. Standard Cheque Return (Outward) Charges: Rs. 50 per cheque for IndusInd Bank Location & Rs. 100 per cheque + out-of-pocket expenses for Other Locations |
| 4. Available in Select Locations only |
| 5. PAP - Payable at Par | GST and FX conversion tax would be applicable as per current regulations. |