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Open Merchant Select Account with 1 Lakhs Balance

Overview

Merchant Select 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 Monthly Balance (AMB) requirement of Rs. 1 Lakh only.

Feature of Merchant Select Account

  • Open your current account and become a merchant via completely digital and paperless flow
  • Minimum account balance requirement of Rs. 1 Lakh
  • Interest bearing current account with auto sweep facility
  • Enjoy best in class free cash deposit limits upto Rs. 20 Lakhs or 8 times of previous month AMB, whichever is higher
  • Enjoy benefits such as Free NEFT/RTGS/IMPS; Free 250 cheque leaves 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

  • 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 Account Eligibility

Eligible Customer types for Merchant Select Account are:

  1. Individual
  2. Sole Proprietorship
  3. Partnership
  4. Limited Company / Limited Liability Partnership
  5. Trust / Association / Club / Society

Fee & Charges of Merchant Select Account

Schedule of Charges for Indus Merchant 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. 1 Lac
Total Relationship Value (CA+SA+FD)^ Rs. 10 Lacs with minimum AQB of 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 Book Issuances (Payable At Par: 50 Leaves Book) 5 Cheque Books Free per month
Charges of Cheque Book on Additional Usage Rs. 2 per leaf

DD/PO (At Branch Locations)  
Free Limit Rs. 200 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. 40 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 8 times of the previous month’s
AMB or Rs. 20 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 5 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 Rs. 3,000
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. 500
Advance Export Bills Rs. 500/bill
Free Rs. 600
BRC issuances for all export 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
Courier Charges Rs. 500
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.