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)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
- 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:
- Individual
- Sole Proprietorship
- Partnership
- Limited Company / Limited Liability Partnership
- 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) | Â |
| 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. |