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Minimum opening balance*
Overview
IndusInd Bank’s young saver deposit encourages saving in children by giving a high return on savings. We do so by linking their savings bank account with the flexi recurring deposit that is opened and operated by the guardian for the minor.
*No upper limit on deposit
6 to 120 months
Minimum tenure**
**Tenure is 6 months to 10 years
Young Saver Deposit Benefits
Invest a fixed amount for the future benefit of a child in the young saver deposit with IndusInd Bank to enjoy:
- The balance in the savings bank account transferred to a flexi recurring deposit on the last day of every month sparing only Rs 100 in the account.
- Interest rate: As applicable for term deposits in case of recurring deposit.
- TDS on interest: As per the current income tax regulations.
- Deposit tenure: 6 to 120 months
- Nomination facility: Available
- Premature closure: Allowed
Please click here for interest rates.
You can open a young saver deposit online. Here’s how:
- Click on the Apply Now button on this page.
- Fill in your details.
- Submit your form.
We will get back to you for further KYC process. Alternately, you can visit a branch and submit the deposit account form.
Eligibility Criteria of Young Saver Deposit
Eligibility
- IndusInd Bank’s young saver deposit can be opened by a guardian for a minor.
Documentation
The young saver deposit documents include:
- The application form.
- Passport-size photo.
- Identity proof such as passport, Aadhaar, driving license, government ID, senior citizen ID or PAN card.
- Address proof such as passport, telephone bill, electricity bill, bank statement with cheque.
- Introduction by an existing IndusInd Bank customer.
