Terms and Conditions: Saving Account For Account Opening

Eligibility Criteria:

New to Bank Customer: Customer should not have any existing account with IndusInd Bank
Resident Individual (Not for Non Resident Customers)
Account to be opened under single holding only
Not applicable for Minor Customers (Age >18 years)

Declaration for Online Account:

customer hereby gives consent to IndusInd Bank Limited (“the Bank”) to fetch his/ her personal details from Unique Identification Authority of India (UIDAI), using OTP E-KYC authentication which will be used for KYC purposes like customer’s name, DOB, gender, address and photograph. The customer herewith agrees to provide his/ her valid Aadhaar number and valid PAN Card details. The customer herewith confirms that he/she has not used the OTP based Aadhaar (E-KYC) verification to open any other bank account.

Terms & Conditions:

Opening an account is subject to correct, complete and accurate information being provided to the Bank.
The customer need to complete his face to face KYC verification by visiting his nearest IndusInd Bank branch/ by requesting a visit from the bank representative and providing his KYC details within 12 months of opening such account. Post completion of face to face KYC verification process, the account will be termed as full KYC account and customer will have complete access to the account, including branch network.
If Customer fails to provide full KYC within12 months of opening of the account, for any reason, the Bank reserves right to close the account and customer will have to contact the branch and complete the face to face KYC verification process for operating the account.
The customer herewith agrees that this being a limited KYC account operations of the account will be limited. Any service or transactions requests will not be accepted at the Bank’s branch network and account can be accessed for services or transactions through Bank’s alternative banking channels (Net-Banking, Mobile Banking, SMS Banking, ATMs, etc.)
The customer agrees that if her/ his balance in the limited KYC account exceeds Rs.1 lakh in a given day or cumulative credit values exceeds Rs.2 lakh in a financial year, bank reserves the right to make the account inoperative, till such time that customer completes the face to face KYC verification process.
Customer agrees that the Bank may debit my account for service charges as detailed in the Schedule of Charges as applicable from time to time. Updated Schedule of Charges can be viewed at the following link on the website of the Bank https://www.indusind.bank.in/important-links/schedule-of-charges.html
Customer shall immediately inform the Bank in the manner as agreed by and acceptable to the Bank for any change in any KYC details and/or information given by him/her.
The initial payment/ funding has to be done from the customer’s own account held with any other bank. The amount will be credited into customer account post account activation and basis availability of clear funds.
The Bank shall not be liable for any connectivity/signal/data issues leading to non-completion or wrong/ false/ incomplete information being provided by the customer leading to the incompletion of his/her application.
This account opening process is not available for customers who are FATCA reportable. Such customers are requested to approach the branch and to comply with requirement of opening an account.
The Bank reserves the right to make the account inoperative in case of any discrepancy, inaccurate, incorrect or false information/ representation is provided by the customer when realized by the Bank on regular monitoring of the account/ document verification activities and/ or the Bank is of the opinion that continuation of services is prejudicial to its interest, without any notice to the customer. At the Bank's absolute discretion, the customer may require to provide additional KYC or other documents. The Customer acknowledges and agrees that Bank shall not be made liable for any consequences arising out of making account inoperative or termination of Services.
In case of account being made inoperative, the customer agrees that principal amount on such deposits kept along with the interest accrued (if any) will be payable to him only upon completing his full KYC.
The Customer shall indemnify and keep the Bank indemnified against any loss or damage that the Bank may suffer on account of operation in the account, dishonor of cheque after the closure of the Account.
The customer herewith agrees that on rejection of this application, Bank have right to retain all documents / photographs and any other signed document submitted by the customer along with application.
Customer understands and agrees that interest on the amount funded online will be paid subject to activation of the account and only from the date of credit of the funds in the account
Customer also agrees to authorise IndusInd Bank to send communication via Whatsapp, if applicable
Customer will not be eligible to get a cheque book on this account till the time face to face KYC verification is complete
These Terms and Conditions are in addition to and shall be read in conjunction with the general savings account terms and condition available on www.indusind.bank.in and also along with declaration below:
If customer name basis Aadhaar & PAN card don’t match, account will be in Total freeze till Video KYC is approved by the bank.
If customer name basis Aadhaar & PAN card don’t match and customer Video KYC is rejected by the bank, account will be closed and funds will be reversed to source account within 15 days.

Declaration for Resident Individual Customer:

For Savings Account:

Customers understand that the deposits are accepted in accordance with the directives laid down by the Reserve Bank of India from time to time. Customers understand that these deposits and their payments are governed by the laws in force from time to time in India and are payable at the branch of IndusInd Bank in India where the deposits were made. The Bank has discretion to allow withdrawal of the deposits, either at the branch of deposit or at any other branch in India.
Customers further unconditionally and irrevocably authorise IndusInd Bank Ltd. to debit their account with an amount equivalent to the fees and charges applicable for the services enjoyed by me/ us.
Customers agree to indemnify and hold the Bank harmless in case of any loss suffered by the Bank, its customers or a third party or any claim or action brought by the third party which is in any way the result of availing of services by them. (d) In case of joint accounts, instruction received from one of the account holders to stop operations will be deemed to be sufficient notice to the Bank to act upon such instructions. Further operations would be allowed only upon receipt of fresh instructions from all the account holders.
Customers agree that all the information disclosed above is correct and agree to inform you of any change in the information provided in this form or in related documents.
Customers confirm having read the rules of the Bank regarding the conduct of the account and the rules and regulations pertaining to Phone Banking, Debit Card, Doorstep Banking, Anywhere Banking, Net Banking, Mobile Banking, Video Banking and Utilities Pay Facilities. Customers accept and agree to comply with the terms & conditions or any rules of the Bank that may be in force from time to time. Customers acknowledge that it is their responsibility to obtain a copy of terms and conditions and read the same.
In case the account remains overdrawn on account of unrecovered charges, if any for a period of 3 months and above, the account will be closed and the Bank will not be responsible for giving any advance intimation thereof.
Customers also understand that the continuation of the account is at IndusInd Bank’s sole discretion and in case IndusInd Bank is dissatisfied with the conduct of the account, IndusInd Bank has the right to close the account after giving me/us 15 days’ notice or withdraw the concessions in all or any service charges granted to me/ us or charge IndusInd Bank’s applicable rates for such services.
Customers understand that as my/our accounts is a Basic Savings Bank Deposit Account (Small) under Simplified KYC Process, at any point of time if the total balance or the total yearly turnover in their account exceed ` 50,000/- and ` 1 Lac respectively, or the aggregate of all withdrawals and transfers in a month exceed `10,000, unless Customers complete the required KYC requirement the Bank will be entitled to close the account.
For BSBDA and BSBDA (Small) account: Customers understand that if their account is a Basic Savings Bank Deposit Account/ Basic Savings Bank Deposit (Small) Account, they cannot hold any other account in this Bank. Customers confirm that customers are not having any other Bank account in their name in this Bank. Also if they have any other account they shall get the same closed within 30 days of opening of this account.
Customers authorise the Bank or its agents to make references/enquiries as may be necessary and to exchange/share/part with any/all information with credit bureaus/statutory bodies/ other agencies as may be deemed necessary or appropriate. In the event of the death of the depositor, premature termination will be allowed without levy of penal charge. The following will be applicable on demise of all or sole deposit holders With nomination: The nominee will have the right to seek premature termination of term deposit account, Without nomination: Premature termination will be permitted on joint request by all legal heirs (or any of them as mandated by all the legal heirs) and upon verification of the authority of the legal heirs. Following will be applicable on demise of one of the joint deposit holders: If the specific instructions for premature withdrawal are other than jointly, then in the event of death of one of the depositors, premature termination and payment of Term Deposits shall be allowed to survivor/(s) i.e In the event of the death of any of the deposit holders, the survivor, if he/she so requests the Bank, to prematurely withdraw the deposit without seeking the concurrence of the legal heirs of the deceased joint deposit holder, the Bank is entitled to honour the same. Such payment to survivor/s shall give valid discharge to the Bank. Customers certify that all the information furnished by them is true. They authorise and give consent to the Bank or its agents to make references/enquiries as may be necessary and to disclose, without notice to them, information furnished by them in application form(s)/related documents or exchange/share/part with any/ all information including financial details with credit bureaus/statutory bodies/regulatory authority/law enforcement authority, other agencies as may be deemed necessary or appropriate, at any point of time. Customers also authorise the Bank to disclose the information relating to Bank Guarantee/Letter of Credit facility if any availed by me/us. Customers waive the privilege of privacy & privity of contract. Customers hereby give consent to receive information from Central KYC Registry through SMS/Email on the above registered contact number/email address. Customers confirm that they have read and understood the above Declaration, and that the contact details provided on the form are correct. Customer agrees to have understood the schedule of charges of the product he is applying for. The same are available at https://www.indusind.bank.in/important-links/schedule-of-charges.html Customer herewith agrees to be contacted by the bank to receive information in respect of account maintenance, alerts and updates on existing and new products, servicing of account for sales, marketing or servicing their relationship with IndusInd Bank, its group companies / associates or agents through Telephone / Mobile / SMS / Email etc. Further he/she understands that the consent to receive calls / communications shall be valid and shall prevail over their current or any subsequent registration of their mobile number for NDNC and shall continue to be treated as customer consent / acceptance.

For Term Deposits

The mandate given under ‘mode of operation’ will be applicable to premature withdrawal at any point of time, including death of any one but not all holders. In case of joint term deposits having operating instructions as ‘Either or Survivor’, ‘Anyone or Survivor’ or ‘Former or Survivor’, the Bank shall repay the deposit/s before maturity of the deposit/s in case such a request is received in accordance with the operating instructions of the respective deposit/s, along with relevant documents as may be specified by the Bank from time to time. The same would be applicable even in the event of death of the joint depositors prior to maturity of the deposit. Any such repayment before maturity shall constitute a valid discharge of the Bank’s obligations against all concerned including, but not limited to, the nominee/legal heirs of the depositors or anyone claiming under them. For bulk deposits, please refer to the deposit policy at our website for T&C on your fixed deposits.

The above terms and conditions should be read in conjunction to the detailed general Fixed Deposit terms and conditions outlined by the bank available here:

Fixed Deposit Terms and Conditions
https://www.indusind.bank.in/content/dam/indusind/PDF/Deposit-Accounts-TnC-V31.pdf
And the Bank’s Deposit Policy available here:
https://www.indusind.bank.in/content/dam/indusind/PDF/Deposit%20Policy.pdf

In case the account gets opened but does not become operational due to incomplete customer due diligence or any other reason amount would be refunded back in the same account from which the funding was received. The refund will happen in 10-15 working days from the date of customer request. Refund amount will be same as the amount funded. No interest will be accrued on the amount. In case the account gets opened but there is delay in completion of customer due diligence or there is delay in realization of funds then the term deposit would be booked from the day the due diligence is completed or the day funds are realized by the bank. No interest will be accrued on the amount for the delay due to completion of customer due diligence or delay in realization of funds