IndusInd Bank Pioneer Savings Account Opening Experience

[magneto]

Hi All!

I was researching about IndusInd Pioneer account lately and was thinking about opening one, so I approached my nearest branch and the desk person says my PAN is not eligible for a Pioneer account 😂. I told her it's not a Credit Card that I am applying for and she says:
"hota hain sir aapko pata nahi hoga"

Anyway she declined my request to open a Pioneer Account and insisted I am max eligible for Exclusive Account but should open partner account instead.

I was already fed up with my branch and hence I decided to approach a Pioneer Branch directly and open an account with them. They instantly filled the form for me and opened the account, within a week I received the welcome kit with the debit card.

But the only issue was they did not assign me any RM and I had to contact the person through whom I opened the account with, well it's not a big deal as that person is knowledgeable enough but this kind of service was not expected, also they updated incorrect E-mail ID and residential address which I had to update later.

Still they do know about their services and features, as I requested for a metal debit card, they processed it instantly without any charges!

Overall I would say it was a hectic experience but the customer service and knowledge of the Pioneer Branch staff is great 👍



P.S. I have asked them about LTF Pioneer Heritage Metal Credit Card upgrade but they say it's not possible to reduce or remove the joining fees. After reading so many posts of other people here I said people are getting it LTF so they ask me to share the contact details of the RM who helped them do the process as they are not sure about how it's done and how to take an approval, so if recently anyone has received this card LTF please guide me here🙏

 

[jack333]

Were you able to negotiate for premium card with less fees?

 

[VijayflyRaven]

TBH ICICI Bank staff is not knowledgeable enough, not just the branch but thier customer care is equally dumb. I am really surprised it is one of the leading banks of our country on top of it no benefits with their Savings account and cards as well.

Everything is automated with them. Their IT is better. Again ymmv depending on branch staff. I have a good experience with icici as I never interact with branch or customer care (very less).

For example, icici inward remittance is automatic with no man in the middle. Same is not true with IndusInd. So ymmv when a human is involved. The human at IndusInd did not know how to do inward remittance. ICICI could do it seamlessly.

 

[sauravkumar]

Everything is automated with them. Their IT is better. Again ymmv depending on branch staff. I have a good experience with icici as I never interact with branch or customer care (very less).

For example, icici inward remittance is automatic with no man in the middle. Same is not true with IndusInd. So ymmv when a human is involved. The human at IndusInd did not know how to do inward remittance. ICICI could do it seamlessly.

Absolutely!!👍👍👍

Even in my 8 years relationship with ICICI, I visited branch for the first time last week for Wealth Upgrade!!

 

[magneto]

Were you able to negotiate for premium card with less fees?

I have asked them regarding Heritage Metal as LTF, they say they don't know the process as to how it's done. They are asking me to share contact of the person who has done this (RM) so that they can follow the same steps. Will update on this!

 

[VijayflyRaven]

I have asked them regarding Heritage Metal as LTF, they say they don't know the process as to how it's done. They are asking me to share contact of the person who has done this (RM) so that they can follow the same steps. Will update on this!

This is exactly the problem with them. My RM did not know how to deposit $100 to my savings. He asked someone and that person said I need to register as FDI entity and also have to pay ₹50k for some documentation and stamp paper. All these are wrong. RM can cause unwanted problems like these.

Another example: a bigbasket transaction failed. Indus customer care asked me to work with Big basket and if they don’t refund, he said Indus does not handle dispute and asked me to convince merchant to initiate the dispute. This is rubbish as merchant will never initiate a dispute from their side based on my limited knowledge. Another customer care agent asked me to get big basket daily bank account statement for last 2 weeks.

 

[magneto]

This is exactly the problem with them. My RM did not know how to deposit $100 to my savings. He asked someone and that person said I need to register as FDI entity and also have to pay ₹50k for some documentation and stamp paper. All these are wrong. RM can cause unwanted problems like these.

Actually this is a big blunder with IndusInd Bank that they have great services and features to offer but their own staff is uneducated for this matter due to which they themselves have to incurr huge losses, most importantly of a customer's trust. For ex. many people in this forum have approached the bank regarding zero AMB Exclusive Account with Pinnacle/Indulge and the branch is clueless, even though they have the SOB (Schedule of Benefits) where it's clearly mentioned that Exclusive Account is zero AMB for Pinnacle/Indulge card holders, still they are not sure about this. It's the higher authorities only who know about all this. BTW, ₹50k for registration?!? Now this is changing my opinion towards this Bank💀

 

[VijayflyRaven]

Actually this is a big blunder with IndusInd Bank that they have great services and features to offer but their own staff is uneducated for this matter due to which they themselves have to incurr huge losses, most importantly of a customer's trust. For ex. many people in this forum have approached the bank regarding zero AMB Exclusive Account with Pinnacle/Indulge and the branch is clueless, even though they have the SOB (Schedule of Benefits) where it's clearly mentioned that Exclusive Account is zero AMB for Pinnacle/Indulge card holders, still they are not sure about this. It's the higher authorities only who know about all this. BTW, ₹50k for registration?!? Now this is changing my opinion towards this Bank💀

Yes. I transferred $100 (around 8k) and bank was asking me to pay the remaining amount as fees. I declined and they sent back the money. I transferred $20 to SBI and they credited within 8 hours with 2 automated emails/ sms before and after credit. All automated at SBI, HDFC, ICICI.
Even after sending schedule of benefits showing zero fees for inward remittance, RM insists that backend team wants me to pay charges of 50k. I told him this bank is a joke and left it. Imagine the joke where a poor guy receiving $100 is asked to register as FDI (Foreign Direct Investment).

Same experience for refund process and dispute. The team will close dispute with a statement that bank does not do dispute when merchant settled transaction. 🙂 This means using indus for risky merchant puts us at risk.

 

[EINSTEIN]

I had a conversation with someone from affluent banking team regarding uneducated staff, he told me the real reason is that most of the employees join IndusInd for only a short span of time, and move to a different bank/company very quickly, so they don’t bother to learn about IndusInd more than the bare minimum.

And IndusInd is not alone in this, I feel this is an industry wide problem except for PSB.

 

[xfactcc]

Your post has inspired me to open a Pioneer account too with IP of ₹10L as someone has mentioned, but I already have a regular online savings account with Indusind.

Someone mentioned in another thread that Indusind allows only one savings account per customer, is it true?

I'd like to directly open the HNI account instead of upgrading my existing account as that can be a struggle.

Also, can anyone tell me if Indusind downgrades? Because I don't think I will be maintaining a high balance always.

 

[magneto]

Your post has inspired me to open a Pioneer account too with IP of ₹10L as someone has mentioned, but I already have a regular online savings account with Indusind.

Someone mentioned in another thread that Indusind allows only one savings account per customer, is it true?

I'd like to directly open the HNI account instead of upgrading my existing account as that can be a struggle.

Also, can anyone tell me if Indusind downgrades? Because I don't think I will be maintaining a high balance always.

Thank you for reading my post 🙏

Yes, IndusInd allows only one Savings Account per customer, but you can try opening a new account using a different mobile number, or you can just open an account for a family member and add yourself in family banking where you get upgraded without any hassle! And yes IMO too direct account opening is 100× easier than upgrading existing accounts. For the downgrade part, I am not so sure as to what they might do, some members of TF Community say their RM told them downgrades don't happen in IndusInd Bank but recently I checked the monthly account statement I received through e-mail where it is mentioned:

 

[xfactcc]

Thank you for reading my post 🙏

Yes, IndusInd allows only one Savings Account per customer, but you can try opening a new account using a different mobile number, or you can just open an account for a family member and add yourself in family banking where you get upgraded without any hassle! And yes IMO too direct account opening is 100× easier than upgrading existing accounts. For the downgrade part, I am not so sure as to what they might do, some members of TF Community say their RM told them downgrades don't happen in IndusInd Bank but recently I checked the monthly account statement I received through e-mail where it is mentioned:

View attachment 17297

Thank you for highlighting this vital piece of information. So, even though the RMs say there will be no downgrade but since it is in literature, if it ends up happening, we can't say we were oblivious. :/

 

[Vaastav]

Your post has inspired me to open a Pioneer account too with IP of ₹10L as someone has mentioned, but I already have a regular online savings account with Indusind.

Someone mentioned in another thread that Indusind allows only one savings account per customer, is it true?

I'd like to directly open the HNI account instead of upgrading my existing account as that can be a struggle.

Also, can anyone tell me if Indusind downgrades? Because I don't think I will be maintaining a high balance always.

No such thing as one savings account per customer. You can open as many as you want in different branches.

 

[VijayflyRaven]

No such thing as one savings account per customer. You can open as many as you want in different branches.

So if I have one legend credit card, Can I have two select accounts? That will give me 4 debit cards I can use for offers.

 

[Vaastav]

So if I have one legend credit card, Can I have two select accounts? That will give me 4 debit cards I can use for offers.

No it doesn't work like this. One Legend Credit Card Gets Linked with 1 Savings account. Say If You've 10 Savings account then You'll get Zero MAB on Whichever Savings Account that is linked with Legend CC and not on all 10

 

[4uziaul]

No such thing as one savings account per customer. You can open as many as you want in different branches.

How many accounts do you have with IndusInd?

 

[VijayflyRaven]

No it doesn't work like this. One Legend Credit Card Gets Linked with 1 Savings account. Say If You've 10 Savings account then You'll get Zero MAB on Whichever Savings Account that is linked with Legend CC and not on all 10

In the app or website, I can see credit cards and savings account in one linked customer Id. So if we add one more savings, I believe we can see all 3 (2 savings and 1 credit). Someone has to confirm it though.

 

[4uziaul]

In the app or website, I can see credit cards and savings account in one linked customer Id. So if we add one more savings, I believe we can see all 3 (2 savings and 1 credit). Someone has to confirm it though.

Yes, you can see all 3. I can confirm because I have one joint and one single account with them.

 

[Vaastav]

How many accounts do you have with IndusInd?

I've 2 and both are from single Branch and Yes @VijayflyRaven they are all mapped to single Customer ID.

IndusInd Time to Time Gives Their Premium Accounts as Zero MAB with some Initial Funding. Recently There was an offer Of Opening Any Zero MAB Account Upto Exclusive With 4L Funding and Before that There was an offer on Indus Partner Account.

So Keep Track of them and Open as many as you want 😂

 

[4uziaul]

I've 2 and both are from single Branch and Yes @VijayflyRaven they are all mapped to single Customer ID.

IndusInd Time to Time Gives Their Premium Accounts as Zero MAB with some Initial Funding. Recently There was an offer Of Opening Any Zero MAB Account Upto Exclusive With 4L Funding and Before that There was an offer on Indus Partner Account.

So Keep Track of them and Open as many as you want 😂

Both account from same branch or different branch?

 

[VijayflyRaven]

I've 2 and both are from single Branch and Yes @VijayflyRaven they are all mapped to single Customer ID.

IndusInd Time to Time Gives Their Premium Accounts as Zero MAB with some Initial Funding. Recently There was an offer Of Opening Any Zero MAB Account Upto Exclusive With 4L Funding and Before that There was an offer on Indus Partner Account.

So Keep Track of them and Open as many as you want 😂

Did you get offer through email?