IndusInd bank Select Savings Account and Legend Credit Card

[hellobois]

Hi. I received my Select Savings Account welcome kit today but I'm not able to link it with my legend credit card in mobile application. Please help. My 50000 is already stuck in select account and there is no way to take it out as I have to pay penalty as non maintenance charges.
Please help 🥺

 

[Wealth is my birth right!]

0 MAB for Legend holders?

Yes

what's the catch?
legend card holder get's 0 MAB Select saving account?

Product has been designed like the asset part is savings account and liability is credit card they say surrogate
If we speak about revenue they r much aggressive to sell PL
Good thing IndusInd interest rate is higher than other banks

 

[deep@vie]

Yes

what's the catch?
legend card holder get's 0 MAB Select saving account?

Product has been designed like the asset part is savings account and liability is credit card they say surrogate
If we speak about revenue they r much aggressive to sell PL
Good thing IndusInd interest rate is higher than other banks

thanks 😊

 

[BUDHRAJ]

Yes

Product has been designed like the asset part is savings account and liability is credit card they say surrogate
If we speak about revenue they r much aggressive to sell PL
Good thing IndusInd interest rate is higher than other banks

I am interested in select account
Should i open it online or visit the branch for offline ?

 

[Wealth is my birth right!]

I am interested in select account
Should i open it online or visit the branch for offline ?

Online also fine if you don’t have nearby branches

 

[mojo_jojo123]

Online also fine if you don’t have nearby branches

is there an option to choose select account when we open account online ?

 

[Wealth is my birth right!]

is there an option to choose select account when we open account online ?

Should be there but if not also open normal one u can upgrade later from any branch

 

[emadiqbalali]

My Experience:

Today I went to nearest IndusInd Bank to open the IndusInd Select account, upon hearing this they immediately oblige and make me sit. They showed the brochure and told that I will need original PAN + Aadhar along with 1L cheque.

Post account opening, I can maintain the 50,000 they said, and I said it's fine. Now at the time of opening, the process took much longer than expected. I went to bank at around 11:30 am and came back at afternoon around 1PM.

The issue was that I had PayTM payments bank which created FD as my amount in bank exceeded 1L. The tie up was IndusInd Bank and now I had Customer ID with them and it won't let them create new one and worse case was it had old address attached.

I went anyhow with the old address as they said they will update it and now waiting for the kit. It was very confusing that the customer ID attached to the card doesn't show up while the FD created a long time back like in 2018 showed up.

The staff was very great, they even came to my home to collect the cheque of 1L with me and the signatures on the form since I didn't take the cheque book with me to the bank.

Hopefully I should be able to link my Legend Card now after the account opening.

 

[VijayflyRaven]

My Experience:

Today I went to nearest IndusInd Bank to open the IndusInd Select account, upon hearing this they immediately oblige and make me sit. They showed the brochure and told that I will need original PAN + Aadhar along with 1L cheque.

Post account opening, I can maintain the 50,000 they said, and I said it's fine. Now at the time of opening, the process took much longer than expected. I went to bank at around 11:30 am and came back at afternoon around 1PM.

The issue was that I had PayTM payments bank which created FD as my amount in bank exceeded 1L. The tie up was IndusInd Bank and now I had Customer ID with them and it won't let them create new one and worse case was it had old address attached.

I went anyhow with the old address as they said they will update it and now waiting for the kit. It was very confusing that the customer ID attached to the card doesn't show up while the FD created a long time back like in 2018 showed up.

The staff was very great, they even came to my home to collect the cheque of 1L with me and the signatures on the form since I didn't take the cheque book with me to the bank.

Hopefully I should be able to link my Legend Card now after the account opening.

For others benefit, 50k cheque is enough to open select account. We need 90k for exclusive account. The branch staff will want to show higher funding for his benefit.

Account opening usually takes 20 minutes and funding can also be IMPS.

 

[emadiqbalali]

For others benefit, 50k cheque is enough to open select account. We need 90k for exclusive account. The branch staff will want to show higher funding for his benefit.

Account opening usually takes 20 minutes and funding can also be IMPS.

Ohh, I wasn't aware of this. Actually, I could have opened it online itself however, due to Paytm, it keeps showing me "We can't process your account, please visit the branch".

He said that he will cash out that cheque only after I get the kit, and I will be able to withdraw it soon enough, so I agreed.

 

[VijayflyRaven]

is there an option to choose select account when we open account online ?

Opening online works only if you have PAN and Aadhar match. If name does not match, you will not have account opened after vkyc. There will be no email or sms. We will be waiting indefinitely for account opening.

 

[shubhamosy]

Ohh, I wasn't aware of this. Actually, I could have opened it online itself however, due to Paytm, it keeps showing me "We can't process your account, please visit the branch".

He said that he will cash out that cheque only after I get the kit, and I will be able to withdraw it soon enough, so I agreed.

same here, years back 5K Paytm FB created Cust id on indus on my father name, now in online they are not allowing me to created account.

 

[codenerd]

Book my show B1G1, swiggy and big basket discount - upto 20% and other basic discounts, airport lounge access 2 per quarter

I have almost all this with their Partner account. I dont have Select account. I myself dont understand the major difference between Select and Partner account!

 

[pprakash11]

I have almost all this with their Partner account. I dont have Select account. I myself dont understand the major difference between Select and Partner account!

If your partner account is 0 MAB, then no need of Select A/C

 

[codenerd]

If your partner account is 0 MAB, then no need of Select A/C

Yes my partner account is 0 MAB due to a special offer. I opened that too with initial funding of 2L. But its 0 MAB. I also have Legend CC LTF with 2.5L limit. Anything that I can do for any valuable and meaningful upgrade without spending unnecessary money?

 

[pprakash11]

Yes my partner account is 0 MAB due to a special offer. I opened that too with initial funding of 2L. But its 0 MAB. I also have Legend CC LTF with 2.5L limit. Anything that I can do for any valuable and meaningful upgrade without spending unnecessary money?

No. Already you will be havings VISA Signature DC & MC World DC.
Why to upgrade and be on a surrogate product!!
I would suggest keep your partner 0 MAB A/C as it is.

 

[BUDHRAJ]

@emadiqbalali @VijayflyRaven
I am unable to open select account online as it throws a error that account already exists, even though i never had any relationship with indusind

so i will now visit branch,
my doubts..
1. how many days will it take to completly activate the account ( can be used freely)
2. how much initial funding is req 50k or 1lacs ?
3. how much time will branch executive takes to open the account when i visit the branch ?

 

[pprakash11]

@emadiqbalali @VijayflyRaven
I am unable to open select account online as it throws a error that account already exists, even though i never had any relationship with indusind

so i will now visit branch,
my doubts..
1. how many days will it take to completly activate the account ( can be used freely)
2. how much initial funding is req 50k or 1lacs ?
3. how much time will branch executive takes to open the account when i visit the branch ?

1. Depends on branch, as less than 1 hour if the executive opens your account immediately.
Can be fully functional within 5 days (post receipt of your welcome kit)

2. 50K

3. generally they open in their tab, max 30min- 1 hr

 

[BUDHRAJ]

1. Depends on branch, as less than 1 hour if the executive opens your account immediately.
Can be fully functional within 5 days (post receipt of your welcome kit)

2. 50K

3. generally they open in their tab, max 30min- 1 hr

so we can't withdrawl funds unless we recieved our welcome kit ?
does this mean account will be on debit freeze till welcome kit recieved ?

 

[pprakash11]

so we can't withdrawl funds unless we recieved our welcome kit ?
does this mean account will be on debit freeze till welcome kit recieved ?

Yeah because you can't access internet banking/ mobile banking w/o welcome kit.

 

[pprakash11]

Not debit freeze.
You can withdraw cash from branch if reqd.

so we can't withdrawl funds unless we recieved our welcome kit ?
does this mean account will be on debit freeze till welcome kit recieved ?