Indusind Exclusive Savings Account Discontinued !!

[sunit123]

Today, i visited indusind bank to open exclusive savings account but the manager informed me that it has been discontinued w.e.f 1st March, 2025..They will come out with new variant of exclusive savings account by next month. I am 100% sure that in the new variant the forex mark up fees will not be 0% and international ATM withdrawal will be chargeable.

 

[adi.maurya]

is this true? I just visited the branch today and they didn't mention anything about this?

context: I was there to open exclusive saving account based on my pinnacle cc but since the branch employees weren't aware about it, I had to return back


can anymore folks from bank officials confirm this?

 

[Credit_Cards]

is this true? I just visited the branch today and they didn't mention anything about this?

context: I was there to open exclusive saving account based on my pinnacle cc but since the branch employees weren't aware about it, I had to return back


can anymore folks from bank officials confirm this?

branch employees will never be aware you simple open Exclusive and later link your CC to make it 0 MAB, for normal opening you have to do Initial Funding mostly or if you are holding lower variant account ask them to raise upgradation request

 

[adi.maurya]

branch employees will never be aware you simple open Exclusive and later link your CC to make it 0 MAB, for normal opening you have to do Initial Funding mostly or if you are holding lower variant account ask them to raise upgradation request

i don't have any relation with the bank other than this cc, so I have to create an exclusive account by funding it and the convert it?

and what is the above member saying is it true? additionally how I reach to a person to talk to through ivr, I mean evey option is leading me toa dead end saying contact website for more details 😮‍💨

 

[drvirag]

i dotn have any relation with the bank other than this cc, so I have to create an exclusive account by funding it and the convert it?

Dont tell dem anything. Just tell dem u want to open exclusive ac n open it. Later call cc n merge both. Branch ppl r super talented dey dont even know abt all dese things.

 

[drvirag]

Today, i visited indusind bank to open exclusive savings account but the manager informed me that it has been discontinued w.e.f 1st March, 2025..They will come out with new variant of exclusive savings account by next month. I am 100% sure that in the new variant the forex mark up fees will not be 0% and international ATM withdrawal will be chargeable.

If dey wanted forex to be removed dey cud hv changed tnc no need to discontinue. Will visit branch in few days n confirm den.

 

[anonymuos]

Confirmed today from my branch too in Mumbai. They said Exclusive account is currently not available for New To Bank nor for Existing to Bank customers. No further info to share.

 

[AkitA]

Today, i visited indusind bank to open exclusive savings account but the manager informed me that it has been discontinued w.e.f 1st March, 2025..They will come out with new variant of exclusive savings account by next month. I am 100% sure that in the new variant the forex mark up fees will not be 0% and international ATM withdrawal will be chargeable.

T&C is still the same. 0 MAB with pinnacle and 0 forex cash withdrawal.

https://www.indusind.com/content/dam/indusind-corporate/schedule-of-charges/savings-account/SOB-SA-Indus-Exclusive.pdf

 

[anonymuos]

T&C is still the same. 0 MAB with pinnacle and 0 forex cash withdrawal.

https://www.indusind.com/content/dam/indusind-corporate/schedule-of-charges/savings-account/SOB-SA-Indus-Exclusive.pdf

Sure why should existing customers who already have Exclusive account be affected by this change? The restriction is on onboarding of new customers to Exclusive account who're NTB or ETB.

 

[r1210user]

Opened add on exclusive accounts for my family this week in Bangalore. I don’t think it’s discontinued.

 

[AkitA]

Sure why should existing customers who already have Exclusive account be affected by this change? The restriction is on onboarding of new customers to Exclusive account who're NTB or ETB.

Thats normal. t&c can be changed for either. Thats how it is. Even with CC.

 

[dvader]

Thats normal. t&c can be changed for either. Thats how it is. Even with CC.

They may be moving Select and Exclusive to Indie Branding. No point in having multiple accounts with same MAB. I mean it's good to have multiple products from consumers POV but difficult for IndusInd. Or they might be getting rid of Indus Ex altogether.

They could have changed T&C anytime they wanted so it doesn't make sense to halt onboarding just for this. Either they are making some changes in the backend for Exclusive onboarding or just discontinuing it altogether.

 

[SANTOSHJ1983]

Opened add on exclusive accounts for my family this week in Bangalore. I don’t think it’s discontinued.

For addon accounts ,any funding is required .
Existing family accounts can be converted to exclusive?

 

[r1210user]

For addon accounts ,any funding is required .
Existing family accounts can be converted to exclusive?

Yes.

In my case, for first addon account, I transferred the difference between my account balance and 2 lakh as initial funding. Like you have to maintain 2 lakh in account or if there is shortfall, then you will be required to fund your account or you can transfer to new account as initial funding. For remaining accounts, 10000 per account.

No idea about existing family accounts.

 

[Sahil_07]

What about select?

 

[AkitA]

They may be moving Select and Exclusive to Indie Branding. No point in having multiple accounts with same MAB. I mean it's good to have multiple products from consumers POV but difficult for IndusInd. Or they might be getting rid of Indus Ex altogether.

They could have changed T&C anytime they wanted so it doesn't make sense to halt onboarding just for this. Either they are making some changes in the backend for Exclusive onboarding or just discontinuing it altogether.

Anything is possible. What we don't know if they achieved what they want to when this variant was launched.

 

[anonymuos]

Thats normal. t&c can be changed for either. Thats how it is. Even with CC.

Obviously any product can be devalued any time, nobody said otherwise, but why bring it up to confuse things when t&c haven't changed yet? 🤭The current restriction is only on new Exclusive account opening as at least OP's branch and my branch has confirmed. Nobody is claiming T&C have changed for existing customers

 

[AkitA]

T

Obviously any product can be devalued any time, nobody said otherwise, but why bring it up to confuse things when t&c haven't changed yet? 🤭The current restriction is only on new Exclusive account opening as at least OP's branch and my branch has confirmed. Nobody is claiming T&C have changed for existing customers

Thats why i don't react to any such verbal communication, if T&C changes, there is point of discussion. I will act else easy peesy.

 

[dvader]

I just confirmed with my RM, that there is no such restriction on Indus Exclusive (at least not as of yet) he has opened 4-5 Exclusive Add-On for multiple customers in the last week itself. This might be a branch thing to push people to open Grandeur account due to financial year end.

For addon accounts ,any funding is required .
Existing family accounts can be converted to exclusive?

Technically you can open it with any amount I have personally opened first Add-On with INR 10000, second with INR 10000, third with INR 1 Lacs (RM requested for his targets). I have opened Pioneer Add-On with INR 25000. There is no hard rule as such.

 

[sunit123]

I just confirmed with my RM, that there is no such restriction on Indus Exclusive (at least not as of yet) he has opened 4-5 Exclusive Add-On for multiple customers in the last week itself. This might be a branch thing to push people to open Grandeur account due to financial year end.


Technically you can open it with any amount I have personally opened first Add-On with INR 10000, second with INR 10000, third with INR 1 Lacs (RM requested for his targets). I have opened Pioneer Add-On with INR 25000. There is no hard rule as such.

The BIN for exclusive account is discontinued and BM showed me mail from head office regarding discontinuation of exclusive account.

Your RM is up for big trouble as select account will be opened by bank for all such customers whose BIN is selected as exclusive account (As informed by BM). He told me, even if he open my account with BIN of exclusive, select account will be opened by the bank.