Opening new Indusind account through Third Party Cheque

[LJGIBBS]

On 10th Oct, I opened my mother's Indusind Exclusive Account with Initial funding of 4Lakh (Offer going on for NMC waiver). RM had aslo asked my HDFC bank statement as my name was not printed on cheque. On 11th, My HDFC account got debited but my statement shows money went to "Indusind Bank". Doesn't mention my mothers account. Also I have not received any message/email that money is credited into my mother indus account. I only get emails that account is created, welcome kit dispatch etc. Called CC to know and they said account is on debit freeze. Called RM, She told money doesn't go directly into new account. First it goes to Indusind Bank itself, then later into the new account of Indusind Bank. With regards to debit freeze, she told me that she had asked for my statement for the same purpose and it would be done soon. Since 4L is a huge sum, can anyone tell me if I need to be worried/cautious ?

 

[akshayhs]

On 10th Oct, I opened my mother's Indusind Exclusive Account with Initial funding of 4Lakh (Offer going on for NMC waiver). RM had aslo asked my HDFC bank statement as my name was not printed on cheque. On 11th, My HDFC account got debited but my statement shows money went to "Indusind Bank". Doesn't mention my mothers account. Also I have not received any message/email that money is credited into my mother indus account. I only get emails that account is created, welcome kit dispatch etc. Called CC to know and they said account is on debit freeze. Called RM, She told money doesn't go directly into new account. First it goes to Indusind Bank itself, then later into the new account of Indusind Bank. With regards to debit freeze, she told me that she had asked for my statement for the same purpose and it would be done soon. Since 4L is a huge sum, can anyone tell me if I need to be worried/cautious ?

I am not sure how the process works with IndusInd, but when I opened my account with HDFC (Regular savings, nothing fancy) the system worked the same way. I had to deposit 10k as initial deposit that went and sat at their central branch in Mumbai. My account took 5 days to get activated. On the 7th day of opening my account, I could see the 10k initial deposit reflecting in my account.

I would probably wait since it can take time. A turnover of 2 business days is too short of timeline to determine anything.

 

[manikP]

On 10th Oct, I opened my mother's Indusind Exclusive Account with Initial funding of 4Lakh (Offer going on for NMC waiver). RM had aslo asked my HDFC bank statement as my name was not printed on cheque. On 11th, My HDFC account got debited but my statement shows money went to "Indusind Bank". Doesn't mention my mothers account. Also I have not received any message/email that money is credited into my mother indus account. I only get emails that account is created, welcome kit dispatch etc. Called CC to know and they said account is on debit freeze. Called RM, She told money doesn't go directly into new account. First it goes to Indusind Bank itself, then later into the new account of Indusind Bank. With regards to debit freeze, she told me that she had asked for my statement for the same purpose and it would be done soon. Since 4L is a huge sum, can anyone tell me if I need to be worried/cautious ?

I recently opened Pioneer account for my mother with 90k funding, it was deposited to my mother's account 4-5 days after the account was opened and kyc completion.

So I don't think you need to worry.

 

[AmitMishra]

Don't remember about statement but rest the process are same which I have experienced with them year back, "First it goes to IndusInd Bank then later into account of IndusInd bank" is correct.

Do you have any idea to convert Select to Pioneer account ?

 

[LJGIBBS]

Okay, soon after posting my query, I checked my mother's email and voila.. Money credited. Only thing is they remove that debit freeze before I get my welcome kit.

 

[LJGIBBS]

I recently opened Pioneer account for my mother with 90k funding, it was deposited to my mother's account 4-5 days after the account was opened and kyc completion.

So I don't think you need to worry.

Was this an add on account ? Pioneed has 10L AMB. requirement.

 

[LJGIBBS]

Also letting everybody know about this new Indusind Offer, 4Lakh Initial Funding to get NMC waiver for Select/Partner/Progress and Exclusive Account. Valid till 31st October. @TechnoFino @bhavyegoel @Batmanbaba

 

[manikP]

Was this an add on account ? Pioneed has 10L AMB. requirement.

No, I went to my nearest branch to open Exclusive account based on Pinnacle but RM offered me Pioneer account with 90k initial funding. Only condition is I should not be an existing customer, not even credit card. So I opened my mother's account.

But he didn't give me any guarantee that my account won't be downgraded so.... I'm only enjoying benefits until IndusInd finally downgrades it after few months.

 

[AmitMishra]

Also letting everybody know about this new Indusind Offer, 4Lakh Initial Funding to get NMC waiver for Select/Partner/Progress and Exclusive Account. Valid till 31st October. @TechnoFino @bhavyegoel @Batmanbaba

For Select. I think you only need 1 lakh initial funding.

 

[LJGIBBS]

For Select. I think you only need 1 lakh initial funding.

Select - 50k (1lakh for group), Exclusive - 1Lakh (2lakh for group). This amount you have to maintain in your account. But under this October offer, you open the given account with 4 lakh initial funding and it will become 0 balance account. You can withdraw all your money, still continue to enjoy those benefits.

 

[Nemesis]

Select - 50k (1lakh for group), Exclusive - 1Lakh (2lakh for group). This amount you have to maintain in your account. But under this October offer, you open the given account with 4 lakh initial funding and it will become 0 balance account. You can withdraw all your money, still continue to enjoy those benefits.

Thanks... Will soon visit my nearest branch? Am holding Legend credit card, interested in Exclusive account.

Got the link:https://www.indusind.com/in/en/personal/offers/savings-account-festive-offers-tnc.html

Don't have cheque... Any other way around initial funding?

 

[papapancho]

On 10th Oct, I opened my mother's Indusind Exclusive Account with Initial funding of 4Lakh (Offer going on for NMC waiver). RM had aslo asked my HDFC bank statement as my name was not printed on cheque. On 11th, My HDFC account got debited but my statement shows money went to "Indusind Bank". Doesn't mention my mothers account. Also I have not received any message/email that money is credited into my mother indus account. I only get emails that account is created, welcome kit dispatch etc. Called CC to know and they said account is on debit freeze. Called RM, She told money doesn't go directly into new account. First it goes to Indusind Bank itself, then later into the new account of Indusind Bank. With regards to debit freeze, she told me that she had asked for my statement for the same purpose and it would be done soon. Since 4L is a huge sum, can anyone tell me if I need to be worried/cautious ?

You don’t need to be worried, but you need to ask the folks at indusind to expedite the process. As long as you’ve cut the cheque in your mother’s name you are alright!

 

[LJGIBBS]

Thanks... Will soon visit my nearest branch? Am holding Legend credit card, interested in Exclusive account.

Got the link:https://www.indusind.com/in/en/personal/offers/savings-account-festive-offers-tnc.html

Don't have cheque... Any other way around initial funding?

They might insist on cheque. Also if you directly fund 4L you will get a mail about 4L initial funding which you can keep as proof for the offer.

 

[Nemesis]

They might insist on cheque. Also if you directly fund 4L you will get a mail about 4L initial funding which you can keep as proof for the offer.

Applied for Exclusive... They were also unaware of the offer on exclusive account.
They were hesitant on the transfer mode as UPI might have some limit, same goes with IMPS finally ended with cheque, due to clearance it will take time to active the account. Meantime they have given a regular kit, they will soon provide the Exclusive one at home after account activation.

Had to search the hidden treasure trove to get my 8 year old cheque book from junk. Thanks mate for the offer. 😉

Next will upgrade my LTF Legend to LTF pinnacle or higher version, once the account is activated.

 

[Batmanbaba]

Select - 50k (1lakh for group), Exclusive - 1Lakh (2lakh for group). This amount you have to maintain in your account. But under this October offer, you open the given account with 4 lakh initial funding and it will become 0 balance account. You can withdraw all your money, still continue to enjoy those benefits.

Which is the best account from all of these

 

[Batmanbaba]

Also letting everybody know about this new Indusind Offer, 4Lakh Initial Funding to get NMC waiver for Select/Partner/Progress and Exclusive Account. Valid till 31st October. @TechnoFino @bhavyegoel @Batmanbaba

Which is the best account amont the above 4

 

[007]

Which is the best account amont the above 4

Exclusive. Select and Partner are lower variants and Progress is for self-employed.

 

[Nemesis]

Which is the best account amont the above 4

Opt for Exclusive... might give LTF Pinnacle alongside if you don't have any credit card from Indusind.

 

[manikP]

I also opened this account using 4L initial Deposit, on the account opening form its written that the minimum balance requirement is 1lakh still. RM told me it is a general form and NMC will be waived off for me.

@LJGIBBS was that same for you as well?

 

[TheTrickySid]

I also opened this account using 4L initial Deposit, on the account opening form its written that the minimum balance requirement is 1lakh still. RM told me it is a general form and NMC will be waived off for me.

@LJGIBBS was that same for you as well?

The requirement is still 1L but under the offer you won't be charged non maintenance charges.
So it's indirectly zero balance 😅