During this Covid – 19, Pandemic situation, Most of the banks in India, started offering digital savings account opening.
IndusInd Bank offers high interest rate on savings account upto 6%. IndusInd bank offers multiple bank accounts with average quarterly balance from INR 0 to INR 10 Lac.
IndusInd Bank offers 3 premium savings account, it includes Indus Select, Indus Exclusive & Pioneer, whereas Indus Exclusive & Pioneer are enabled for Preferred Banking. Indus Select & Indus Exclusive offers nearly same buffet of benefits with minor variations. The Average monthly Balance requirements for Indus Select is INR 50,000, whereas for Indus Exclusive is INR 1,00,000 for Non Metro Cities, whereas for Metro city this amount will be doubled.
My experience while opening the savings bank account (Indus Select) has mix of feelings, Good & Bad. Here is my experience.
- You can provide your details online to open the bank account, but during the process if you realise you want to change the account type, then you have to repeat the process from scratch. So finalise the account type before starting the online process
- Bank provides you option to have your mobile number as bank account number. It means your bank account number and mobile number are tightly coupled. Is it going to create some security threat? It’s an open question for all of you to check with Bank before opening the account.
- Be ready with your PAN card Number, Aadhar Card details, & linked mobile. Provide the mandatory information and your account number will be reserved once Aadhar number is validated. Try to share the Virtual Aadhar number instead of sharing your real number.
- Congratulations, now your account is opened, and you will be prompted for the initial funding. Bank has done the integration with the Payment gateway, to perform this transfer, which can be done from NEFT, UPI or debit cards.
- Whole process will not be going to take more than 2 minutes i believe. Post opening the account, you should be expecting an email in your email box / registered mobile number, but sad to say, i have neither got the email nor any initiation on the mobile number. Hence try to see if initial funding can be performed post you got your account details.
- I have dropped an email to Bank, An automated email provided me with reference number & resolution timelines (2-3 days), but i have not got the revert from banker in 3 days. Which reflects the bad customer service
- I tried to call the customer care, but it mentioned that phone number is not valid, well there is no way now to reach out to bank apart from connecting to branch / over email. hence Dropped an another email with my concern. And i have got the phone call from banker post 2 days, mentioning that my KYC is not completed.
- There is one video KYC link, but it does not work, and throws the server exception always, hence i have to wait for 5+ days, until the issue has been fixed. It reflects the software quality & delivery issues. How come a technical issue last for more than 10 minutes. It might possible when you want to perform the balance transfer and it will not work, then you might need to reach out to branch or has to wait until the issue is not fixed by there technical teams
Now comes to Mobile Apps
IndusInd bank provides mobile app, from which you can access your account. But this app will work only post 12 hours, once your details are reflected in the system. It reflects the gaps in Indus Technology stack. Well it’s not easy to login using net banking, for this you need to wait for 7-10 days, post completion of your Video KYC. As it will require your debit card details for net banking registration. Video KYC process needs to be inited from your side, but process is smooth.
- Good thingsAccount opening is fast
- Host of benefits with savings account
- Lack of communication with customer
- Technology seems older than other banking organisation
- Apps & Internet services are slow
- Lack of customer care executive knowledge about online banking products