Hello I was researching about opening a new bank account and I came across Indusind Bank Debit car which is FREE and offers a lot of BENEFITS.
it looks toooooo good to be true !!
I can’t find what are the hidden fees, because on top it says that it is free.
what’s the catch?
It will most likely come with a high monthly balance account such as this
You won’t get it with normal account
10L need to be your quarterly balance. Then you can avail this card. I have had similar premium card from ICICI .Any ICICI branch in India is my home branch ,that was it’s main offer. Back in 2014. Don’t know what are the offers now. All the premium cards require a hefty amount as minimum balance.
Hi, 10 Lakh is the required initial payment but it can be opened with just 99k in online funding and by maintaining a 99k balance, all Pioneer account benefits can be availed, also there are no NMC charges.
When the bank emails after one year to maintain the required balance, 10 lakh can be deposited for one month and then withdrawn. Alternatively, convincing relationship manager by starting 2-4 SIPs could also work 
IndusInd Bank Pioneer debit card also functions as a forex card.
Why go for a premium account with lakhs of money in account maintenance when you can use this money to invest and generate returns. The important features are anyways offered by a regular savings account with 5k or 10k maintenance. Some banks even offer true zero balance account. Having too much balance in savings not just eats your potential profit but also falls you prey for miss-selling of banking products. Also DICGC covers upto 5 lakh so why put more than this in any banks irrespective to their size and marketcap?
Some people need liquid money for expenses, family etc. You can’t invest every rupee you own
It’s about choosing a good account for your needs.
Then one should keep the emergency fund in FD (along with other liquid assets depending upon the situation). This way they can reduce their risk of cyber fraud since FD money is not into the savings account.
Also if you have a 10 lakh rupees maintenance account and if you withdraw 5L for emergency, banks will start charging heavy non-maintenance fees. So tell me how is it a wise move?
(Someone flagged it off-topic, how is it off-topic? Liquid cash as in emergency fund and bank account balance maintenance has been discussed in this topic)
I think the best way to keep emergency fund is in multiple Insta-Redemption Liquid Funds.
Most banks don’t charge non-maintenance at this level. Even IndusInd doesn’t, upto 1 year. FD is also fine. It counts towards criteria for minimum balance in such high value accounts. Also savings accounts itself have interest rates of 5-7% these days (above 5L slab), so it is not that different from FD.
And I’m not telling keep 10L exact for this account. If your needs require 10L-15L in savings account (I know middle class families who are like this, they have kids + school fees + college fees + some money for medical stuff), you can use such high balance accounts and get the benefits.
They have a hard limit of 50k per fund, which is not enough even if you multiply it by number of funds.
It is definitely enough for me, but not for the people who use savings account for the things I mentioned above 
Try explaining to these people that the money he is keeping for medical emergency should be put in liquid fund and that he will get it in half hour, 50k per fund logic etc. He will kick you out 
I’m just telling do not assume your needs are the same as everyone else! There are people would have been keeping 15L in account since years. They can have such accounts and benefit greatly!
I would ask you to explore FDs in small finance banks also.
After 1 year they will charge right?
Though Indusind banks offers this rate but as far as I know banks like ICICI and HDFC offer less.
Banking is not an ordinary product or service, it’s a relationship. That’s why it’s called XYZ bank is my banking partner. I would never want an obligation on my money which might be used for some purpose (education, healthcare marriage etc) in future. I would like to be light on the money that is an obligation towards the bank even if they offer more interest. Any benefit should come after the freedom of using my money as I wish. This is my opinion you may disagree. But overall you made a nice point. I didn’t know this 1 year grace period thing.
Someone mentioned above that you just need to deposit again after a year and then withdraw after a month.
Obviously I do not recommend you keep track of all these things since they are a headache, and I only recommend you use these accounts if you already keep 10L+ in savings accounts normally.
Yes their interest rates are unfortunately limited due to the large amount of deposits they hold compared to smaller banks. They cannot generate 8-10% on all funds effectively like these smaller banks, which just pass on their gains to you to get more users
Yes they get enough deposits that they don’t need to run out offers or incentives to get more deposits 
