Indusind Bank Signature Exclusive Debit Card with 0% Markup Fee

By | August 17, 2016

Are you a frequent foreign traveller or someone who spend a lot on USD, GBP, etc currencies from your debit/credit card? here comes a great news for you. Indusind Bank has recently launched a Signature debit card for Exclusive customers that has 0% Foreign currency Markup fee when you spend/withdraw money on your card on any foreign currency other than Indian rupee.

Indusind Bank Signature Exclusive Debit Card

Indusind Bank Signature Exclusive Debit Card

Markup Fee Waiver on Indusind Signature Exclusive Debit Card:

Generally, banks charge anywhere around 3.5%+Tax = ~4% for cross currency payments while some premium credit cards has 2% markup fee. So using this debit card can save you around 4% of your foreign expenses.

Suppose you spend 1 Lakh on a Foreign trip, this card can help you save Rs.4,000 , on top of it, you can save additional 2% through reward points that you earn while you spend. There is a certain cap for this reward points though. You can redeem these points for cash on your a/c.

1 Reward Point = Rs.0.50

INDUS MONEY STRUCTURE – SIGNATURE DEBIT CARD

INDUS MONEY STRUCTURE – SIGNATURE DEBIT CARD (Max Cap: 3000 Points/month)

Compared to a random Credit/Debit card, this Indusind Exclusive Signature debit card can help you save around 5% overall including markup fee savings + reward points when u spend around 1Lakh. That’s Rs.5,000 in savings. Worth it right? That’s just for 1 month. How about 12 months projection? Rs.5000*12 = Rs.60,000 in savings just for using a right debit card 🙂

Indusind Exclusive Signature Debit Card Features:

  • 0% Markup fee on Foreign currency expenses
  • 0% Markup fee on Foreign currency Cash Withdrawal.
  • Better value back with reward points
  • 2 Complimentary lounge access per Quarter to Visa Lounges in India (Visa Signature Privilege)
  • CardExpert Rating: 5/5

cash-withdrawal

How to get Indusind Bank Exclusive Signature Debit Card:

  • Annual Fee: Rs.299+tax for exclusive customers.

Open an Exclusive Savings a/c by depositing 2 Lakhs and opt for this card, don’t forget to mention that you need this variant called – Signature Exclusive Debit Card.

Most of them in bank will be clueless as to what this product is all about. If so, talk to branch manager.

This card is a hidden Gem for those who spend a lot in foreign currency. I guess this variant was added to their system few months back and i’m unsure how long this gonna last. Indusind had similar feature on one of their credit card which they revoked now.

Hopefully, more banks come up with such 0% markup fee concepts in coming years. Or, if we have a bad time, this 0% markup fee benefit on this card can be expected to be revoked soon 😛

Credit Cards with Low Foreign currency markup fee:

Whatsoever, this is a debit card. If you’re looking for a “credit card” with low foreign currency markup fee, have a look at these cards that has the lowest foreign currency markup fee of 2%

What do you think about this simple tip that can save you a lot of money on foreign trips/expenses? Share your Views in comments below 🙂

79 thoughts on “Indusind Bank Signature Exclusive Debit Card with 0% Markup Fee

  1. Kapil Khurana

    While 0% mark up is a good bait, one shouldn’t forget that banks charge varying exchange rate, which can be anywhere up from 1% to 4% of the normal exchange price.

    Reply
    1. Siddharth Post author

      Kapil, Yes, that’s around 1% i’ve seen. I’ve compared by charging HDFC Credit Card & Indusind debit card at same time and there is no big difference in exchange rate 🙂

      Reply
  2. bluecrabs

    Citi Prestige with its regular 3.5% markup on foreign currency transaction with its 2 Prestige Points (8 miles) per 100 spent is still a better deal IMO than the HDFC 2% fee..

    Reply
    1. Siddharth Post author

      True. But it has high joining fee. Probably most Visa infinite Cards should be good to be compared as well 🙂

      Reply
  3. SriKrsna

    Thanks for the post Sid.
    But it would be a great feature if they include it in some of credit cards by other banks too. As you told, mostly all banks including American Express charges 3.5% + service tax (excluding the exchange rate spread value charged by banks and payment gateways) on foreign transactions. I would say the HDFC cards that you mentioned in the post would attract 2.3% cross currency markup including the service tax as of now but it is not easily obtaining by a person who is new to the bank without any high value assets or HNI tag.

    Reply
    1. Siddharth Post author

      CC Industry is evolving fast in India, we can expect 0% markup fee on credits cards soon, likely with Amex as they already have such offers in other countries like USA.

      Reply
  4. Ashu

    which one is preferable this debit card or forex card i.e. SBI Travel card in US? My friends brother in US and my fried loads his forex card from SBI.

    Reply
    1. Siddharth Post author

      This Debit card obviously is best comapred to Forex cards/cash. Its a premium debit card with unmatched features. You don’t need to load/unload money and loose some $$ while doing so on forex cards.

      Reply
  5. santanu porel

    hy sidhart,
    thanks to u for such a beautiful guide. can u say if i gone to europe with this debit card in various hotel and shop..will somebody tell yr card is not working or not valid….. all are saying that amex will best in europe… can i use my any national bank debit card there (hotel and shopping mall) with a safety….you plse through some blog about how to use the credit card and debit card in a secured way in various places. as we the common people are very much anxious about the fraud activity of these card…..

    Reply
    1. Siddharth Post author

      Any card will be good as long as its on Visa/Mastercard.
      Now the problem comes when the banks block your card (thinking its being misused) and you maynot be able to attend the call due to sky high roaming charges.
      This is why Amex is great as they can send a new card almost anywhere if misused, etc.
      Still its good to carry 2 or 3 cards when you goto foreign countries in different network like visa/Mastercard. So you’ll have backup.

      Reply
  6. Prashant Agrawal

    The card looks beautiful. Is that really a matt finish or the image couldn’t capture the gloss?

    Reply
    1. Siddharth Post author

      Gold part is highly glossy, the black part is kind of matte finish type. Its a mix of both 🙂

      Reply
  7. Biby

    Hi Siddharth,
    So I can get this card by starting a savings account of 1L, right? but after receiving the card if the account value goes below 1L, what will happen?

    Reply
    1. Siddharth Post author

      Yes,
      Its fine to go lower than 1L for a week or so.
      But if balance not maintained, they will put AQB non-maintenance charge and the card will also be charged separately.
      Basically all unwanted headaches 😀

      Reply
  8. Biby

    New sbi signature debit card is launched? Saw that in bookmyshow. But couldn’t find in the sbi website.

    Reply
  9. Shafwan

    Hello Siddharth. Hope you are doing great. I was pretty confused with Indus select and Indus exclusive as i am staying in Poland and my parents would send me monthly expenses and fees. What would be the joining fee, annual fee and issuance fee for platinum and signature cards??? I am currently using a corp debit card which has all the charges in it while withdrawing cash from ATM. Any help would be appreciated. Thanks in advance !

    Reply
    1. Siddharth Post author

      Shafwan,
      Exclusive a/c Min Balance: 1L
      Exclusive Platinum Debit Card: free with Exc. A/c.
      Exclusive Signature Debit Card: Rs.299+tax

      Hope it helps 🙂

      Reply
      1. shafwan

        Hello Siddharth,
        Thanks a lot for the clarification. It helped a lot indeed. Good day and take care

        Reply
  10. Adrian Jaraine

    Hi, I just opened an indusInd Select account. On the website it is written 0% fee for foriegn markup, so will i recieve the same 0% fee if i buy thing online in USD?

    Reply
    1. Shafwan

      Hey Adrian,

      Did you get the Select account kit? How many days it took to open Select account? and is markup fee 0% as mentioned in their website? Thanks in advance !

      Reply
  11. Shrikant Mehta

    Hey Kapil,
    Great article and very useful indeed. I am not sure if the terms have changed recently, but I notice on Indusind website for Select account, minimum balance is 50000 and there is 0 markup with the Select Debit card (No mark-up charges on foreign currency transactions done through Select Debit Card at ATMs/ Merchant outlets.). It is not clear if this is with the Platinium Select card (which is free) or the Signature Select card (which is chargeable at INR 500 per year).
    Similarly for Exclusive the statement is a bit different not sure if it really means different (Cross Currency Mark Up fee waived off for Signature Exclusive Debit Card and 1% on Platinum Exclusive Debit Card and for International Merchant purchases and International ATM withdrawals.). A

    As your rightly said the banks are clueless about this and am not getting consistent response. Lastly how do we ensure they charge us the right currency conversion. I deal a lot with forex in business banking and I know they are not very transparent in the rates applied and had to literally fight to get an online based rate booking.

    Reply
  12. Abhishek

    Hi Siddharath,

    Thanks for the post, really helpful. I am going to Dubai in Jan end. So was looking for Forex card so i had couple of Questions on this:-
    1. My expenses might be around 1-2L (Family of 5 are going, mostly ladies :-)). So is it advisable to take Forex or this?
    2. I might not end up buying much if the dont like, so will be encashing forex card on reutrn if so – Will forex card still be good?
    3. Will they quickly open the account? As time contraint is there and i dont want my funds blocked.

    Thanks,
    Abhishek

    Reply
    1. Siddharth Post author

      Why do you want to have forex card while you can get everything done along with rewards using this debit card?

      Reply
      1. Abhishek

        Since you mentioned that the difference in bank rates are normally 1%.. Wouldnt that be huge if i really end up buying so much?

        Reply
        1. Siddharth Post author

          No, it doesn’t matter much. Even if matters, we can’t do anything about it.
          We can never buy forex as its exact value as on XE 🙂
          That being said, this card is the best i’ve ever seen.

          Reply
          1. Abhishek

            Thanks a lot Siddharth, I applied for one today and as you mentioned bank was bit unaware of this card and i had to press for the same. Bank Manager was intrigued about learning about this blog, and he opened this in front of me for reading review. Hope more get to see your great blogs.

          2. Siddharth Post author

            Sounds great. Glad that bank managers are reading the reviews of their own product 🙂

        2. Shafwan

          Hello Abhishek did you get the welcome kit already? i have applied on 26th december,completed all formalities (without doorstep banking) cheque was encashed yesterday. No response yet from them. How long does it take to get debit card and get account activated?

          Reply
  13. Ashok

    Hi Siddharth,
    Any difference between the Exclusive and Select savings account?
    For Select savings account I could see the below:
    “No mark-up charges on foreign currency transactions done through Select Debit Card at ATMs/ Merchant outlets.”.

    1. Only 50,000 relationship value for the IndusInd Select account
    2. This is the default card so no need to pay for the debit card charges as well.
    3. BMS show offer is also there.

    We would only miss the Visa Lounge access.
    DId I miss anything?

    Regards,
    Ashok

    Reply
    1. Siddharth Post author

      It was there earlier on select variant. But not now i believe. Check their debit card charges file for the updated info.

      Reply
    2. Shafwan

      Actually for updated version you should check their premium banking section as well as schedule of charges on the bottom of their website. 2% markup for platinum and 1% for signature card for select account.

      Reply
      1. Kapil Khurana

        Not true Shafwan. I received their signature exclusive debit card on 23 Jan and it is mentioned on the doc that forex mark up fee is 0%.

        Reply
        1. Shafwan

          You are right Kapil. But i was talking about Select account not exclusive. I hold an exclusive card myself which has 0% markup fee 🙂

          Reply
  14. Himanshu Jain

    Hi Siddharth,

    Is Markup Fee also applied when you make online purchases on Foreign stores while being in India? Please let me know. Thanks!

    Reply
    1. Siddharth Post author

      Yes. levied on any currency other than home currency, INR.

      Reply
      1. Himanshu Jain

        Any idea what would be the markup fees for ICICI Coral business debit card? I have already made 15 lakhs worth of international transactions this year and switching to this card can benefit in a good way. What do you think?

        Reply
        1. Siddharth Post author

          That’s 3.5% + tax.
          Ofcourse, switching will save you a whooping Rs.60,000 minimum on 15L spend 🙂

          Reply
  15. Abhishek Reddy

    Used this card for my Forex – Foreign Exchange was charged at Bank Interchange rate which is very good. One can withdraw money also and save! Since i took cash in dirhams which was 50 paisa more and including service tax costed me around 1600 more for 3000 dirhams. If one withdraws, i could have saved this as per withdrawal charges it will be 2 dollars maybe.

    Points redemption is also very good – I got aprrox 2k for spending at best forex rates of around 90k

    Siddharth, i was charged some weird TIPS Surcharge on 2-3 transactions , Bank is telling it will be reverted and i think they are unaware what it is. Did you come across this?

    Reply
    1. Siddharth Post author

      Yes, i’m aware of this Surcharge.
      I escalated, but no one has any info on this and they never got refunded either.

      Its too low (usually 2 digits) that i never mind about it after that.
      Maybe this is charged due to the fluctuations on forex rates.

      Reply
  16. Shafwan

    Hey Sid,
    I found a similar card in Indusind which is as good as or equally good as Indusind Exclusive Signature. The World Select debit card (Mastercard version) for Select account in which the mark up fee is 1.15% to be precise but this 1% could be saved by Mastercard exchange rates which are usually better than Visa exchange rates by 1%. So the benefit is you do not have to open an Exclusive account to avail this offer but Select account with World Select debit card would be beneficial. Main benefit is for someone who cannot maintain 1L per quarter but can maintain 50k per quarter. Sounds like a good deal, doesn’t it?

    Reply
    1. Arjun Yadav

      Hi Shafwan,

      I recently received the same World Select Debit Card (Mastercard version). Wanted to know more about how the exchange rates are actually better than Select Exclusive Debit Card. Would be a great help. Thanks.

      Reply
  17. Sunil

    Thanks Siddharth,

    I got my account opened. I usually spend 4000$ to 6000$ per month to pay for a few online services and this card has indeed helped me save a lot of money in the account opening month itself. I also noted the exchange rate charged by IndusInd was at par with was published on xe.com which is very rare to find as I have used HDFC/ ICICI / Amex / Yes Bank / SBI cards and almost other banks but never have been able to get a rate that matches xe.com

    You surely helped me save a large amount of money. Thanks a tonn!!

    Reply
  18. AMIT S

    Hello Siddharth ji

    Well recently one of my cousin opened a NRI account with IndusInd Bank and he was offered this Signature Debit Card… but the Joining fees was like a Bomb 🙂
    Three different Joining fees
    1. 5000/- plus taxes
    2. 7500/- plus Taxes
    3. 10000/- Plus Taxes
    so i asked him to send me the comparative or feature chart for all this…
    hardly any difference… except the free vouchers from some brands…

    But no where they mentioned whether the free Airport lounges is Domestic or International as well.. Nor they mentioned about any Priority Pass…. so little confused about it… (whereas the Bank representative said this card allows free access even at Dubai Airport)
    So dont know why did she mentioned particularly DUBAI… maybe not every card gives free access to Dubai Airport?

    So thought maybe you can give some idea about it

    Do they provide Priority Pass along with Signature Debit Card ? or the Card itself has feature for free Airport Lounges ? And does this card has free access at International Airport Lounges ?

    Thank you for help

    Reply
    1. Siddharth Post author

      Looks like you’re bit confused about credit/debit card.
      1. Priority pass is never issued on a debit card. She might have got confused with signature “credit” card.
      2. No such special dubai access. Visa gives access to a set of domestic lounges with Visa Signature Lounge access Program
      3. This signature card is different from the usual signature card. You need to have an Exclusive ac to get this.

      Reply
  19. karthickeyan kannan

    My local branch manager says they do not have exclusive saving account and says it is only available in select branches. He offered a select savings account which also gives select signature visa debit card and the fees is 499, is the same one????

    Reply
    1. Siddharth Post author

      Its different.
      Yes, you might need to change the branch.

      Reply
  20. Nitin

    So can I transfer 40k rupees to another account and still get these points?

    Reply
  21. Eshwar

    Hi Siddharth, it says for “swipe transactions”. Do we get points with online spends on this debit card? or just the swipe transactions

    Reply
  22. Eshwar

    I was going through the website and it says “Maximum points in a month will be capped at 2000 points” Can you please check and update the same.

    Reply
    1. Siddharth Post author

      Yes, for Plat cards its 2k, for signature its 3k

      Reply
  23. Mandeep

    Hi Siddharth,

    Can this card be used to fund another account and earn points from these transactions?

    Reply
  24. Rama Raajun Sankaran

    Again, Indus Exclusive account and SIGNATURE EXCLUSIVE debit card – Are they available for NRO/NRE type of accounts?

    Reply
  25. Anil

    Indusind have increased minimum AMB to 200,000 for Exclusive Savings Account wef May 2017

    Reply
  26. John Anderson

    Hey Siddharth,

    That’s a ton of information over here from your blog post + comments. Thank you so much.
    As you said, does the points get capped at 3k points?
    So it’s better to opt for a credit card if you’re spending over a lakh/month?
    Am I right?

    Reply
    1. Siddharth Post author

      Yes, there is a cap. Obviously, you can get a CC to get more points on your spends.

      Reply
  27. Eshwar

    Visa Signature cards usually offer free lounge access international as well. Does this apply to this card or its only domestic use for lounges.

    Reply
  28. Sandesh Patil

    I have heard icici coral platinum debit card also does not charge foreign currency markup for current or saving account can someone verify this information for me please

    Reply
  29. Eshwar

    Hi Sid,

    Thanks a lot for this information and your information has been extremely helpful for me!

    See what I did after following your information 🙂 –

    Firstly, I opened 2 HDFC Savings account where in I have to keep a min. balance of 10K and 25K respectively. For this I’ve got 2 cards and I can earn 1500 cashback per month( 750*2 respectively). However from May 15 2017. they have limited the cashback to few merchants only 🙁

    Secondly, I opened my Indusind exclusive account with signature card on May 5th 2017 (thankfully they had 1L min balance then) This account offers me 1500 Rs cashback every month and they have pretty good customer service too.

    So overall, I could save about 36,000 Rs a year because of you. Thank you so much for all the information SID! You rock. If possible I would like to personally meet you personally in bangalore.

    Reply
    1. Siddharth Post author

      Glad to hear that. Happy that i was able to help you save a good money 🙂
      Lets see, i’m visiting Bangalore quite rarely these days.

      Reply
  30. Zakhil Suresh

    I spent $1500/day for trading purpose and every night I would look at my statements and wish if HDFC had reduced the 3.5 Markup Fees. They take half of my profits!!!

    Last week I googled for a solution and ended up here. Very next day I went to the branch, and like someone has already mentioned above – not all branches have exclusive accounts. My nearby branch don’t. But I spoke to the manager, told him about your blog and how much I’m affected by HDFC rates. He called his boss immediately and took the permission to open an exclusive account. Hence I became the first exclusive account holder of that branch! 😀

    I’ll get my card in a week. And hopefully it gonna double my profits. Thank you SID for all the info. 🙂

    Just one question – you have mentioned above that the there is no big difference in the rates charged by HDFC and IndusInd. May I ask you what exactly is the difference? HDFC charged me around 64.5 INR/USD today morning.

    Thanks once again! 🙂

    Reply
  31. Arjun Jayasimha

    In your experience, does Visa or Mastercard have more favorable exchange rate for spending overseas? That will decide which card I use for international transactions.

    Reply
  32. John

    I will highly appreciate if anyone using this card can tell me if the exchange rates are as per XE rates? My present card is providing me with at or below XE rates so Im wondering if it will be worth it going for this card? Im a heavy international spender.

    Reply
    1. Siddharth Post author

      Yes John,
      Its few decimals higher than XE rates.

      May i know which card you refer to that gives below XE rates?

      Reply
    2. Ankur Mittal

      Hi John,

      I compared HDFC Infinia(Visa Infinite) with Yes bank First Exclusive card(Mastercard world) and Mastercard was cheaper. I made 2 international transactions at same time.

      Reply
  33. John

    Hello, Siddharth, I’m a Citi Gold customer, the default Mastercard Debit attached to my account gives me below XE rates. If you can look up on XE, today 1EUR is 73.7 INR but I have been getting 73.24 with my card since morning, about the same difference applies every day. If I understand you correctly the Indusind signature card is always above XE rates? If Yes then can you give me an example?

    Reply
    1. Siddharth Post author

      Sounds good. Yes, Mastercard has the lowest rate AFAIK.

      Xe value for $: Rs.66.4
      Indus sign Charged: Rs.66.7

      I did this experiment couple of months back.
      I’ve scheduled a detail article on this as well. Should be up in few days 🙂

      Reply
  34. John

    That will be a true comparison in my opinion. Offers aside, it’s important to know the real exchange rates charged by the bank. Thanks for the example!

    Reply
  35. Rakul

    Hi Sid,
    Please let me know what is the mark up fee for ICICI coral Debit card.

    Reply
  36. Nirupesh

    Hi Siddharth, IndusInd appears to offer three cards for the Exclusive Account Status: (1) Visa Platinum Exclusive, (2) Visa Signature, and (3) MasterCard World Exclusive Card. Of these three products, which do you think will provide the best benefits for overseas ATM and POS transactions?

    I visited the branch today, and they aren’t very sure. They’re running around to get me some answers this week. But would you know?

    Reply
  37. Puneet

    Hey Siddharth,

    Great article, also the comment section is really helpful.
    I have a question, how does this it compare with Jet Airways American Express® Platinum Credit Card. I will be doing a lot of international transactions(2500 USD and other currencies) and would love to get travel benefits.

    Reply
  38. Friday

    Amazing article. Have been looking for a card with 0% markup and found one through your article. Would help me a lot as I travel to many countries which do not use the popular currencies offered by Forex cards. Thanks! I just hope they continue to offer this benefit.

    By the way, my experience with Indus Ind has been great – everything happened sitting at home, and the Relationship Manager visited me twice – which is a big luxury in Bangalore traffic. They really pamper Exclusive customers. And it’s also great that they have a dedicated customer care for exclusive account which connects you to a human being pretty quick instead of minutes of pressing buttons and being on hold. And things like cash delivery at home, cheque pick up etc. just for a AQB of 2 lac is unbelievable !

    Reply

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