Indusind Bank Launches Pioneer Banking for HNI’s with New Credit Cards

By | September 6, 2018

Indusind Bank has recently launched a new banking product to cater the Ultra rich High Networth Individuals of the country and it is named as Pioneer Banking. The product is designed to be in the range of HDFC Imperia / Axis Burgundy and it comes with host of features including 0% forex markup fee on their debit card, similar to Indusind Exclusive Signature debit card. Lets have a look at it below,

Indusind Bank – Pioneer Banking

Pioneer Banking

Eligibility

  • AQB Requirement: 10 Lakhs (savings+current)
  • NRV Requirement: 30 Lakhs (all investments combined)

Benefits

  • Free Pioneer Debit card with 0% markup fees
  • Free PIONEER Foreign Currency Card with 0% markup fees
  • No Charges on Non-Maintenance of Minimum Balance
  • Group up to 10 accounts (savings or current)
  • Free Doorstep Banking

Along with the launch of HNI banking, they’ve also come up with 2 new credit cards specially designed for the Pioneer Banking customers. Personally i don’t feel its a great move by Indusind to name cards with Pioneer in-front as this “might” limit the # of customers wanting benefits of those cards.

Rather, they could have named differently and still link them to the product, like HDFC does. Well, that’s why HDFC is ruling the industry – they know customer needs better than anyone.

That being said, this could still be nice idea only if Indusind gives Pioneer banking benefit if a customer takes paid variant of Pioneer credit cards. They were following this for Exclusive Banking with Pinnacle credit card but no sign of such reciprocal benefit mentioned anywhere so far with Pioneer Banking.

Lets have a quick overview of these newly launched Pioneer Credit Cards.

Pioneer Heritage Credit Card

Fees

  • Joining Fee: 90,000 INR+GST = 1,06,200 INR
  • Welcome Bonus: 1 Lakh worth Vouchers (Genesis/Oberoi)

Pioneer Heritage Credit Card

Noteworthy Benefits

  • Reward Rate: 1% (domestic) ; 2.5% (international)
  • Issued on Mastercard World Elite platform
  • No Late Payment Fee, No Over Limit Fee
  • No Cash Advancement / Withdrawal Charges
  • Low Foreign Currency Mark-up: 1.8% (Playing safe ?!)

It has other usual benefits like priority pass, golf, etc but overall i would say it is NOT worth the price at its current state. At-least they could have added a 0% foreign markup free to become the industry first and stand out from the crowd, but they didn’t.

Part of the blame goes to Mastercard World Elite platform which might probably be one of the reason for high joining fee. They got to do a lot more to brag about its exclusivity in India.

Pioneer Legacy Credit Card

Fees

  • Joining Fee: 45,000 INR+GST = 53,100 INR (or) Free with Pioneer Banking
  • Welcome Bonus: 50,000 INR worth Vouchers (Genesis/Oberoi) on paid variant

Pioneer Legacy Credit Card

Noteworthy Benefits

  • Reward Rate: 1% (weekday) ; 2% (weekend)
  • Bonus Rewards: 6k Points on 6L spend
  • Low Foreign Currency Mark-up: 1.8% (Only on paid variant)

Looking at the reward rate alone, its a great credit card as you could get 3% on 6L spend, only on weekend spends. As you could convert the points to cash, i would say its in par with most super premium cards.

Not to forget that most of the benefits like priority pass, low markup, etc are limited to paid variant only but that’s fine. Also you cannot have Indusind cards as primary card as their systems are down quite often.

Bottomline

Its good to see Indusind bank coming up with new banking products for the Ultra rich but just wish that they also cater to segment one step below, by adding welcome vouchers from other luxury brands like Taj vouchers instead of just limiting to Oberoi & Genesis.

So looking at the overall value proposition, Pioneer Legacy credit card is a noteworthy addition to Indusind Credit card portfolio but the eligibility criteria to get it as complimentary makes it far from reach.

But for those HNI’s who could meet the said eligibility criteria, its certainly one of the best banking product as this not only gives access to a premium banking, but also to great debit/forex cards in the market at present.

What’s your views on Indusind Bank Pioneer Banking product? Feel free to share your thoughts in comments below.

Author: Siddharth

A Credit Card freak minting reward points and cashback for years, started adding Airmiles in recent times. Obsessed with aviation, airport lounges and luxury travel at affordable cost.

15 thoughts on “Indusind Bank Launches Pioneer Banking for HNI’s with New Credit Cards

  1. Amann

    Hi Sid

    Seems so much like YES BANK PRIVATE CARD. Completely useless cards considering the joining fees.

    Prefer better options like YFE.

    Reply
    1. Siddharth Post author

      Yes, Looks like Indusind got trapped by Mastercard elite. Two cards now (crest/heritage) and both are not attractive.

      Reply
  2. Narinder Pal Singh

    No charges for non maintenance of AQB makes requirement of 10 Lac only initial deposit amount. Am I correct?

    Reply
    1. Siddharth Post author

      Maybe they’ll wait for sometime once the AQB falls short and downgrade the ac instead of adding non-maintenance charges to it.

      Reply
  3. Ankit T

    I don’t think so that this works for Indusind, better options are still available….

    Reply
    1. Siddharth Post author

      It primarily makes sense only for the existing customers with such eligibility criteria. Maynot be worth the effort for others!

      Reply
  4. rudresh

    @Siddharth,

    if a customer is eligible for pioneer banking then will he get the credit card free? if not then it is really not worth it to have that amount of business and as well as to pay for a card which is moderate at best in terms of benefits

    Reply
    1. Siddharth Post author

      Yes, the Legacy variant can be availed for free with Pioneer banking. That’s the only reason why i thought of writing about this 🙂

      Reply
  5. Himanshu

    Hello sid sir,

    I am going to start paying my business expenses and even making payments from credit card and I’ll pay my card bills from current account.

    Is it safe doing this ?

    Reply
      1. Himanshu

        Thanks.

        How can i pay directly to my creditors from credit card?
        Have to deposit to their a/cs.

        Need suggestions!

        Reply
        1. Amann

          Ask if they accept Paytm or PayPal or HDFC PAYZZAPP or similar app for payment.

          Reply
  6. valliappan

    The pioneer proposition is currently available only in Delhi and Mumbai.

    Reply
  7. Satish Kumar Agarwal

    Dear Sid

    With this Pioneer banking Indusind bank will give Legacy credit card for nil fee. But afterwards if nrv or balance criteria not met, they will downgrade from Pioneer banking to some low value programme. Also renewal of Legacy cc may not happen or else they will levy the joining fee.

    Otherwise its a no brainer to open Pioneer bamkibg ac with 10 lacs cheque, apply for Legacy cc. Once approved, transfer the balance to wherever you want. I don’t think Indusind would want to act so foolish.

    Reply
  8. Ankit

    I believe they are offering 0% forex markup fees on the heritage card although it’s available only till 31st December 2018 as mentioned on the Indusind website. Do you have any photos of the cards? Can’t seem to find them anywhere.

    Reply

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