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 1.5% through reward points that you earn while you swipe your card. 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 Rs.0.35

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?

Indusind Exclusive Signature Debit Card Features:

  • 0% Markup fee on Foreign currency expenses
  • 0% Markup fee on Foreign currency Cash Withdrawal.
  • Rs.0 Cash Withdrawal Chargeย (Though, ATM’s in some countries may have ATM usage charge of ~Rs.150 per 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 ๐Ÿ˜›

Important Information:

  1. Visa Variant: I have the visa variant and it works flawlessly both offline and online on sites including Paypal and many others. I’ve also used it in 4 countries so far to withdraw cash and do POS spends. It all works perfect!
  2. Mastercard Variant: It seems Indusind currently having problems with Mastercard variant, especially with online Usage. Even though Mastercard conversation rates are better than visa, its better not to choose Mastercard variant at-least for now. Please find a detailed issue in the comment below. Thanks to Vishwanath for sharing his experience!

Credit Cards with Low Foreign currency markup fee:

Whatsoever, remember that 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 ๐Ÿ™‚

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.

146 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 ๐Ÿ™‚

      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 ๐Ÿ™‚

      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 ๐Ÿ™‚

      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 ๐Ÿ˜€

      Reply
        1. Siddharth Post author

          Recently updated to 2L in some branches. Earlier it was 1L.

          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 ๐Ÿ™‚

      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 ๐Ÿ™‚
          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 ๐Ÿ™‚

        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 ๐Ÿ™‚

          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 ๐Ÿ™‚

          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
    1. Siddharth Post author

      Yes indeed. Glad that i was able to help ๐Ÿ™‚

      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 ๐Ÿ™‚
    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 ๐Ÿ™‚ –

    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 ๐Ÿ™

    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 ๐Ÿ™‚
      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! ๐Ÿ˜€

    I’ll get my card in a week. And hopefully it gonna double my profits. Thank you SID for all the info. ๐Ÿ™‚

    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! ๐Ÿ™‚

    Reply
    1. Prithvi

      Do you have any update on this?

      How has your experience been? Are you saving money from this?

      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 ๐Ÿ™‚

      Reply
    2. Shafwan

      Hello John, this is because mastercard rates are always better than Visa and almost similar to that on Xe. Check out mastercard currency converter and Visa currency converter of each day and you will find Visa rates are always higher than Mastercard. Also banks do not have anything to do with exchange rates. Visa rates are updated at 3:30 am IST and Mastercard rates are updated 11:30 pm IST.

      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
      1. prakash

        HI
        Is this card a better option for using money abroad on a world tour or a forex card from private vendors like book my forex is better. Both are having 0% currency conversion charges. And now indusind is not giving cashbacks too on points earned on debit card. Only rewards from catalogue which isnt useful .

        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 Expressยฎ 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
  39. Kapil Khurana

    Seems Indusind has stopped cash redemption of reward points on their debit cards. Sad, as I was consistently making Rs. 1500 per month from this debit card.

    Now their reward redemption page redirects to a coupons website which isn’t even ready for debit card, it seems, as it only asks for your credit card number to login. Further, the redemption options are ridiculous.

    Reply
  40. Aman

    Hi Sid

    Wonderful article.

    Can I get debit card rewards/cashback when I pay my credit card dues with with debit card at billdesk???

    Or it defers from card to card? Or there is a better option?

    If yes, on any particular card, please let us know and any suggestion which debit card is the best for cash back?

    Thanks a lot

    Reply
  41. Kapil Khurana

    Well, seems the freebies be over 1 Oct 2017 onwards. The accumulation of 2-6 reward points per Rs. 100 against various spend slabs has been modified to Rs. 200, which means the spends need to be doubled to get the same value.

    My recent account statement carried this bad news, along with another that the value per point would also be revised (the website/statement doesn’t mention by how much). Note that the current value of Rs. 0.50 per point is already auto devalued by considering the fact that the website doesn’t allow cash redemption anymore, and the limited options of gift vouchers are also available mostly against 2082 points per Rs. 1000 voucher, and not 2000 points as one would !

    Whatever point devaluation happens, would also apply to points accrued upto 30 Sep, so high time to redeem them. There also Indusind has built a rat trap, by allowing only max 5000 points to be redeemed in a calendar month now.

    With min balance requirement already doubled to 2L from 1L, a paltry interest rate of 4%, and TIPS surcharges on foreign currency transaction ( making the overall transaction ~0.7% expensive than XE official rate), I guess it’s time to bid goodbye to indusind bank exclusive account, and perhaps trade it against some of their modest account without the AMB requirements.

    Reply
  42. Sheikh

    Hi Siddharth,

    Really you have posted a highly impressive information , actually I m planning to travel dubai next month for a family vacation , so which card , you will prefer to me , as I have a mind to enjoy with around 5 lac approx and the card should also have facility to withdraw cash also from the ATM Counters .

    I need AED in the card , waiting for your reply

    Reply
    1. Shafwan

      Go for Indus Exclusive World Debit card (Mastercard ) .
      Previously i was using Signature for overseas withdrawls and POS transactions here in Poland. Later i switched to Mastercard and i am saving more than Visa. MC rates are always better and same like Xe.

      Reply
  43. KK

    Here it is claimed that MasterCard variant has better exchange rate than visa variant. A research on this, which proves it, will help.

    I am ready to do a sample transaction on ali express with my visa variant. If someone with MC variant can do it simultaneously, we can compare.

    Reply
  44. Paddy

    I just opened an exclusive savings account with 2L as balance, still, it didn’t allow on Paypal. Upon contacting customer service, I was told “Paypal is a suspicious site and hence transactions are not allowed” …insane….gonna close the account. Have this 2L deposited on FD yielding 9% interest …I can get 18K per annum which is more sufficient to cover the FCY Markup Fee ๐Ÿ™‚

    Reply
    1. Siddharth Post author

      When txn gets rejected, keep trying. You’ll get call from monitoring team, just ask them to approve. I had similar issue but got solved.

      Reply
    2. Vishwanath

      Hi Paddy,
      Are you suing the VISA variant or the Mastercard variant. Did it get resolved for you ?

      Reply
  45. Karan Katnani

    My entire family has grouped exclusive accounts with Indusind. I had the free Platinum Exclusive Card till now , while the others had the Signature at 299 a year. While upgrading, I ended up getting the World Exclusive MC instead, which has just arrived today. The benefits looked similar, but the longer list of lounges from MC was tempting. I use a basic LTF Credit Card, with no free access (Priority Pass but paid entry)

    Reply
  46. Sanjay sahu

    HI Siddharth,

    Thanks alot for educating people like me ๐Ÿ™‚ . I got a question – can i use this debit card or any other debit card for trading in foriegn exchanges ( like future markets of America ) .

    Some future market dealers allows Visa/Mastercard to deposit funds and then we can use those funds to trade the futures internationally . Your inputs are much appreciated . Thank you

    Reply
    1. Siddharth Post author

      This maybe risky, you might need to check with the foreign txn limits and your auditor.

      Reply
  47. Riyan

    Hey Sid,

    As usual a great article! Keep it up. Do you know any other debit cards from other banks with 0 % mark up fee? It’d be great if you could list those out.

    Also, I’d love to see an article from you on saving tips / best practices with credit / debit cards for frequent travellers!

    And I just started following you on twitter as well. ๐Ÿ™‚

    Reply
  48. Smit khakhkhar

    The card isn’t working for online debit card transactions at foreign websites, I’m redirected to mastercard secure code but then after entering the otp it says transaction declied by the bank and the customer care says they don’t support MOTO transactions

    Reply
    1. Maazin

      i am facing the same problem. Admin pls check if this issue is only for mastercard. WIll the problem be fixed if i switch to visa signature card?

      Reply
      1. Vishwanath

        Same here. Mastercard version. Doesnot work on any website .
        @Maazin or Smit
        Did you switch to VISA ? is the issue resolved ?

        Reply
  49. Joseph

    Hi guys
    Just a few doubts
    1. Select account can only get select cards and only exclusive accounts will get exclusive card, right?
    2. If I am only interested in domestic lounge access through their debit card – Is there any benefit in opening exclusive account over select account? (both select and exclusive card seems to offer 2 visits/qrtr)
    3. For the same purpose would the World Select/Exclusive MC debit card be more useful than Signature Select/Exclusive VISA debit card.
    Thanks in advance.

    Reply
  50. Arun

    Hi Siddharth, can you plz confirm if signature exclusive visa card works on foreign websites, I’ve given appointment to the executive & don’t want to open exclusive account if it doesn’t work online. Plz reply asap. Tia

    Reply
  51. Anoop A V

    They have started issuing World MasterCard for exclusive customers. I had tried using it on PoS in Vietnam and I am getting good rates. In addition to that, I got 5% cashback on my spending on food/ beverages. ATM pull was also offered very good exchange rate.

    Reply
  52. ravindra singh

    Hi there,
    I just received and activated my world select master card i try adding it on paypal but it shows the error “the card was declined by the bank” and i tried to pay on some websites in USD i was redirected o the
    OTP page after that it shows the same error “the card was declined by the bank” , my card it activated for international transactions is is in ACTIVE state , i tried to get in touch with the customer support they have no clue about it they are just just saying that “card is activated for international use and says try contacting paypal or other websites”, any information regarding this will be helpful and my Axis and Kodak card works fine on those websites and on paypal.
    And the card works fine for INR transactions.

    Thanks in advance ๐Ÿ™‚

    Reply
    1. Vishwanath

      Same situation here. Mastercard Exclusive card is not working at all. But 1 thing I noticed is the “International limit” is set to 0 Rs. by default and therefore it will be declined by default. Try logging into netbanking or Mobile banking and increase it to maximum and , wait for the request to resolve and then try again. For me it is not even taking me to OTP page. It is just rejecting it directly. Which websites did you try that take you to the OTP page ?

      Reply
  53. Saurabh

    Thanks for this blog Siddharth.
    Based on current reviews, I will go for the World Exclusive Mastercard debit card.

    Reply
  54. Vishwanath

    Hi Sidharth,
    I opted for the Mastercard variant (World exclusive debit card) very recently and I am unable to use it anywhere international online including paypal, amazon.com and google wallet. Could you please confirm if the VISA version (Signature Exclusive) is working on Paypal now and other international sites so that I can cancel this card and apply for that instead. It will be 300+300 loss for me and I don’t want to waste that money if the VISA card is also not working.

    Reply
    1. Maazin

      I am facing the same problem. Please look into the matter and update your article as some of us mostly want to open the account for 0% markup fee on international online transactions.

      Reply
    2. Abhishek Roy

      I had long ago deleted my IndusInd Exclusive Visa Signature card from my PayPal account. Considering your case, I tried adding the card back to my PayPal account. It went through flawlessly. I was charged Rs 2 as authentication charge which I am sure will be reversed by PayPal. I also tried adding it on my google play store. It went through successfully there too. I was charged Rs 50 as authentication charge by Google which I am sure shall be reversed too. Hence, I can confirm that VISA Exclusive Signature Card from IndusInd Bank is working on PayPal and Google Play/Google Wallet. And since that is the case, hence, it should work on other foreign platforms as well.

      Reply
      1. Vishwanath

        Hi Abhishek,
        Thanks a lot for confirming this. I am going to cancel the Master Card and order a VISA card. Depending on whether my VISA card will work, It can be one of two things now –
        1. Only VISA cards are working and MC is not
        2. Old cards are working and new cards will not work
        Regardless, and I will update you on the result
        My request to you is to update the article with the information once I check with the VISA card, because a lot of people are opting for this just for the forex situation and THIS INFORMATION IS VERY IMPORTANT AS 2 lacs to open the account is not cheap.

        Reply
  55. ravindra singh

    Yeah may be VISA varient work but my world select MC is not at all working with PayPal, Skrill and Google wallet even my transaction limit is set to 3 lakhs and on cheaking with customer support the card is activated for international transactions but it is still not working on PayPal may be VISA varient of it work going to order a new card I’ll update everyone about the Same and anyone gets it earlier then me please update about the same

    Reply
    1. Vishwanath

      I have had a 2 week long conversation with multiple escalations and reached out to multiple teams including payment team in Indus. They take my complaint very seriously as I was an “Exclusive” customer. Other banks including HDFC don’t care soo much, even though you are a “Preferred Banking” customer.

      Here is what they told me. For each transaction they receive a “Merchant code”. And based on the merchant code they classify the transaction. And currently any international merchant which can accept payment without OTP (Mastercard Securecode) will give out a transaction merchant code which they are for some stupid reason classifying as a Mail Order / Telephone Order(MOTO) transaction instead of an online transaction. And since MOTO transactions are blocked these transactions are not going through. They did acknowledge that these websites are not MOTO and that they are “working” on changing the classification. I highly doubt they will or even if they do , I think it will take several months.

      So, I just ordered a VISA variant and it will arrive in 4 days. I will update you as soon as I receive mine. You can order based on my result ๐Ÿ™‚

      Reply
      1. Siddharth Post author

        Wonderful. Thanks for sharing wealth of information on this Indusind Exclusive Mastercard debit card issue.

        Reply
        1. Vishwanath

          Visa version Confirmed as working ๐Ÿ˜€
          Feel free to order yours. I am posting a detailed comment below

          Reply
      2. Bikramjit Bindra

        Hello sir ,
        Even the visa variant seems to have stopped working ( atleast online – tried it on Amazon.com , google play and multiple other US websites ) since last 2 days .Before that it was working flawlessly. Can you please check and confirm . I am in USA and i am facing a lot of inconvenience. I have already escalated the matter to customer care and they have asked for three working days. Any input from your side will be highly valuable .

        Thank you

        Dr. Bikram

        Reply
    2. Vishwanath

      I received my card today. I will get it activated tomorrow and post an update

      Reply
  56. Vishwanath

    Hi Everyone,
    Please be VERY CAREFUL when ordering the debit card. If you choose the MasterCard version (MasterCard Exclusive World) it will NOT work. Like some of you I was trapped into choosing the MasterCard thinking that the lower conversion rates would somehow benefit me. The truth is it MASTERCARD WILL NOT WORK ON ANY INTERNATIONAL WEBSITE AT ALL.
    As soon I discovered the issue, I started from customer support and escalated it to various levels reaching to different teams in Indus.If you are an exclusive customer, you get treated much better in customer support and you even have a separate phone number for exclusive customers with almost zero wait time. Basically they explained that –
    For each transaction they receive a โ€œMerchant codeโ€. And based on the merchant code they classify the transaction. And currently any international merchant which can accept payment without OTP (Mastercard Securecode) will give out a transaction merchant code which they are for some stupid reason classifying as a Mail Order / Telephone Order(MOTO) transaction instead of an online transaction. And since MOTO transactions are blocked these transactions are not going through. They did acknowledge that these websites are not MOTO and that they are โ€œworkingโ€ on changing the classification. I highly doubt they will or even if they do , I think it will take several months.

    So I just ordered the VISA variant and I can confirm that this one works absolutely fine and hassle free on paypal (asks for OTP) . PlayStore (asks for OTP) and websites like Steam (No OTP) , humblebundle.com (No OTP )and Amazon.com (No OTP). Since it works both WITH and WITHOUT OTP, it should work on all sites hasslefree.

    The exchange rate was SHOCKINGLY LOWER than the price xe.com (356 charged vs 358.9 on XE) AND THERE WAS NO CONVERSION FEE on all my transactions.
    The customer care support and the way they treat you as a customer was truly amazing and probably my best experience with any bank so far (including private banks like HDFC, Yes and ICICI ). I came to Indus for the Debit card, but I will stay here for the customer treatment. The personal Relationship Manager, Financial Advice and Wealth Management facility (although I don’t yet use any of these) is a big plus. All in all a good experience and an awesome card. Kudos to the Indus team.

    I request the admin to update the article with this information as lot of people are being misguided to take the USELESS MASTERCARD. Please leave a warning for them to take the VISA card instead as it is working. The rest of the article was extremely helpful. Thanks ! ๐Ÿ™‚

    Reply
    1. Siddharth Post author

      Thanks for sharing about the issue with MC in detail. Post updated ๐Ÿ™‚

      Reply
    2. Shafwan

      Hello Vishwanath,
      Seems like the issue is only with your card or that particular card. I have been using it online and offline since more than a year now, never had a single problem.

      Reply
    3. Shiva Tejesh

      Yes Bro, I too had the same issue with mastercard variant. I tried on Amazon.com, but mastercard variant didn’t work. I told them to give me Signature Exclusive Debit card but they sent me World Debit Mastercard and claimed both have same features. The customer care told me that it was a MOTO transaction and hence they are blocked. I ordered for Signature Visa Debit Card and waiting for it. Your comment giving me confidence that Visa card might work. ๐Ÿ™‚

      Reply
    4. Karan Khatnani

      Yes, this is true. The mastercard does not work with many international sites.
      I am a student studying abroad, so swiping and better lounge access is more important to me.
      I live in Australia, I get charged almost the same rate as xe.com, sometimes even lesser

      Reply
  57. Madhu

    Hi Vishwanath,

    I opted for a MC and facing the same issue as well. And the local IndusInd branch executive says that there is no option for a VISA card for Signature Exclusive. Could you please advise on how you managed to order the VISA variant.

    Best
    Madhu

    Reply
    1. Vishwanath

      You don’t need to go to the branch. Just call the customer care and ask them for re-issue and mention the card clearly as Signature Exclusive. Branch people might not be aware of it.

      Reply
  58. ravindra singh

    A big thanks man! Will be ordering the VISA varient tomorrow thanks a ton!

    Reply
  59. Joseph

    If open a joint account with my wife, on who’s name will this card be issued. I mainly want it so that my wife can also get lounge access.

    Reply
  60. Sadan Shenoi

    Hi Sidharth
    Is Mastercard variant problem only for Indusind forex card? I got HDFC Regalia Forexplus Mastercard variant. Will I face same problems?

    Reply
    1. Siddharth Post author

      I’m unsure about it. The issue is mainly for online txn’s. Are you actually planning to do online txn’s with forex card?

      Reply
  61. Sam

    FYI: It seems the Visa Card variant has been stopped and there are only Master and RuPay variants now, that’s what I was told by the Nungambakkam, Chennai branch manager. I was sent a Master card when I particularly asked for a VISA Signature debit card! Should I take master card, not sure if this is true, can someone confirm?

    Reply
  62. Srikanth Matrubai

    Just got in as a Indusind Customer.
    Looking at the review….feel I have made the right decision.
    2 doubts(queries)
    Is the card accepted at ALL Airports (I am referring to Airports outside India)?
    and
    2. How is their Rewards (earlier it was cashback right)??

    Thank you in advance

    Reply
    1. Bikramjit Bindra

      Even the visa variant has stopped working online . I am in USA right now and the visa variant is working fine at atms and POS terminals ( means basically everywhere where an otp is required ) . It is not working online on websites like Amazon.com and google play and all other websites which dont require you to enter an otp. I just had a chat with indusind customer care and they’re saying that from 12th of June 2018, they have disabled all such transactions which dont ask for an otp for security reasons . This applies to all indusind cards.

      Can any member from the forum confirm that?

      Reply
      1. Shivi

        It’s working fine for me! Used online on a German site and the transaction went through fine without any issue although it didn’t ask for an OTP

        Reply
  63. Shivi

    Another Query – What is the value of 1 RP of Exclusive card variant? Is it 50 paisa or 30 paisa/

    Reply
  64. AK

    Hi Siddharth.

    Are there absolutely no charges on this card for ATM withdrawals abroad?
    Does this mean that the exchange rate for currency is the same as POS purchase or online transaction?

    Reply
    1. Siddharth Post author

      That’s correct. But ATM’s in some countries like in Vietnam add an extra ATM usage fee (or something similar) that adds up about additional Rs.150 per withdrawal.

      Reply
      1. Shivi

        Heck! Thailand ATMs charge an additional Rs.450+ per withdrawal!

        Reply
  65. Shivi

    Ok! So, Visa variant was declined today on the same site I used a week back. Called up customer care & they were clueless. Sent an email and no response came (as always). So, just keep it for International PoS purchases and International Withdrawals as long as it works.

    Reply
  66. Karan Chawla

    Hi Siddharth

    I have a couple of large forex expenses coming up. Can you tell me about the reward redemption value on this card ?

    Reply
  67. Darshan

    Can someone confirm if visa signature card is working seemlessly on foreign websites (without otp)

    Reply

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