Existing Megastar users need to maintain a minimum average balance of Rs. 50k (Savings) or Rs. 2 lakhs (Savings + FD) in a quarter. Users unable to meet the above criteria will move to the Star tier on the first date of the next quarter.
Note: Users who opened their INDIE account via an IndusInd branch will be downgraded to the Superstar tier and not the Star tier.
Superstar users need to maintain a minimum average balance of Rs. 25k(Savings) or Rs. 1 lakh (Savings + FD) in a quarter.
Superstar users who opened their account via INDIE app amd unable to meet the criteria will be moved to the Star tier, on the first date of next quarter.
Superstar users who opened their account via Branch will remain Superstar however they will be levied Non Maintenance Charges
No, There are no maintenance charges for Megstar Tier. Users unable to meet the above criteria will be moved to the lower tier(Star or Superstar) on the first date of the next quarter.
Yes, Superstar users who opened their account via Branch will be levied Non Maintenance Charges.
However, there will be no maintenance charges for Superstar users who opened their account via INDIE app amd unable to meet the criteria. These users will be moved to the Star tier, on the first date of next quarter.
NMC charges would be 10% of the balance shortfall subject to minimum of Rs 100 and maximum of Rs 900 per quarter. (Applicable for accounts opened on or after 1st May, 2024
On the 1st of every new quarter, the tier will be evaluated for assessment. There are four quarters for tier evaluation:
Q1: April to June
Q2: July to September
Q3: October to December
Q4: January to March
Example: Users upgraded to higher tier in Q1 (April to June) or Users onboarded as Megastar/Superstar in Q1 (April- June)
For such users, the average balance of Q2 (July to September) will be considered for tier evaluation. The tier assessment will happen on October 1st.
For users who are downgraded (from Megastar to Star or Superstar to Star), they will not be eligible for an upgrade for one quarter.
For example, if a user is downgraded on April 1st, they will not be eligible for an upgrade until the end of June. They can upgrade their tier again starting from 1st July.
At any given point in time, users would enjoy the reward structure of the current loyalty tier.
E.g. If a user is upgraded to a higher tier on 15th April, they would begin to receive the rewards and benefits of the new tier from the date of the upgrade.
If a user is downgraded to a lower tier on April 1st, their benefits will also be downgraded. They will start receiving the rewards and benefits of the lower tier from the date of the downgrade.
Megastars moved to Star
Case 1: Currently holding Visa Signature Card.
Users would continue to use Visa Signature Debit Card and also continue to enjoy all benefits tied to Signature Debit card (Zero Forex, free ATM Cash withdrawal, Domestic Lounge access, spend limits on the card).
Other benefits- 0.25 % INDIE gems on Debit Card spends, 1% INDIE gems on favourite brands of the star tier will be valid.
Case 2: Currently holding Visa Platinum Card.
Users would continue to use Visa Platinum Debit Card and will continue to enjoy all benefits tied to platinum Debit card of star tier. However, such customers will not be able to apply for Visa signature Card until they move again to megastar tier.
Superstars moved to Star tier:
Users will continue to hold Visa platinum Debit Card and users would enjoy all benefits for Star tier, both Debit card and non-Debit card specific. However, the bank reserves the right to modify the benefits associated with the card at any time.
Star and Superstar members upgraded to Megastar status will be eligible to apply for the VISA Signature card. All associated benefits of the VISA Signature card will be applicable to them.
For users who are downgraded (from Megastar to Star or Superstar to Star), they will not be eligible for an upgrade for one quarter. After one quarter, they can get upgraded to higher tier.
