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

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

Pioneer Banking


  • AQB Requirement: 10 Lakhs (savings+current)
  • NRV Requirement: 30 Lakhs (all investments combined) with 1L+ on Savings Ac


  • 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


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

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


  • 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

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 can

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