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What is the Holiday Saving Plan

IndusInd Bank Limited (IBL)  and Thomas Cook,India (TC)  are collaborating to offer a unique savings plan for holiday goers.  The Holiday Saver proposition as it is being named allows individuals to do small savings on monthly basis to avail a vacation package to specific domestic/international destinations.

The product construct is based on the recurring deposit which is opened with the bank.

  • Customer chooses and books the type of holiday (domestic/international) and the holiday destination being offered by Thomas Cook
  • The Holiday is to be scheduled for future (12 months)
  • For doing monthly savings for the holiday a recurring deposit (RD) is opened with the Bank (IndusInd Bank)
  • The value of monthly installment of RD is determined basis the cost of the package.
  • At the end of the RD period, the maturity amount will be paid to Thomas Cook for execution of the holiday package.


FAQs for Holiday packages

What do I have to do to enroll for the package?

Please call up the THOMAS COOK Help line 1800 266 7500 for enrollment.

Can I redeem partial amount at maturity and use the reminder to travel. Eg. At maturity I get 80K, I want to redeem 30K and use 50k for travel

Ideally, there won’t be any such flexibility on the same, but will be evaluated on a case to case basis, but the customer will have to pay any extra charges that might come up, since the original contract is not adhered to.

Is there any penalty if I decide not to travel after the maturity?

No. There is no penalty. We want the customer to enjoy the benefits at his / her will.

Is there a time limit after maturity within which I have to travel?

We are evaluating a possibility to offer either 15th Month or 18th month as the last date to travel at the committed rates for the selected package.

What if I am unable to pay all my installments?

In this case, it becomes a pure RD product and the bank / RBI rules and regulations will apply and Thomas Cook will have no control over it.

Can I change the destination / holiday package that I originally booked for?

Ideally, not possible, but if the customer is willing to pay the additional charges that might apply due to change of plan, we will consider it on a case to case basis.

What do I get from Thomas Cook ( apart from the bank RD passbook ) when I register for HSA ?

Customer gets a welcome kit, which will have the booking form and all the product benefits and the holiday packages that the customer can select.

What’s the CLCM plan to ensure that the customers pays all installments and takes the holiday as well

We will have a constant SMS / Email communication plan which will keep the customer updated on what one stands to get and create excitement about the holiday he / she is looking forward to.

Can I change the package – add / delete days / destinations that I originally subscribed for?

Changing the package / plan might lead to change in the package rates, but if the customer is willing to pay for additional charges, if any, then one can make the changes.

Can a minor apply for the Holiday Savings Account?

Yes , Minor can apply on his own if age is greater than 10 years . Younger minor can apply jointly with the guardian.

I am a senior citizen. Are there any additional benefits for me from Thomas Cook?

You will get 0.5 % additional interest rate on your RD account that is opened with the bank, which contributes towards paying the cost of your holiday.

How do you promise to offer me inflation-free rate ? How does it work ? Is there a catch?

Once the holiday is confirmed by customer ( within 3 months) we block the hotel and airlines at pre approved rates ( current year vs next year) The old catch is that if the customer doesn’t take the holiday Thomas Cook will end up with a loss, as the liability and risk rest with us

Bank FAQs for the RD Account

How do Recurring Deposits work?

A monthly deposit of a pre-fixed amount is made in the Recurring Deposit account. On maturity, you get back the amount you deposited, along with interest calculated at the rate applicable at the time of opening your account.

Can my Recurring Deposit be opened in joint names?

Yes, you can open a Recurring Deposit in a joint name.

Can the first applicant for a Recurring Deposit be a minor?

The first applicant can be a minor. If the minor is above the age of 10 he /she can operate the account independently, for minors of age less than 10 years the account will be opened under guardianship of natural guardian

Can I withdraw prematurely from my Recurring Deposit?

Premature withdrawals are allowed, but remember that no partial withdrawal is permitted.

What if certain RD installments are not paid?

There is a penalty of Rs 1.50 per Rs 1000 per month which is levied on unpaid installments. If six consecutive installments are unpaid, the Bank reserves the right to close the RD account. The interest rate applicable on such closed accounts will be as per the premature withdrawal policy of the Bank.

How Interest Rate is calculated for premature withdrawal of Recurring Deposit?

If you choose to close your RD account prematurely, the interest will be paid @adjusted rate. The adjusted interest rate calculation will be as follows: -

  • The rate prevailing at the time of booking of the RD applicable for the period for which RD has run  will be used as the reference rate.
  • Premature penalty of 1% will be levied on the same as per policy.
  • Reference rate minus the penalty will be the adjusted rate
  • Interest will be paid on this adjusted rate.
Is an overdraft facility allowed?

Right now there is no overdraft facility for Recurring Deposits.

Can partial Payments be made on Recurring Deposits?

Partial payments are not possible.

How can I prematurely liquidate my recurring deposit?

If you wish to prematurely liquidate your Recurring Deposit. We request you to submit your Recurring Deposit advice or written instruction, duly signed by all account holders, at the branch for premature liquidation of your Recurring deposit.

Alternatively, you can liquidate your Recurring Deposits through NetBanking. This facility will be available for Recurring Deposit held under "Sole Owner (SOW)" relationship only and which are booked from Singly Owned Savings or Current Accounts.

Is there a nomination facility?

Yes, there is a nomination facility on the Recurring Deposit account.

Is there a monthly or quarterly interest pay-out option?

No. Interest is only paid when the Recurring Deposit account is closed, and on maturity.

Can I change the tenure and installment due date, (auto debit date) of my Recurring Deposit?

No it is not possible to change the tenure and installment due date, (auto debit date). We request you to open a new Recurring Deposit with the desired due date and tenure.

Can I choose my installment date?

The date of your monthly RD installment will depend on the date you opened your RD account.

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