HDFC Bank Savings Account

0 Reviews

Write Review

HDFC Bank Savings Account

A savings account is the most common form of an interest-bearing account which is held with a bank and that provides a nominal interest rate over time. A savings account is often the first bank account for people of all ages. There are various advantages to having a savings account:

  • Build an emergency fund for rainy days,
  • Save for short-term goals (for a vacation, higher education etc.)
  • Get easy access to your money—savings account is the most liquid form of investment.
  • No more risk—store cash safely and securely.
  • Open a savings account as per your need—it can be opened with a mere deposit of Rs. 1000 and can go up to Rs. 1 Lakh depending on the kind of banking you require.
  • Do you have a habit of forgetting important bill dates? Automate your bill payments and avoid late fees. Pay bills quickly and in a hassle-free manner.

While there are many advantages to having a savings account, there are some disadvantages as well. Banks do not require large initial deposits as mentioned before, but there are various fees associated with a savings bank account unless you maintain a certain minimum balance each month. The balance required, interest rate and allied fees and charges vary from bank to bank. If your saving falls below the minimum balance requirement set by the bank, they will charge you with a certain fee. This can prove to be a problem if you regularly withdraw from your savings account.

Also, savings accounts are the least profitable type of short-term investments as the interest provided is far lower when compared to that of an Fixed Deposit account, for example. Though it is easy to access the money in your account in times of need, they offer low yields in comparison to other lucrative forms of savings.

HDFC Bank Savings Account

Having a HDFC Bank savings account has various advantages. It provides a host of banking benefits including easy accounts management, special banking facilities for senior citizens, payments by issuing cheques, having a record of the income earned, interest on savings amongst other things. You can make quick utility bill payments, and enjoy various features in convenience banking with a HDFC Bank Savings Account.

Features and Benefit of HDFC Savings Account

There are various benefits to having a savings account with HDFC Bank.

Following is an overview.

  • Safe storage of your cash
  • Different savings account for different needs.
  • Access your account with ease
  • Access to ATMs all over India.
  • Get rewarded for savings
  • Get a free Debit cum ATM card.
  • Earn a return of up to 4% p.a. on your HDFC Bank Savings Account, enabling your savings to grow faster.

Types of HDFC Bank Savings Accounts

HDFC SavingsMax Account

  • Accidental Death Insurance of Rs. 10 lakhs on account
  • Lifetime free Platinum Debit Card
  • Daily cash withdrawal limit of Rs. 1,00,000
  • Daily shopping limit of Rs. 2.75 lakh
  • 1% CashBack transactions made with your HDFC Platinum Debit Card (T&C apply).
  • Avail unlimited Free ATM transactions on both HDFC and Non-HDFC bank ATM's across India
  • Avail discount on auto, personal and business loans

HDFC Regular Savings Account

  • Avail facilities like NetBanking, BillPay, Phone Banking and Mobile Banking for all your banking needs.
  • Annual Maintenance Charge waived off for the first year for the first new Demat account.
  • Avail of facilities like Safe Deposit Lockers and Super Saver facilities on your Regular Savings Account.
  • Avail exclusive discounts & offers through HDFC online shopping portal.

HDFC Women's Savings Account

  • Take advantage of the sweep out facility and earn higher interest on money lying idle.
  • Personal Accident Death Cover of Rs 10 lakh.
  • Enjoy CashBack when you transact with EasyShop Woman’s Advantage Debit Card: CashBack offer of Re 1 for every Rs. 200 spent
  • Daily cash withdrawal limit of Rs. 25,000 and daily shopping limit of Rs. 1.25 lakh.
  • Discounts and preferential rates for loans on other bank products.

HDFC Kids Advantage Account

  • ATM / International Debit Card issued to children between 7-18 years of age, in the child’s name, with the permission of the parents / guardian.
  • ATM withdrawal limit of Rs. 2,500
  • Daily shopping limit of Rs. 10,000
  • Free quarterly bank statement
  • Free Email alerts on account transactions

HDFC Senior Citizens Account

  • Accidental Hospitalization Cover of Rs 50,000 per annum (T&C apply).
  • Preferential rates on Fixed Deposits
  • Free passbook facility for all account holders
  • Free Phone Banking, NetBanking and InstaAlert
  • Free e-statment facility
  • Get free EasyShop International Debit Card (free for life for the first applicant).
  • Cash withdrawal limit of Rs 25,000 per day
  • Shopping limit of Rs 1.25 lakh per day

HDFC Family Savings Group Account

  • Free EasyShop International Debit Card for all account holders for lifetime
  • Free DD/MC on HDFC Bank locations up to Rs. 50,000 per account per month
  • Avail special offers like 50% off on Locker rental calculated on a pro-rata basis
  • One free add-on Trading Account for Spouse

HDFC Savings Farmers Account

  • Special customized product for Farmers.
  • Avail exclusive discounts & offers through HDFC online shopping portal
  • Rupay Premium Card to access your account
  • Free IVR based Phonebanking
  • Avail of banking facilities like NetBanking, BillPay, Phone Banking and Mobile Banking for all your banking needs
  • Annual Maintenance Charge waived off for the first year for the first new Demat account

HDFC Institutional Savings Account

  • Zero balance account
  • Free & unlimited Demand Drafts
  • Free Outstation Cheque Collection at HDFC Bank locations across the country
  • Simplify your payments—wide range of options to collect fees, donations etc.

HDFC Basic Savings Bank Deposit Account

  • Zero balance Savings Account
  • Free ATM card for your banking needs
  • Free Rupay card to access your account
  • Free IVR based PhoneBanking
  • Four Free Cash withdrawals from ATM per month
  • International Debit Card available on request

HDFC BSBDA Small Account

  • Zero balance Savings Account
  • Free ATM card for your banking needs
  • Free passbook facility for all account holders
  • Enjoy free cash and cheque deposits at branches and ATMs

HDFC Savings Account Minimum Balance

The minimum balance required in HDFC savings account differs with each kind of account. It is advisable to contact the bank directly for details. Following is an overview:

Type of Savings Account Balance Required
HDFC SavingsMax Account Average Monthly Balance (AMB): Rs. 25,000
HDFC Regular Savings Account Metro / Urban branches: AMB Rs. 10,000
Semi-Urban Branches: AMB Rs. 5,000
Rural Branches: AQB Rs. 2,500 or FD of Rs. 10,000 for minimum 1 year 1 day period
HDFC Women's Savings Account AMB of Rs. 10,000 in metro/urban branches and Rs. 5,000 in semi-urban/rural branches.
HDFC Kids Advantage Account AMB Rs. 5,000
HDFC Senior Citizens Account AMB Rs. 5,000 (urban/semi-urban)
HDFC Family Savings Group Account Combined AMB in all accounts grouped: Rs. 40,000
HDFC Savings Farmers Account Average Half-Yearly Balance: Rs.2500

HDFC Savings Account Interest Rate

HDFC Bank savings account comes with interest rates of up to 4%, depending on the daily balance. Do keep in mind that the rates are subject to change at the sole discretion of the bank.

HDFC Bank Savings Account Charges

Different HDFC Bank savings accounts have a different schedule of charges. It is advisable to contact HDFC Bank directly for the most up to date charges.

How to open a HDFC Bank Savings Account

HDFC Bank savings account opening is easy and hassle-free. You can walk into your nearest HDFC Bank branch with your KYC documents and have a savings account opened in line with your savings need.

It is also possible to open a HDFC saving account online. You can get your Account number, Cheque book and Debit Card in 2 days. This facility is available only in select cities.

HDFC Bank Savings Account FAQS

What is the best interest rate on a HDFC Bank saving account?

The interest rates can go up to as high as 4%. For the latest interest rates, it is advisable to contact the nearest HDFC Bank branch.

What is the eligibility for opening a HDFC Bank Institutional savings account?

Following institutions are eligible to open an Institutional saving account: Trust, Association, Society, Club, NGO, Charitable Hospital, Educational Institute, or a Section 25 company that is eligible to open a savings account as per RBI guidelines.

What are the documents required to open a Savings Account with HDFC Bank?

You can walk-in to your nearest HDFC Bank with your KYC documents and speak to a customer care representative regarding your savings requirements. Be sure to carry the following documents (original for verification and self-attested copies for submission):

  • Valid Identity Proof (Drivers License, Passport etc.)
  • Address Proof (Utility Bill, Passport etc.)
  • Latest passport size photographs

What happens to my kid’s savings account after he reaches maturity?

The existing account can be converted to a regular savings account. To convert the account the following action will be required:

  • You will need to fill the HDFC Kid’s Advantage account conversion form and provide the following KYC documents: Identity Proof, Address proof, Proof of becoming major like Birth certificate, Passport etc. along with recent passport-size photographs.

Customer Reviews