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What is a Savings Account?

Hdfc Bank Savings Account

A savings account is the most basic form of deposit account, that is held with a bank or NBFC, which allows a customer to deposit money and earn some interest on it.

A savings account, being easy to open and operate, provides the customer a safe way to store their hard-earned money while earning a nominal return for the deposits. There are various kinds of savings account catering to the needs of every customer.

However, savings accounts are not a usual choice for investment purposes since the interest rates are the least profitable compared to other short-term investments. Customers looking for better yields prefer an FD account given the higher rate of interest and quicker liquidity during times of need.

Savings accounts with HDFC Bank

HDFC Bank offers end-to-end savings account products to meet the needs of every user. Their personal banking solutions offer smart and innovative features and benefits that help you to make the most of your savings bank account. Given here is an overview of the various features and benefits

  • 24x7 access to your savings account through various platforms – NetBanking, MobileBanking, wide network of branches and ATMs all over the country
  • Exclusive accounts to simplify banking for Senior Citizens, Women, Youth and Kids
  • Accounts to meet the needs of Families, Private Institutions and Government scheme beneficiaries
  • Free Debit cum ATM card
  • Netbanking, Mobile banking and SMS banking to enable ease of transactions
  • Rewards for online shopping and usage of debit cards at POS (Point Of Sale)

Types of HDFC Bank Savings Accounts

SavingsMax Account

  • A Premium Savings Bank Account
  • Provides a Lifetime-free Platinum Debit card with a daily withdrawal limit of Rs. 1,00,000 and shopping limit of Rs. 5,00,000
  • Free transactions across HDFC Bank and non-HDFC Bank ATMs
  • Insurance benefits of up to 3.29cr
  • Wide range of banking facilities across NetBanking, MobileBanking and Phone Banking platforms that allows you to check account balance, make utility bill payments and fund transfers
  • MoneyMaximiser: An auto sweep-out facility that automatically puts your surplus funds into a fixed deposit. When you run low on funds, the FD will automatically sweep in funds to your account

Women’s Savings Account

  • Annual Maintenance charges waiver and free folio maintenance for the first year on your Demat account
  • Personal accident death cover of Rs.10,00,000
  • Daily cash withdrawal limit of Rs. 25,000 and a daily shopping limit of Rs. 2,75,000. Up to Re.1 cashback on every Rs.200 spent on all applicable categories
  • Free lifetime Billpay for all account holders
  • The auto-sweep facility of your surplus funds into a fixed deposit account through the MoneyMaximizer feature

Regular Savings Account

  • Customised debit cards to suit individual needs. Option to choose between Rewards Debit card or a RuPay Platinum Debit card
  • Access to a wide network of branches and ATMs across the country
  • Annual Maintenance Charges waived off for the first year for the first Demat account
  • Free passbook and email statement facilities
  • Super Saver facility on your account to save more
  • Safe Deposit lockers facility available

Senior Citizens Account

  • Specially designed for Senior citizens to provide safety and higher returns in their golden years
  • Free International Debit card
  • Free Insurance benefits for all account holders
  • Special rates on FDs
  • Annual Maintenance Charges (AMC) waiver for the first year for first Demat account
  • Merchant discounts at Apollo Pharmacy – 20% off on Apollo branded products

DigiSave Youth Account

  • Specially designed for youngsters to make the best out of online shopping using HDFC Bank’s online shopping portal.
  • Offers on movie tickets, shopping, travel and recharges done via PayZapp
  • Times Points Debit card free for the first year. Welcome benefit of 500 Times Points on first shopping at any Point of Sale or online partner with the card
  • Insurance benefits of up to Rs. 1,14,00,000
  • Special offers on Educational loans and Forex cards

Kids Advantage Account

  • A bank account designed for kids to help them learn the importance of managing money
  • Free Education Insurance cover Rs. 1,00,000
  • Free MoneyMaximizer facility
  • An ATM/International Debit card is provided with the parents’ permission
  • Daily cash withdrawal limit of Rs. 2500 and shopping limit of Rs. 10000
  • Free cash withdrawal and balance enquiries at all HDFC Bank and non-HDFC Bank ATMs
  • Free at-par cheque books and passbooks for all individual account holders

Government/Institutional Savings Account

  • A simple zero balance account designed for governments and institutions
  • Free outstation cheque collection and unlimited DDs at HDFC Bank locations across the country
  • At-par cheque books without any usage charges
  • Allows linking of the account with HDFC bank payment gateway, POS terminal and Payment Kiosks to manage the collection of fees, bills, donations, etc;
  • Corporate payment software, ENET, facilitates payment of salaries, vendor payments, etc;
  • Basic Savings Bank Deposit Account (BSBDA Account)
  • Zero-balance savings account to meet the needs of the user
  • Free Rupay Debit card
  • Safe Deposit Lockers and Super Saver facilities
  • Free cash and cheque deposits at a wide network of branches and ATMs across the country
  • 4 withdrawals free per month
  • Free lifetime BillPay facility

Government Scheme Beneficiary Savings Account

  • Zero-balance savings account for beneficiaries of government schemes
  • Provides free RuPay Debit card and higher cash transaction limits
  • Insurance benefits of up to Rs. 2,00,000 based on your RuPay Debit card
  • Dedicated Relationship Manager to attend to your queries
  • Safe deposit lockers and Super Saver facilities

BSBDA Small Account

  • Free RuPay debit card with all accounts
  • Free cash and cheque deposits at all HDFC Bank branches and ATMs
  • 4 free withdrawals per month
  • Free InstaQuery facility
  • Free lifetime BillPay

Savings Account charges and fees

HDFC Bank charges various fees and charges on savings bank accounts for maintenance. One needs to maintain a minimum balance in their account every month, though this varies from bank to bank. Also, the interest rate on your deposits, cash deposits, cheque clearance charges, number of withdrawals allowed per month, all varies from bank to bank.

HDFC Bank Savings Account Minimum Balance

The minimum balance varies with a different savings account. Check with the bank for the latest fees and charges.

Savings Account TypeAverage Monthly Balance (AMB) Required

SavingsMax

Rs. 25,000

Women’s Savings Account

Rs. 10000 for Metro & Urban branches

Rs. 5000 for Semi-urban & Rural branches

Regular Savings Account

Rs. 10000 for Metro & Urban branches

Rs. 5000 for Semi-urban

Rs. 2500 for Rural branches

Senior Citizens Account

Rs. 5000

DigiSave Youth Account

Rs. 5000 for Metro & Urban branches

Rs. 2500 for Semi-urban & Rural branches

Kids Advantage Account

Rs. 5000

Government/Institutional Savings Account

NIL

Basic Savings Bank Deposit Account

NIL

Government Schemes Beneficiary Savings Account

NIL

BSBDA Small Account

NIL

Interest rates on Savings Bank account

HDFC Bank offers an interest of 3% for a balance below Rs. 50,00,000 and 3.5% for balance above Rs. 50,00,000. This interest rate changes periodically based on market guidelines and customers should check with the bank before opening an account.

Savings Account Charges

HDFC Bank charges different fees and charges to operate and transact on your savings bank accounts. Some of the charges are listed below

CategoryCharges
Charges for non-maintenance of AMBRs. 150 – 600
Issue of new cheque bookUpto Rs. 75
Issue of duplicate statementUpto Rs. 100
Duplicate Passbook IssueUpto Rs. 100
Debit card/ATM chargesRs. 100 – Rs. 500
Standing instructionsRs. 25 + remittance fees

How to open an HDFC bank savings account?

Simply walk into the nearest branch of HDFC Bank and talk to a customer service representative. Having the following KYC documents handy can speed up the process:

  • Identity proof
  • Address proof
  • Latest passport size photographs

Alternatively, you can fill in the necessary details on the website and a bank representative will visit you to collect the documents. In 48hrs you will have your cheque book and debit card delivered to you.

About HDFC Bank Savings Account

HDFC Bank is one of the leading bankers in India, sought after by millions of customers for their innovative products and smart banking solutions for everyday transactions. They have been redefining the banking landscape in the country with their wide network of branches, easily accessible ATMs (close to 12,000) and more than 2,40,000 merchants (Point-Of-Sale) accepting their credit and debit cards. Products to suit every customer and every need have made them the banker of choice for everyone.

HDFC Bank Savings Account FAQ

1. What is the best interest rate that I can get on my savings account?

The current interest rate offered for balances below Rs.50,00,000 is 3% and 3.5% for above Rs.50,00,000. For the latest interest rates, it is advisable to contact the nearest branch.

2. What is the eligibility for the Senior Citizen savings account?

All resident individuals above the age of 60 years are eligible to open a Senior Citizen account. In the case of a joint account, the age of the first applicant is taken into account. A minimum deposit of Rs. 5,000 is required to open this account.

3. How frequently is the interest credited for my savings account balance?

Interest earned on your savings account balance is credited to your account on a quarterly basis.

4. Can I change my account from one savings account type to another?

Yes, you can upgrade your savings account type based on your needs. Please contact our nearest branch and the customer service executive will assist you with the same.

5. How can I change/add my email ID to my account?

You can update your email ID on the account by logging on to your account on Internet banking or by raising a request via Phone Banking.

6. How do I transfer my account from one branch to another?

Since all branches of the bank are connected via core banking, you can operate your account from any part of the country without any hassle. However, if you would still like to transfer your account from one branch to another, you can submit a duly filled transfer form, signed by all the account holders, at your nearest branch.

Hdfc Bank Savings Account - Customer Reviews

4 / 5 (65 Reviews)
26 Sep 2020

Usefulness of information,Call Experience,Credit Report Analysis,Website/app interface,

23 Mar 2018

Good Service

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