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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 every day 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 2.4 lakh 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.

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 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 upto 1.29cr
  • 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 5 lakhs
  • Daily cash withdrawal limit of Rs. 25,000 and a daily shopping limit of Rs. 1.75 lakh. Upto Re.1 cashback on every Rs.200 spent on all applicable categories
  • Free lifetime Billpay for all account holders
  • Auto-sweep facility of your surplus funds into a fixes 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 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

Family Savings Group Account

  • Beneficial for families looking for a group account to save their money in one place
  • Higher rate of interest
  • Lifetime free International Debit cards
  • Free demand drafts and special discounts on locker rents
  • Free passbook facility for individual account holders

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 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 upto Rs. 1.18 Cr
  • 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 of 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 collection of fees, bills, donations, etc;
  • Corporate payment software, ENET, facilitates payment of salaries, vendor payments, etc;

Basic Savings Bank Deposit Account (BSBDA Account)

  • A 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

  • A zero-balance savings account for beneficiaries of government schemes
  • Provides free RuPay Debit card and higher cash transaction limits
  • Insurance benefits of upto Rs. 2 Lakh 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 different savings account. Check with the bank for the latest fees and charges.

Savings Account TypeAverage Monthly Balance (AMB) Required
SavingsMaxRs. 1,00,000
Women’s Savings Account

Rs. 10000 for Metro & Urban branches

Rs. 5000 for Semi-urban & Rural branches

Rs. 2500 for Rural branches

Regular Savings Account

Rs. 10000 for Metro & Urban branches

Rs. 5000 for Semi-urban & Rural branches

Rs. 2500 for Rural branches

Senior Citizens AccountRs. 5000
DigiSave Youth Account

Rs. 5000 for Metro & Urban branches

Rs. 2500 for Semi-urban & Rural branches

Kids Advantage AccountRs. 5000
Family Savings Group AccountAn AMB of Rs. 40000 in all accounts combined

Government/Institutional

Savings Account

NIL
Basic Savings Bank Deposit AccountNIL
Government Schemes Beneficiary Savings AccountNIL
BSBDA Small AccountNIL

Interest rates on Savings Bank account

HDFC Bank offers an interest of 3.5% for balance below Rs. 50 Lakhs and 4% for balance above Rs. 50 lakhs. 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

Opening a 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.

HDFC Bank Savings Account FAQs

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 lakh is 3.5% and 4% for above 50 lakh. 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 case of a joint account, the age of the first applicant is taken in to account. A minimum deposit of Rs. 5000 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 on 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.

Customer Reviews

4 / 5 (61 Reviews)
23 Mar 2018

Good Service

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