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HDFC Bank Savings Account

Based out of Mumbai, HDFC Bank is an Indian bank which is also the largest private sector lender by assets. HDFC bank is operational in 2666 cities and has nearly ninety thousand employees, over four thousand branches.  Being a Bank of such high repute, HDFC is one of the largest and most popular credit card issuers in India. 

HDFC Bank Savings Account Interest Rate

HDFC Bank offers the following interest rates for its Savings Account: 

  • 3.5% p.a. for daily balance up to Rs 50 lakhs
  • 4% p.a. for daily balance above Rs 50 lakhs 

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Savings Account

Interest Rate

Minimum Balance Required

Debit Card
 Issued

SavingsMax Account

4.00%

INR 25,000

Titanium Royale Debit Card

Regular Savings Account

4.00%

Rs. 10,000 (urban branches)

Rs. 5,000 (semi-urban branches)

Rs.2,500 (Rural Branches)

International Debit Card

Women's Savings Account

4.00%

Rs. 10,000 (Urban branches),

Rs. 5,000 (Semi Urban branches)

EasyShop Woman’s Advantage Debit Card

Kids Advantage Account

4.00%

INR 5,000

ATM/International Debit Car

Senior Citizens Account

4.00%

INR 5,000

EasyShop International Debit Card

Family Savings Group Account

4.00%

INR 40,000

EasyShop International Debit Card

Basic Savings Bank Deposit Account

4.00%

Not Required

RuPay Card

Institutional Savings Account

4.00%

Not Required

Business Debit Card

BSBDA Small Account

4.00%

Not Required

RuPay Card

Types of HDFC Savings Accounts

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  1. SavingsMax Account: This account gives automatic sweep facility so that customers can earn higher interest on funds that are lying idle. 
  2. Regular Savings Account: This account serves well for day to day banking needs of customers. 
  3. Women’s Savings Account: This account offers women customers a comprehensive banking solution. It also caters to the financial, lifestyle and investment needs of women. 
  4. Kid’s Advantage Account: This scheme aims to build money management skills in children. It is an excellent method for parents to accumulate savings for their children. 
  5. Senior Citizens Account: This savings scheme is entirely for the convenience of senior citizens. It offers the benefits pertaining to health, investments and day to day banking solutions. 
  6. Family Savings Group Account: This is a complete banking solution for an entire family operated from a single account. 
  7. Basic Savings Bank Deposit Account: This zero balance savings account offers a free debit card which meets all the banking requirements of customers. 
  8. Institutional Savings Account: It is another Zero balance savings account meant for Trusts, Associations, Clubs, Societies, NGOs, etc. 
  9. BSBDA Small Account: This is again a zero balance savings account which comes with a free ATM card. The card gives access to HDFC’s large network of ATMs to help meet all banking requirements of the customers. 

HDFC Savings Accounts: Fees and Charges

Savings Account Scheme

Standing Instructions

Passbook issuance

Debit Card (annual fee)

Savings Max Account

Rs. 25 + remittance fee

Free

Free

Regular Savings Account

Rs. 25 + remittance fee

Free

Rs. 150 + Taxes

Women’s Savings Account

Rs. 25 + remittance fee

Free

Rs. 150 + Taxes

Kid’s Advantage Account

Rs. 25 + remittance fee

Free

Free

Senior Citizens Account

Rs. 25 + remittance fee

Free

Free for life time for 1st applicant.

Rs.100 + taxes for other applicants.

Family Savings Group Account

Rs. 25 + remittance fee

Free

Free for all applicants

Basic Savings Bank Deposit Account

Rs. 25 + remittance fee

Free

Rs.100 + taxes

Institutional Savings Account

Rs. 25 + remittance fee

N/A

N/A

BSBDA Small Account

Rs. 25 + remittance fee

Free

Rs.100 + taxes

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 Multiple Account Access

Through 'One View' a customer can view multiple bank accounts held with different participating banks centrally. It is a unique platform offered by HDFC. The participating banks are Citibank, HSBC India, ICICI Bank and Standard Chartered Bank. Customers need not log in to each bank account separately to access net banking. Customers are permitted to set up five different bank accounts under 'One View.' and just remember a single password to access all the accounts along with the HDFC Bank account. It is a free service, provided that the customers have net banking access to their HDFC Bank account. 

Features of One View

Here are the useful features of One View: 

  • Check account balance and transaction history of current or Savings
  • View summary of deposit accounts
  • Check Citibank Credit Card balance and transaction history
  • Get access to HDFC Demat profile, Demat holding and status
  • Security: all transactions are protected by a robust firewall, using a 128-bit Secure Socket Layer encryption technology. The platform automatically times out in case of an inactive session. 

Basic Savings Bank Deposit Account (BSBDA)

The BSBDA is exclusively for farmers so that they can be included in the financial sector. It is a zero balance savings account without any requirement for an initial deposit. The account holders benefit from free IVR phone banking, free international debit card, mobile banking, phone banking, net banking, and branch banking facilities. 

Features of BSBDA

  • Initial deposit not required to open the account.
  • No average monthly balance to be maintained.
  • No charges are levied for non-maintenance of this account.
  • No charges are levied for activating a dormant account either.
  • Access to a free international debit card.
  • The first chequebook is issued for free.
  • Cash deposits can be made without any limit.
  • 4 free cash withdrawals per month; subsequently Rs.50 + tax per transaction to be paid. 

Eligibility criteria for BSBDA

Specific individuals are entitled to open the BSBDA in HDFC Bank: 

  • Residents of India.
  • Agriculturists or farmers who have their own agricultural land or have income from agrarian resources.
  • Documents Required: Identity Proof (Passport, driver’s license with validity, Permanent Account Number card, Voter ID card, Aadhaar Card, Government-issued photo identity card, NREGA Card, etc.), Address Proof (Passport, driver’s license, Passbook of another bank, Electricity or phone bills, Ration card, etc.), Passport sized photographs.
  • Self-attested copies and original documents for verification.
  • Must submit the Basic Savings Bank Deposit Account customer declaration 

SmartBuy

SmartBuy is a separate platform offered by HDFC Bank that allows customers to compare the prices of shopping and flights across different websites to get the best deals. Some of the brands under this scheme are Goibibo, Cleartrip, OYO Rooms, Amazon, Flipkart, Snapdeal, eBay and Booking.com, etc. These are the services offered: 

  • Flight Bookings
  • Mobile Recharges
  • Hotel Bookings
  • Shopping for electronics, smartphones, food and dining
  • Travel deals
  • Beauty, health and lifestyle 

SmartBuy puchases offer discounts on the following modes payment: 

  • Credit cards
  • Debit cards
  • Netbanking
  • Prepaid cards 

Features and Benefit Of HDFC Savings Account

  • The HDFC Savings accounts offer various options to meet the banking requirements of different customers in a unique way.
  • Customers get access to health, investment, everyday banking solutions, etc. through the HDFC savings account.
  • HDFC has a wide ATM network across the country.
  • Customers can avail free Net Banking, Mobile Banking as well as Phone Banking services.
  • Account statements are sent through email on a monthly basis.
  • "Money Maximizer" or sweep-out facility is provided on some savings accounts. This makes sure that the surplus funds are put into high interest-rates fixed deposits. 

Documentation Required

Open an HDFC Savings Account by submitting:

  • Identity proof: Passport, driver’s license with validity, Permanent Account Number card, Voter ID card, Aadhaar Card, Government-issued photo identity card, NREGA Card, etc.
  • Address Proof: Passport, driver’s license, Passbook of another bank, Electricity or phone bills, Ration card, etc.
  • Latest passport size photographs
  • Self-attested copies and originals for verification

FAQs

  1. How much interest can be earned from HDFC Bank Savings Account?

    And: Savings Accounts have an interest rate of 4% credited to the savings account on a half-yearly basis.

  2. Will the HDFC Savings Account get deactivated if it is unused for a long period?

    Ans: The account is labeled as a dormant account if there is no transaction for two years or more. Net Banking, ATM, Phone Banking, and similar facilities get disabled.

  3. How to activate an HDFC 'Dormant' Savings Account?

    Ans: Visit a branch of HDFC Bank, submit a written request for the re-activation of the dormant account, provide necessary documents such as proof of identity and residence. Initiate a transaction from the account in order to activate it.

  4. How to add a nominee to a savings account in HDFC Bank?

    Ans: Get an application form from a branch of HDFC Bank or download it from the bank's official website. Submit the form at the nearest HDFC branch.

  5. Can HDFC Savings Account be transferred to another branch?

    Ans: Yes, upon the submission of an account transfer form, duly signed by all applicants. The account number, debit card, chequebook, etc. will remain the same.

  6. For how long is the Standing Instruction for a Kid’s Advantage Savings Account valid?

    Ans: Standing Instructions are mandatory while opening a Kid’s Advantage Account. It is valid for a minimum tenure of 1 year. Ii can be continued by placing a request at the nearest branch of HDFC Bank.

  7. Does the HDFC Institutional Savings Account have a debit card?

    Ans: Yes. Authorised signatories of the Account can get a Business Debit Card.

  8. Can unregistered institutions open an Institutional Savings Account?

    Ans: No. This account is exclusively for registered societies, trusts, clubs, associations, etc.

  9. Can someone deposit foreign currency through Institutional Savings Accounts?

    Ans: No, Institutional Savings Accounts can be used for domestic transactions only. A separate FCRA account is to be opened for foreign transactions.

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