Savings Account by HDFC Bank

This is the most fundamental sort of account that can be opened at any bank. A Savings Account, by definition, allows you to deposit your money at a bank and keep it safe so you don’t have to carry it around with you or conceal it in your home’s old locker. Also, these funds can be withdrawn by you at any time, either from the bank or through an ATM.

Savings accounts are amongst the most liquid investments, which makes them pretty much simple to use when performing transactions. Unlike traditional investments, this means you can withdraw funds from your Savings Account at any time and location.

You can use an online Savings Account to make the entire account management procedure mobile. These online accounts are typically high-yielding because of higher interest rates, and they can be accessed via the internet using your PC, laptop, or even your smartphone.

Savings Accounts with HDFC Bank

The principle of Savings Account principle is pretty much to the point. It is an account with a bank of your choice where you can save a portion of your salary. However, there are various sorts of Savings Accounts. These are usually basic variations on the main notion.

Types, Limit & Eligibility : Savings Account HDFC

Every major bank in the nation offers a few types of speciality savings accounts to meet consumers’ specific needs. Some of the popular HDFC savings account types are:-

HDFC Regular Savings Account 

Regular savings accounts enable you to deposit money at any time. 

• Average Monthly Balance (AMB): It refers to the monthly minimum amount that you must have in your savings account. It consists of three different types of branches:-

1. Urban: ₹10,000
2. Semi-Urban: ₹5,000
3. Rural: ₹2,500*

Additionally, a fixed deposit of ₹10,000 for a minimum of one year and one day.

• Eligibility criteria:  Indian Citizen. 

Note: Minors over the age of 10 years can open a self-operated minor account. 

• ATM charges and monthly withdrawal limit: For the first 5 transactions it is free. 

1. Later, zero charges for ₹ 2 lakh/month.
2. Third-party cash transaction validity is ₹25,000/day.

• Debit card facilities: Numerous card names are as follows:-

1. Millennia Debit Card
2. MoneyBack Debit Card
3. Rupay Premium
4. EasyShop Woman’s Advantage
5. EasyShop Titanium Royale
6. Rewards Card
7. EasyShop Platinum, etc.

• Other features

1. Net-Banking, Online Banking.
2. Free facility for passbooks and statements.
3. Lockers with safety.
4. Accessibility to HDFC Credit/ Debit card discount offers.

Women’s Savings Account

This account provides comprehensive banking services for women, addressing their income, lifestyle, and financial needs.

• Average Monthly Balance (AMB): It consists of three different types of branches, listed below:-

1. ₹ 10,000 for Metro 
2. ₹ 5,000 for Semi-Urban and Rural

Note: Non-maintenance charges are from ₹150 to ₹600.

• Eligibility criteria

1. Women only.
2. A woman ought to be the initial account holder in a joint account.
3. International women residing in India.

• Limit for monthly withdrawal

1. ₹2 lakhs per month per account.
2.  ₹5,000 after the first month.

• Debit card facilities

1. According to the categories, for every ₹200, you will get a cashback of ₹1. 
2. Cash Withdrawal everyday limit: ₹ 25,000.

• Other features

1. Passbooks and account statements are free of charge.
2. Loan for two-wheeler: 3.5 % interest rate.
3. ₹10 lakhs coverage for Accidental Death.
4. ₹1 lakh coverage for Accidental Hospitalization.
5. ₹2.75 lakh limit for everyday shopping.

HDFC Savings Max Account

Using the continuous sweep-out option, empty assets can earn a higher interest rate.

• Average Monthly Balance (AMB): ₹ 25,000 or Fixed Deposit of

1. ₹1.5 lakh for metro cities.
2. ₹1 lakh for semi-urban & rural.

Note: Non-maintenance charges are from ₹300 to ₹600. 

• Eligibility criteria 

1. Individual’s resident
2. Joint Hindu families 
3. Internationals permanently settled in India
4. Minor above the age of 10 years 

• Limit for monthly withdrawal

1. Unlimited cash withdrawals are free of charge. 
2. For the first five transactions per month, you will get cashback.
3. ₹2 lakh per month per account. 

• Debit card

1. Complimentary, One percentage cashback for Platinum Debit card.
2. Everyday cash withdrawal of up to ₹1 lakh.
3. ₹5 lakhs for shopping.

• Other Features

1. Coverage for accidental death, hospitalisation, and international airfare only when it is booked by debit card and so on is up to ₹3.29 crores. 
2. At the locations of HDFC Bank, you will get free demand drafts up to ₹1 lakh per day. 
3. You will get a 50% discount on the locker lease.
4. When you apply for a vehicle loan, you can get a loan up to 90% of the vehicle’s on-road pricing.
5. For 1st year, no  AMC Demat. 

Basic Savings Bank Deposit Account

This is a zero-balance savings account with a free ATM (debit card), that meets all your banking requirements:

• Average Monthly Balance (AMB): In this savings account, there are no requirements for an AMB

• Eligibility criteria 

1. Individuals should not hold another savings account with any other bank.
2. Children over 10 years of age are eligible to open savings accounts.

• Limit for Monthly Withdrawal: No charges for the first four transactions. 
• Debit card: You will get a free ATM or debit card. 
• Other Features

1. Free passbook, email statements, and lifetime billpay.
2. Free TDS certificate issued (basis solicitation). 

HDFC Senior Citizen’s Account

This savings plan is designed for the benefit of senior citizens and includes wellness, financial, and payment systems.

• Average Monthly Balance (AMB): The minimum amount should be ₹ 5,000. 

• Eligibility Criteria: All resident individuals (sole or joint) in the age group of 60 years and above are eligible. 
• Limit for Monthly Withdrawal

1. There is no charge for transactions up to ₹2 lakh/month/account. 
2. No charges for the first four transactions/month. 

• Debit Card: Different variants are available.
• Other Features

1. Coverage for hospitalization up to ₹ 50,000 p.a.
2. Fixed Deposit rates based on preferential. 
3. The facilities of BillPay, bank statements, messages, and Instagram alerts are free of charge for a lifetime. 
4. No charge for travellers’ cheques. 

HDFC Kids Advantage Account

This scheme’s goal is to create money management techniques for kids and is a great investment for the children’s future. 

• Average Monthly Balance (AMB): The minimum amount should be ₹ 5,000. 
• Eligibility Criteria

1. Teenager up to 18 years is eligible. 
2. The guardian or parent must have savings account in the same bank. 

• Limit of  Monthly Withdrawal

1. No charges for transactions up to ₹ two lakhs/ month/ account. For More transactions, there will be a penalty of ₹5000. 
2. No charges for the first four transactions/ month. 

• Debit Card

1. Debit Card is issued for Kids.
2. Replacement charges for a Debit card are ₹ 200 including taxes. 

• Other Features

1. Accidental Death from a vehicle of the parents/ guardian, Bank provide free Education scheme Insurance up to ₹ 1 lakh.
2. Sudden rules are made for transferring funds from parents to kids’ accounts. 
3. The facility for sweeping out cash maximizers is possible only if the account balance reflects an amount of ₹25,000 or more. It is because the bank has set the benchmark for transferring the amount to a fixed deposit for one year. 
4. You will get a free ATM or debit card. 

HDFC Savings Account Interest Rates & Minimum Balance

HDFC Bank offers numerous savings account schemes, each with its own set of rules and advantages. The below table showcases the different types of savings account types with the rate of interest and required minimum balance. So, customers can differentiate and choose the savings account according to their requirements. 

Note: From June 11th, 2020, rates are effective. 

Recently, in April 2022, HDFC Bank revised savings account bank deposit  interest rates as shown below:-

• The rate of interest will be 3% p.a. for savings deposits below ₹ 50 lakh in balance.
• The maximum balance for saving deposits will be ₹ 50 lakh. The rate of interest will be 3.50% p.a. 

Features and Benefits Of HDFC Savings Account 

• Free passbook: Customers who have an HDFC savings account will get a free passbook. 
• Using Net Banking is easy: You can use your savings account to make payments via various net banking facilities. You can  pay for your utilities such as electricity, phone, and water through this account.
• ATM/Debit Card access: Once your account is created, you will get an ATM and a debit card, which you can access through any bank’s ATM machine.
• Mobile and Net Banking: You can keep track of all your bank statements, like sending and receiving money, through net banking facilities. Everything can be done through your PC or smartphone.
• Free Cash and Cheque Deposits at Any Branch: HDFC Bank will offer you the basic facilities of cash and cheque deposits, which can be done at any branch of the bank.
• Payment Gateway: You can use your ATM or debit card to make online payments.

HDFC Savings Account Fees and Charges

The below table represents the HDFC savings account fees and charges:-

Documents Required to Open HDFC Savings Account

In order to open a savings account, you will need to provide the following documents:-

• Proof of identity such as Aadhaar Card/ Voter’s Card /Passport/ Driving License/ PAN Card (Permanent Address Number).
• Certificate issued by the government (Central/State), etc.
• Two recent passport-sized photos.

How to Open HDFC Savings Account

The majority of HDFC Bank savings accounts can be created by visiting their official website. Follow the following steps:-

1. The bank has eliminated the need for KYC papers with the pandemic situation by issuing KYC via video. 
2. Fill out the opening saving account form on the HDFC Bank website and finish the video KYC procedure.
3.  Additionally, you can visit your nearest HDFC Bank to get open savings account with the necessary documentation.

To Sum Up

In India, there are numerous savings accounts that benefit millions of people in various ways. Many individuals utilise these types of savings accounts to save a portion of their wages and then spend it as a necessity. People benefited from these savings accounts during pandemics. Besides that, several banks provide interesting leisure and business discounts, cashback awards, and other incentives to encourage customers to open a savings account.

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