Housing Development Finance Corporation (HDFC) Limited was given approval by the Reserve Bank of India (RBI) to be set up as private sector bank and after its incorporation came to be known as HDFC Bank Limited. In a relatively brief timeframe, HDFC Bank has become India’s largest private sector bank.
HDFC Bank offers its customers a number of financial services. These services range from insurance policies to investment instruments. One of the services that HDFC Bank offers its customers is the current account.
A current account is an account that is used by both professionals and businessmen who mostly require liquidity of their funds. Current accounts permit the account holder to make any number of withdrawals in a given day. Additionally, there is also no limit on the number of cheques that can be drawn against the account.
HDFC Bank has 22 variants of the current account. Each of these accounts caters to the specific needs of the account holder. Customers can choose from the assortment of current accounts to find the one that best suits their needs. One of the current accounts that HDFC Bank offers their customers is the Regular Current Account.
Features and benefits
- The average quarterly balance to be maintained in a Regular Current Account is Rs.10,000. If the account holder does not maintain the average quarterly balance, the bank charges a fine of Rs.1,500.
- With the regular current account, account holders can make free cash deposits up to Rs.2 lakh every month. This service can be availed at any of the HDFC Bank branches across the account holder’s city.
- Account holders can issue Pay Orders and Demand Drafts up to Rs.1 lakh free of charge. For drafts and pay orders below Rs.50,000, the bank levies an additional charge of Rs.40. For drafts and pay orders above Rs.50,000 but below Rs.1 lakh, the bank levies an additional charge of Rs.25.
- The bank provides payments and cheque collection services both locally and between cities free of charge.
- No charges are levied for HDFC’s internet banking facilities for funds collection.
- Payable-at-par cheques are issued at free of charge.
- On registration, account holders receive updates and InstaAlerts from the bank based on the transactions carried out.
- Account holders have the benefit of using the bank’s internet banking, mobile banking, and phone banking services to check the transaction details of their account, stop cheque payments, and track the status of cheques drawn against their account.
- The bank provides customers with the privilege of free unlimited cash withdrawals from all bank branches free of charge.
- HDFC Bank has a dedicated Trade Desks and Trade Sales experts to ensure efficient and hassle-free processing of trade transactions. Additionally, they also help the customer with ensuring quick turnaround time and provide competitive exchange rates.
- The bank’s Cash Management Services (CMS) ensures that the cheques drawn against their account are collected as soon as possible from both HDFC Bank and non-bank locations. This service helps ensure efficiency by tracking transactions at early stages and providing customised detailed reports of transactions to the account holder.
- The bank provides customers with the service of paying direct taxes online free of charge.
Applicants are eligible to open and operate a current account with HDFC Bank if their undertakings are classified under one or more of the following classifications:
- Sole proprietorship
- Limited company
- Resident individual
- Hindu undivided family
- Foreign national residing in India
- Limited liability partnership
- Foreign institutional investor
Apart from the categories listed above, applicants should also have an Average Quarterly Balance that is over Rs.10,000 to be eligible to open a Regular Current Account and to enjoy the benefits associated with it.
HDFC’s Regular Current Account is essentially a low-cost account that is ideal for those looking to run their business. The key features of the account coupled with the bank’s advanced internet banking and mobile banking services make for the ideal current account.
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