HDFC Bank is one of India’s leading private sector banks. Despite being around for a relatively short time, the bank has established itself as one of the leading providers of financial and banking services. The level of service provided by HDFC Bank and the quality of the products offered has won the bank several accolades in the past few years.
The products offered by HDFC range from savings accounts and fixed deposits to insurance policies and mutual funds. One of these products offered by HDFC Bank is the current account. HDFC Bank has a number of variants of the current account, each of which have features and benefits to exclusively cater to a specific group of customers.
One of the variants of the current account offered by HDFC Bank is the Flexi Current Account. The account has been developed to address the business and professional needs of the account holder.
Features and benefits
The following are the features and benefits of the HDFC Flexi Current Account:
- The Flexi Current Account offers the account holder with dynamic cash deposit limits free of charge. The account is ideal for individuals who deal with high seasonal requirements.
- The dynamic cash deposit limits made can amount to up to 10 times the average monthly balance maintained each month.
- The bank provides account holders with 40 free Demand Drafts and Pay Orders every month.
- The account provides the account holder with the flexibility of making cash deposits at any HDFC Bank in their city.
- The Flexi Current Account provides the account holder with the benefit of unlimited free cheque collection and funds transfers within the bank.
- The minimum monthly average balance to be maintained in a Flexi Current Account is Rs.75,000 per month. Non-maintenance of the monthly average balance attracts a charge of Rs.1,000 per month. The average monthly balance is calculated based on the average closing balance at the end of each business day over the span of 1 month.
- Account holders have the benefit of making local and inter-city cheque payments through 100 free personalised payable-at-par cheques that are issued each month.
- HDFC Bank provides its Flexi Current Account holders its internet banking facilities free of charge.
- Facilities such as monthly account statements and Insta-Alerts are provided to the account holder for free.
- The account permits the account holder to make bulk payments to their vendors and pay monthly salaries to their employees. The account also enables bulk cheque and DD printing as well as salary uploads and tax payments.
- Cheque collection between cities is much faster and the account holders receive real-time updates from the bank’s Cash Management Services (CMS). The CMS helps account holders track their cheque collection.
- Account holders can also avail Forex traveller’s cheques, forex cards, and forex cash in instances where they travel for business purposes.
To be eligible to open a Flexi Current Account with HDFC Bank, the applicant must fall under one of the following categories:
- Limited liability partnership firms
- Resident individuals
- Public and private companies
- Sole proprietorships
- Hindu Undivided Family (HUF)
The Flexi Current Account was developed to reduce the costs incurred with business seasonality. The dynamic nature of the cash deposit limits makes the account ideal for businesses whose operations are seasonal in nature.
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