This savings account variant, as offered by HDFC bank, is a zero-balance account that is specially designed to make your payments easy and to offer simple solutions to collect your donations, fees etc.
Highlights of HDFC Institutional Savings Account
|Category||Institutional Savings Account|
|Minimum Balance Requirement||Zero Average Monthly Balance Requirement|
Features of HDFC Institutional Savings Account
|Demand Drafts||Free and unlimited DD at all HDFC Bank Locations|
|Cheque Collection||Free outstation cheque collection at all HDFC bank locations across India|
|Online Payments||Salary and vendor payments will be enabled through HDFC’s corporate payment software, Enet|
|Net Banking, Phone Banking and Mobile Banking||Offered to all institutional account holders|
|Collection of fees, donation etc.||Will be facilitated by linking institutional savings account with POS terminals, payment gateway and payment kiosk|
Eligibility for HDFC Institutional Savings Account
Institutional Savings account can be opened by the following classes of applicants.
- Agriculture produce market committees
- Village industries and khadi board
- Primary co-operative credit society which the bank is financing
- Farmer’s clubs and Vikas Volunteer Vahini (VVV)
- Registered or unregistered self-help groups (SHGs) which promote savings habits among people
- Development of Women and Children in Rural Areas (DWCRA)
- Government bodies, departments, agencies in respect of grants or subsidies granted for implementation of different schemes approved and sponsored by central or state government
- Trust, association, club, charitable hospital. NGO and section 25 companies eligible to open a savings account as per RBI guidelines
For a more comprehensive list of eligible institutions, do enquire with HDFC Bank.
Fees and Charges on HDFC Institutional Savings Account
|Minimum Average Monthly Balance||Zero|
|Issuance of adhoc/duplicate statements||Rs.100 – Branch
Rs.75 – Phone Banking, Non IVR
Rs.50 – Mobile Banking, Net Banking and Phone Banking, IVR and ATM
|Hold Statement||Rs.400 per year|
|Cancellation or revalidation of demand drafts/manager's cheque||Nil|
|Phone Banking – IVR and Non IVR||Free|
|Stop payment Charges||Rs.50 for a particular cheque and Rs.100 for a range of cheques, free when done through Net Banking and Phone Banking|
|Mobile Banking and Net Banking||Free|
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.