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HDFC Institutional Savings Account

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
Cheque Book Free
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.

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