To help salaried employees manage the finances of their family, HDFC Bank has rolled out the Salary Family Account. The HDFC Bank Salary Family Account is a zero-balance savings account and comes with the benefits of a free Personal Accidental Death Cover upto Rs.11 lakh and a free International Air Coverage of Rs.1 crore. With every transaction, customers are eligible to free Times Reward Points and they can also avail the best prices for loans and credit cards with this salary account.
Features and Benefits of HDFC Bank Salary Family Account
- The HDFC Bank Salary Family Account is a zero-balance account, meaning that there is no requirement for a minimum balance.
- All salary account holders are eligible for the free Personal Accident Death Cover of Rs.1 lakh.
- They are also eligible for the Air Accidental Death Cover of Rs.5 lakh.
- On opening the account, customers are granted a free Times Points debit card. The debit card comes with the below listed benefits:
- Free Personal Accidental Death Cover up to Rs.10 lakh.
- Customers are assured a Base Personal Accidental Death Cover either by rail, road, air, etc. up to Rs.5 lakh. To be eligible for this, the travel ticket would have to have been purchased using the Times Points debit card.
- Enhanced cash withdrawal limit of Rs.1 lakh.
- For this debit card, the daily shopping limit at retail or online merchant establishments is Rs.2.75 lakh.
- If the customer uses his/her debit card to purchase the air ticket, he/she is eligible to a flat International Air Accident Cover up to Rs.1 crore.
- For items purchased using the debit card, customers are eligible for a Fire and Burglary Protection up to Rs.2 lakh.
- They are also eligible for a Checked Baggage Insurance up to Rs.2 lakh.
- Using the Times Points debit card, customers can avail discounts up to 10% for lifestyle, entertainment, grocery shopping, dining, etc.
- Customers are granted 500 Times Points for the first transaction as part of the Times Points debit card program as soon as they open the account. After the first transaction, customers are granted 2 Times points for every Rs.150 spent.
- Customers can also avail a free add-on International debit card.
- Through this Salary Family Account, customers can avail a variety of loan products at the best possible interest rates.
- Customers can bank anywhere in the world using the HDFC Bank Salary Family Account.
- Account holders can make fund transfers through the NEFT and RTGS facilities.
- As soon as the customer makes a transaction or withdrawal, he/she will receive an InstaAlert of the transaction details and the balance in the account.
- As with most HDFC Bank salary accounts, the HDFC Bank Salary Family Account too comes with the benefits of free monthly account statements, e-mail statements, and passbook facilities.
- Through the BillPay facility, customers can pay all their utility bills through their salary account.
- Customers can also avail the benefit of free Demand Drafts at any HDFC Bank branch.
- This HDFC Bank Salary Family Account comes with the convenience of phone banking, mobile banking and net banking facilities.
Eligibility for HDFC Bank Salary Family Account Insurance Coverage
To be eligible for the Free Personal Accidental Death Cover and the Free Air Accidental Death Cover, customers need to meet certain criteria.
Eligibility for Air Accidental Death Cover:
- The demised customer should have held this HDFC Bank Salary Family Account and should have received the salary in the month of death or the month prior to the occurrence of untimely death.
- Death should have occurred as a result of bodily injury.
- The untimely death of the account holder should have occurred within a year from the event (accident).
- He/she should have been less than 70 years of age at the time of death to be eligible for this account.
- At least one transaction or purchase should have been made within 6 months prior to death or the accident leading to death.
- Should have purchased the air ticket using the HDFC Bank Times Points debit card.
- The Air Accidental Death cover is only limited to the primary account holder and not his/her nominee[s].
Eligibility for Personal Accidental Death Cover
- Death should have occurred within a year from the event .
- On the day of death, the customer should have been less than 70 years of age.
- Should have held the HDFC Bank Salary Family Account and should have received the salary in the month of death or the month prior to the occurrence of death.
- Should have made at least one transaction or purchase using the HDFC Bank debit card within 6 months prior to the occurrence.
- Death should have occurred as a result of bodily injury.
- This insurance cover is limited to the primary account holder and not his/her nominee[s].
- In case of death resulting from an air accident, the primary account holder should have purchased the air ticket using the HDFC Bank debit card to be eligible to claim the Personal Accidental Death coverage.
Documents Required for HDFC Bank Salary Family Account
The candidate should submit the following Government approved KYC documents, when submitting the account opening form.
- Identity proof - Passport, PAN card, Voter’s ID, Driver’s license.
- Address Proof - Passport, Rent Agreement, any government approved document containing the address, Driver’s license, etc.
|Visa Money Transfer||Rs.5 (plus GST as applicable) per transaction|
|Unarranged overdraft||Rs.100 per transaction + 18% Interest p.a|
|TIN Regeneration (requests received at the branch for physical dispatch)||Rs.50 per instance|
|Third party Cash transaction (Cumulative of Deposit and Withdrawal)||Up to a limit of Rs.25,000 per day - Rs.150/- (plus GST as applicable) Above Rs.25,000/- not allowed|
|Stop Payment Charges||Particular cheque Rs.100 Range of cheques Rs.200/- Free through NetBanking|
|Standing Instructions||Setting up charges - Free Rs.25 per transaction as well as remittance charge|
|RTGS - Outward||Above Rs.2 lakhs to Rs.5 Lakhs - Rs. 25 (plus GST as applicable) per transaction Above Rs.5 Lakhs - Rs.50 (plus GST as applicable) per transaction|
|RTGS - Inward||Free|
|PIN regeneration charge||Rs.50 (plus GST as applicable)|
|Photo Attestation||Rs.100 per instance NIL (For Senior Citizens)|
|PAP Cheque book usage charges||Nil|
|PAP Cheque book||Free first 25 cheque leaves per half year (Financial year) Additional chequebook of 25 leaves will be charged at Rs.75 per chequebook|
|Old records/copy of paid cheques||Up to 1 year - Rs.50 per record Above 1 year - Rs.100 per record|
|Number of Cash transactions(Both of Deposit and Withdrawal)||4 free cash transactions per month 5th transaction onwards - Rs.150 per transaction (plus GST as applicable) will be charged|
|NEFT Charges- outward||Up to Rs.10,000 - Rs.2.5 (Plus GST as applicable) per transaction Amounts from Rs.10,001 to Rs.1 lakh - Rs.5 (Plus GST as applicable) per transaction Amounts above Rs.1 lakh up to Rs.2 lakh - Rs.15 (Plus GST as applicable) per transaction Amounts above Rs.2 lakh – Rs.25 (Plus GST as applicable) per transaction|
|NEFT Charges for Indo Nepal transactions||Customers having NSBL*Account - Rs.20 Customers having non-NSBL* Account: Upto Rs.5,000 - Rs.70 Above Rs.5,000 - Rs.95 * Nepal State Bank Ltd|
|NEFT Charges - Inward||Free|
|Minimum Balance (Average Monthly Balance)||Zero|
|Managers Cheques / Demand Drafts at HDFC Bank branches||Free upto Rs.25,000 Above Rs.25,000 Rs.5 per Rs.1000 - subject to a min. of Rs.75 and max. Rs. 10,000) Via Netbanking: Upto Rs. 10 Lakh - Rs.50+ Bank charges Third party DD upto Rs. 1,00,0000 - Rs.50+ Bank charges|
|Local Cheque deposited for outstation accounts||Free|
|IPIN Regeneration (requests received at the branch for physical dispatch)||Rs.100 per instance|
|InstaPay||Rs.10 per transaction (plus GST as applicable)|
|IMPS (Immediate Payment Service) – Outward||Amount up to Rs.1 lakh - Rs.5 (Plus GST as applicable) per transaction Amount above Rs. 1 lakh up to Rs.2 lakhs - Rs.15 (Plus GST as applicable) per transaction|
|IMPS (Immediate Payment Service) - Inward||Free|
|Hold Statement||Rs.400 per year|
|ECS/ACH (Debit) Return Charges||Rs.350 in a quarter Rs.750 would be charged from the second instance onwards in the same quarter.|
|Duplicate passbook issuance||Rs.100|
|Demand Drafts- Issued - On Non HDFC Bank Locations||Upto Rs.500 - Rs.10 Above Rs.500 to Rs.1000 - Rs.15 Above Rs.1000 to Rs.5000 - Rs.25 Above Rs. 5000 to Rs.10,000 - Rs.30 Above Rs.10,000 - Rs.5 per Rs.1,000|
|Decline charge for insufficient balance||Rs. 25 per transaction (Plus GST as applicable)|
|Debit Card transaction charge - at Non HDFC Bank International ATMs||Rs.25 per balance enquiry and Rs. 125 per cash withdrawal (plus taxes as applicable)|
|Debit Card - Replacement Charges/Re issuance charges||At HDFC Bank ATMs - First 5 transactions free across all Cities At non-HDFC Bank branches - In Top 6 cities: First 3 transactions free Non Top 6 cities : First 5 transactions free Transactions over and above free limit will be charges as under: Cash withdrawal - Rs.20 plus GST as applicable per transaction Non-Financial Transaction - Rs.8.5 plus taxes as applicable per transaction|
|Debit Card - Renewal Fee - Women's Card||Free|
|Debit Card - Renewal Fee - Titanium Royale||Free|
|Debit Card - Renewal Fee - Titanium||Free|
|Debit Card - Renewal Fee - Times Points||Free|
|Debit Card - Renewal Fee - Regular/Rewards||Free|
|Debit Card - Renewal Fee - Gold/Platinum||Rs.750 per year (Plus GST as applicable)|
|Debit Card - Annual Fee - Women's Card||Free|
|Debit Card - Annual Fee - Titanium Royale||Free|
|Debit Card - Annual Fee - Titanium||Free|
|Debit Card - Annual Fee - Times Points||Free|
|Debit Card - Annual Fee - Regular/ Rewards||Free|
|Debit Card - Annual Fee - Gold / Platinum||Rs.750 per year (plus GST as applicable)|
|Collection of outstation cheques at HDFC Bank locations||Up to Rs .5,000 - Rs. 25, Rs. 20 for rural branches Rs.5,001 to Rs.10,000 - Rs.50, Rs.40 for rural branches Rs.10,001 to Rs.1,00,000 - Rs.100 Rs.1,00,001 and above - Rs.150|
|Collection of outstation cheques - other locations||Up to Rs.5,000 - Rs.25, Rs.20 for rural branches Rs.5,001 to Rs.10,000 - Rs.50, Rs.40 for rural branches Rs.10,001 to Rs.1,00,000 - Rs.100 Rs.1,00,001 and above - Rs.150|
|Cheques deposited returned unpaid||Rs.100 per instance|
|Cheque/Demand Drafts - Cancellation/Revalidation||Rs.100|
|Cheque return charges drawn on us - Local||Due to Insufficient funds - First cheque return in a quarter - Rs 350 From second cheque return in the same quarter - Rs.750 per return Charges due to funds transfer cheque return - Rs.350 Due to Technical reasons - Rs.50 per instance|
|Cheque Collection - Local Clearing Zone||Free|
|Charges for non-maintenance of account||None|
|Branch transactions (Includes only Cheque deposit/Cheque issuance/Funds Transfer Debit/NEFT/RTGS)||No charges if the average monthly balance (AMB) is equal or above Rs.50,000. -In case the AMB is below Rs.50,000/- 15 free transactions would be permitted per month. From then on, Rs.75 will be charged for every transaction.|
|Balance Enquiry - at Branch||Free|
|Balance Certificate||Current year - Free Previous year - Rs.50|
|ATM Card - Replacement charges||Rs.200 (plus GST as applicable)|
|Any Deliverable returned by courier due to negative reasons||Rs.50 per instance|
|Address Confirmation||Rs 50 per instance|
|Add-on Debit Card - Women's Card||Free|
|Add-on Debit Card - Titanium Royale||Rs.400 per year (plus GST as applicable)|
|Add-on Debit Card - Titanium||Rs.250 per year (plus GST as applicable)|
|Add-on Debit Card - Times Points||Rs.650 per year (plus GST as applicable)|
|Add-on Debit Card - Rewards||Rs.500 per year (plus GST as applicable)|
|Add-on Debit Card - Regular||Free|
|Add-on Debit Card - Gold Card/Platinum||Rs.750 per year (plus GST as applicable)|
HDFC Bank Salary Family Account FAQs
- How is the rate of interest for this salary account calculated?
The rate of interest is calculated based on the balance maintained in the account. The rate of interest changes from time depending on the rates specified by the Reserve Bank of India.
- What if I convert this account to a regular savings account? Will the zero-balance facility remain?
No, if you do convert this salary account to a savings account, the zero-balance facility will be withdrawal. From then on, you will have to maintain a minimum average monthly balance.
- Will my employment ID suffice when applying for this account? If not what should I submit?
No, your employment ID will not be accepted as proof of identification. You will have to submit any Government approved identity and address proof.
- Can you tell me ways I can stop a cheque payment?
The process can be done either via your net banking account or at any HDFC Bank branch. To stop a cheque through your HDFC Bank netbanking account, follow the steps mentioned below:
- Firstly, login to your NetBanking account
- Next, click on the "Request" menu on the left hand side of the web page
- Now, click on the "Stop Payment of Cheque" option available
- Select the Account Number - incase you have more than one account
- Enter first/Start cheque number to the last/End cheque number, and state a reason for stopping the payment.
- Click on "Continue".
- Click on "Confirm" tab to confirm the stop payment request after verifying the request.
- Is it possible to have multiple zero-balance accounts with the same bank? I already have a zero-balance savings account.
No, that would not be possible. One person can hold just one zero-balance account with the same bank.