HDFC offers a wide range of savings account schemes which have unique features and privileges, that can be availed in a quick and convenient manner. The savings account provides world class banking facilities and services. Customers can compare and choose the account that best suits their needs and a personal Relationship Manager assists customers through every step of the way.
Table of Contents
Revision of Interest Rates on HDFC Bank Savings Bank Deposits
|Particulars||Rate of Interest|
|Saving Deposits Balance below Rs. 50 lakh.||3.50% p.a|
|Saving Deposits Balance of Rs. 50 lakh and above.||4.00% p.a|
HDFC Bank Savings Account Interest Rates & Minimum Balance Required Updated on 2020
|Types of Savings Account||Interest Rate||Minimum Balance Required|
|SavingsMax Account||4.00%||INR 25,000|
|Regular Savings Account||4.00%||Rs. 10,000 (urban branches) Rs. 5,000 (semi-urban branches) Rs.2,500 (Rural Branches)|
|Womens Savings Account||4.00%||Rs. 10,000 (Urban branches), Rs. 5,000 (Semi Urban branches)|
|Kids Advantage Account||4.00%||INR 5,000|
|Senior Citizens Account||4.00%||INR 5,000|
|Family Savings Group Account||4.00%||INR 40,000|
|Basic Savings Bank Deposit Account||4.00%||Not Required|
|Institutional Savings Account||4.00%||Not Required|
|BSBDA Small Account||4.00%||Not Required|
The Savings bank account is always available to the customers with facilities such as Mobile Banking, Phone Banking and Net Banking. Convenience to access funds have been raised with the presence of over 11,000 ATMs. The savings accounts range from regular savings account to premium saving options that enables substantial savings.
Types of HDFC Savings Accounts
A savings account is a zero balance account opened as an operative account for fixed deposits/investments, for day to day personal transactions, remittances to India, or for salary and payments, standing orders and direct debits/savings. HDFC Bank offers the following Savings Account Schemes:
Higher interest can be earned on funds that are lying idle, through the automatic sweep out facility.
Regular Savings Account:
This account is created for all your day to day banking requirements.
Women’s Savings Account:
This account offers women a complete banking solution and caters to her financial, lifestyle and investment needs.
Kid’s Advantage Account:
This account scheme aims to develop money management skills in kids and is a great method to accumulate savings for your child.
Senior Citizens Account:
This savings scheme is solely for the convenience of senior citizens and comes with the benefits in relation to health, investment, and other day to day banking solutions.
Family Savings Group Account:
This savings account scheme is a complete banking solution for your entire family, with benefits from a single account.
Basic Savings Bank Deposit Account:
This is a zero balance savings account with free ATM(debit card), that meets all your banking requirements.
Institutional Savings Account:
This Zero balance savings account are made available for Trusts, Societies, Associations, Clubs, NGOs and so on.
BSBDA Small Account:
This is a zero balance savings account that comes with a free ATM card, that gives access HDFC’s large ATM network across India and helps to meet all your banking requirements.
Security of One View
With One View you will be on a platform using a robust firewall. To transmit information, One View uses a 128-bit Secure Socket Layer (SSL) encryption technology. The platform is designed to automatically time out so that others cannot view your details. You can be assured of the safety of accessing your accounts as you cannot transact, you can only view your account details.
Multiple Account Access
One View is a unique platform offered by HDFC that allows you to view multiple bank accounts held with different banks centrally. The participating banks include:
- HSBC India
- ICICI Bank
- Standard Chartered
You no long need to log in to every bank account individually to access net banking. You can set up 5 different bank account under One View. You need to only remember one password to access all your accounts along with your HDFC Bank account. That best thing about it is it’s free! However, you need to activate HDFC net banking.
Features of One View
With One View, you can view all your online bank accounts of HDFC Bank, ICICI Bank, Citibank, Standard Chartered Bank and HSBC Bank simultaneously. You can view the following details:
- Current or Savings account balance
- Fixed deposit summary
- Current or Savings account transaction history
- Citibank Credit Card balance
- Citibank Credit Card transaction history
- HDFC Demat profile
- HDFC Demat holding
- HDFC Demat status
SmartBuy is a separate platform by HDFC Bank which allows customers to compare prices across different websites and get the best deals on shopping and flights. Some of the brands include Amazon, Flipkart, Snapdeal, Goibibo, Cleartrip, OYO Rooms, eBay, and Booking.com. SmartBuy offers the following services :
- Flight Bookings
- Hotel Bookings
- Mobile Recharges
Customers can also shop on SmartBuy.com by viewing the best prices. Upon selecting the product of their choice, they will be directed to the merchant’s website. Based on your city you can find the best deals and offers on:
- Food and Dining
- Beauty and Health
SmartBuy also has special offers for different methods of payment for purchases through SmartBuy. Customers can avail discounts and offers on the following payment modes:
- Credit cards
- Debit cards
- Prepaid cards
SmartBuy helps customers find the best deals online for the product their are looking for by comparing different prices on different websites. Shop smartly on HDFC Bank’s SmartBuy.
Features and Benefit Of HDFC Savings Account
- The HDFC Savings account scheme offers various options to meet the requirements of different customers in an unique manner.
- It offers a complete banking solution that allows the customer and his/her family to benefit from one single account.
- With just one savings account customers can enjoy everything from health, investment, etc. to everyday banking solutions.
- Widest ATM networks across the country to meet all your banking needs.
- Free Net Banking, Mobile Banking and Phone Banking.
- Email account statements are sent out on a monthly basis.
- "Money Maximizer" (sweep-out) facility is provided on some savings accounts so that surplus funds can be put into high earning fixed deposit at the threshold of Rs. 1,25,000.
Open HDFC Savings Account by submitting:
- Identity proof
- Address proof
- Latest passport size photographs
- Self-attested copies and originals for verification
- Account can be opened by an individual singly or jointly, minors of the age of 10 years and above, minors under natural/legal guardianship.
- Resident individuals (sole or joint account)
- Hindu undivided families
- Foreign nationals residing in India - If you are a foreign national residing in India, you may open a Savings Account by attaching an QA 22 form stating sources of credit and a copy of your residence permit.
Basic Savings Bank Deposit Account (Farmers)
This account is exclusively for farmers to include them in the financial sector by providing a zero balance savings account with no initial deposit requirements. Account holders can benefit from free IVR phone banking. HDFC Bank issues a free international debit card to account holders to facilitate cashless and convenient transactions and cash withdrawals. The account can be operated through net banking, mobile banking, phone banking and branch banking.
- No initial deposit required to open the account
- No average monthly balance required
- There are no charges levied for non-maintenance of the account
- There are no charges levied for activating a dormant account
- Free international debit card
- First cheque book is free
- Cash deposits can be made free of charge with no limits
- Cash withdrawals are limited to 4 free per month and subsequently at Rs.50 plus tax per transaction
Who can open a Basic Savings Bank Deposit Account
Only specific individuals can open the BSBDA offered by HDFC Bank:
- Individuals who are residents of India
- Individuals must be an agriculturist or farmer having their own agricultural land or must have income from agricultural resources
- They account can be opened solely or jointly
How to Open a Basic Savings Bank Deposit Account
To open this account, individuals can approach a branch of HDFC Bank and submit the following documents:
- ID proof as per the acceptable list of KYC documents
- Address proof as per the acceptable list of KYC documents
- Basic Savings Bank Deposit Account customer declaration
Fees and Charges
|Savings Account Scheme||Standing Instructions||Debit Card (annual fee)|
|Savings Max Account||Rs. 25 + remittance fee||Free|
|Regular Savings Account||Rs. 25 + remittance fee||Rs. 150 + Taxes|
|Women’s Savings Account||Rs. 25 + remittance fee||Rs. 150 + Taxes|
|Kid’s Advantage Account||Rs. 25 + remittance fee||Free|
|Senior Citizens Account||Rs. 25 + remittance fee||Free for lifetime for 1st applicant. Rs.100 + taxes for other applicants.|
|Family Savings Group Account||Rs. 25 + remittance fee||Free for all applicants|
|Basic Savings Bank Deposit Account||Rs. 25 + remittance fee||Rs.100 + taxes|
|Institutional Savings Account||Rs. 25 + remittance fee||N/A|
|BSBDA Small Account||Rs. 25 + remittance fee||Rs.100 + taxes|
HDFC Bank Savings Account FAQs
How much interest can I earn from my HDFC Bank Savings Account?
Current interest rate offered on funds in a Savings Account is 4.00% per annum. Interest will be credited to a customer’s savings account on a half yearly basis. For any updates on the interest rates offered, kindly contact one of HDFC Bank’s branches.
Will my HDFC Savings Account be deactivated if it is not used for a long period of time?
The account is categorized as a dormant account if the customer does not initiate transactions through the account for two years or more. If the account becomes 'Dormant', then transactions like Net Banking, ATM, Phone Banking, etc. are not permitted by the Bank.
Is it possible to activate my HDFC 'Dormant' Savings Account?
Yes. All you have to do in visit a branch of HDFC Bank and submit a written request for the activation of your account. You will have to provide proof of identity and residence as well. Once you initiate a transaction from your account, it will become activated.
How can I add a nominee to my savings account in HDFC Bank?
In order to add a nominee to his/her savings account, a customer has to get an application form from one of the Bank’s branches or download it from the official website, and submit the duly filled application form at your nearest HDFC branch.
Can I transfer my Savings Account to another branch of HDFC Bank?
Yes. But in order to do so you have to submit an account transfer form, which is signed by all applicants. Your account number, debit card, cheque book, etc. remains the same.
What is the maximum duration for which the Standing Instruction is valid, for a Kid’s Advantage Savings Account?
Standing Instruction is a mandatory requirement while opening a Kid’s Advantage Account, and this is valid for a minimum tenure of 1 year. In case you feel the necessity of continuing the same, all you need to do is place a request at the nearest HDFC Bank branch.
Does the HDFC Institutional Savings Account come with a debit card?
Yes. Authorised signatories of the Institutional Savings Account are eligible for a Business Debit Card.
Are unregistered institutions eligible to open an Institutional Savings Account?
No. Only registered societies, trusts, clubs, associations, etc. can open an Institutional Savings Account.
Are foreign currency deposits accepted through Institutional Savings Accounts?
No. Institutional Savings Accounts can be used only for domestic transactions and not for foreign contribution. A separate FCRA account has to be opened for receiving foreign contribution.
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