HDFC Bank Senior Citizens Savings Account
|HDFC Bank Senior Citizens Savings Account|
|Monthly Average Balance (MAB)||Rs. 5,000 for semi-urban and urban locations|
|Interest Rate||3.00% - 3.50%|
|Free Insurance Cover||
HDFC Bank Senior Citizens Savings Account comes with attractive rewards on debit card purchases, healthcare benefits through insurance cover, debit card purchase protection, doorstep banking services, relaxed fees and charges, and several other benefits. The eligible candidates are resident individuals over 60 years of age. Get internet banking, mobile banking, free mail statements, SMS alerts, passbook, 25 leaves cheque book per year, and many more facilities.
In this post, we will discuss HDFC Bank Senior Citizens Savings Account features, eligibility criteria, debit card banking and charges, transaction benefits, free insurance cover, other fees, and FAQs.
Features of HDFC Bank Senior Citizens Savings Account
Here are the features of the Senior Citizens HDFC Savings Account:
- Senior citizens are eligible for preferential rates on fixed deposits.
- They do not have to pay an annual maintenance charge on the Demat account for the first year.
- The initial deposit to open the account is Rs. 5,000.
- After this, the requirement of average monthly balance (AMB) is of the same amount.
- Service charges for non-maintenance of AMB are Rs. 150 and Rs. 300 for AMB >=2,500 - < 5,000 and 0 to < 2,500, respectively.
- Get up to 2000 reward points every month on debit card spends. Save 5% on your everyday spends when purchasing at partnered merchants.
- Earn monthly rewards when shopping at big brands of fuel, grocery, pharmacy, railways, online, and more. Some of the inclusive brands are Snapdeal, Big Bazaar, IRCTC, BPCL, Apollo Pharmacy, Smart Buy, One Click, One App, and PayZapp.
Eligibility Criteria for HDFC Bank Senior Citizens Savings Account
Here are the eligibility norms for this HDFC Bank Savings Account:
- All resident individuals can opt for a sole or joint account.
- The age group of the account holders is over 60 years of age.
- The first account holder should be a senior citizen in case of a joint account.
Documents for HDFC Bank Senior Citizens Savings Account
Here are the required documents for opening HDFC Bank Savings Account:
- Duly filled and signed account opening form with attested photographs
- Identity proof (any one of the papers) such as Voter ID Card, Passport, Driving Licence, PAN Card, Defence/Government ID, etc.
- Proof of current address (any one of the papers) such as Salary Slip, Ration Card, Telephone Bill, Electricity Bill, Credit Card Statement, Lease Agreement, Property Registration Agreement
Debit Card and Ease of Banking
Here are the features:
- Get a free debit card if you are a primary account holder.
- Get free rewards on an International Debit Card if you are the first applicant.
- In this cash, receive Rs. 50,000 as the cash withdrawal limit per day.
- The shopping limit per day is Rs. 3.5 lakhs.
- Get a 20% discount on Apollo Pharmacy and Apollo branded products.
- If the primary account holder is a woman and new to HDFC Bank, then she will receive a Women's Advantage Debit Card for free. The limit per day for cash withdrawal is up to Rs. 25,000. And the limit for shopping (POS) per day is Rs. 2.75 lakhs.
HDFC Bank Senior Citizens Savings Account Debit Card Charges
Read further to know the applicable fees. Note the charges for replacement/re-issuance are Rs. 200 + taxes.
|Type of Debit Card||Issuance Fee||Annual/Renewal Fee|
|Rupay Premium||Rs. 200||Rs. 200|
|Easy Shop International Card||Free||Free|
|EasyShop Titanium||Rs. 250||Rs. 250|
|EasyShop Women's Advantage||Rs. 200||Rs. 200|
|EasyShop Titanium Royale||Rs. 400||Rs. 400|
|EasyShop Platinum||Rs. 750||Rs. 750|
Transactional Benefits for Senior Citizens HDFC SB Account
Here is more information:
- Free email statements, SMS alerts, passbook for individual account holders, lifetime InstaAlerts and BillPay, travellers’ cheques, payable at par cheque book at no usage charges. So, the bank will treat any outstation cheque as a local cheque at any of the HDFC branch locations.
- Doorstep banking services such as pickup of cash/instruments, and cash delivery on call.
- Facility for NEFT (National Electronic Funds Transfer).
- Mobile banking, phone banking, net banking to pay utility bills, check account balance, stop cheque payments through SMS, and more.
Free Insurance Cover on HDFC Senior Citizens Savings Account
Here are the insurance coverage benefits of HDFC Bank Savings Account:
- You will receive an accidental hospitalization cover every year of up to Rs. 50,000. This is available for the first applicant and offered as a reimbursement.
- Because of an accident, for each day of hospitalization, you will receive Rs. 500 per day as a daily cash allowance once a year. This is valid for up to 15 days every year.
- This claim is available if you use the debit card at least once in 6 months before the hospitalization date at a merchant establishment.
- Sum assured (for up to 90 days) for fire and burglary of items you buy under a debit card is Rs. 2 lakhs.
- If you purchase an air ticket on your debit card, then get additional international air coverage of Rs. 25 lakhs.
- Sum assured for loss of checked baggage is Rs. 2 lakhs. For this, you need to have at least one purchase transaction on the debit card in the last 3 months to the date of occurrence.
- Sum insured for death cover by rail/road/air is Rs. 5 lakhs on Rewards Debit Card. But you need to use it on retail or online purchase at least once every 30 days to get the benefit of free insurance cover for personal death.
HDFC Bank Senior Citizens Savings Account Fees and Charges
Here are the charges for the particular HDFC SB Account:
|Types of Charges||Details|
|Minimum Average Monthly Balance||Rs. 5,000 for semi-urban and urban locations|
|Cheque book||25 cheque leaves free per annum. Rs. 75 for additional cheque book of 25 leaves|
|Managers cheques/demand drafts (issuance/re-issuance) - At HDFC Bank locations||
DD/MC Issuance Charges Through Branch
|Number of Total Cash transactions||Every month enjoy 4 cash transactions for free. After this limit, you have to pay Rs. 150 per transaction|
|Withdrawal or Deposit||Greater than Rs. 2 lakhs, you will have to bear Rs. 5 per Rs. 1,000 or part thereof. But the minimum charge here is Rs. 150. Per day limit is Rs. 25,000 only for third parties at Rs. 150. But these are not applicable for senior citizens and minors|
Frequently Asked Questions for HDFC Bank SB Account
Here are the Senior Citizen HDFC Savings Account FAQs:
1. What Are the Conditions for Fees and Charges?
The transaction/service charges are applicable in the current month. These are based on the average monthly balance you keep in the account for the previous month. These charges are exclusive of taxes. The fees will attract GST as applicable.
2. What Are the Transaction Charges for an ATM/Debit Card?
Here are the details:
- For HDFC Bank ATMs: No charges for non-financial transactions. For financial transactions, you can make the first 5 free transactions every month, across all locations.
- For Other Bank ATMs: First 3 transactions every month at no cost in Kolkata, New Delhi, Mumbai, Chennai, Hyderabad, and Bangalore ATMs
3. What Are the Charges for Transactions Over and Above the Free Limit?
For such transactions of non-financial nature, you have to pay Rs. 8.5 + taxes per transaction if the same is done at a non-HDFC Bank ATM. For cash withdrawal, the charge per such transaction is Rs. 20 + taxes.
4. What is the Charge for PIN Regeneration?
The fee for PIN regeneration is Rs. 50.
5. What is the Fee for an Add-on Debit Card for Secondary Account Holders?
The Add-on card is free for the first year. After which, you need to pay Rs. 150 per year.
6. What is the Fee for InstaPay?
You need to bear Rs. 10 per transaction for InstaPay.