HDFC BankHDFC Bank Family Savings Group Account

HDFC Family Savings Group Account is a premium banking solution for families that consist of father, mother, spouse, daughter, son, sister, brother, grandparents, grandchild letting you create a group account. The total average monthly balance in all the accounts should be Rs 40,000. The interest rates chargeable are 4% p.a. The account holders receive an EasyShop Debit card that possesses a number of benefits. Let us understand the eligibility criteria for HDFC Family Savings Group Account.

  • The individual members should have their own accounts in HDFC.
  • Minimum 2 and maximum 4 can be grouped together.
  • The non-residents are permissible to be consolidated in the panel.
  • The HUF accounts, current accounts, max savings accounts cannot be grouped under the family savings account.
  • The primary holder's customer ID will reflect as the group ID.
  • The minor members aren't allowed to be a part of the group account.

Other features of an HDFC Family Savings Group Account

  • Only 5 cash withdrawals are permissible free of cost from other bank ATMs every month.
  • The bill payments are free of charge.
  • The sweep in from one saving account to the other is permissible. However, it is not in the case of swipe-ins from NRO account.
  • The DD/MCs up to 50,000 can be taken per account in all HDFC branches each month.
  • The PAP chequebook is offered free of charge. The passbook facility and email statements are also provided cost free.

Let us talk about the unique benefits the family accounts receive:

  • The group gets 50% off on renting lockers. This is calculated on a pro-rata basis and applicable on the first-year allotment.
  • The group can open an online trading account at Rs 799.
  • There are free add-ons to the trading account of the spouse.
  • The trade volume below 1 lakh is free of cost for the primary as well as add-on account holder. The same is valid for 3 months of opening a bank account.

Fees and charges on HDFC Family Savings Group Account

  • Rs 40,000 are charged on average monthly balance.
  • Non-maintenance charges are Rs 600.
  • Rs 75 are applicable on the additional cheque book.
  • For the issue of ad hoc statements, a fee of Rs 100 applies to bank branches, Rs 75 on non-IVR phone banking, and Rs 50 on mobile banking, net banking, phone banking – ATM and IVR.
  • Rs 100 is applicable on cheque deposited and returned unpaid.
  • Balance certificate charges are Rs 50 in the previous year and free in the current year.
  • Photo attestation charges are Rs 100.
  • To keep data of the record or copy of paid cheques, Rs 50 is charged per record for a maximum of 1 year, and Rs 100 after that for every record.
  • Rs 200 applicable on replacement of ATM or debit card.
  • PIN generation charges are Rs 50.

Other Banks Savings Accounts

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