HDFC 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.