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.