HDFC Bank Institutional Savings Account
HDFC Bank offers a unique HDFC Institutional Savings Account which is a zero-balance account specially designed to make your payments and easy and make it convenient to collect fees, donations, etc.
Features of HDFC Institutional Savings Account
The account holder gets unlimited DD be it any HDFC Bank Location free of cost.
The account holder gets free outstation cheque collection facility in all HDFC bank branches in India
The salary and vendor payments are enabled online through the HDFC corporate payment software called Enet.
The Mobile Banking, Phone Banking and Net Banking are offered to all the HDFC bank institutional savings account holders.
The Collection of fees, donation, etc. is aided through linking institutional savings account with payment kiosk, POS terminals and payment gateway.
Eligibility criteria for HDFC Bank Institutional Savings Account
Applicants can open this account under following categories:
The committees of Agriculture produce market
The Village industries and khadi board
Primary co-operative credit society funded by HDFC bank.
The Vikas Volunteer Vahini (VVV) and Farmer's clubs.
Registered or even unregistered self-help groups (SHGs) to encourage savings habits among public
The Progress of Women and Children in Rural Areas (DWCRA)
Government bodies, agencies, departments in admiration of grants or subsidies approved for execution of diverse schemes sponsored and adopted by the central or the state government
Trust, club, association or a charitable hospital. NGO and companies under section 25 are eligible to open a savings account as per the RBI guidelines
Charges and fee on HDFC Institutional Savings Account
The charges on Minimum Average Monthly Balance are nil
The cheque book is offered for free.
The Issuance of ad-hoc/duplicate statements cost Rs.100 at the Branch, Rs.75 on Phone Banking, Non-IVR and Rs.50 for Mobile Banking, Phone Banking and Net Banking, IVR and ATM
The holding statement fee is Rs.400 per year
The Cancellation or revalidation charges of demand drafts/manager's cheque are nil.
Stop Payment Charges are Rs.50 for a specific cheque and Rs.100 for a number of cheques, and is free is case of Net Banking and Phone Banking