HDFC Bank SavingsMax Account

HDFC SavingsMax Account Details
Average Monthly Balance Rs. 25,000
Interest Rate 3% to 3.50%
Debit Card Platinum Debit Card

HDFC Bank SavingsMax account helps you save big up to Rs. 12,500 every year. If you are a savings account holder, you can receive a total insurance cover of up to Rs. 1.29 crores. You will also get a free Platinum Debit Card that can earn you a cashback of up to 1% on purchases. You can earn a higher rate of interest with the money maximizer facility. Under this HDFC savings bank (SB) account, you can avail of Demand Draft, cheque book, personal accident, and death insurance cover, sweep-in and sweep-out, fixed deposit, passbook, bill payment, internet, and phone banking, and several other benefits.

In the below post, we will discuss the HDFC SavingsMax account eligibility criteria, minimum balance requirement, ease of transactions, features of Platinum Debit Card, available discounts and offers, free insurance cover, other benefits, saving 12,500 per annum, fees, and FAQs.

Eligibility Criteria for HDFC SavingsMax Account

Here are the ones who can open this HDFC SB account:

  • Resident individuals can open a single or joint account.
  • Foreign Nationals staying in India can temporarily open the account attaching an undertaking through QA 22 Form. They must declare the credit sources with a copy of the residence permit.
  • HUFs (Hindu Undivided Families).
  • Minors over 10 years of age can open and self-operate the minor account.
  • The minors will also receive an ATM/Debit Card in their name.

HDFC Bank SavingsMax Account Minimum Balance Requirements

Here are the requirements for the minimum balance for the HDFC Savings Max account:

  • The AMB (average monthly balance) should be greater than or equal to Rs. 25,000. Or, you have to maintain a fixed deposit as per the conditions of the bank, at the branch location.
  • Transaction charges will apply if you do not comply with the requisites of the FD relationship or AMB.
  • You will receive notification from the bank in advance by email/letter/SMS in the first month of a shortfall in AMB.
  • If you do not meet the minimum balance requirement after a month of the notice, then penal charges will apply for all the months including that when the notice was provided, until you successfully restore the minimum balance.

HDFC SavingsMax Account Interest Rate

For balance below Rs. 50 lakhs, the rate of interest is 3%. For the balance of Rs. 50 lakhs and above, the rate of interest is 3.50%. The interest on the SB account is calculated on the daily balance. The interest earned is credited at quarterly intervals.

How Does the SB Account Ensure Ease of Transactions?

Here is how the HDFC Bank SavingsMax account allows ease of transactions:

  • Free Demand Drafts up to Rs. 1 lakh per day at all the HDFC Bank locations.
  • Free lifetime InstaAlerts and BillPay for every account holder.
  • Facilities available such as phone banking, net banking, and mobile banking.
  • This will help keep a check on account balance, stop cheque payments through an SMS, pay utility bills.
  • The free facility of passbook for every individual account holder.
  • Free balance inquiries and cash withdrawals at every HDFC bank ATM and non-HDFC bank domestic ATMs.
  • Free email statements.
  • For individual account holders, free passbook at home branch.

What is the Speciality of the Platinum Debit Card?

After opening the HDFC Bank SavingsMax account, you will receive a free Platinum Debit Card. The card has the following features:

  • The card is free for the primary account holder.
  • Free and unlimited ATM transactions at the branch and non-branch ATMs.
  • Get up to 1% cashback on every transaction. Get up to 1% cashback on every transaction.
  • The limit for daily cash withdrawal is Rs. 1,00,000.
  • The limit for shopping is Rs. 5,00,000.
  • Free lifetime International Debit Card/Woman’s Advantage Debit Card for the account holders.

Which Type of Discounts and Offers Are Available?

The HDFC Bank Savingsmax Account has several discounts and offers:

  • You will receive up to 90% loan on the on-road price of a vehicle.
  • The tenure of the auto loan is up to 7 years.
  • You are entitled to a 50% concession on the issuance charges if you load at least USD 2,000 or similar on your Forex Plus Card. This can be done at any branch.
  • You will get a 50% discount on the Gift Plus Card’s issuance. But you have to load at least Rs. 5,000 on the card through net banking or branch deposit.
  • On applying for a two-wheeler loan, you will get a 50% discount on the processing fees. So, you can save up to Rs. 2,375.

What Do You Get Under the Free Insurance Cover?

Here are the features of the free insurance cover for HDFC Bank Savings Max Account:

  • Rs. 1,00,000 worth accidental hospitalization cover.
  • Rs. 1,000 per day daily cash allowance for hospitalization. The maximum period of this is 15 days. You will receive the sum as reimbursement cover. This facility is for the primary account holder.
  • Rs. 10,00,000 worth accidental death insurance cover.
  • The death insurance cover is limited to deaths caused by road/rail/air vehicular accident only
  • For claim processing, you need to have 1 POS (point of sales) at least. The purchase must reflect on the Debit Card in the last 3 months before the accident’s date.
  • Sum assured up to Rs. 200,000 for loss of checked baggage.
  • Sum assured up to Rs. 200,000 for fire and burglary of things you bought under Debit Card (up to 90 days).
  • To claim the sum assured for loss of checked baggage/fire and burglary, you must have at least 1 purchase using the debit card in the last 3 months before the event date.
  • You will get a sum insured of up to Rs. 10 lakhs for death cover by road/air/rail on the Platinum Debit Card. For this, the card must be active at online or retail stores at least once every 30 days.
  • You will receive flat Rs. 1 crore additional International Air Coverage on purchasing air tickets with the Debit Card.

What Are the Other Benefits?

Here is the cross-product benefits and money maximizing facility of the HDFC Bank SavingsMax Account:

  • There are no maintenance charges in the first year for a Demat account.
  • You will get a 50% concession on the locker rental. This is calculated on the pro-rata basis for the initial allotment year.
  • There is a sweep-in facility. If you run low on funds in your savings account at any time, then the fixed deposit you have will be dissolved to comply with the balance required for the SB account.
  • You can use the money maximizer feature. Earn higher interest on the deposit amount in your account. You may request an auto sweep out. Here, additional funds from the savings account will be put straight in a fixed deposit.

How to Save Up to Rs. 12,500 with this HDFC SB Account?

You can save a huge amount of up to Rs. 12,500 on your HDFC Bank SavingsMax Account in the following ways:

HDFC SavingsMax Account Maximum Savings Per Annum
Cover of Rs. 1 lakh per year under the Personal Accidental Hospitalisation insurance Rs. 1,000
Cover of Rs. 10 lakhs under the Personal Accidental Death Cover Rs. 1,500
Cover of Rs. 1 crore for Air Accident Rs. 400
Rs. 10 lakhs cover on Platinum Debit Card for personal accident death Rs. 1,500
Primary holder gets waiver on charges for Platinum Debit Card Rs. 750
Secondary holder gets waiver on charges for Platinum Debit Card Rs. 750
50% discount on the rental locker for the 1st year (small and medium-sized lockers) Rs. 3,000
Up to 1% cash back on purchases through Platinum Debit Card (spends of Rs. 6,000 to Rs. 6,500 per month) Rs. 600
Access (2 per year on Platinum Debit Card) to domestic airport lounge (4 usages per year at least) Rs. 3000
Savings Done in a Year Rs. 12,500

Fees and Charges for HDFC Bank SavingsMax Account

Here are the fees and charges for HDFC SavingsMax Account:

  • There are no charges for InstaAlerts, phone banking, and phone banking – IVR.
  • Free 25 cheque-leaves every financial year.
  • Rs. 75 per cheque book for an additional cheque book of 25 leaves.
  • For senior citizens, 25 cheque leaves are free every financial year.
  • For senior citizens, an additional leaf over the free limit will attract Rs. 2.
  • 5 free transactions per month, and Rs. 150 per transaction from the 6th one. The charges are cumulative of self and third-party.
  • There are no charges for cash handling.
  • Value of cash transactions cumulative of self and third-party is free per month for an account at any branch, if the transaction is up to Rs. 2.5 lakhs.
  • Value of cash transactions cumulative of self and third-party is Rs. 5 per every extra Rs. 1,000 if the transaction exceeds Rs. 2.5 lakhs, subject to Rs. 150 of minimum charge.
  • Maximum limit per day of Rs. 25,000 for third-party cash transactions.

Frequently Asked Questions about HDFC Bank SavingsMax Account

Here are the HDFC Bank Savings Max Account FAQs:

  • Insurance for the loss of checked-in baggage. It is a zero-liability cover.
  • You can make unlimited ATM transactions.
  • Free Insta Alerts, NEFT/RTGS, UPI transactions.
  • Benefits through FD cushion and Money Maximizer option.
  • No account maintenance charges for Demat for the first year.
  • Get waiver on opening charges under the Rs. 1,299 plans for HSL account
  • Free Demand Drafts at all locations of the HDFC bank for up to Rs. 1 lakh per day.

You may fall short of maintaining the average monthly balance in your HDFC SavingsMax account. But to avoid penalty charges for the same, you can maintain an FD relationship with the bank instead. If you belong to a semi-urban or rural location, then maintain a fixed deposit of at least Rs. 1 lakh. If you belong to a metro or urban location, then maintain a fixed deposit of at least Rs. 1.50 lakhs. Ensure that the FD is linked to the SavingsMax account. This must belong to the primary account holder.

The following charges are 6% of the shortfall (maximum) in the average monthly balance slab of Rs. 600, or whichever is lower:

AMB Slabs Service Charges for Non-maintenance
Balance Rs. 0 and less than Rs. 5000 Rs. 600
Balance greater than equal to Rs. 5,000 and less than Rs. 10,000 Rs. 600
Balance greater than equal to Rs. 10,000 and less than Rs. 15,000/td> Rs. 600
Balance greater than equal to Rs. 15,000 and less than Rs. 20,000 Rs. 600
Balance greater than equal to Rs. 20,000 and less than Rs. 25,000 Rs. 300

Service and transaction charges are applicable in the ongoing month. This is based on the AMB in the account for the last month. These charges do not apply to preferred, supersaver, and corporate salary customers even if they do not maintain the average monthly balance. All the charges asked will attract GST.

Any fees applicable are liable for relevant taxes. The primary account holders do not have to pay the issuance fee and a few cards come free for a lifetime. But the secondary account holders may have to pay the following charges:

Type of Debit Card Issuance Fee Annual/Renewal Fee
Rupay Premium Rs. 200 Rs. 200
Easy Shop International Card Rs. 150 Rs. 150
EasyShop Titanium Rs. 250 Rs. 250
EasyShop Woman's Advantage Rs. 200 Rs. 200
Rewards Card Rs. 500 Rs. 500
EasyShop Titanium Royale Rs. 400 Rs. 400
EasyShop Platinum Rs. 750 Rs. 750


  • Unlimited and free transactions at HDFC and non-HDFC bank ATMs with the Debit Card.
  • The account holders will have to pay the replacement/re-issuance Charges for Debit Cards. The charges are Rs. 200 + taxes applicable.
  • Per transaction for InstaPay, charges are Rs. 10.
  • PIN generation charge is Rs. 50.

Here are the DD/MC issuance charges from the bank branch:

  • No charges for DD/MC up to Rs. 1,00,000.
  • If the instrument is over Rs. 1,00,000, then you have to pay Rs. 5 for every extra Rs. 1,000 on the entire amount. The maximum charge is Rs. 10,000 and the minimum fee is Rs. 75.
  • For DD requests through internet banking, Rs. 50 + core bank charges apply.
  • Rs. 50 + core bank charges apply for third-party DD up to Rs. 1 lakh.
  • You will have to register the third party. The party will have a limit of up to Rs. 10 lakhs per customer ID. Thus, they can issue multiple Demand Drafts of Rs. 1 lakh and up to Rs. 10 lakhs and send the same to the beneficiary address.

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