HDFC Bank Savings Account is offered to resident individuals, minors over 10 years of age, women, salaried employees, farmers, senior citizens, youth between 18 years and 25 years, government bodies, companies, and several others. There are specialized Savings Account (SA) for different sections of the society and income group. The maximum interest rate offered is 4% on the account, depending on the account balance for a year. Below, we will discuss about types of HDFC Savings Accounts, its benefits, schemes, offers on debit cards, charges and fees on ATM/Debit Card transactions, and other fees/charges.
Below-mentioned are the different types of HDFC savings account.
This SA is to meet all the banking needs. You can save, invest, pay, shop on this HDFC Bank account. You can enjoy exclusive offers and discounts on the online shopping portal of the bank. Also, you will get the facility of a Safe Deposit Locket and Super Saver deals. The annual maintenance charge for the first year will be waived on your first Demat account. You will receive amazing offers on the RuPay Platinum Debit Card (rural and semi-urban locations) and Millennia Debit Card (urban/metro locations).
Minimum Balance Requirement
This Basic Savings Bank Deposit (BSBD) Account comes with super saver facilities and Safe Deposit locker. It is a zero-balance savings account for banking needs. Some of the other facilities include free email statements, cash deposits at branches and STMs, lifetime BillPay, 25 cheque-leaves every financial year, passbook for individual account holders, access to account with a free RuPay Card and a lot more. Through SMS you can stop cheque payments.
The Basic Savings Bank Deposit (BSBDA) Small account has no minimum balance requirement. Thus, you will not have to pay any charges on zero balance. You will receive a free RuPay Debit Card. You will also get free InstaQuery facility, email statements, lifetime BillPay, and access to account with the debit card, passbook for all individual account holders, free cheque and cash deposits at all the ATMs and branches. You can make up to 4 free withdrawals every month. This will comprise of Clearing, balance cash transfer or withdrawal, ATM/NEFT/RTGS, Standing Instructions, internet debits, EMI, etc.
As the name suggests, this savings account (SA) helps you save maximum up to Rs. 12,500. Earn high interest by opting for automatic sweep out facility for surplus funds transferred to a fixed deposit account. If at any time your SA is low on funds, then the FD will be dissolved to meet the savings account balance requirement. For the first year, no maintenance charges apply for the Demat account. You get a free Platinum Debit Card that provides up to 1% cashback.
The eligible candidates to open the SA account are resident individuals, minor above 10 years of age, HUFs, and foreign nationals residing in India who state their credit sources and residence permit. Resident individuals can open the account in their own name, or apply jointly.
The AMB (Average Monthly Balance) should be Rs. 25,000 or more. Or, you can also maintain a Fixed Deposit at the branch location. Failure of one of these conditions may attract transaction charges. The bank will notify you about the low AMB through an email/letter/SMS. If the balance is not restored a month of receiving the notice, then penal charges as following will apply:
Debit Card Facilities
Below, we have discussed about this Savings Max Account in detail:
Big Savings up to Rs. 12,500 in a Year
Ease of Transaction
Discounts and Offers
This account is for youthful individuals who are between 18 years and 25 years. The eligible applicants should be resident Indians. Special product offers are available such as loans, cards, digital banking, offers on movies, recharges, travel, food, and a lot more. Exclusive discounts and offers on SMARTBUY, HDFC Bank’s online shopping portal. Get special activation offer on PayZapp on first transaction of Rs. 250 or more. Earn 5% cashback every month on Bill Payment up to Rs. 100 on setting Standing Instructions on the Debit Card.
Avail Millennia Debit Card free for the first year. Get Rs. 3.5 lakhs as domestic shopping limit at online store and merchant outlet. Per day cash withdrawal limit is Rs. 50,000. If you maintain the required balance in the account and remain active digitally every month, then you will get Rs. 250 off on movies. Get benefitted with total insurance cover up to Rs. 1.14 crore. Avail accidental insurance cover up to Rs. 10 lakhs. Get Rs. 1 core as International Air Coverage on purchase of air ticket on the debit card.
This SA is specially designed for female customers who want to access banking and investment services to fulfil their lifestyle needs. Benefits such as loans, free insurance cover, preferential pricing, cashbacks and offers on shopping, are available. You can make big savings on this account. Get facility of automatic Sweep Out for surplus funds. Free lifetime BillPay and folio maintenance charges for the first year on the Demat account.
Great Banking Experience with the Debit Card
This savings account is for minors. It comes with great offers, Debit/ATM card, insurance, and a lot more. To be eligible for this account, the kid should already have an account at the HDFC account. The age limit is below 18 years old. The initial deposit is as low as Rs. 1,000 is a month. The SA has SIP (Systematic Investment Plan) facility so that the account holder can invest small amounts on monthly or weekly basis in Mutual funds through the bank’s online Investment Services account. Facility of automatic sweep-out to an FD is available. The child can earn higher interest on surplus fund.
This SA is designed for senior citizens of India. The account has several benefits for banking, hospitalization insurance, discounts, offers to meet your healthcare and daily requirements. Enjoy free insurance deals, free passbook, and fund transfer online across the country with free RTGS/NEFT online, and higher fixed deposit rates to grow your money. The average monthly balance requirement is as low as Rs. 5,000. Also, get a Lifetime free Debit Card with exclusive offers.
Debit Card Offers
Fees and Charges
Below-listed are the charges and fees applicable.
This is a customized savings account only for farmers. The minimum deposit required is Rs. 2,500. Also, Rs. 2,500 should be the minimum average half-yearly balance. You get a free personal accidental death cover up on RuPay Platinum Debit Card. The card should be active at an offline or online retail store once in every 30 days to maintain the free personal death insurance cover. This cover is up to Rs. 10 lakhs. Sum assured of Rs. 2 lakh is available for Fire and Burglary for the items bought under the Debit Card (up to 90 days). Rs. 20,000 is the sum assured for the loss of checked baggage.
NOTE: Savings Farmers Account is only available at selected branches. Check with the bank to know more.
This SA is designed for NGOs and institutes for easy payment and collection facilities. Facility of free outstation cheque collection is available in India at HDFC bank locations. Through Enet (corporate payment software), you can make online payments such as vendor payments, salary payments, etc. For collection of fees, donations, and more, you can use the vast branch network. The bank’s Cash Management Services team will take care of the collections. There is no usage charge of chequebook.
Who Cannot Open this HDFC Bank Account?
According to the RBI guidelines, those who cannot open this savings account, include:
NOTE: Entities not eligible to open a Savings Account can instead opt for the Institutional Current Account.
This is a zero balance account with premium features. Resident individuals can open this SA solely or jointly. Also minors over 10 years of age are eligible to operate the minor account individually. Earn 5% cashback on payment of utility bills. Also receive Rs. 50 per month on RuPay Premium Debit Card. You get a higher cash transaction limit per month of Rs. 10 lakhs. Get free email statement and passbook. Take advantage of discounts and offers on the online shopping portal of SMARTBUY.
These below-given charges are excluding the applicable taxes. Card replacement/reissuance fee is Rs. 200 + taxes. All the Debit Cards are Lifetime Free for the primacy account holder. Charges apply for the secondary account holder.
Below-mentioned are charges for transactions done on ATM/Debit Cards by HDFC Bank.
Below-provided are details about charges and fees for different types of HDFC Savings Account.
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