Hdfc Bank Classic Salary Account
HDFC Bank Classic Salary Account: A Comprehensive Guide
Banking is a perfect way to manage your money. That said, who better than HDFC, as it offers a range of options that are sure to suit your needs? For employed individuals, the HDFC Bank Classic Salary Account is the best way to go.
This account offers several features and benefits, making it easier to manage your money and track all expenses.
But there are a few points to note right off the bat.
First, it is only for salaried individuals, so if you're a self-employed person or a freelancer, you will not be able to use it.
Read on to discover more about the HDFC Bank Salary Account, including its features, benefits, and how to open and start using it.
What Exactly is HDFC Bank Classic Salary Account?
To keep it short, the HDFC Bank Classic Salary Account is a current account explicitly designed for salaried individuals. It comes with various features and perks, making it the perfect solution for your everyday banking needs.
What are Your Banking Options?
HDFC offers multiple banking options, including:
- An extensive network of physical locations.
- Convenient home banking Bank with HDFC's user-friendly mobile banking, net banking, phone banking features
- Quick access to money in the many ATMs around India.
Here are some more features:
- Access to over 2,200 branches and 4,000 ATMs across India
- Free RuPay Classic Debit Card
- Free transactions at all HDFC Bank ATMs and branches
- Interest on credit balance of up to Rs.10,000
- Unlimited fund transfers through NEFT, IMPS, and UPI
- Free accident insurance worth Rs.1 lakh
That's not all; there's more benefit to reap. We'll get to them in a few.
What are Some HDFC Salary Account Benefits?
Having a salary account is essential for handling your earnings and other income. But with so many options, it is not easy to decide the best one for you. HDFC offers many benefits that will make your banking convenient.
Here's a closer look at some of those perks:
Free Debit Card with Perks
HDFC will provide you with a free debit card upon registration. You can use it for ATM withdrawals and payments at retail outlets. The card allows a shopping cap of Rs. 2.75 lakhs and ATM withdrawals of up to Rs. 50,000.
You can also make online transactions using the card and your internet banking username and password. Plus, you can save 5% on daily spending on partner retailers.
This account is excellent if you want earnings deposited directly to your bank. It speeds up payment through electronic transfer. You don't have to wait days/weeks for the bank to credit funds into your account.
You can also link your A/C number with your mobile number, and money will be credited to you within minutes. Alternatively, you can transfer funds online via NEFT & RTGS.
Great Value on Banking Transactions
HDFC offers excellent value on banking transactions, including free chequebook requests and unlimited ATM withdrawals.
This account comes with a monthly statement with all the details of your transactions in one place.
You also receive email and SMS notifications about various account transactions, such as debits or withdrawals.
These alerts help you stay aware of all account activities. That way, you can make informed decisions regarding your investments or withdrawals.
If your credit is acceptable, you can enjoy an overdraft of up to Rs.50,000, which is excellent if you need an injection of funding.
Your Debit Card also offers Free Personal Accidental Death Cover with a protection of up to Rs 5 lakhs. To keep the cover active, debit card holders must use their cards at an outlet or web store at least once per month.
This service also comes with International Air Accident Death Insurance up to Rs.25 lakhs.
Different investment options are available, like stocks, mutual funds & ETFs (Equities), Fixed Deposit accounts (FDs), etc. This allows users a broad range of options while investing their money strategically and securely.
Lastly, a fuel surcharge won't apply if you pay via HDFC Debit Card at government petrol stations. The same applies to payments made via HDFC's swipe machine.
What are the Eligibility Criteria for the Personal Accidental Death Cover?
We know that HDFC's debit card comes with Personal Accidental Death Cover. But what are the eligibility criteria?
- The victim must have bought the air ticket using an HDFC debit card to be eligible
- You must be less than 70 years of age at the time of death
- The death should have happened within a year of the incident
- The victim must be an account holder who has received salary in the month of, or month before death
- The cause of death should be bodily harm/injury
Lastly, this insurance applies only to primary account holders and not beneficiaries.
How to Open an Account at an HDFC Branch?
Opening an HDFC Salary Account is pretty simple. Just head over to your nearest physical branch and fill out an application.
Make sure you have the following documents handy:
- Your Aadhaar card
- Proof of residency, e.g., a utility bill or rental agreement
- Proof of employment, e.g., as a salary slip or a note from your company
- A cancelled cheque or bank statement
The process usually lasts a few minutes, and you'll be able to start using your account immediately.
How to Open a Salary Account Online
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HDFC also has a convenient online InstaAccount Journey if you prefer opening an account from home.
Requirements for Opening an HDFC Account Online
- A mobile number
- Aadhaar number
- PAN number
How to Open an Account Through the Bank's instaAccount Journey
- Sign in with your Aadhaar
- Authenticate your details through OTP
- Fill in banking details info
- Finish a KYC (know your customer) process via video
After completing the KYC process, you will receive your customer ID and HDFC bank account number (A/C No.). You'll also receive a Debit Card and chequebook at your address.
How HDFC InstaAccount Works
1. Receiving Money
Once you have completed the KYC and other customer onboarding steps, your earnings can be credited to your new account immediately.
2. Sending Money
HDFC activates outgoing payments after two days of signing up online. Once activated, you can send funds and sort bills comfortably.
Make instant withdrawals from the bank's ATM through your mobile phone (even without your Debit Card) .
To make Cardless Cash withdrawals, choose the cardless option at any ATM and follow the steps.
4. Mobile Banking and Net Banking
HDFC activates Mobile Banking and Net Banking immediately, allowing you to check your balance soon after setting your password.
5. How to Add Money
You can add money in two ways:
- Online Bank Transfer - Share your bank info, i.e., your A/C No. and IFSC Code with your employer so they can send you funds from another account.
- Digital Wallets - You can also add funds through any digital wallet using your IFSC code and A/C No.
Remember, there are no fees for e-banking transactions like online banking, bill payment, remittances and direct debits.
Checking your A/C No. and IFSC code
You can view your A/C No. and IFSC code by signing in to HDFC's banking app. Here's how to go about it:
- Sign in to HDFC's Mobile banking app
- Go to "Salary account"
- Go to "Show Account Details"
Your screen will display the A/C No. and IFSC code, which you can share with those who need to send you funds.
How Does HDFC's eKYC Process Work?
Video KYC, also known as online KYC or eKYC, is a new method of identity verification that banks have started using recently. This feature allows you to submit documents online, sometimes even through a video, instead of filling out paper forms.
It helps customers do away with paper documents and upload their credentials digitally through any smartphone or PC. Many banks have launched video verification thanks to official authorisation from the Reserve Bank of India.
Instead of visiting the bank physically, you can complete your KYC validation process online and link with a bank staff for video verification.
Requirements for Video KYC
- A smartphone
- You must be in India
- Strong network connection
- A piece of paper
- PAN Card
- A pen
Steps to Complete Online Video KYC
The video-based onboarding process gives you access to all banking capabilities.
Follow these steps to complete the process:
- Sign in to InstaAccount using your Aadhaar.
- Go to Video KYC and follow the link on the last page of the onboarding section. HDFC will send you the same link through SMS. It expires in seven days, so you want to use it within that period.
- The link leads you to HDFC's KYC process.
- You can use it to connect with the staff via a video call between 10 am to 6 pm from Monday to Saturday.
- Turn on the camera, location and microphone when ready to speak to an official
- Once you reach a bank representative, they will validate your original PAN and collect your signature.
After successful verification, the bank will activate your account and upgrade it to a Classic Salary Account. If the first attempt fails, retry within seven days or visit a physical branch with your documents.
You will receive your Debit Card and chequebook as a parcel sent to your mailing address after finishing the e-KYC process.
How Long Does the Video KYC Process Last?
The KYC process is not very long, and the minimum time is 3-5 minutes.
The A/C opening process will be completed within 15-30 minutes after you submit your application form and documents.
Who is Eligible for the Classic Salary Account?
As the name suggests, this account is designed for salaried individuals. That said, there are a few other things you need to meet to be eligible.
- First, your employer must be a company with income tax deducted at source (TDS).
- Second, your earnings must be credited directly into the account.
- Third, you must not have any other current or savings account with HDFC
- Lastly, your company should have salary payment arrangements with HDFC Bank.
If you meet all these criteria, then you're good to go!
Which Documents Should You Prepare?
You'll need to provide a few documents when applying for HDFC services.
The list of documents required is pretty standard. You'll need the following:
- Identity proof, e.g., valid passport, driving license, NREGA job card, PAN card, Aadhar card
- Recent passport-size photo
- Address proof
- Signature proof
- Proof of Employment
If your employer (company) is already banking with HDFC Bank, you can submit a letter from your employer authorising the bank to deduct your salary directly into your account.
What Are the Features of HDFC Bank Classic Salary Account?
Each banking institution has unique products and features. So what does HDFC offer?
To start with, you get a free HDFC debit card that you can use at ATMs and merchant establishments all over the country. You also get to enjoy an overdraft facility.
But that's not all. You'll get exclusive access to a host of other services, such as:
- Priority banking
- Personal loan facility
- Easy funds transfer
- A higher rate of interest on deposits
This is one way to go if you're looking for convenient banking that offers multiple perks and more freedom.
How to Get HDFC Bank Classic Salary Account Statement?
You can get a copy of your bank statement in one of two ways: either online or offline.
If you want to get your report online, log in to HDFC Bank NetBanking and go to the "Statements" section. There, you can view and download a PDF copy of your statement.
If you'd rather get a physical copy, you can download the "Request for Statement" form from the HDFC Bank website. Just fill out the form and submit it at your nearest physical branch. You'll receive your statement in the mail within 7-10 working days.
How to Close Your Classic Salary Account
You may need to terminate your banking relationship for one reason or another.
HDFC provides a painless termination process. Here's what to do if you want to depart.
1) First, you must log into your HDFC's website and download a closure form.
2) Fill out the form and make sure you include all the necessary details, like your bank A/C No., IFSC code, etc.
3) Once you've filled out the form, print it out and attach all the required documents, like your passport and PAN card.
4) Take the form and documents to your nearest physical branch.
5) The bank will process your request and close it within 7-10 working days.
The HDFC bank salary account is specially designed for salaried employees. It offers a host of features and perks. For example, you can easily manage your finances with the help of net banking and mobile banking facilities. You can also get an overdraft facility and a loan against the deposit. The interest rates are also quite competitive.
All in all, it is an excellent banking option for those who want to manage their finances efficiently and securely.
Can I Retain My Present Account if I shift to a New Employer?
Yes, you can retain it when you move from one employer to another. Your details will be shifted to your new employer, and you can continue with your same online banking services.
What are the Advantages of this Account?
Some HDFC salary account benefits and features include a free debit card, insurance cover, an overdraft facility, free internet banking, and preferential rates on personal loans.
What Charges are Associated With this Account?
HDFC does not charge a monthly maintenance fee. However, certain charges are associated with this product, e.g., a charge for exceeding the limit on cash withdrawals or availing of the overdraft facility.
What Documents Can I Use as Proof of Employment?
You need to provide a signed or stamped letter from your employer as proof of employment to apply.
How Do I Open an HDFC Bank Classic Salary Account?
You can open an account by following these steps:
- Visit the nearest HDFC Bank branch and submit the required documents.
- Fill out the application form and submit it along with the required documents.
- After your application is approved, you will be given a kit containing your A/C number, ATM card, and other important documents.
You can also apply online through HDFC's InstaAccount Journey.