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HDFC Bank Savings Account

The HDFC bank offers several different services and products, and savings accounts are one of them. A savings account is a deposit account with the bank. Unlike most investments, savings accounts offer complete flexibility regarding when and how you access the funds. This implies that you have full control over when and how you access the money in your account.

HDFC Savings AccountWhile keeping money in a savings account at a bank often pays little interest, it keeps the amount safe. Aside from a fair interest rate, you can make deposits and withdrawals whenever you like. With HDFC Bank Savings Account, you can choose from basic accounts with no minimum deposit to premium accounts with customised features.

With many locations and services like Netbanking, MobileBanking, and PhoneBanking, you can access your savings account whenever you need it, day or night. And with the debit card in your savings account, you may take advantage of exclusive deals and perks.

In this article, we will discuss HDFC's Savings accounts, their features, and how to make use of them.

What Documents Are Required for Opening an HDFC Bank Savings Account?

Applicants can apply for this account by visiting an HDFC Bank branch and submitting the following documents:

  • Recent passport-size photographs.
  • KYC documents, such as Aadhar, PAN, etc., which can be accepted as proof of identity (ID Proof).
  • Documents that can be accepted as address proof.
  • A customer declaration for Basic Savings Bank Deposit Accounts.

Steps to Open an HDFC Savings Account:

Nowadays, all it takes to create a savings account at a bank is a few clicks or a visit to the branch to fill out an application.

Steps for Opening a Savings Account Online

Step 1 - Visit the bank's website or download the app for HDFC Savings Account.

Step 2 - Depending on your requirements, choose the correct account type.

Step 3 - You must provide all the required information, including your full name, birth date, address, PAN, and Aadhaar number.

Step 4 - Ensure your identity is verified by providing documentation or completing a video KYC.

Step 5 - You can access your bank account once your documents have been verified.

Steps for Opening a Savings Account in-person

Step 1 - Visit a bank branch where you want to open an account.

Step 2 - Make sure you fill out the application for the new savings account.

Step 3 - Attach your identification documents and proof of residency.

Step 4 - Deposit the minimum amount into your account.

Step 5 - Your account will be activated as soon as your identity has been confirmed.

HDFC Saving Account Types

To decide which HDFC savings account would be ideal for you, you may want to examine the features of several different types of savings accounts. There are multiple savings account options available at HDFC Bank. Each account is tailored to meet the needs of the diverse client base.

The following are some of the HDFC saving account types:

  1. Regular Savings Account
  2. Savings Max Account
  3. Women's Savings Account
  4. Senior Citizen's Account
  5. Saving Farmer's Accounts
  6. Digi Save Youth Account
  7. Specialé Gold and Specialé Platinum
  8. Kids Advantage Account
  9. Basic Savings Bank Deposit Account

Read on to learn more about each type of account!

1. Regular Savings Account

The purpose of this account is to meet all your day-to-day banking needs. Following are the key features and benefits offered by a Regular Savings Account:

  • Get exclusive discounts and offers by shopping online.
  • Get a Safe Deposit Locker.
  • Demat accounts are free for the first year of operation.
  • Internet and Mobile banking services.
  • Passbooks and e-mail statements are free.
  • You can get checks printed with your name on each leaf for enhanced security and customisation.

Following are the different categories and people who are eligible to open a Regular Savings Account:

  • Resident Individuals (sole or joint account)
  • Hindu Undivided Families
  • Foreign Nationals Residing in India*
  • Minors above 10 can open a self-operated minor account and receive a debit/ ATM card.

*The foreign national should be residing in India for at least 180 days and must have the following documents: a valid passport, a valid visa, an FRRO (Foreign Region Registration Office) certificate, and a residence permit 

2. Savings Max Account

Using the automatic sweep-out facility, idle funds can earn a higher interest rate. Following are the key features and benefits offered by a Savings Max Account:

  • Insurance coverage up to INR 3.29 crore (including personal death insurance, accident hospitalisations coverage, international air coverage, etc.).
  • Up to INR 1 lakh daily, free demand drafts from HDFC Bank locations.
  • Every account holder gets free lifetime BillPay and InstaAlerts.
  • For the first year, there is no Demat AMC.
  • For the first year, locker rental is discounted by 50% on a pro-rata basis.
  • At all HDFC Bank ATMs and non-HDFC Bank ATMs, you can withdraw cash and check your balance for free.
  • Passbooks are free for all individual account holders.
  • E-mail statements are free.

Following are the different categories and people who are eligible to open a Savings Max Account:

  • Resident Individuals (sole or joint account)
  • Hindu Undivided Families
  • Foreign Nationals Residing in India*
  • Minors above 10 can open a self-operated minor account and receive a debit/ ATM card.

*The foreign national should reside in India for at least 180 days. It must have the following documents: a valid passport, a valid visa, an FRRO (Foreign Region Registration Office) certificate, and a residence permit.

3. Women's Savings Account

Through this account, women have access to a complete banking solution that caters to their financial, lifestyle, and investment needs. Following are the key features and benefits offered by a Women's Savings Account:

  • Accidental Death Cover of INR 10 lakhs.
  • Personal Accident Death Cover (rail, road, air) of INR 5 lakhs.
  • Accidental Hospitalisations Cover of INR 1 lakh.
  • The first year of your Demat Account will be free of Annual Maintenance Charges (AMC).
  • You will get a 50% discount on gift plus cards if you load a minimum of INR 5,000 on the card through the branch or Net Banking.
  • You can withdraw 25,000 rupees daily from your EasyShop Woman's Advantage Debit Card, and you can shop for INR 2.75 lakh daily.
  • E-mail statements and passbooks are free.

Following are the different categories and people who are eligible to open a Women's Savings Account:

  • The first account holder should be a woman.
  • Resident individuals (sole or joint account).
  • Foreign Nationals Residing in India.*

*The foreign national should be residing in India for at least 180 days and must have the following documents: a valid passport, a valid visa, an FRRO (Foreign Region Registration Office) certificate, and a residence permit 

4. Senior Citizen's Account

Senior citizens can take advantage of this HDFC savings account which provides health, investment, and other day-to-day banking services. Following are the key features and benefits offered by a Senior Citizen's Account:

  • FDs are subject to preferential rates.
  • There is no annual maintenance charge for the first year after opening a Demat account.
  • For the primary account holder, a free debit card is provided.
  • Coverage for accidental hospitalisations - INR 50,000 per annum.
  • A death cover of INR 5 lac is offered on your Rewards Debit Card in case of an air, road, or rail accident.
  • Insurance coverage for fire and burglary for items purchased using a debit card (up to 90 days) - INR 200,000 sums assured.
  • Lifetime BillPay access, e-mail statements, SMS alerts, and InstaAlerts at no charge.
  • Cheques for travelers are free. 

Following are the different categories and people who are eligible to open a Senior Citizen's Account:

  • Individuals (sole or joint) aged 60 and over are eligible for Senior Citizen Accounts.
  • For joint accounts, the first applicant must be a senior citizen.

5. Savings Farmer's Account

A savings account designed specifically for farmers. Following are the key features and benefits offered by a Savings Farmer's Account:

  • This product provides a half-yearly balance of INR 2,500 only.
  • Annual Maintenance Charges (AMC) for your first Demat account are waived for the first year.
  • Coverage of up to 10 lacs for accidental death and permanent disability.
  • CashBack up to INR 3,000 per year - 1% CashBack on Fuel, Apparel, Insurance, Education & Groceries (Max CashBack is INR 250 per month).
  • The Zero Liability Insurance covers up to 4 lacs.
  • Get personalised checks with your name printed on each leaf for enhanced security.

Following are the different categories and people who are eligible to open a Savings Farmer's Account:

  • Resident Individual Farmers (sole or joint account).

6. DigiSave Youth Account

Following are the key features and benefits offered by a DigiSave Youth Account:

  • The first year of your Demat account will be free of Annual Maintenance Charges (AMC).
  • First-year Free MoneyBack Debit Card with a daily shopping limit of INR 3 lakhs (at merchant outlets & online) and daily ATM withdrawal limit of INR 25,000.
  • CashBack up to INR 3,000 per year - 1% CashBack on Fuel, Apparel, Insurance, Education & Groceries (Max CashBack is INR 250 per month).
  • The cardholder is not liable for any fraudulent transactions on the card that occur 30 days before the card loss report.
  • Forex Cards & Education Loans at Special Offers.
  • E-mail statements and passbooks are free.
  • E-mail and mobile alerts are free.

Following are the different categories and people who are eligible to open a DigiSave Youth Account:

  • Resident Individuals (sole or joint account).
  • An individual should be between 18 and 25 years of age.

7. Specialé Gold and Specialé Platinum

Following are the key features and benefits offered by a Specialé Gold and Specialé Platinum:

  • It is possible to obtain a custom account number for your deposit if it exceeds INR 5 lakh.
  • Locker charges waived for the first year: 50% off for Gold; free for Platinum.
  • A free DD up to INR 1 lakh a day (Gold).
  • Unlimited free DD (Platinum).
  • Platinum Debit Card with free personalisations.
  • There are no opening fees for a Demat account and no annual maintenance fee for the first year of a Demat account.
  • Increased limits on online and offline transactions.
  • The cash transaction limit increased.
  • ATM transactions are free.

All Indian Residents are eligible to open a Specialé Gold and Specialé Platinum savings account.

8. Kids Advantage Account

This savings account aims to develop money management skills in kids and accumulate savings for them. Following are the key features and benefits offered by a Kids Savings Account:

  • A free education insurance cover worth INR 1 lakh is provided (if a parent/guardian dies in a vehicle accident).
  • Standing instructions can be set for monthly funds transfers from parents' accounts to children's accounts.
  • The MoneyMaximizer sweep-out facility allows deposits exceeding INR 25,000 to be transferred to a 1-year and 1-day FD if the balance reaches INR 35,000.
  • ATM/international debit card issued for free.
  • Access to a free passbook.

Following are the different categories and people who are eligible to open a Kids' Savings Account:

  • Minors (up to 18 years of age) and parents have an HDFC Bank Savings Account.

9. Basic Savings Bank Deposit Account (BSBDA)

It's a zero-balance savings account with a free ATM card (debit card) that fits all your banking needs. Following are the key features and benefits offered by a Basic Savings Bank Deposit Account:

  • Cash deposits are free at branches and ATMs.
  • Use your Rupay Card to access your account.
  • Lifetime BillPay free access.
  • Free e-mail statements and passbooks.
  • Access your bank account using NetBanking, PhoneBanking, and MobileBanking facilities.

Following are the different categories and people who are eligible to open a Basic Savings Bank Deposit Account:

  • Resident Individuals (sole or joint account).
  • Hindu Undivided Families.
  • The customer should not have an existing BSBD account with another bank.
  • The customer should not have any other HDFC Bank Savings account.

Other HDFC Savings Accounts

Listed below are some of the other savings accounts offered by HDFC Bank:

  1. HDFC Super Kids Savings Account - A Super Kids Savings Account from HDFC Bank allows your child to accumulate savings for the future.
  2. HDFC Government Scheme Beneficiary Account - The Government Scheme Beneficiary Savings Account offers a Zero Balance account with a higher monthly cash transaction limit of INR 10 lakh.
  3. HDFC Basic Savings Bank Deposit Account (BBSDA) Small Account - It features zero-balance savings account with a free ATM card. It also gives you access to HDFC's massive ATM network across India, helping you meet all your banking needs.
  4. HDFC Institutional Savings Account - Several organisations, including Trusts, Societies, Associations, Clubs, NGOs, etc., can use this Zero Balance Savings Account.

HDFC Bank Savings Accounts: Minimum Balance Requirement & Non-Maintenance Charges

Following is a table detailing the HDFC bank savings account minimum balance and the charges associated with not maintaining it.

Savings Account Variants Minimum Balance Required Non-maintenance Charges
Regular Savings Account INR 10,000 (urban branches), INR 5,000 (semi-urban branches), INR 2,500 (Rural Branches) INR 150 - 600
SavingsMax Account INR 25,000 INR 300 - 600
Women's Savings Account INR 10,000 (Urban branches), INR 5,000 (Semi-Urban/Rural branches)
Senior Citizen's Account INR 5,000 INR 150 - 300
Saving Farmer's Account INR 2,500 Half-Yearly Balance INR 540 - 900
DigiSave Youth Account INR 5,000 (Urban branches), INR 2,500 (Semi-Urban/Rural branches) INR 150 - 300

Specialé Gold and Specialé Platinum

INR 1,00,000 (Gold), INR 3,00,000 (Platinum) INR 299 - 999
Kids Advantage Account INR 5,000 INR 150 - 300
Basic Savings Bank Deposit Account Zero NIL

Super Kids Savings Account

INR 1,00,000 INR 299 - 999

Government Scheme Beneficiary Account

Zero NIL
BSBDA Small Account Zero NIL
Institutional Savings Account Zero NIL

HDFC Bank Savings Account: Charges and Fees

Detailed below are the fees and charges for maintaining an HDFC Bank Savings Account.

Particulars Fees & Charges
Cheque Book Facility

Free - 25 cheque leaves a year. Additional chequebook of 25 leaves for INR 100

(depends on the account type)

Number of Cash transactions (Cumulative of Deposit and Withdrawal by Self / Third party)

The first 4 cash transactions per month are free, and after that, each transaction costs INR 150/-

ATM/Debit Card Issuance and Annual/Renewal Fees

Free - INR 750 (depends on the card and account type)

ATM Replacement Charges INR 200 + applicable taxes (for all card types)

HDFC Multi-Account Access: One-View

HDFC's multi-account access one-view feature allows you to manage accounts from various banks from a single location. The list of banks includes Citibank, HSBC India, Standard Chartered, ICICI bank, and HDFC bank accounts.

Net banking does not require you to log into every bank account individually. With One-View, you can manage five different bank accounts at once. All your accounts can be accessed using one password, including your HDFC Bank account. It is entirely free!

If you are worried about the security of One-View, you should know that it employs a robust firewall and a 128-bit secure socket layer (SSL) encryption system, making it unbreakable. With a One-View account, you can only view, not transact, helping to keep your money secure. It also has automatic time-outs to provide extra security.

One-View Features and Benefits

The One-View feature lets you view all your online bank accounts from HDFC Bank, Citibank, Standard Chartered Bank, and HSBC Bank. The following details can be accessed using this feature:

  • Balance of a current or savings account
  • Summary of fixed deposits
  • Transaction history for current or savings accounts
  • Citibank Credit Card Balance
  • Citibank Credit Card transaction history
  • Demat profile for HDFC
  • Holdings at HDFC Demat
  • HDFC Status Demat

Wrapping Up

With a savings bank account, you can deposit funds, earn interest, and access them whenever possible. As part of your HDFC Bank savings account, you can also access a wide variety of debit cards, each of which comes with its own set of enticing promotions and cashback incentives.

With HDFC Bank, various savings accounts are available to individuals. For savings account holders, HDFC Bank offers attractive discounts on entertainment and commercial services, cashback rewards, and other perks.

FAQs

What are the different types of HDFC Savings Accounts?

Among the savings accounts offered by HDFC Bank are the Savings MAX Account, the Regular Savings Account, the DigiSave Youth Account, the Women's Savings Account, and the Senior Citizens Savings Account. Various saving bank account variants are designed to meet the needs of different customer segments.

What is the minimum balance requirement in an HDFC Savings Account?

HDFC savings account minimum balance, and average monthly balances vary depending on the Savings Account and the account holder's location (AMB). For example, You must deposit INR 10,000 in metro/urban branches, INR 5,000 in semi-urban branches, and INR 2,500 in rural branches to create an HDFC Bank Regular Savings Account.

What is the interest rate on an HDFC Savings Account?

HDFC Bank Savings Accounts with a balance of INR 50 lakh or more get 3.50% p.a., while those with less earn 3.00% p.a.  Interest on savings accounts is computed daily and paid quarterly.

How can one transfer money from an HDFC Savings Account?

There are several methods to transfer savings. First, you may transfer money from your Savings Account to another's account using a mobile app. You may transfer money digitally via NetBanking or visit a branch to transfer payments in person.

How can one choose the best savings bank account?

A Savings Account should meet your needs. HDFC Bank lets you compare savings account options and select the best one. Consider the interest rate, minimum amount, and withdrawal limits when picking a savings account.

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