Steps How to Open HDFC Bank Savings Account
Right from the time money came into existence; every individual aimed to safeguard their hard-earned money with secure financial instruments. One such popular way to keep money safely is using a savings account.
In simpler terms, a savings account is a deposit account that an individual uses to save money, pay expenses and make investments at their convenience. One can keep the money in a savings account to avoid sudden costs, especially in the case of cash. The best part is that one can take out the funds from the savings account per one’s requirement.
Significance Of Savings Account
A savings account available as a feature of several banks comprises different parts that prove beneficial for most individuals in India.
- Individuals with successful HDFC savings account opening receive a rate of interest ranging from 2% to 7%.
- Senior citizens receive an additional interest rate of 0.5% extra to the rate mentioned above of interest.
- A significant level of liquidity is available for the account holder to withdraw and transfer money as required from time to time.
- Account holders can carry out money transfer activities with different methods such as NEFT, UPI, IMPS, or RTGS.
- Ability to operate the bank account with mobile, SMS, and internet banking.
- Most accounts do not have a limit to deposit money in savings accounts.
- Account holders will have the facility to connect the savings account with fixed deposits.
- Special discounts and deals are available with debit cards linked with savings accounts.
- Ability to pay and receive payments with cheques associated with the savings accounts.
- Availability of different offers from time to time depending on the occasion and season.
How To Open HDFC Bank Savings Account Offline?
For several years, people opened savings accounts offline at the bank directly. Let us find out the steps to open HDFC bank savings account.
- First, you must visit the nearest HDFC bank branch for an HDFC savings account opening.
- You need to make sure that you need to carry the original and copies of KYC documents.
- Add the details in the required areas present in the application form. You must remember that the information and details in the original documents must match those specified in the application form.
- After filling up the form, you must submit it at the counter at the bank branch carefully.
- Later, after the bank executive verifies the information, the HDFC savings account opening is completed successfully.
- Within the next few days, the bank branch will open HDFC bank savings account. Then, you can use the facilities available with the HDFC bank savings account.
This completes the steps associated with the process to open HDFC bank savings account.
How To Open HDFC Bank Savings Account Online?
Thanks to the speedy evolution of technology, HDFC savings account opening can also be done online. For a significantly long period, individuals who wanted to open HDFC bank savings accounts had to visit the HDFC bank branch irrespective of the distance from the residence.
Now, once you get to know the steps associated with the savings account, you will have another option to open your first or another account with many conveniences.
- In the first step, the interested individual must visit the bank’s official website.
- Then, click on the ‘Products’ section and choose ‘Savings account.’
- Find out the ‘apply online’ option available below the previous option.
- Choose the option of an existing customer or a new customer. One must fill in the required details to authenticate themself.
- Fill out the application form for HDFC savings account opening with the Know Your Customer (KYC) documents. This completes the online steps associated with the HDFC bank open savings account.
- In the next step, a bank executive visits the specified address to verify the documents that one submits with the online application.
- Once the executive verifies the documents, he gives the welcome kit to the respective individual. It comprises a debit cum ATM card, Pin code, and checkbook.
- After this step, the applicants can check the application status online on the official website.
- Post-HDFC savings account activation, you will receive a notification of successful HDFC savings account opening on the registered mobile number. After this, you can use the checkbook and debit card for your regular financial activities.
- You need to make sure that you deposit the minimum balance account to avoid deductions from the savings account in the later months.
This completes the steps linked with the savings account opening with the HDFC bank. Open savings account without facing any hassles at this bank.
Essential Documents Required To Open An HDFC Savings Bank Account
To open HDFC bank savings account, one must keep certain essential documents handy.
Below are the documents to take to the bank branch for online and offline HDFC savings account opening.
- Identity proof (Aadhar card, Pan card, Driving License, Valid Passport, or Voter ID)
- Address proof (Aadhar card, Electricity bill, Driving License, Passport or Visa, Bank Statement via passbook, Voters ID, Rent agreement)
- PAN card
- Form 16 (if the applicant is unable to submit a PAN card copy)
- 2 copies of the latest photographs (as per the specified guidelines at the bank branch or official website)
Different Types Of HDFC Bank Savings Accounts:
When you decide to open an HDFC bank savings account, you will find several options to start with a savings account:
- Savings Max Account
- Regular Savings Account
- Senior Citizens Account
- Women’s Savings Account
- DigiSave Youth Account
- Kids Advantage Account
- Basic Savings Bank Deposit Account (BSBDA)
- Government Scheme Beneficiary Savings Account
- BSBDA Small Account
You can choose one of these HDFC savings accounts to safeguard your hard-earned money in the savings account with a decent rate of interest.
Here are some of the benefits associated with the types mentioned above of HDFC bank savings accounts:
- Savings Max Account: Earn a higher rate of interest with a facility of automatic sweep-in; availability of platinum debit card for the entire lifetime; accidental hospitalization coverage of Rs. 1 Lakh and an unlimited number of cash withdrawals at HFDC bank ATMs.
- Regular Savings Account: Availability of free personalized checkbook; get Millennia Debit card that suits your needs; use BillPay service to pay bills conveniently.
- Senior Citizens Account: Receive more than the regular rate of interest on fixed deposits; ability to claim Rs. 500 daily for 15 days of hospitalization with Rs. 50,000 per annum reimbursement.
- Women’s Savings Account: Receive EasyShop Woman’s Debit Card and Rs. 1 over every Rs. 200 spendings; get a low-interest rate on tow-wheeler loans.
- DigiSave Youth Account Offers available throughout the year on debit card spending; free MoneyBack card for the first year from the time of issue.
- Kids Advantage Account: Availability of international debit card and education insurance under parental concern.
- Government Scheme Beneficiary Savings Account: Receive premium debit card with a higher cash transaction limit of Rs. 10 Lakh/month; BillPay facility for easy payments.
- Basic Savings Bank Deposit Account (BSBDA): Zero-balance and zero-deposit account for convenience; free Rupay account available and 4 free withdrawals from the savings bank account.
A regular savings account is one of the easiest to open HDFC bank savings accounts. The account holder receives a particular interest rate on the amount present in the account. A maintenance fee is charged to every account holder annually.
After completing the KYC process, the HDFC savings account opening occurs successfully. The exclusive women’s savings account helps women receive after opening a bank account.
Besides unique debit cards, women also receive discounts on lockers and unlimited cash withdrawals. In the case of the kid’s savings accounts, parents get an opportunity to offer financial education to their kids in the early stages of life.
To open a kid’s savings account, parents must submit official documents, including identity proof with the required declaration. This type of account comprises specific regulations to guide kids toward wise spending.
This includes regulated savings accounts and spending limits concerning the amount that can be spent every month. In this way, parents can teach their kids only about the essential information related to finances. Eventually, kids can even go ahead with another HDFC savings account opening online.
Who Can Open An HDFC Bank Savings Account?
Before opening an HDFC bank savings account, you must check the primary HDFC savings account criteria properly to avoid time wastage in this process.
- One must be an Indian citizen.
- The respective individual planning to open an HDFC bank savings account must be 18 years or above.
- The applicant needs to submit the KYC documents to prove their identity during the process of the HDFC bank opening savings account.
- The applicant must be willing to deposit the minimum balance requirement amount in their savings bank account.
Each type of HDFC bank savings account has particular eligibility criteria about who can open HDFC bank savings accounts. The detailed eligibility is as follows:
Eligibility for Regular Savings Account
- All Indian citizens are eligible to open an individual or joint account.
- Hindu undivided families are eligible for HDFC savings account opening.
- Foreign nationals can apply for a savings account only after staying in the country for at least 180 days. In this case, the documents required are a valid visa, passport, Indian residence permit certificate, and FRRO certificate.
Eligibility for Senior Citizens Account
- The applicant must be over 60 years of age.
- The applicant must be a resident of India.
- If one wants to open a joint account holder, one must ensure that the other individual is also 60 years or above.
Eligibility for Women’s Savings Account
- The applicant must be an Indian citizen.
- The primary account holder must be a woman.
- Female foreign nationals can also open HDFC bank savings accounts after 180 days of staying in the country. Interested individuals must submit the documents such as valid visas and passports, Indian residence permits, and FRRO certificates.
Eligibility for Kid’s Advantage Account
In this category, the parents of the kid can open HDFC savings account on behalf of their children.
- A citizen of India is eligible to open an individual or joint account.
- In the case of an individual visiting from outside India, they must have resided for at least 180 days. To apply for this type of account, one must submit certain documents like a passport, visa, FRRO certificate, and Indian residence permit.
Eligibility for Family Savings Group Account
To be eligible for the family savings group account, applicants must meet the following eligibility criteria:
- The interested individual must already have an individual savings account.
- Two to four accounts can be combined for the Family Savings Group Account.
- NRI accounts fulfilling the required criteria can be grouped into this account.
- The primary account holder must be 18 years or above.
The best aspect of this HDFC bank savings account is that you can include your parents, spouse, children, grandchildren, grandparents, and in-laws. This way, you can open HDFC bank savings account with one or more of your family members.
Eligibility for Institutional Savings Account
A particular category of institutions or organizations can apply to open HDFC bank savings account under this specific account type. These institutions include the following:
- Companies governed by the Companies Act
- Any government-registered institution
- Primary Co-operative Credit Society
- Khadi and Village industry boards
- Agriculture product market committees
- Self-help groups
- Farmer’s clubs
- Government departments and organizations
- Self-help groups
Eligibility for BSBDA Small Account
This is an exclusive opportunity to open HDFC bank savings account in case one does not have the required official documents.
This completes the eligibility criteria linked with the HDFC bank savings account opening.
Points To Keep In Mind Before Opening An HDFC Bank Savings Account
Before you open HDFC bank savings account, it is essential to consider specific points as mentioned below:
- Check the rate of interest before the HDFC savings account opening to ensure that you are satisfied with the same. In addition, you must also find out the rate of interest received for fixed deposits initiated with the respective HDFC savings account.
- Check the official minimum balance required to ensure you are ready to add that particular amount to the savings account.
- Confirm the withdrawal and transaction limit for each in the case of the respective saving account.
- Find out the charges for the cash withdrawal activities from the ATM other than those operating under HDFC banks. It will help you plan your cash withdrawal days accordingly and reduce paying cash withdrawal fees to a great extent.
Safety Tips For HDFC Savings Account Holders
- If you find an unknown transaction, you must report to the bank branch immediately without any delay. It will help you find a faster resolution for the issue with the help of HDFC bank experts.
- Never share the password and PIN after HDFC bank savings account opening in any form. It will prevent the loss of funds from your savings account.
- In case of debit card loss, block the card immediately to avoid losing valuable amounts from the savings account.
- Do not save your bank account details on online eCommerce websites. Also, close the completed transaction page without procrastination.
What Is the Rate of Interest for the Hdfc Savings Bank Account?
Ans. Currently, after one opens HDFC savings bank account, a rate of interest of 3% is applicable on the account balance up to Rs. 50 lakhs. If the account balance exceeds this value, the account holder receives a rate of interest of 3.5%. One gets the interest amount every quarter.
Can I Have More Than One Hdfc Bank Savings Account?
Ans. Yes. You can have more than one HDFC bank savings account depending on the type of account chosen in the subsequent times. You need to check with the present guidelines of the HDFC bank savings account to ensure that you are eligible for another account in the HDFC bank. You can either check on the HDFC bank’s official website or ask one of the concerned executives regarding the procedure to open HDFC bank savings account.
What are the HDFC products available other than a savings bank account?
Ans. HDFC offers a wide range of facilities in the form of products and services for interested individuals. This includes retail banking, wholesale banking, treasury, and credit cards.
Various types of financial assistance are available for interested individuals, such as two-wheeler and auto loans, loans against property, and consumer loans, to name a few. Also, HDFC provides NRI housing loans to individuals associated with Singapore, the Middle East, and the United Kingdom.
Is The Savings Account Interest Amount Taxable?
Ans. The interest value of up to Rs. 10,000 received on the amount present in the savings account is non-taxable.
Can I Use UPI if My Mobile Number Is Not Linked To a Bank Savings Account?
Ans. No. You must ensure that you link your mobile number at the time of the HDFC bank savings account opening to use the UPI facility available with the savings account.
When Will the Account Holder Receive the Bank Savings Account Statement?
Ans. Account holders receive the statement via email id every month. The period may vary with the guidelines mentioned at the time of the HDFC bank savings account opening.