Must Knows

HDFC Bank Savings Account: All you need to know

[ecis2016.org] If you are looking to open a savings account with HDFC Bank, check this guide.

To meet the needs of its various customers, HDFC Bank offers a variety of savings account options. They have a solution to meet your daily banking demands regardless of the age group you belong to. You may choose from the DigiSave Senior Citizens Account, Women’s Savings Account, or Youth Account and take advantage of the amenities that these types of savings bank accounts have to offer. 

A savings account allows you to grow your idle money over time while providing a secure place for your money. Additionally, HDFC Bank gives you the option to establish an account online via the InstaAccount website or app because moving digital is the way of the future. There is now an option for contactless or online banking. All one is required to do is provide relevant information, attach a few supporting papers, and with an HDFC account opening online, join HDFC Bank to have access to a variety of contactless financial services. 

What type of HDFC savings account is best?

You may compare savings accounts to determine which one, such as a regular savings account or a savings max account, best meets your needs. Each kind of savings account has a unique combination of features and advantages. In the end, there is a savings account for every investor.

How should I pick a HDFC savings account type?

You may pick from a variety of savings account options with HDFC Bank, including the following:

  • Savings MAX Account
  • DigiSave Youth Account
  • Women’s Savings Account
  • Senior Citizens Savings Account
  • Regular Savings Account

The easiest method to choose the ideal savings account for you is to match it to your needs and look into the characteristics that will be most useful to you.

People who want to satisfy their every day financial demands are drawn to the regular savings account. The Women’s savings account and DigiSave Youth account are two tailored variations that are well-liked by women and young people, respectively. 

What paperwork is necessary to open an HDFC savings account online?

When opening a savings account with HDFC Bank, the following papers must be provided: 

  • Identity proof
  • Address proof
  • Latest passport size photographs

HDFC savings account interest rate

The ability to generate interest on your money is one of the many advantages associated with having a savings account. HDFC savings account interest rate is calculated depending on your closing balance each day. Depending on the discretion of the individual bank, the collected interest is credited to your account either monthly or quarterly. HDFC savings account interest rates have always been cutting edge and competitive, providing you with competitive savings account interest rates on your savings accounts.

Rate of domestic, NRO, and NRE savings

Savings balance in account (Rs) Annual interest rate
Less than 50 lakh rupees 3.00%
50 lakh rupees and more 3.50%

*HDFC Savings account interest Bank Deposit has been amended, effective April 6, 2022

HDFC Net Banking: Advantages

You may do around 200 financial operations with the HDFC Bank NetBanking feature, including checking your account balance, ordering a cheque book, capping checks, transferring money online, and more. More than a hundred financial chores may also be completed with the aid of HDFC Bank mobile banking, and you can expedite the process by creating to-do lists, accessing frequently used transactions, and downloading receipts to your phone. 

Additionally, you can access financial services using the HDFC Bank Lite app even without an internet connection, making it the perfect option for 24-hour banking. You can effectively manage your funds at your fingertips with the help of these HDFC Bank tools.

Read about : HDFC IFSC code 

HDFC savings accounts schemes

Scheme for Savings Accounts Standing Instructions Debit Card Fee
Savings Max Account Rs. 25 plus the transfer charge Free
Regular Savings Account Rs. 25 plus the transfer charge Rs. 150 + Taxes
Women’s Savings Account Rs. 25 plus the transfer charge Rs. 150 + Taxes
Kids Advantage Account Rs. 25 plus the transfer charge Free
Senior Citizens Account Rs. 25 plus the transfer charge Free for lifetime for 1st applicant. Rs.100 + taxes for other applicants.
Family Savings Group Account Rs. 25 plus the transfer charge Free for all applicants
Basic Savings Bank Deposit Account Rs. 25 plus the transfer charge Rs.100 + taxes
Institutional Savings Account Rs. 25 plus the transfer charge N/A
BSBDA Small Account Rs. 25 plus the transfer charge Rs.100 + taxes

Minimum balance required in HDFC Savings Account

Savings Account Interest Rate Minimum Balance
Savings Max Account Between 3.00 and 3.50 percent every year Rs 25,000
Regular Savings Account Between 3.00 and 3.50 percent every year

Between 3.00 and 3.50 percent every year

Rs. 10,000 (urban branches) Rs. 5,000 (semi-urban branches) Rs.2,500 (Rural Branches)
Womens Savings Account Between 3.00 and 3.50 percent every year Rs. 10,000 (Urban branches), Rs. 5,000 (Semi Urban branches)
Kids Advantage Account Between 3.00 and 3.50 percent every year Rs 5,000
Senior Citizens Account Between 3.00 and 3.50 percent every year Rs 5,000
Family Savings Group Account Between 3.00 and 3.50 percent every year Rs 40,000
Basic Savings Bank Deposit Account Between 3.00 and 3.50 percent every year Not Required
Institutional Savings Account Between 3.00 and 3.50 percent every year Not Required
BSBDA Small Account Between 3.00 and 3.50 percent every year Not Required

Check out: What is IFSC code 

HDFC Multi Account Access One-View Features

With HDC multi-account access one-view feature, you can manage accounts in different banks centrally. For example, if you have bank accounts with Citibank, HSBC India, Standard Chartered, ICICI bank, and HDFC bank, you can manage them centrally through One-View.

Benefits of One-View

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

Is One-View secure?

One-View has a robust firewall and employs a 128-bit secure socket layer (SSL) encryption technology, making it unbreakable. Through One-View, you can only view your accounts and cannot transact, helping you keep your money safe. It also has automatic time-outs for an extra layer of security.

SmartBuy: What is it?

Customers may use SmartBuy, a distinct portal from HDFC Bank, to research costs on other websites and get the best offers for shopping and travel. Amazon, Flipkart, Snapdeal, Goibibo, Cleartrip, OYO Rooms, eBay, and Booking.com are a few of the brands. These are the services that SmartBuy provides flight, hotel, and mobile recharge reservations. 

On SmartBuy.com, shoppers can also check the best deals before making a purchase. They will be taken to the merchant’s website after choosing the desired product. You can get the greatest discounts and offers on: Electronics, Smartphones, Travel, Dining, Beauty, and Health.

Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org

Debora Berti

Università degli Studi di Firenze, IT

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