HDFC Savings Account- Interest Rates, Features & Benefits

The HDFC Bank offers a wide range of savings account. These savings accounts have different unique features and privileges that can be availed in a quick and convenient manner. The savings account provides different banking facilities and services. The customers have the facility to compare and choose the best according to their convenience. Also, a Personal Relationship Manager also assists the customers at every step of the way.

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Types of HDFC Savings Account

A savings account is called as a zero balance account which is opened as an operative account for the fixed deposits/investments for day to day transactions, remittances to India or for salary or payments, standing orders, and direct debits and savings.

Below are the types of the savings account schemes:

1. Savings Max Account:- Through the auto-sweep out facility, higher interests can be earned on the funds that are lying idle.
2. Regular Savings Account:- This account is meant for day to day banking requirements.
3. Women Savings Account:- This savings account is specially designed for the woman and provides a complete banking solution and caters to the financial, lifestyle and investment needs.
4. Kid’s Advantage Savings Account:- This account is meant for developing money management skills in the kids and to accumulate savings for your child.
5. Senior Citizens Account:-This savings account is mainly designed for the senior citizens and it offers a wide range of benefits regarding the health issues, investment and day to day banking solutions.
6. Family Savings Group Account:- This savings account is specially designed for the entire family with benefits of a single account.
7. Basic Savings Bank Deposit Account:- This is a basic zero balance savings account. It provides free ATM/Debit Card which meets all the banking requirements.
8. Institutional Savings Account:- This is a zero balance savings account which is made available to the Trusts, Societies, Associations, Clubs, NGOs and much more.
9. BSBDA Small Account:- This savings account is a zero balance savings account which provides a free ATM/Debit Card and completes all the banking requirements.
10. Multiple Account Access:- One View is a unique feature provided by HDFC that allows viewing a multiple number of banks accounts with different banks centrally. The banks that participate in this platform are:

• Citibank
• HSBC Bank
• ICICI Bank
• Standard Chartered

Now you don’t have to log in to every bank account individually to access net banking. You can set up to 5 different bank account under One View. You just need to remember the password so as to access all your accounts along with the HDFC Bank Account. This platform is free of charge, which is one great thing. For availing this feature, you need to be a net banking customer of HDFC Bank.

 Interest Rates on HDFC Bank Savings Account

The Savings Account offers the customers with wide variety of facility such as mobile banking, phone banking, and net banking etc. The savings account range from the regular savings accounts to premium saving options that enables substantial savings.

Particulars	Rate of Interest
Saving Deposits Balance Below Rs 50 Lakhs	3.50% per annum
Saving Deposits Balance Above Rs 50 Lakhs	4.00% per annum

Features of One View

Through One View, you can view all the online bank accounts of HDFC Bank, ICICI Bank, Citibank, Standard Chartered Bank and HSBC Bank. You can view the following details through One View Platform:

• Current or Savings Balance Account

• Fixed Deposit Summary.

• Current or Savings Account Transaction History

• Citibank Credit Card Balance

• Citibank Credit Card Transaction History

• HDFC Demat Profile

• HDFC Demat Holding

• HDFC Demat Status

Security Feature of One View

The One View Platform uses the Firewall. To transmit information, One View uses 128- bit Secure Socket Layer (SSL) encryption technology. The platform has designed a timeout facility so that the other users cannot view your profile for details. You can be assured that your account is safe and secure. Through this platform, you cannot perform transactions but you can view your account details.

Basic Savings Bank Deposit Account (Farmers)

This account is exclusively designed for the farmers and provide them a financial sector by providing a zero balance savings account with no initial deposit requirements. The Account Holders can benefit free from the IVR Phone Banking Facility. The Bank issues free International Debit Cards to the account holders to facilitate cashless and convenient transactions and cash withdrawals. The account can be operated through net banking, mobile banking, phone banking and branch banking.

Features Offered

• No initial deposits are required while opening a bank account.

• No average monthly balance required.

• There are no charges levied for the non- maintenance of the account.

• There are no charges levied for activating the account.

• Free International Debit Card

• First Cheque Book is free

• Cash Deposit can be made free of charge with no limits.

• Cash Withdrawals are limited to 4 free per month and subsequently at Rs 50 plus tax per transaction.

 

Eligibility Criteria for opening a Basic Savings Deposit Bank Account

The eligibility criteria to open a basic savings bank deposit account are:

• The Individuals should be residents of India.

• The Individuals must be an agriculturist or a farmer having their own agricultural land or must have income from agricultural resources.

• The account can be opened solely or jointly.

Documents Required for Basic Savings Deposit Bank Account

The Documents that are required for opening a Basic Savings Bank Account are:

1. Recent Passport Size Photograph

2. ID Proof as per the list of KYC Documents

3. Address proof as per the list of the KYC Documents

4. Basic Savings Bank Deposit Account Customer Declaration.

Smart Buy

Smart Buy is a special platform introduced by HDFC Bank which allows the customers to compare prices across the different websites and get the best deals on shopping and flight tickets.

Some of the brands that hold a partnership with this feature are Amazon, Flipkart Snap deal, OYO, Cleartrip, eBay, and Booking.com.

Smart Buy offers the following facilities:

• Flight Bookings

• Hotel Bookings

• Mobile Recharges

Not only this, the customers can also shop from the SmartBuy Website by viewing the best prices. By selecting the desired product, they can be directed to the merchant’s website. Based on your city, you can find the best deals and offers on the following:

• Electronics

• Smartphones

• Food and Dining

• Travel and

• Beauty and Health

The SmartBuy provides special offers and different payment facilities for the purchases through the Smart Buy. Customers can avail discounts and offer on the following payment methods:

• Credit Cards

• Debit Cards

• Net Banking and

• Prepaid Cards

SmartBuy provides the customers the best deals online for a product by comparing the prices from different websites. Therefore Shop wisely on HDFC’s SmartBuy Website.

Features and Benefits of HDFC’s Savings Account

• The HDFC Savings Account Scheme provides different features to meet the requirements of different customers in a unique manner.

• Offers a complete banking solution that allows the customer and his/her family to benefit from one single account.

• With just one savings account, a customer can enjoy different benefits such as Health, Investments and everyday banking solutions.

• Provides Widest ATM Networks across the country to meet all your banking needs.

• Free Net Banking, Mobile Banking, and Phone Banking.

• E-mail Account Statements are sent out on a Monthly Basis.

• “Money-Maximizer” or Sweep out Facility is also provided on some of the savings accounts so that surplus funds can be put into high earning fixed deposit at the threshold of Rs 1, 25, 000.

Documents Required For HDFC’s Savings Account

For opening a Savings Account, following documents are required:

1. Identity Proof

2. Address Proof

3. Latest Passport Size Photographs

4. Self-Attested Copies and Originals for Verification.

Eligibility Criteria for opening a Savings Account

• Accounts can be opened by an individual singly or jointly, Minors aged above 10 or above and minors under natural/legal guardianship.

• Resident Individuals (Sole/Individual)

• Hindu Undivided Families

• Foreign National Residing in India. If you are a Foreign National Residing in India then you need to attach a QA 22 Form stating the sources of credit and a copy of your residence permit.

Minimum Balance Required With HDFC Bank Savings Account

Savings Account Scheme	Minimum Balance Requirement
Savings Max Account	Rs 25, 000
Regular Savings Account	Rs 10, 000 (Metro/ Urban Branches) Rs 5, 000 (Semi-Urban) Rs 2500 (Rural)
Women’s Savings Account	Rs 10, 000 (Metro/Urban Branches) Rs 5000 (Semi-Urban/ Rural Branches)
Kids Advantage Account	Rs 5000
Senior Citizens Account	Rs 5000
Family Savings Group Account	Combined Average Monthly Balance in all accounts grouped should be Rs 40, 000
Basic Savings Bank Deposit Account	–
Institutional Savings Account	–
BSBDA Small Account	–

Fee and Charges

Savings Account Scheme	Standing Instructions	Passbook Issuance	Debit Card (Annual Fee)
Savings Max Account	Rs 25+ remittance fee	Free	Free
Regular Savings Account	Rs 25+ remittance fee	Free	Rs 150+ Taxes
Women’s Savings Account	Rs 25+ remittance fee	Free	Rs 150+ Taxes
Kids Advantage Account	Rs 25+ remittance fee	Free	Free
Senior Citizens Account	Rs 25+ remittance fee	Free	Free for life time for 1st Applicant. Rs 100+ Taxes for Other Applicants
Family Savings Group Account	Rs 25+ remittance fee	Free	Free for all the applicants
Basic Savings Bank Deposit Account	Rs 25+ remittance fee	Free	Rs 100+ Taxes
Institutional Savings Account	Rs 25+ remittance fee	Free	–
BSBDA Small Account	Rs 25+ remittance fee	Free	Rs 100+ Taxes