HDFC Bank

HDFC Bank

HDFC Bank (Housing Development Financial Corporation) is an Indian-origin bank that provides banking and financial services to its customers. The banking services of HDFC bank is not only limited within the geographic territory of the country but also widespread all over the world, for example Bahrain, Hong Kong, etc. In terms of assets, HDFC Bank is the second largest private sector lender. According to market capitalisation, it has been ranked as the largest bank in India. HDFC Bank is India’s premier Housing Finance Company that has great records in the Indian and International banking market.

The bank’s first-ever corporate office was inaugurated by the former Prime Minister of India, Dr. Manmohan Singh, who at that time was serving as the Union Finance Minister.

HDFC Bank helps its customers by offering various types of products and services. The following are the list of products and services offered by the bank:
 

Accounts and deposit

In today’s world, it has become a necessity for every individual to have a bank account to store their extra cash. HDFC Bank offers various types of savings accountswith interest rate 4% p.a. which is calculated daily on the end of day balance. The various types of savings account schemes are as follows:
 

  • SAVINGS MAX ACCOUNT:  In this account, the customer can earn higher rate of interest on their cash that are deposited in their bank account, through automatic sweep out. The minimum balance required in this account is Rs  25,000. The fees and charges that are charged in this account are Rs 25+ remittance fee.
     
  • REGULAR SAVINGS ACCOUNT: This is a regular savings account which is created for the customers for all the day to day banking transactions. The minimum balance that is required in this account varies from branch to branch, for example: Rs 10,000 in urban branches, Rs 5,000 in semi-urban branches and Rs 2,500 in rural branches. The fees and charges that are charged in this account are Rs 25+ remittance fee.
     
  • WOMEN’S SAVINGS ACCOUNT: This account has been deliberately created for  women to offer them complete banking solutions and to aid them with all their financial as well as investment needs. The minimum balance that is required in this account is Rs 10,000 in urban branches and Rs 5,000 in semi-urban branches. The fees and charges that are charged in this account is Rs 25+ as remittance fee.
     
  • KID’S ADVANTAGE ACCOUNT: This account is created with the aim to develop money management skills and habit among the kids. This account is also very helpful in accumulating a good amount of savings for your kids. The minimum balance that is required in this account is Rs 5,000. The fees and charges that are charged in this account is Rs 25+ as remittance fee.
     
  • SENIOR CITIZEN ACCOUNTS:  This Senior Citizen Account has been solely created for the convenience of senior citizens. This account provides benefits relating to the health, investment and all other day to day banking solutions. The minimum amount that is required in this type of account is Rs 5,000. The fees and charges that are charged in this account are Rs 25+ as remittance fee.
     
  • FAMILY SAVINGS GROUP ACCOUNT: This family savings account scheme is a very good scheme for those who have a bigger family as this banking facility provides complete banking solution to your entire family, in a single savings account. The minimum amount that is required in this account is Rs 40,000. The fees and charges that are charged in this account are Rs 25+ as remittance fee.
     
  • BASIC SAVINGS BANK DEPOSIT ACCOUNT: This account is a zero balance savings account which provides free ATM cards in order to meet all  your banking requirements. Since it is a zero balance account, there is no minimum balance required in this account. The fees and charges that are charged in this account is Rs 25+ as remittance fee.
     
  • INSTITUTIONAL SAVINGS ACCOUNT:  It is a special type of savings account, it has features similar to the Basic Savings Bank Deposit Account. It is also a zero balance savings account but these accounts are only made available to non-profit seeking organisations like trusts, societies, NGOs, etc. Since it is a zero balance account, there is no minimum balance required in this account. The fees and charges that are charged in this account are Rs 25+ as remittance fee.
     
  • BSBDA SMALL ACCOUNT: This is also a zero balance savings account which comes with free ATM cards. This account gives access to a wide ATM network which helps to meet all the banking requirements.  Since it is a zero balance account, there is no minimum balance required in this account. The fees and charges that are charged in this account are Rs 25+ as remittance fee
LOANS
HDFC Bank provides various types of loans at minimum interest rates for all the needs of the individual. The different types of loans available are:
  • PERSONAL LOAN: This loan can be used for meeting any personal or business-related requirements.
     
  • CAR LOANS:  These loans provide the necessary finance to buy your own car.
     
  • TWO-WHEELER LOANS:– these loans are  meant for buying two-wheelers
     
  • BUSINESS LOANS: the loan which is used for meeting any type of business related expense is c alled a business loan.
     
  • HOME LOAN: a very popular loan, home loans are sanctioned so that individuals can buy or construct a home for residential use.
     
  • LOAN AGAINST ASSETS: this is a secured loan which is granted against the security of assets like deposits, insurance policy, saving certificates, etc.
     
  • EDUCATIONAL LOANS: education loans are used for funding graduate or post-graduate education.
     
  • GOLD LOAN: loan granted against the value of gold ornaments and jewellery which is secured for the loan is called a gold loan.

WHO CAN OPEN A BASIC SAVINGS BANK DEPOSIT ACCOUNT

  • The residents of India can open a basic savings bank deposit account.
  • The resident must be a farmer having his own agricultural land or must be having income from agricultural resources.

HOW TO OPEN A BASIC SAVINGS BANK DEPOSIT ACCOUNT

In order to open this account, an individual must possess the following documents:

  • Photograph
  • ID proof
  • Address proof
  • Basic savings bank deposit account customer declaration

FEATURES AND BENEFIT OF HDFC SAVINGS ACCOUNT

The features and benefits of having an HDFC Savings Account are as follows:

  • The HDFC Savings account scheme provides various options to fulfil the requirements of different customers in a unique manner.
  • For a person having a bigger family, HDFC bank provides a complete banking solution from one single account.
  • A person having only a single account can enjoy from health, insurance, etc. to day to day banking solutions.
  • HDFC banks have a wide range of ATMs all over the world which helps in meeting all the banking requirements.
  • HDFC banks provide free net banking, mobile banking and phone banking to its customers.

The customers are sent email account statements on a monthly basis.

DOCUMENTS REQUIRED FOR OPENING AN ACCOUNT

The documents that are required for opening a bank account are as follows:

  • Identity proof
  • Address proof
  • Latest passport size photographs
  • Self-attested copies and originals for verification

WHO CAN OPEN A BANK ACCOUNT

Following are the condition that is required to be fulfilled for a person in order to open a bank account:

  • Accounts can be opened by an individual singly or jointly, minors of the age of 10 or above.
  • Resident individuals
  • Hindu undivided family

FEATURES OF HDFC BANK NET BANKING

HDFC net banking facility provides various features for its customers which make it easy for them to manage their HDFC bank account.
The following are the features of HDFC Bank Net Banking:

  • The person can check their account balance online and  are also provided with the benefit of downloading their account statement of the last 5 years.
  • The person can open a fixed/recurring deposit with the bank.
  • The person can transfer fund from any part of the country without taking the burden of going to the bank.
  • The person can even make payments for their utility bills like electricity bills, etc.
  • They can even pay off their credit card dues.
  • They are even given the facility of payment of their DTH connections.
  • The person can even book tickets with the help of net banking.
  • The person can even update their PAN card details.
  • Net banking also helps to carry out the day to day banking transactions.

ADVANTAGES OF HDFC NET BANKING

The advantages of HDFC Net Banking are as follows:

  • HDFC Net Banking is very simple and is very easy to understand than any other conventional banking.
  • These are easy to operate.
  • HDFC Net Banking is round the clock available, throughout the year.
  • HDFC Net Banking is time saving as well as efficient.
  • HDFC Net Banking provides with account activity for all their customers.

HOW TO REGISTER FOR HDFC ONLINE BANKING

HDFC Bank has made it easy and simple for their customers to register for the internet banking service. The customers can register online, via phone banking or download the form.

REGISTRATION ONLINE

Any person can register for Net Banking facility online by following the steps given below:

  • The first step that an individual needs to take is to visit the HDFC Net Banking online website and then they are required to enter their customer ID and then confirm the same upon being shown.
  • Non-resident customers having an Indian mobile number first needs to choose the Debit Card option and then they are required to provide all their Debit Card details. Then they have to confirm their mobile number and then they finally authenticate the registration by providing the OTP (One Time Password) which will be sent to their mobile number which was provided by them earlier.
  • Non-resident customers holding an international mobile number is required to follow the same procedure as mentioned above. However, they will receive the OTP (One Time Password) on the registered mobile number provided by them as well as their email id. They are required to enter both the OTP’s.
  • After completing the above steps, the customers are then asked to provide their IPIN.
  • The individual  can then log-in to their Net Banking account with their IPIN.
     

REGISTRATION VIA PHONE BANKING

If any customer wants to register via phone banking facility, following are the steps that must be undertaken:

  • The individual has to call at the HDFC Phone Banking number provided for their city.
  • Then the individuals are required to enter their customer ID and their HDFC DEBIT CARD + PIN/ Telephone Identification Number.
  • The HDFC Phone Banking representative will record your Net Banking request and then initiate the process.
  • The Net Banking IPIN will be couriered to you at the registered address provided by you within 5 working days.

REGISTRATION VIA DOWNLOAD

An individual who want to register via downloading the form must follow the following steps:

  • The first step is that the individual is required to visit the HDFC Net Banking online website and has to download the Net Banking registration form.
  • The second and the last step is that they have  to fill the form completely and submit it at any HDFC bank branch.
  • Your form will be registered and the IPIN will be couriered to your registered address.

HDFC BANK MOBILE BANKING

The Mobile Banking facility from HDFC Bank provides for their customers an efficient and convenient way in which they can stay connected with the bank. An individual can initiate more than 75 transactions in their smartphones.

FEATURES OF MOBILE BANKING

The features of HDFC Mobile Banking facility are as follows:

  • MISSED CALL RECHARGE: Under this, the customers are not required to visit a recharge store in order to recharge their mobile numbers, they are just required to give a simple missed call to the number 7308080808.
     
  • MPASSBOOK: Under this, the customers can update their passbook through their mobile phone.
     
  • SMSBANKING: Under this, the customer can check their account balance and can even view account statement and mini statement by sending an SMS.
     
  • TOLL FREE MOBILE BANKING: Under this, the customers can dial the toll free number from their registered phone number for SMS banking.

BENEFITS OF USING HDFC BANK MOBILE BANKING

The benefits that a customer avails while using mobile banking are as follows:

  • It provides a higher level of security.
  • Services can be availed both in English and Hindi.
  • SMS banking is completely free of cost.
  • The customer can use SMS banking from anywhere in the world.

HOW TO OPEN AN ACCOUNT IN HDFC BANK OFFLINE?

A person is provided with the benefit of opening a bank account online these days but some people who find it difficult to create a bank account online, can visit any nearby HDFC bank branch in order to open a bank account, following are the steps that need to be taken:

  • Take a copy of identity proof, address proof, two recent passport size photographs, income proof and age proof.
  • As soon as you enter the bank, ask any HDFC bank representative present there that you wish to open an account, he will then hand you an account opening form.
  • The individual is then required to fill the form completely and they are required to submit the form along with all the documents.
  • After submitting the form and document, your account will be opened and will be made functional at any time between 1 and 10 working days.

HOW TO OPEN AN ACCOUNT IN HDFC BANK ONLINE?

The best and the simplest way of opening a bank account is through online since the procedures are easier as well as simpler. The steps that are supposed to be taken while opening a bank account online are as follows:

  • The first step that needs to be taken is log on to the website of HDFC bank.
  • The next step that an individual is supposed to take is to fill out the online application form for the savings accounts and submit it with a digital copy of identity proofs, photographs, address proofs, income proofs, and age proof.
  • The documents provided by you will then be verified by the HDFC bank and then you will be able to use your account almost instantly.

HDFC SME BANKING

HDFC Bank also fulfils the banking needs of the SME business sectors by providing various types of accounts, deposits, trade services, finance options, payments and collection facilities and also SME designed cards. The most important activity among all is the finance extended to SME units so that they can meet their business requirements. The various types of financial facilities offered by HDFC Bank include the following:

  • Working Capital Finance: to operate business on a daily basis, working capital is required by SME units. HDFC Bank provides a source of working capital finance through this working capital loan. This loan comes in various types to suit all types of business needs. Moreover, the loan is flexible and affordable.
     
  • Working capital for contractors: this is a specially designed working capital loan which is given to contractors. The loan is a secured loan where the security required is commercial or construction equipment. The loan is easy to avail as it is quickly processed.
     
  • Commercial/Construction Equipment Finance: this loan is given to businesses so that they may acquire commercial or construction equipment for the smooth operations of their business. This loan also comes in different variants to suit the requirements of different businesses.
     
  • Working capital finance to transporters: another specially designed working capital loan, this loan is given to businesses which are engaged in the transporting business. The minimum loan amount is Rs 25 lakhs and the loan is offered against the security of the business’ commercial vehicle.
     
  • Term Loan: a long term loan which is used to meet the business’s long-term use, the term loan is flexible in the sense that it can be customised as per the business’s use.
     
  • Business Loan: a core loan, the business loan can be used for any business requirement. This loan is an easy loan and businesses can check their eligibility for the loan within 1 minute.
     
  • Loans for professionals: this loan is granted to professionals who are self-employed so that they can expand their business. Professionals can be doctors, lawyers, etc. who are in their private practice.
     
  • Commercial Vehicle Finance: this loan is allowed so that businesses can purchase a commercial vehicle for their business needs.
     
  • Healthcare / Medical Equipment Finance: this loan is extended to businesses which are in the healthcare industry. The loan allows such businesses to buy healthcare or medical equipment and comes with a tenure ranging from 12 months to 84 months.
     

Commercial Credit Cards

As stated earlier, HDFC Bank also offers specially designed commercial credit cards which cater specifically to business-related requirements. The cards offered by the bank include the following:

  • Business Platinum Card: - a premium business credit card, this card offers exclusive lounge access, 1% cashback on retail as well as international spends, joining and renewal fee reversal by spending a specified amount on the card and worldwide acceptability.
     
  • Business MoneyBack Credit Card: this credit card allows businesses cash backs through redemption of reward points earned on transactions done using the card. Other benefits include fuel surcharge waiver, zero lost card liability and annual fee reversal through specified transactions.
     
  • Business Regalia Credit Card: this card is a super premium credit card for businesses which promise exclusive privileges and rewards. Benefits include up to 15% discount on lifestyle spends, professional international concierge service, reward points on each transaction, a complimentary Priority Pass Membership which provides free lounge access across all major international and domestic airports, fee Silver membership to Club Vistara, a foreign currency mark-up of only 2% on international transactions, etc.
     

Besides the inbuilt credit card benefits, there are a whole gamut of exclusive discounts and rewards on different credit cards which are available time to time. These discounts are across the merchant outlets associated with the bank. So, by conducting a transaction at the partner merchant outlet, cardholders can reap additional discounts too.

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