*Please note quotes shown will be from Our Partners

Savings Account

A savings account is a type of deposit held at a bank by the customers that lets them keep money safe in return for modest interest rate provided by the bank. Savings with HDFC Bank is preferred by the people in the country as the services provided by the bank in addition to the savings accounts allow individuals to have a user-friendly banking experience all under a single roof.

Savings with HDFC Bank has always been a favoured option as the bank has a multitude of saving account solutions for customers with all types of needs and requirements. The classification of savings accounts is based on gender, occupation, income groups, etc. that make the account ideal for the individual accountholder(s). Some of the outstanding utilities of HDFC Bank savings accounts are:

  • Save money and earn interest on your HDFC Bank saving account deposit
  • Savings accounts facility of HDFC Bank also issues cheques for payment to its recipients
  • Transfer of money with ease via internet and mobile apps
  • Debit card issued under the savings account with HDFC Bank is used for cash withdrawals and purchases
  • HDFC Bank also has the option of joint savings accounts

 Below are the details of the types of HDFC Bank savings account that the bank has to offer with their complete set of features.

Types of HDFC Bank Saving Accounts

  1. SavingsMax Account – A premium savings account with a host of features to satisfy everyone’s needs. here are the features of the account:
  • Free cash withdrawals and balance enquiries across all domestic HDFC or non-HDFC Bank ATMs
  • Free for life Titanium Royale Debit Card
  • Free for life Women’s Advantage or International Debit Card for all accountholders.
  • Free payable-at-par cheque book with no usage charges
  • Free Demand Draft on HDFC Bank locations of up to Rs. 1 lakhs per day
  • 50% off on locker rental calculated on a pro-rated basis for the first year of allotment
  • Free folio maintenance charges for the first year on Demat account and transaction linked discount on AMC.
  • Free email statements
  • Ease of banking with various facilities like NetBanking, PhoneBanking services and Mobile Banking
  • Money Maximizer facility – also called the sweep-out facility wherein when the balance of the savings account crosses 1.25 lakhs, the relevant amount in excess of Rs. 1 lakhs is transferred to a fixed deposit account with a minimum deposit of Rs.25,000 for a period of 1 year and 1 day.
  • Free insurance benefits like Accidental Hospitalization cover of up to 1 lakh p.a. with a daily cash allowance of Rs.1000 per day for a maximum of 15 days every year. Accidental Death Insurance cover of Rs.10 lakhs is also given for death by vehicular accidents on road, rail or air.
  • Preferential pricing on online trading accounts with opening charges of Rs. 499 as against the applicable Rs. 999 and 1 lakh worth of trade volumes free for 3 months post opening the trade account
  • 0.25% discount on auto loan interest rates
  • 50% discount on availing Forex Plus Card linked to the account.

Special Privileges of SavingsMax account:

HDFC Bank offers unique benefits to its customers. You can open savings accounts under the HDFC SavingsMax scheme and be secure. Here’s how:

Insurance benefit:

  • The account offers accidental hospitalization cover. You can have a risk cover of Rs 1 lakh per year on your SavingsMax HDFC Bank saving account.
  • If you are hospitalised due to an accident, you can claim daily cash allowance of Rs 1,000 per day up to 15 days. This benefit accrues each year and for each day you are hospitalised due to an accident. The plan also offers a reimbursement cover for the first accountholder.
  • The account has an accidental death insurance cover of Rs. 10 lakh for the primary accountholder.
  • HDFC Bank only requires the accountholder to have made a single point of sale purchase using his debit card at any time during the previous 3 months before the date of the mishap that leads to hospitalisation or death.

Online trading benefit:

  • HDFC Bank offers discount of Rs. 500 on the annual DEMAT account opening charges of Rs. 999.
  • It also provides up to Rs. 1 lakh of trade transactions on a complimentary basis, without charging any fees, within 3 months of opening the account.

Loan account benefits

  • For car loans, the bank provides up to 90% finance for a 7 year loan. The finance is provided on the on-road price and not the ex-showroom price.
  • For two wheelers, accountholders get half of the processing fee waived off and get a savings of around Rs. 2,375.

Forex Plus Card benefits

  • Accountholders get a 50% discount at the time of issue of a Forex Plus Card when they load an equivalent of USD 2,000 on the card. This loading has to be done through the branch.
  • They also get a 50% discount at the time of issue of a Gift Plus Card when they load an equivalent of USD 5,000 on the card. This loading can be done through the branch or online.

Fees and charges of SavingsMax account: HDFC Bank savings account charges are different and are divided into distinct categories:

  • HDFC Bank minimum balance requirements / average monthly balance is Rs 25,000
  • Up to 25 cheque leaves are free every 6 months. Additional chequebooks of 25 leaves are charged at Rs. 75 per book.
  • Passbook insurance is free. However, Rs 100 is charged for duplicate passbook issue.
  • There are various other charges such as TIN generation, debit card charges, InstaPay, etc.

Eligibility: Following things are necessary for HDFC Bank savings account eligibility.

  • A resident Indian can open the account jointly or individually and a Hindu Undivided Family can also open this account
  • Foreign National residing in India can also open the account by temporarily attaching undertaking (QA22 Form) stating sources of credit and a copy of the residence permit.
  1. Regular Savings Account – This is a simple savings account with HDFC Bank which is designed to meet the daily banking needs of the individuals offering the following features:
  • Wide network of HDFC Bank branches and about 11, 000 ATMs for daily banking needs
  • Convenience of banking with NetBanking, Mobile Banking and PhoneBanking services
  • An International Debit Card is issued to accountholders which can be used for shopping and other purchases.
  • BillPay facility is provided by the bank wherein customers can pay their utility bills online
  • Availability of Safe Deposit Lockers, sweep-in facility and super-saver facility on the account
  • Annual maintenance charge is not charged for the first year for the first new demat account.
  • Accountholders can avail the exclusive benefits and discounts through the bank’s online shopping site.
  • Free payable-at-par cheque books without any usage charges
  • Free facility of an email statement

Eligibility: The requirements of HDFC Bank savings accounts are very simple. These are the eligibility factors you need to have to be able to open a savings account.

  • Any Indian resident can open this account solely or jointly.
  • The account is also available to a Hindu Undivided Family
  • A foreign national can also open the account provided he or she has resided in India for 180 days at least and provides a copy of valid Passport, Visa, FRRO Certificate and Indian Resident permit.
  1. Women’s Savings Account – A HDFC Bank women’s savings bank account designed specifically for women customers giving them special privilege and offers meeting their banking and lifestyle needs. The details of the Account are as follows:
  • EasyShop Women’s Advantage Debit card with a host of benefits like Re.1 Cashback for every Rs.200 spent, Personal Accident Death Cover of Rs.2 lakh and transaction limit of Rs.25, 000 and shopping limit of Rs.1.25 lakh per day.
  • Money Maximiser or sweep-out facility where excess savings earn higher interest through Fixed Deposits. If the balance in the account exceeds Rs.1 lakh, the deposit amount in excess of Rs.75, 000 is transferred to a Fixed Deposit account for a period of 1 year and 1 day.
  • Free 25 leaves multi-city payable-at-par cheque book per quarter, passbook facility and email statements.
  • Free lifetime BillPay and folio maintenance charges on Demat Account for a year.
  • Convenience of banking with NetBanking, Mobile Banking and PhoneBanking services
  • Accidental Death Coverage of Rs. 10 lakhs, Accidental Hospitalization Cover of Rs. 1 lakhs and daily cash allowance of Rs. 1,000 per day for a maximum of 10 days if the debit card has been used at least once in the last 6 months prior to the claim.
  • Exclusive shopping benefits on selected brands
  • Offers on loans with up to 90% on road funding for auto loans and savings of Rs. 2,375 and 50% processing fee discount on two-wheeler loans.
  • Preferential Pricing on new HSL trading account with Rs.999 for one account opening charges and Rs.1399 for 2 accounts from the family.

Eligibility

  • All resident individuals either solely or jointly can open this account. In case of a joint account, the primary accountholder should be a woman.
  • A foreign national can also open the account provided she has resided in India for 180 days at least and provides a valid Passport, valid Visa, FRRO Certificate and Residential permit.
  1. Kid’s Advantage Account – A savings bank account for kids to teach them the value of money and simple banking processes. Here are the features of the account:
  • The account can be opened by parents for their minor kids provided either of the parent has an existing savings account with bank. If the parent does not have a savings account, it needs to be opened first before opening a Kid’s Advantage Account.
  • Free Education cover of up to Rs.1 lakhs for the kid in case the parent dies in a vehicular accident by rail, road or air so that the future of the kid is secured.
  • ATM or an International Debit Card will be issued in the kid’s name to kids aged 7-18 years with the parent or guardian’s permission wherein the kid can withdraw up to Rs. 2,500 from the ATM or shop up to a limit of Rs. 10,000 per day.
  • Free cash withdrawals at other ATMs.
  • Free PAP cheque book, email statements, passbook facility, NetBanking to parents to monitor the child’s account activity.
  • Convenience of banking with NetBanking, Mobile Banking and PhoneBanking services
  • Free mandatory standing instructions to transfer any amount from the parent or guardian’s account to the kid’s account with a minimum value of Rs.1000 and tenure of 1 year.
  • Money Maximiser or sweep-out facility where excess savings earn higher interest through Fixed Deposits. If the balance in the account exceeds Rs.35,000 any amount in excess of Rs. 25,000 is transferred to a Fixed Deposit account for a period of 1 year and 1 day.

Eligibility

  • The account can be opened on behalf of a minor child by a parent or a guardian who has an existing account with HDFC Bank.
  1. Senior Citizens Account – A savings bank account for senior citizens catering to their banking needs. HDFC Bank offers several features and benefits. Some of them are as follows:
  • Free lifetime EasyShop International Debit Card with a spending limit of 1.25 lakhs.
  • Cash withdrawals of up to Rs.25,000 on the international debit card and on being a woman customer, additional advantage of Woman’s Advantage Debit Card.
  • Free PAP cheque books, passbook facility, free SMS alerts, email statements, NEFT facility.
  • Convenience of banking with NetBanking, Mobile Banking and PhoneBanking services
  • Preferential rates on Fixed Deposit accounts
  • Discount on account opening charges for online Trading accounts where the charges are @ Rs. 599
  • No Annual Maintenance Charge (AMC) on demat accounts and discounted AMC @ Rs.250 from the second year
  • Free Travellers’ Cheque
  • Reimbursement accidental hospitalization cover of Rs.50, 000 and daily cash allowance of Rs.500 per day for a maximum of 15 days if the debit card has been used at least once in the last 6 months prior to the claim.

Eligibility

  • All resident individuals either solely or jointly can open this account if aged 60 years or above. In case of a joint account, the primary accountholder should be a senior citizen.
  1. Family Savings Group Account – A unique account wherein the entire family can be enrolled so that the entire family’s banking needs are met by a single account. The features and benefits of these HDFC Bank savings accounts are as follows:
  • Free EasyShop International Debit card with 5 free cash withdrawals on any bank’s ATM.
  • Free bill payment, PAP cheque book, email statements and passbook facility.
  • Free DDs or MCs on HDFC Bank locations up to Rs.50, 000
  • Convenience of banking with NetBanking, Mobile Banking and PhoneBanking services
  • 50% off on the locker rental on a pro-rated basis in the year of allotment.
  • Online Trading Account opening charges @ Rs.799, free add-on trading account for spouse, free trade volume of 1 lakh for primary and add-on accountholder for 3 months post account opening.
  • Savings account to savings account sweep-in to a nominated account.

Eligibility

  • All individuals who have an individual HDFC account
  • Total 2-4 accounts can be grouped together under the account where an NRI account can also be grouped
  • The primary accountholder should not be a minor.
  1. Basic Savings Bank Deposit Account – It is a zero balance account which has the following features:
  • NEFT facility to transfer funds across accounts
  • Convenience of banking with NetBanking, Mobile Banking and PhoneBanking services
  • A free RuPay Card for accessing the account
  • 4 free cash withdrawals can be made per month at branches
  • An International Debit Card @Rs.100 per year
  • Free InstaQuery Facility, passbook and email statements
  • Free BillPay service for paying off utility bills without any hassles
  • Avail safe deposit lockers, sweep-in and super saver facilities

Eligibility

  • Any resident individual either solely or jointly or a Hindu Undivided family can open an account.
  1. Institutional Savings Account – A zero balance Savings account for institutions to cater to their banking needs. The features and benefits are as follows:
  • A Trust, association, society, club, NGO, charitable hospital, educational institute and Section 25 companies can open this account
  • The vast branch network of the bank can be used to collect donations, fees, etc. which are facilitated by the bank’s Cash Management Services team
  • Online payments like salary or vendor payments are facilitated through the bank’s corporate payment software called Enet
  • Convenience of banking with NetBanking, Mobile Banking and PhoneBanking services
  • Free monthly account statements or daily weekly, monthly account statements on email.
  • Free Demand drafts, PAP cheque books and outstation cheque collection facility.

Eligibility

  • The account can be opened by Primary Co-operative Credit Society financed by the bank, Khadi & Village industry boards, agriculture produce market committees, societies registered under the Societies Registration Act, companies governed by the Companies Act, DWCRA, institutions, self-help groups, farmer’s clubs, government department, bodies or agencies
  1. BSBDA Small Account – A zero balance savings account for your banking needs. It is opened under Pradhan Mantri Jan Dhan Yojna, the mission from the Ministry of Finance of the Government of India. The features and benefits are as follows:
  • There is no requirement of depositing any amount to open the account. Moreover, no requirement either of maintaining the Average Quarterly Balance (AQB)
  • Free passbook facility
  • Accidental insurance cover of Rs 1 lakh
  • Free cash and cheque deposits at branches
  • 5 free cash withdrawals per month with the RuPay card
  • 4 free cash withdrawals per month at branches
  • Cheque book is offered @Rs.5 per leaf
  • Overdraft facility is offered after 6 months of satisfactory operation.
  • Access to internet banking and standard charges for payment transfers and online transactions.

Eligibility:

  • A resident individual who does not possess any Identity Proof or Address Proof as per the KYC guidelines can open this savings account from HDFC Bank
     
  • Savings Account Interest Rate

The savings accounts earn a 4% p.a. interest rate which is calculated on the daily end of day balance.

Applying Online

You can open an HDFC Bank savings account online by following the below mentioned steps:

Visit the Paisabazaar website – click on the ‘investments’ tab – choose ‘Savings Accounts’ – input the relevant details to view applicable savings accounts options- click the ‘Apply Online’ tab after making your choice – provide a few additional information to apply online for the chosen type of HDFC Bank savings account.

The bank will analyze the customer’s details and if the eligibility criteria are met by the applicant the application will be accepted. A bank representative will subsequently contact the applicant.
 

  • Documentation

The documentation for HDFC Bank savings account is a very simple. Any individual desirous of opening the savings account can open the account by submitting the following documents.

  • Latest passport-size photographs
  • A self-attested copy of the Identity Proof along with the original for verification
  • A self-attested copy of the Address Proof along with the original document for verification.
  • A Photo Copy of Aadhar Card
  • Any other documents as per the bank’s requirement.
HDFC Bank Savings Account
(3.5/5 ) 2 Reviews
Savings AccountSavings Account
3/5

Reliable Bank

HDFC is one of the best banks. I am really very happy with its services as they are really fast. I applied for my regular savings account and the account got activated within 3 to 4 working days. My savings are also eligible to earn an interest rate ..Read more...

Male Profile Pic
Posted on: Jan 12 , 2017
Savings AccountSavings Account
4/5

Good bank with good benefits on savings account

I have opened an HDFC savings account and the services are really prompt and good, the customer services people are really quick and active. I did not face any difficulty in registration and or my documentation. The online application process is very..Read more...

Male Profile Pic
Posted on: Dec 26 , 2016
Get Free Credit Report