HSBC Bank Savings Account

HSBC Bank offers the Basic Savings Bank Deposit Account (BSBDA) and Basic Savings Bank Deposit (BSBD) Small Accounts for retail non-corporate individuals. The bank earlier provided a savings account for individuals that was continued only for customers under its Corporate Employee Program from September 2013. The bank also provides a SmartMoney Account that integrates the features of a savings account and a fixed deposit account.

Savings Accounts

A simple savings account with the following features and benefits:

• The customer can earn higher interest on the surplus amount lying idle in the Savings Account. He or she can transfer such surplus funds to a fixed deposit scheme with the bank by issuing Standing Instructions to the bank to debit the account and transfer the surplus funds to a fixed deposit account. In this manner, the customer can easily earn a higher rate of interest on the funds transferred to the deposit account.
• The bank provides a card-to-card transfer facility using the Visa Money Transfer Service which enables the customer to carry out money transfer transactions easily. Under this facility, the customer can send money from his savings account to his Visa domestic debit card or credit card online cutting down on the hassles of drawing Demand Drafts or cheques to transfer money. The money is sent anywhere in India within 72 hours and the maximum limit of money transfer in a day is limited to Rs.50,000. Moreover, this service comes at an introductory offer where there are no charges for using the service.
• The bank sends free statements every month online to the customer’s email id and also to the internet banking platform used by the customer. Thus, the customer can keep a track of the banking transactions carried out by him every month free of cost.
• The same account statements can also be collected in physical paper format by visiting the nearest branch of the bank.
• The bank issues a personalized payable-at-par chequebook to the customer free of cost.
• The bank provides the facility of internet banking wherein then the customer can make transactions, transfer funds and check his account anytime he wants and from anywhere.
• An international ATM-cum-Debit Card is also issued to the accountholder which can be used for making ATM transactions and also for withdrawing cash or shopping across multiple outlets. The daily withdrawal limit is Rs.40,000.
• A free passbook is also provided wherein banking transactions can be recorded by the accountholder.

Eligibility Criteria

Any one of the following eligibility criteria need to be met by the applicant to open and maintain a Savings Account with the bank:

• The customer is required to maintain an Average Quarterly Balance (AQB) of a minimum amount of Rs.150,000 in a combination of Fixed Deposit account, Current Account and Savings Account which for senior citizens is limited to Rs.10, 000 only, or
• The customer must hold a Salary Account under Corporate Employee Program and his or her salary should be credited to the account every month, or
• Have a debt relationship with the bank wherein the mortgage-related EMIs are debited from the Savings Account held by the customer.

Documents Required

The documents below are required to be submitted for opening a Savings Account with HSBC:

• A completed Account Opening Form
• One passport-sized photograph of the applicant in case of single account holding and photographs of all the other accountholders in the case of a joint account operation. The photographs should be duly signed across by all the holders including the primary holder.
• Any one document showing the Identity of the applicant such as a valid Passport, a voter or election ID, PAN Card, a valid Driving License, an NREGA Job Card or an Aadhar Card
• Any one document for Residence Proof is also required such Passport, a voter or election ID, Ration Card, Driving License, society outgoing bill only from registered societies, Utility Bills like Water/Electricity/Telephone Bill, Gas Bill for a pipeline connection only, Property Tax Bill or a Domicile Certificate with address issued by the local Municipal Corporation, Aadhar Card, Government Employee ID Card, Defence ID Card, NREGA Job Card, a registered Rent or lease Agreement which should be registered with either the State Government of any other similar registration authority.

Fees and Charges

The following charges are applicable on the HSBC Savings Account:

Description	Charge
Non-maintenance of Average Quarterly Balance (AQB)	0.7% plus applicable taxes quarterly on the deficit amount required to meet the Average Quarterly Balance (AQB)
Issue of Duplicate Statement	Rs.100 per statement cycle
Issue of Duplicate Passbook	Rs.100
Issue of Duplicate TDS Certificate	Rs.100
Annual Fees for Statement on hold if returned undelivered	Rs.100
Re-order of cheque book-urgently issued at branch	Rs.100
Urgent cheque leaf issued over the counter	Rs.50
Stop Payment	Rs.100
ECS Return	Rs.275 per instrument
Cheque Return – outward and inward for insufficient balance or technical error	Rs.275 per instrument
Balance confirmation	Rs.50
Interest and cheque issuance certificate	Rs.50
Photo and address attestation	Rs.50
Signature verification	Rs.50
Cash deposit or withdrawal at branch	Free for up to 12 transactions in a month post which Rs.50 per transaction
First Time Issuance of Security Device (OTP)	NA
Security Device (OTP) Replacement	NA
Urgent Security Device (OTP) Replacement at branches	NA
Account closure	No charges for closure within 30 and Rs.500 for closure between 1-6 months
Collect at branch deliverables	Rs.100
Transfers between HSBC Accounts in India	Rs.50
Transfers between non- HSBC Accounts in India	Rs.100
Standing Instructions Amendment	Rs.25 per instruction amendment
Debit card annual fee	Rs.150 waived for the first year

Basic savings account without the requirement of maintaining a minimum Average Quarterly Balance and with no fees and charges. The features of the account are as follows:

• These HSBC Bank savings accounts do not need any funding cheque or cash
• A free Debit card is issued to the accountholder where the account holder can withdrawal cash up to a limit of Rs.25,000 daily along with the daily spend limit of Rs.10,000
• The customer is offered free access to internet and phone banking through which he or she can make banking transactions through the comfort of their home or office anytime they want
• A free cheque book is issued to the accountholder
• The customer can make unlimited deposits which are free in the account. This is free of cost
• The account offers 4 free withdrawals every month which can be done across pay orders, cheque issuances, demand drafts, electronic transfers as well. These include both RTGS and NEFT, ATM withdrawals and also cash withdrawals request placed through HSBC’s branches across India.
• The customer will not be allowed to open any other Savings Account with the bank if he or she has a BSBDA with the bank. If the accountholder has another savings account, he or she should close that account within 30 days of opening the BSBDA otherwise the bank will close the account on the customer’s behalf.
• The HSBC Bank savings account customer receives a monthly bank statement.
• Accounts can be opened for a single individual or jointly. The joint savings accounts can be operated jointly by all the account holders or severally by each of the individuals.

Fees and Charges

The following charges are applicable on an HSBC Basic Savings Bank Deposit Account (BSBDA):

Description	Charge
Online Banking	Free / No Charges
Phone Banking	Free / No Charges
Chequebook	Free / No Charges
Deposit of Cheques or Cash	Free / No Charges
Account Withdrawal	Fee for instruments such as pay orders, demand drafts, cheques, RTGS and NEFT electronic transfers, cash withdrawal through ATMs or HSBC Bank branches
Debit Card	Free / No Charges
Daily Debit Card Withdrawal Limits	Cash withdrawal –Rs.25,000 Purchase – Rs.10,000

These accounts provide an easy way for people to start their savings bank accounts. The balance and withdrawal limits are quite small. Some features of this account are:

• Individuals can open a savings account under these types of HSBC Bank savings accounts without any initial deposit
• The HSBC Bank savings account does not have any charge for any services offered to the accountholders. It only limits the different types of transactions possible on the account to a certain extent
• This HSBC Bank saving account allows the accountholder(s) to make deposits of only up to Rs. 100,000 in a financial year
• These savings accounts limit the total amount of withdrawals and debit transfers to Rs. 10,000 per month
• HSBC Bank offers a daily cash withdrawal limit of Rs. 2,000 through the debit card
• Moreover, the maximum amount of balance in the account in any fiscal year should be less than Rs. 50,000 at any point of time
• The debit cards are valid for ATM cash withdrawals only and cannot be used for POS purchase transactions or for buying anything online
• The savings account from HSBC Bank also does not allow the accountholder to receive any inward remittances from abroad
• The savings bank account does not have any online or phone banking facility
• People from the economically weaker section will find these accounts for savings with HSBC Bank

Fees and Charges

The following HSBC Bank savings account charges are applicable on an HSBC Basic Savings Bank Deposit (BSBD) Small Accounts:

Description	Charge
Cheque Book	Free / No Charges
Cash / cheque deposit	Free / No Charges
Passbook / statement issue	Free / No Charges
Duplicate passbook / statement (re-issue)	Free / No Charges
Cheque book reorder (urgent or otherwise)	Free / No Charges
Issue of cheque leaves over the counter	Free / No Charges
Inter-bank transfers to other HSBC Bank accounts within India	Free / No Charges
Inter-bank transfers to another bank (non-HSBC Bank) accounts within India	Free / No Charges
ATM cum Debit Card Issue	Free / No Charges
ATM cum Debit Card Annual Fee	Free / No Charges
Cash withdrawal / balance inquiry charges at HCBC Bank	Free / No Charges
Cash withdrawal / balance inquiry charges at other banks	Free / No Charges
Cash withdrawal / balance inquiry charges at international locations	Free / No Charges
Stop payments on account	Free / No Charges
ECS or cheque returns due to insufficient funds	Free / No Charges
ATM transaction decline due to insufficient funds	Free / No Charges
Inactive account charges (i.e. account not operated for over 2 years and beyond)	Free / No Charges

The SmartMoney Account is a type of savings account with HSBC Bank that offers the dual benefits of savings bank account and a fixed deposit scheme. Here are the key features of these savings accounts:

• An Indian citizen above the age of 18 years can open this HSBC Bank savings account by simply putting in a fixed deposit of Rs. 25,000
• This HSBC Bank savings account comes with an international debit card that allows the customer to take out up to Rs. 25,000 per day. The withdrawal limits are higher for people having a banking relationship classified under the HSBC Advance and HSBC Premier options
• The accountholder(s) of this savings account with HSBC Bank can choose the best tenure for themselves according to their convenience
• HSBC Bank minimum balance requirements do not apply for this account. The bank allows people to operate the account without maintaining any balance in their savings account.
• The HSBC Bank saving account interest rates for this account are in-line with the market rates
• Accountholders can withdraw up to 90% through the overdraft option offered under the account. The interest is charged only on the sum that is withdrawn
• HSBC Bank offers interest on the full amount of fixed deposit
• These savings accounts can be accessed around the clock just like standard accounts. HSBC Bank offers the customers a personalised chequebook that they can use just like a standard chequebook for savings accounts
• The accountholder also receives a complimentary credit card from the bank
• People also have the ability to pay their bills online through this account
• The bank allows people to open this savings account even if they have different accounts at different HSBC Bank branches
• HSBC Bank savings account online management option is provided to all accountholders for easier access to and management of their account

Documents Required

The following are the document requirements for HSBC Bank savings account under the SmartMoney Account scheme:

• A completed Account Opening Form
• A passport-sized photograph of the primary and / or other accountholders that have been duly signed across at its front
• A copy of a document that shows proof of identity. Except for the copy of the PAN Card, all the other copies can also serve as proof of address
• A copy of a document that shows proof of address