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.
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.
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.
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:
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
Issue of Duplicate TDS Certificate
Annual Fees for Statement on hold if returned undelivered
Re-order of cheque book-urgently issued at branch
Urgent cheque leaf issued over the counter
Rs.275 per instrument
Cheque Return – outward and inward for insufficient balance or technical error
Rs.275 per instrument
Interest and cheque issuance certificate
Photo and address attestation
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)
Security Device (OTP) Replacement
Urgent Security Device (OTP) Replacement at branches
No charges for closure within 30 and Rs.500 for closure between 1-6 months
Collect at branch deliverables
Transfers between HSBC Accounts in India
Transfers between non- HSBC Accounts in India
Standing Instructions Amendment
Rs.25 per instruction amendment
Debit card annual fee
Rs.150 waived for the first year