HSBC Bank Savings Account
HSBC Bank offers numerous savings accounts aimed at suiting the requirements of different individuals. The bank provides basic banking services without any fees and charges in these types of savings accounts. HSBC Bank offers international debit card to its customers with most of these savings accounts. Customers can choose from the different savings accounts as per their needs provided by the bank. Let us find out about the various HSBC savings accounts in detail.
HSBC Bank Savings Account Interest Rates
|Account Balance||Rate of Interest (p.a.)|
|For Balances up to Rs. 10 Crore||2.00%|
|For Balances above Rs. 10 Crore||2.50%|
Note: Interest rates are updated as of 11th January 2023.
Read more: Savings Account Interest Rates
Types of HSBC Bank Savings Account
HSBC Bank offers three types of savings accounts to its customers. Below-mentioned are the names of the savings accounts offered by HSBC Bank.
Features and Benefits of HSBC Savings Account
HSBC Savings Account
HSBC savings account allows its accountholders to deposit their savings in the account and earn decent interest on it. This savings account by HSBC also allows its customers to transfer funds in an easy, fast and convenient manner with the card-to-card transfer facility. HSBC Bank debit card lets its customers take advantage of higher purchase limits.
The bank allows its customers to transfer their extra savings to a fixed deposit account through a standing instruction facility and customers can earn higher rates of interest on this account. Customers need to maintain an average quarterly balance of Rs. 1,50,000 or more. The average quarterly balance can be a combination of the savings account, current account and fixed deposit account. Below mentioned are the features offered by this type of HSBC savings account.
- Free HSBC debit card which is internationally valid
- Higher purchase transaction limit of Rs. 1,00,000 per day for resident customers on the HSBC debit card
- Senior citizens can maintain an average quarterly balance of Rs. 10,000 combining savings account, current account and fixed deposit. No service charge applicable on senior citizen accounts if eligibility criteria is not met.
HSBC Smart Money Account
This savings account by HSBC lets its customers avail higher returns through auto sweep-in fixed deposit. The account can be opened with a minimum fixed deposit of Rs. 25,000. In this account by HSBC, the customer can avail up to 90% overdraft facility. Let us discuss about the features offered by this account.
- The account can be accessed 24 hours a day through ATMs, phone banking and online banking
- Free HSBC credit card
- Free HSBC international debit card that allows you to withdraw up to Rs. 25,000 per day. HSBC Advance and Premier customers are given higher withdrawal limits
- Free and convenient online bill payment services
HSBC Basic Savings Account
This savings account by HSBC allows its customers with convenient banking services without charging any fees. There is no need to maintain any minimum balance in this account. If there is any change in the account, HSBC Bank will always notify its customers with a prior notice of one month. Below mentioned are the services offered by HSBC Basic Savings Account.
- Free debit card with no annual maintenance charges
- Cash withdrawal limit of Rs. 25,000 daily and purchase limit of Rs. 10,000 a day
- Free access to internet banking and mobile banking
- Free and unlimited deposits in the account
Documents Required for Savings Account in HSBC Bank
Below mentioned are the documents that the customer would require to open a savings account in HSBC.
- Proof of identity
- Address proof
- Passport size photograph
- Duly filled application form
HSBC Bank Savings Account Fees and Charges
|Category||Fees and Charges|
|Issue of passbook or statement||NIL|
|Issue of duplicate statement||NIL|
|Issue of duplicate passbook||Rs. 100|
|Issue of duplicate physical statement||Rs. 100 per request|
|Issue of duplicate TDS certificate||NIL|
|Re-order of cheque book||NIL|
|Cash deposit or withdrawal at branch||NIL|
|Account Closure||No charges on closing the account within 30 days. Rs. 500 will be applicable for closing the account from 1 month and within 6 months|
|Debit card annual fee (First year)||NIL|
|For standing instruction amendment||Rs. 25|
|Debit card annual fee (Second year onwards)||Rs. 300|
|ATM cash withdrawal limit per day||Rs. 2,00,000|
|Per transaction cash withdrawal limit at other bank ATMs in India||Rs. 10,000|
|Purchase transaction limit per day||Rs. 2,00,000|
|Overseas per transaction limit at non-chip and PIN enabled POS||USD 1,000|
Eligibility Criteria for Opening a Savings Account in HSBC Bank
Below-mentioned is the eligibility criteria for opening a savings account in HSBC Bank.
HSBC Savings Account Eligibility Criteria
- Average quarterly balance of Rs. 1,50,000 should be maintained
- If an individual holds two accounts in the same name and mode of operation of those accounts is different then the individual needs to maintain AQB in both the accounts
HSBC Smart Money Account Eligibility Criteria
- Individual should be a resident of India
- An individual should be minimum 18 years of age
- A minimum deposit of Rs. 25,000 is mandatory
How to Open HSBC Savings Account
If the applicant wants to open HSBC Savings Account, then he/she will have to visit the nearest branch of the bank or the applicant can call at 1800 266 3456. The below-mentioned process explains how to open HSBC Savings Account by visiting the bank’s branch.
Step 1: Visit the nearest HSBC Bank’s branch and fill in the savings account application form
Step 2: Provide all your basic details to the banking official and choose the type of savings account you want to open
Step 5: The bank official will ask you to deposit some money if the account is not a zero balance account. Deposit the money, collect the slip along with other documents and submit everything with your proof of identity
Step 6: Upon submitting the documents, the bank will verify all the details and your account will be opened once verification is done
The bank will provide you with all the necessary details and welcome kit to operate your account.
Know More about HSBC Bank
|HSBC Credit Card||HSBC Bank Personal Loan|
|HSBC Bank Customer Care||HSBC Account Number|
|HSBC Net Banking||HSBC Fixed Deposit|
|HSBC Loan Against Property||HSBC Home Loan|
HSBC Savings Account FAQs
Q. Are there any charges levied by HSBC Bank on not maintaining average quarterly balance?
Ans. Yes, the bank will charge its customers a service charge of 0.7% plus applicable taxes if customers fail to maintain the balance. The bank will notify the customer immediately if such a situation arises.
Q. What do I do if I want to withdraw cash beyond a limit from the branch?
Ans. If you want to withdraw cash beyond your cash withdrawal limit then you will have to give prior information before 24 hours to the branch from where the cash withdrawal needs to be done for an amount greater than Rs. 1,00,000.
Q. Can I withdraw cash from the city where I do not have an HSBC savings account?
Ans. Yes, you can withdraw cash from any city or overseas using your HSBC debit card at any HSBC or non-HSBC Visa ATM. HSBC Bank does not charges any fee for making first five transactions (both financial and non-financial) from other bank ATMs. However, a fee of Rs. 20 is levied for each transaction after these five transactions have been done.
Q. If I replace my debit card, will I have to generate a new PIN for my new card in HSBC Bank?
Ans. No. The ATM PIN which is currently valid on your existing debit card will also be valid for your new debit card issued by HSBC Bank.
Q. If my mobile number is not registered with HSBC Bank, can I still make online transaction with my HSBC India debit card?
Ans. To make online transactions, the bank will send you OTP to authenticate your transaction. HSBC Bank will send you OTP on your registered mobile number. If your number is not registered with the bank, you will not be able to receive OTP for doing online transaction resulting in a failed transaction and you will not be able to complete your transaction online.