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HDFC Bank Savings Account- Interest Rates, Types, Charges

If you don’t want to put your hard-earned money into market linked investment alternatives, a savings account is a more secure choice. It is well liked because of its attributes, which include set investment tenure, attractive interest rates, and assured returns. HDFC Bank is one of these banks in the country that provides consumers with great alternatives for savings accounts. 

The number of savings account types offered by HDFC Bank is fourteen. The most recent HDFC Bank savings accounts rate of interest, HDFC savings account kinds, and other topics are covered in this page.

Savings Account at HDFC Bank

Excellent and swiftly accessible financial services are provided by HDFC Bank. Every kind of savings account offered by HDFC Bank has its own special features and advantages. 

You may get ongoing interest on the funds that you save and access your accounts whenever you choose with a savings account. Such savings accounts are tailored for older persons, women, and a host of other demographics.

Read More: Bank of Baroda Savings Account

Types of HDFC Savings Accounts

The many kinds of savings accounts that HDFC Bank offers are as follows: 

  • Regular Savings 

This is the standard savings account that you may get from any bank. Some of the main benefits that HDFC clients receive are listed below: 

  • Locker safe deposit 
  • Special savings and promotions for online purchases
  • Services for online and mobile banking 
  • First year free Demat account 
  • Personalized cheques for increased security 
  • This account is open to Indian citizens, HUFs, foreign nationals living in India (for at least 180 days), and youngsters over the age of ten.
  • Savings Max Account

By activating the auto sweep out feature, these bank accounts can earn greater interest rates even while they are dormant. The following are some salient characteristics: 

  • Coverage for a maximum of Rs. 3.29 crore (hospitalization for accidents, individual death, overseas travel, etc.)
  • HDFC offices provide free demand drafts up to Rs. 1 lakh per day. 
  • Unlimited InstaAlerts and BillPay for life 
  • First year free Demat account 
  • 50% prorated discount on locker rentals for the first year 
  • At all ATMs, HDFC or not, cash withdrawals and balance checks are free of charge.
  • 1% cash back maximum on the complimentary Platinum Debit Card
  • This account is open to Indian citizens, HUFs, foreign nationals living in India (for at least 180 days), and youngsters over the age of ten.
  • Women’s Savings Account 

Women have simple access to 360 degree financial services with this savings account. Examine the following salient features: 

  • Coverage for accidents with a maximum of Rs. 10 lakhs 
  • Individual death benefit for a maximum of Rs. 5 lakhs 
  • Up to Rs. 1 lakh in accidental hospitalization coverage 
  • 50% off a Gift plus Card with a complimentary Demat account on the initial year when you load at least Rs. 5,000 through the branch or online banking.
  • The EasyShop Woman’s Advantage debit card allows for a daily withdrawal of Rs. 25,000 and a daily spending limit of up to Rs. 2.75 lakhs.
  • It is possible to open a joint account; however the initial account holder must be a woman.
  • Foreign nationals who have lived in India for at least 180 days are eligible.
  • Account for Senior Citizens 

Senior citizens can benefit from many investing and Banking features when they apply to open a HDFC savings account. The qualities to search for are: 

  • Seniors who have fixed deposits receive a special interest rate.
  • First year free Demat account 
  • For the main account holder, a free debit card 
  • Seniors over 70 can use doorstep banking services.
  • Annual coverage for unintentional hospitalization for a maximum of Rs. 50,000 
  • Lifetime unlimited InstaAlerts and BillPay, including death cover for a maximum of Rs. 5 lakh with Rewards Debit Cards for aviation, road, or rail accidents 
  • Complimentary traveler’s check 
  • It is possible to open a joint account, but the principal account holder needs to be older than 60.
  • Farmer’s Account Savings 

This card was created especially to help farmers with their daily banking. The salient characteristics are as follows: 

  • A minimum balance on the account of Rs. 2,500 must be kept up to date every six months. 
  • Coverage for unintentional death and disability up to Rs. 10 lakh 
  • First year free Demat account 
  • Coverage with zero liability insurance up to Rs. 4 lakhs 
  • Upto to Rs. 3,000 in annual cash back  1% Cash back up to Rs. 250 each month on food, clothing, petrol, education, and insurance
  • Individual or joint accounts are offered.
  • Account for DigiSave Youth 

Check out the following unique attributes and advantages of the HDFC Bank DigiSave Youth Saving Account

  • First year free Demat account 
  • Up to Rs. 3 lakh may be spent every day at merchant stores and online with the complimentary MoneyBack debit card during the initial twelve months, and up to Rs. 25,000 can be taken out of ATMs. 
  • 1% cashback on groceries, petrol, clothing, Insurance, and education as much as Rs. 3,000 in annual cash back (maximum payback of 250 rupees per month).
  • Special savings are offered on Forex cards and school loans. 
  • Residents who are between the ages of 18 and 25 are qualified
  • Specialé Platinum and Specialé Gold

The following characteristics should be considered while enrolling to the HDFC Bank Specialé Gold or Specialé Platinum savings account:

  • For your account, you can obtain a unique account number.
  • Free Customized Platinum Debit Card There are no fees associated with demand drafts for gold up to Rs. 1 lakh per day and platinum up to an endless supply.
  • Increased cap on cash, internet, and offline transactions
  • Free transactions using ATMs
  • These savings accounts are available to Indian citizens and offer a free Demat account during the initial year.
  • Kids Advantage Account 

Kids may grow their cash with this savings account while also learning financial management skills. The salient characteristics are as follows: 

  • If a parent dies accidentally, there is up to Rs. 1 lakh in education insurance coverage available.
  • Monthly money transfers from parents to their children’s accounts can be scheduled via auto transfer or standing orders. 
  • Free international debit card and ATM
  • The Money Maximizer sweep out function automatically transfers the funds to an FD with one year and one day maturity duration if the balance surpasses Rs. 25,000 and approaches Rs. 35,000. 
  • Children under the age of eighteen who hold a HDFC savings account are eligible.
  • Bank Deposit Account for Basic Savings (BSBDA)

With a zero balance savings account and a complimentary debit card, this account may meet all of your financial requirements. Examine the following salient features: 

  • Free deposits of cash at ATMs and branches 
  • Using a RuPay card, you may access your account instantly. 
  • Free BillPay access for life 
  • Availability of PhoneBanking, MobileBanking, and NetBanking services 
  • Indian citizens and HUFs who do not currently have a savings account at HDFC or a BSBDA account at a different bank are qualified.

Interest Rate on HDFC Bank Savings Accounts

The rates of interest for domesticated, NRO, and NRE HDFC bank savings accounts are shown in the table below, and they will take effect on April 6, 2022: 

Savings Account Balance Interest Rate per annum
Below Rs. 50 lakhs 3.00%
Rs. 50 lakhs or more 3.50%

 

  • Interest is given on a quarterly basis. 
  • The interest on your savings account is determined by looking at the daily sum that is kept in the account.

HDFC Bank Minimum Balance for Savings Accounts 

The following table contains information on the minimum balance requirements for several types of HDFC Bank savings accounts.

Type of Savings Account Minimum Balance Requirement
Regular Savings Account Average Monthly Balance (AMB) required:
Rs. 10,000 (urban and metro branches)
Rs. 5,000 (semi urban branches)
Rs. 2,500 (rural branches)
SavingsMax Account AMB of Rs. 25,000
Senior Citizen’s Account AMB of Rs. 5,000
Women’s Savings Account AMB required:
Rs. 10,000 (urban and metro branches)
Rs. 5,000 (semi urban and rural branches)
Savings Farmer’s Account Annual Half Yearly Balance (AHB) of Rs. 2,500
DigiSave Youth Account AMB required:
Rs. 5,000 (urban and metro branches)
Rs. 2,500 (semi urban and rural branches)
Specialé Gold and Specialé Platinum Annual Quarterly Balance (AQB) required:
Rs. 1,00,000 (Gold)
Rs. 3,00,000 (Platinum)
Kids Advantage Account AMB of Rs. 5,000
Basic Savings Bank Deposit Account 0
Super Kids Savings Account Annual Quarterly Balance (AQB) of Rs. 1,00,000
Government Scheme Beneficiary Account 0
Institutional Savings Account 0

 

Maximum balance of HDFC savings account

With a HDFC Bank savings account, there is not a maximum balance requirement. Investors must make sure that all account actions comply with Income Tax legislation and that they are informed of the deposit restrictions.

Penalties for Not Keeping Your HDFC Savings Account Balance Below the Minimum 

The aforementioned chart illustrates that in order to keep your savings account open, you must retain a minimum amount in it. If you don’t, you’ll be subject to the following penalty:

Savings Bank Account Type Penalty for Non-Maintenance of Minimum Balance
All Savings Accounts (except Saving Farmers Accounts) Penalty is 6% of the shortfall from the average balance or Rs. 600, whichever is lower.
Saving Farmers Account Penalty is 6% of the shortfall from the average balance or Rs. 900, whichever is lower.

 

Charges for HDFC Savings Accounts

You should be aware of the following additional fees and charges related to HDFC Bank savings accounts:

Particulars Applicable Charges
Cash transactions (Including deposits and withdrawals) Rs. 150 per transaction, after 2nd or 5th transaction per month (depending on the account type)
Third-party transactions maximum of Rs. 25000 per day Maximum Rs. 25,000 per day
Demand Draft or Manager’s Cheque issuance/ re-issuance (HDFC branches) Through branch: Up to Rs. 10,000 – Rs. 50. Above Rs. 10,000 – Rs. 5 per thousand (min Rs. 75 and max Rs. 10,000). Through net banking: Up to Rs. 10 lakh – Rs. 50 + corresponding bank charges, if any
Demand Draft issuance (non-HDFC branches) Rs. 50 plus applicable charges: Up to Rs. 500 – Rs. 10. Rs. 500 to Rs. 1,000 – Rs. 15. Rs. 1,000 to Rs. 5,000 – Rs. 25. Rs. 5,000 to Rs. 10,000 – Rs. 30. Rs. 10,000 to Rs. 1 lakh – Rs. 3 per 1,000. Above Rs. 1 lakh – Rs. 6 per 1,000 (max Rs. 10,000)
ATM Transaction (HDFC Bank ATM) Unlimited free transactions across all cities. Free first 5 transactions for regular savings account (Rs. 21 per transaction after the 5th transaction)
ATM Transaction (Non-HDFC Bank ATM) Free first 3 transactions in metro cities. Free first 5 transactions in non-metro cities
NEFT fees – outward (at HDFC branches) Up to Rs. 1 lakh – Rs. 2 + GST per transaction. Above Rs. 1 lakh – Rs. 10 + GST per transaction
NEFT fees – Indo-Nepal transaction NSBL account – Rs. 20. Non-NSBL account – Rs. 70 (up to Rs. 5,000) and Rs. 95 (above Rs. 5,000)
RTGS fees (outward) Rs. 2 lakh and above – Rs. 15 + GST per transaction (at HDFC branches)
IMPS (outward) Less than Rs. 1,000 – Rs. 3.50 + taxes per transaction. Rs. 1,000 to Rs. 1 lakh – Rs. 5 + taxes per transaction. More than Rs. 1 lakh – Rs. 15 + taxes per transaction
NEFT and RTGS – outward (online) Free

How Can an HDFC Savings Account Be Opened?

You have two options for opening an HDFC Savings account: online or offline. Examine the straightforward actions involved in applying for both modalities.

On the internet : 

Step 1: Install the HDFC app or visit the bank’s website. 

Step 2: Select the savings account type that best suits your needs and eligibility, then select “Open Instantly.” 

Step 3: Select the Aadhaar option after verifying your mobile number. Add more information, such as your name and address. 

Step 4: For verification, provide supporting papers and finish the video KYC. 

Step 5: You are able to log into your bank account when your information has been validated. 

In offline mode : 

Step 1: Head over to the closest HDFC branch. 

Step 2: Complete the application to open the desired kind of savings account. 

Step 3: Present identification and evidence of address. 

Step 4: Make the needed minimum deposit. 

Step 5: After verification, the account you created will be authorized.

Documents Needed to Open an HDFC Bank Savings Account

The following paperwork is required in order to properly start a savings account with HDFC Bank: 

  • PAN card 
  • Passport-size photos
  • ID and proof of address (Aadhaar, Voter ID, Driver’s license, Passport, or certificate issued by the Central or State Government)

Read More: Documents Required to Open a Punjab National Bank Locker

How Can an HDFC Savings Account Be Closed? 

You can terminate your HDFC savings account by following the instructions below: 

Step 1: Get the application from the bank’s branch or download it from the website to close your account. 

Step 2: Carefully fill it out and bring it to the closest HDFC location. Remember to bring your original ID with you in case of verification. 

Step 3: Enclose KYC paperwork for validation. If necessary, self-attestation.  

Step 4: Send the completed paperwork with the passbook and checkbook in. 

Step 5: The account you have will be terminated in ten days and you will receive an acknowledgment receipt from the bank.

Features of an HDFC Savings Account

The HDFC Savings account has the following special features: 

  • To open an account, there is no minimum balance needed. 
  • For BSBDA, there’s no minimum average monthly balance needed. 
  • There are no fees associated with bringing a dormant account back to life. 
  • First chequebook and free foreign debit card. 
  • Cash deposits are not restricted. 
  • You can make up to 4 free purchases every month. 
  • The maximum amount you can deposit has no upper limit.

Advantages of HDFC Savings Accounts

In addition to its characteristics, the HDFC savings account provides its users access to a number of special advantages. Among them are:

  • To satisfy the needs of each customer, a variety of savings account alternatives are offered. 
  • the largest ATM network in India. 
  • There are accessible monthly email account statements. 
  • One savings account may help those who have it and their entire family. 
  • One option is to use a Money Maximizer or Sweep-out service to move extra money into high-yielding fixed deposits.

HDFC offers an extensive selection of savings account kinds. With any luck, this tutorial on HDFC bank interest rates for savings accounts and other information will enable you to make the best financial choice.

Read More: BOB Net Banking | SBI Net Banking | Union Bank of India Net Banking

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