HDFC Bank offers different types of savings accounts. All the HDFC Savings Accounts have an interest in the range of 3%-3.5%. Also, the bank offers investors an array of benefits. Some of the benefits are the nomination facility and ATM card facility. Moreover, other benefits include net and mobile banking, and cross-product benefits. The article covers HDFC Bank savings account, its features, benefits, interest rates and types in detail.
HDFC Bank Savings Account Interest Rates
Following are HDFC Bank savings account interest rates. These are set under the guidelines of Reserve Bank of India:
| Saving Account | HDFC Savings Account Interest Rate |
| HDFC Regular Savings Account | 3.00% – 3.50% |
| HDFC Basic Savings Bank Deposit Account | 3.00% – 3.50% |
| HDFC Savings Max Account | 3.00% – 3.50% |
| HDFC Senior Citizens Account | 3.00% – 3.50% |
| HDFC Women’s Savings Account | 3.00% – 3.50% |
| HDFC Kids Advantage Account | 3.00% – 3.50% |
| HDFC Savings Farmers Account | 3.00% – 3.50% |
| HDFC Family Savings Group Account | 3.00% – 3.50% |
| HDFC Institutional Savings Account | 3.00% – 3.50% |
| HDFC BSBDA Small Account | 3.00% – 3.50% |
NOTE:
Interest on HDFC Bank Savings account is taxable. It is taxable under the head ‘Income from Other Sources’. Depositors have to show their interest income while filing their income tax returns. However, an individual and a HUF can claim a deduction up to INR 10,000 on the interest income. Moreover, the deduction is available under Section 80TTA of the Income Tax Act, 1961. Also, only interest income from the savings account is eligible for deduction. However, the section also includes a cooperative society’s and post office’s account.
HDFC Minimum Balance for Savings Account 2024
| HDFC Savings Account | Minimum Balance Required |
| HDFC Regular Savings Account | INR 2,500 – INR 10,000 |
| HDFC Savings Max Account | INR 25,000 |
| HDFC Women’s Savings Account | INR 5,000 – INR 10,000 |
| HDFC Kids Advantage Account | INR 5,000 |
| HDFC Senior Citizens Account | INR 5,000 |
| HDFC Family Savings Group Account | INR 40,000 |
| HDFC Basic Savings Bank Deposit Account | NIL |
| HDFC Institutional Savings Account | NIL |
| HDFC BSBDA Small Account | NIL |
HDFC Bank Savings Account
Features of HDFC Savings Account
Following are the features of HDFC Savings Bank account:
- Minimum account balance: The minimum account balance of HDFC Savings Accounts is different for different accounts. Following are the minimum balance requirements.
- Maximum account balance: Also, there is no limit on the maximum account balance in any of the HDFC Savings accounts.
- Nomination facility: The bank allows depositors to add a beneficiary as a nominee for their savings account.
- ATM Card facility: HDFC Bank allows its customers to withdraw money through an ATM. Also, the bank gives ATM cards to all its savings account holders.
Learn How to Check Bank Balance with Account Number?
Benefits of HDFC Savings Account
Following are the benefits of HDFC Savings Bank Account:
- A safe form of investment: Saving in HDFC Bank savings account is considered safe as the money is not subject to volatility.
- Ease of transactions: One can use their HDFC Savings Account to send and also receive payments easily. Furthermore, they can use net banking, and ATM or debit cards in place of cash.
- Payment of bills: HDFC savings accounts offer automatic bills payments through BillPay. Also, all one has to do is schedule their transaction and have enough balance in their account. Furthermore, the BillPay feature helps in all bill payments and automated investments.
- Net Banking Facility: Through HDFC net banking facility, one can send and also receive payments. They can also pay bills, and shop online. Moreover, they can invest online, without having to go to the branch to withdraw money.
- Mobile Banking Facility: The HDFC mobile banking facility helps in money transfer. Also, one can use all the net banking facilities from anywhere globally by using just a mobile phone. Furthermore, the HDFC mobile banking app will allow the user to interact with any bank executive and get their query solved.
- Debit Card: HDFC Bank offers various debit cards with an array of features. Also, with the benefits that their customers can use for making payments.
- Cross Product Benefits: HDFC also offers its savings account holders a fee waiver on the annual maintenance charges of the demat account for one year. Hence, an HDFC customer who wants to open an HDFC demat and trading account can do so. Then, they don’t have to pay the annual maintenance charges for an entire year.
How to open an HDFC Savings Bank Account?
One can open an HDFC savings bank account by visiting the nearest bank branch. They can also do so through online mode. Opening the savings account online is simple and following are the steps:
- Firstly, visit the HDFC bank website.
- Secondly, under the personal banking section, go to the ‘Save’ menu. Select ‘Savings Account’.
- Most importantly, read and understand all the features and benefits. Know the rules and regulations before selecting the ‘Open Instantly’ option.
- Then, enter the following details
- Mobile Number
- PAN Card
- Fill all the details in the online application form.
- Then, attach all the required Know Your Customer (KYC) documents.
- Finally, a bank executive shall verify the documents. Upon successful verification, one will get a welcome kit with the following:
- Debit-cum-ATM card and also a PIN Number
- A cheque book
- Also, one can track their application status online. Once the account is activated, a notification to the registered mobile number will be sent.
However, before opening the HDFC Savings account, one has to be eligible. The following is the eligibility criteria:
- Resident Indian can open an individual or joint account
- HUFs
- Minors of the age ten years and above
- Foreign nations residing in India for more than 180 days can also open the account. They are required to provide their passport. Thye should also provide a valid visa, FRRO Certificate and also the Residential Permit.
Following are the documents required to open HDFC savings account:
- Identity proof
- Driving License
- Aadhar Card
- Voter ID
- PAN Card
- Senior Citizen Card
- Any Government ID card
- Residence proof
- Passport
- Bank statement with cheque
- Utility Bills
- A certificate is given by Post Office
- Latest passport size photographs
- Self-attested copies and original ID proofs for verification
Check Out Best Bank to Open Account in India
Types of HDFC Savings Bank Accounts
Following are the different types of HDFC Bank Savings Accounts:
- Specialé Gold and Specialé Platinum
- InstaAccount
- SavingsMax Account
- Women’s Savings Account
- Regular Savings Account
- Senior Citizen’s Account
- Kids Advantage Account
- Institutional Savings Account
- Basic Savings Bank Deposit Account
- Government Scheme Beneficiary Savings Account
- Basic Savings Bank Deposit Account (BSBDA) Small Account
- Saving Farmers Account
- DigiSave Youth Account
Types of HDFC Savings Bank Accounts: In Detail
Specialé Gold and Specialé Platinum
The savings scheme offers premium lifestyle benefits. It also offers better healthcare and insurance cover to the account holders. Furthermore, the account provides enhanced transactional limits.
Transaction benefits:
- Higher cash transaction limit
- Free cheque books
- Also, free online transactions through the following
- NEFT
- RTGS
- IMPS
- UPI
- No charge ATM transactions
- Free insta alters
Financial Benefits:
- Platinum Debit Card: Available for free and is also personalised
- Demat Account: No opening charges and also, for the 1st year no annual maintenance charge
- Special brokerage rates
- Preferential rates on a locker
- Higher online and also offline transaction limits
- The scheme offers multiple healthcare and also lifestyle benefits to its account holders.
Insta Account
One can open the account instantly from the comfort of their home. Also, it is a quick, digital and paperless procedure. Furthermore, all that one has to provide a mobile number, Aadhaar number and PAN number.
- Transferring money: Can happen instantly
- Withdrawing money: ATM and also cardless withdrawals with a mobile phone.
- Net Banking and Mobile Banking: Available
- Paying bills and Sending money: Available, and also within 48 hours of account opening
Savings Max Account
- The scheme earns high interest on idle money and also with the auto sweep-in facility.
- Lifetime platinum debit card
- Accident hospitalisation cover of INR 1,00,000
- Unlimited ATM withdrawals
- Cross product benefits:
- 50% discount on a locker
- One-year free folio maintenance charges on a Demat account
- Passbook facility: Available
- Email statements: Available
- Demand Drafts: Up to INR 1,00,000 per day at HDFC bank locations.
- Internet banking, Phone/ Mobile Banking: Available
- The scheme offers special discounts and also offers on loans. Moreover, it has offers on forex plus cards and gift plus cards.
- Sweep-in and also Sweep out facility is Available
Women’s Savings Account
- The scheme is tailored to meet women’s needs. They can enjoy special benefits such as preferential pricing on products like loans. They also get offers and cashback on shopping and free insurance cover.
- Sweep out facility: Available
- Debit Card and ATM: Available
- Cross Product Benefits:
- First-year free maintenance of Demat Account
- Preferential rates on loans
- Lifetime free BillPay facility
- Passbook facility: Available
- Email statements: Available
- Internet banking, Phone and also Mobile Banking is available
Regular Savings Account
- Special offers and Discounts: Available
- Deposit Lockers: Available
- Debit Card: Rupay and Millennia cards available
- Demat Account: No opening charges and also, for the 1st year no annual maintenance charge
- Internet banking, Phone and also Mobile Banking is available
- Passbook facility: Available
- Email statements: Available
- Customised Banking Experience: Personalised cheques
Senior Citizen’s Account
- Preferential interest rates available for fixed deposits
- Insurance Cover: Available
- Debit Card: Available
- Demat Account: No opening charges and also, for the 1st year no annual maintenance charge
- Instant Alerts: Available
- Internet banking, Phone and also Mobile Banking is available
- Passbook facility: Available
- Email statements: Available
- SMS Alert: Available
- Free Travellers Cheque: Available
- NEFT Facility: Available
- Doorstep Banking: Available
Kids Advantage Account
- International Debit Card: Available, with the consent of the guardian
- Free Education Insurance Cover: INR 1,00,000
- Kids can build a future fund: With INR 1,000 per month.
- Bundling with Sukanya Samriddhi for Girl Child: Available
- Systematic Investment Plan: SIP facility available for mutual fund investments.
- Free ATM withdrawals
- Internet banking, Phone and also Mobile Banking is available
- Passbook facility: Available
- Email statements: Available
- SMS Alert: Available
Institutional Savings Account
- The account holders can manage donations and fees through Cash Management Services. Also, this simplifies payments to employees, vendors, etc. by going online.
- Demand Drafts: Free and Unlimited
- Payable at Par Cheque book: Available
- Outstation Cheque Collection at HDFC Bank locations across the country is available
- Free Monthly Statements: Available
- Internet banking, Phone and also Mobile Banking is available
- Passbook facility: Available
Basic Savings Bank Deposit Account
- Zero balance savings account.
- Four free cash withdrawals per month at the bank branch
- Deposit Locker is available
- Free Cash Deposits at ATM and bank branches
- Passbook facility: Available
- Internet banking, Phone and also Mobile Banking is available
- Cheque Book: Available, 25 free cheque leaves per financial year
- Email statements: Available
Government Scheme Beneficiary Savings Account
- Zero Balance account
- High Transaction Limit: INR 10,00,000 per month
- Exclusive Benefits:
- Personal Accident Cover
- Complimentary Lounge Program
- Free AMC for the first year for a Demat Account
- Cash backs of utility payments
- Passbook facility: Available
- Internet banking, Phone and also Mobile Banking is available
- Cheque Book: Available, 25 free cheque leaves per financial year
- Email statements: Available
- Rupay Debit Card: Premium card available
- Customised Experience:
- Personalised cheques
- Dedicated relationship manager
- Deposit lockers and more
Basic Savings Bank Deposit Account (BSBDA) Small Account
- Zero deposit and Zero balance account
- Four free cash withdrawals per month at the ATMs
- Rupay Card: Available
- Free cash deposits at bank branch and ATMs
- Email statements: Available
- Lifetime BillPay: Available
- Passbook facility: Available
Saving Farmers Account
- The scheme is customised for farmers. Moreover, it suits the seasonal nature of work. Also, it has a half-yearly balance requirement.
- Half-yearly balance: INR 2,500
- Free insurance cover
- Complimentary Lounge Program: 2 per quarter
- Demat Account: No opening charges and also, for the 1st year no annual maintenance charge
- Internet banking, Phone and also Mobile Banking is Available
- Lifetime BillPay is available
- Passbook facility is available
- Cheque Book: Available, 25 free cheque leaves per financial year
- Email statements are available
- Rupay Debit Card: Premium card available
- Customised Experience:
- Personalised cheques
- Dedicated relationship manager
- Deposit lockers and more
DigiSave Youth Account
- A digital platform for all needs. Furthermore, the scheme offers a free Millennia Debit card for free.
- Attractive round the year offers across all categories.
- Insurance Cover is available
- Banking facilities:
- Internet banking
- Phone and mobile banking
- Special Offers on Loans and Forex Cards
- Demat Account: No opening charges and also, for the 1st year no annual maintenance charge
- Systematic Investment Plan: SIP facility available for mutual fund investments.
- Dream Deposit: Invest small amounts towards a dream. It gives the facility to deposit money whenever it is available.
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Frequently Asked Questions
The minimum balance for HDFC savings accounts is different for different accounts. Furthermore, it starts from a minimum of INR 2,500 for some accounts and goes up to INR 40,000 for some. Few HDFC Savings accounts also have a zero balance requirement.
Yes, HDFC Bank offers internet and mobile banking facility on their savings account.
As per Reserve Bank of India guidelines, interest on the savings account is paid every quarter.
The charges for non-maintenance of balance in HDFC Bank Savings account ranges between INR 15—INR 300.
HDFC Bank offers free transactions in HDFC and Non-HDFC bank ATMs. However, once the free limit is exhausted, the customer has to pay a charge. It is INR 20 plus taxes on cash withdrawal. Furthermore, for a non-financial transaction, the fee is INR 8.5 plus taxes.
Yes, HDFC bank offers close to 7 different types of debit cards. Different types of debit cards are Regular Card, Rupay, and EasyShop Woman’s Advantage. Also, the other debit cards offered by HDFC are EasyShop Titanium and EasyShop Titanium Royale. Rewards Card and EasyShop Platinum card are also included in the list of debit card.
Yes, HDFC Bank allows kids or minor to operate the Kids Savings Account.
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