Valuable info about Housing Development Finance Corporation Limited (HDFC) Bank Savings Account Interest Rate, HDFC Savings Account Types, Debit Cards, cash deposits, charges, features, Minimum Balance, zero balance account opening, benefits, limits, and More.
HDFC Bank Savings Account
Housing Development Finance Corporation Limited (HDFC) bank is India’s largest private sector Multinational bank and the world’s fifth-largest bank by market capitalization With a wide range of 8,344 branches and 19,727 ATMs. HDFC Bank provides premium personalized financial & banking services.
HDFC Bank Provides Services like Auto Loans, Credit and Debit cards, Personal Loans, Mortgages, Home Loans, Agri and Tractor Loans, Gold Loans, Savings & Current Accounts, Fixed and Recurring Deposits, Salary Accounts, Mutual Funds, Life, General, and Health insurance, Business loans, Loans Against Securities, etc.
HDFC Bank has become a well-known name in the private sector banks in India. HDFC Bank offers 5 to 6 types of savings accounts to its customers. HDFC Bank’s savings account interest rate starts from 3% and goes up to 3.50%. In HDFC Bank’s savings account, you must need to maintain a minimum monthly average balance.
Also, HDFC Group running Subsidiaries like HDFC Life, HDFC ERGO, HDFC Asset Management Company, HDFC Securities, HDFC Mutual Fund, HDFC Credila Financial Services, and HDB Financial Services. As of January 2024, HDFC’s total market capitalization is $140 billion, and the third-largest company on the Indian stock exchanges.
So let us know from opening a savings account in HDFC Bank to zero balance account opening, Digital Savings Account Types, Debit Card, Interest Rate, Minimum Balance, features, charges, benefits, limit, and account closure process.
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HDFC Bank Savings Account zero balance
HDFC Bank Basic Savings Bank Deposit Account (BSBDA) is a zero-balance account and you don’t need to maintain a Monthly Average Balance with a 3.00% to 3.50% Interest Rate Per Annum, Internet Banking, a Free passbook, email statements, lifetime BillPay, and a Free Rupay debit card. For more details check out account types.
Suggestion: If you want to open a zero-balance Savings Account in HDFC Bank then you can go with an Institutional Savings Account. Also, the Government Scheme Beneficiary Savings Account is a part of the Government Yojana Scheme. But in this account, there are some limitations.
HDFC Bank Savings Account types
HDFC Bank offers 5 to 6 types of savings accounts which are Regular Savings Accounts, Basic Savings Bank Deposit Accounts, Women’s Savings Accounts, Senior Citizens Savings Accounts, and Kid’s Savings Accounts for customers. Let’s know about HDFC Bank’s savings accounts Features, Eligibility, Minimum Balance, Initial Funding, Interest Rate, and other requirements.
1. Regular Savings Account
HDFC Bank’s Regular Savings Account is a standard easy-access account with a 3.00 to 3.50% interest rate. This savings account comes with NetBanking, Mobile Banking, Debit Card, online payments and 25 cheque leaves free per financial year. But you need to maintain a minimum monthly balance in this account.
Features: Internet Banking, Mobile Banking, Free passbook, email statement, 25 cheque leaves free per financial year, Safe Deposit Lockers, HDFC credit card offers, Millennia Debit Card, MoneyBack Debit Card, Rupay Premium Card.
Eligibility: Citizen of India, The applicant should be 18 years or above, Minors above 10 years are also eligible, KYC documents Like an Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving Licence, and address proofs.
Initial Account Opening Funding: Nil.
Monthly Average Balance: Metro / Urban: Rs.10,000, Semi-Urban: Rs.5,000, Rural: Rs.2,500.
Debit Card: Millennia Debit Card, MoneyBack Debit Card, Rupay Premium Card (Issuance Fee: ₹0, Annual Fee: ₹0)
Interest Rate: 3.00% to 3.50% Per Annum.
Limits: First 5 transactions per month free in HDFC ATMs, ATM Withdrawal Rs. 2 lakh/month (no charges), 3rd party cash transaction: Rs. 25,000/day.
2. Basic Savings Bank Deposit Account (BSBDA)
HDFC Bank’s Basic Savings Bank Deposit Account is a zero-balance account wherein you are not required to maintain an average monthly balance. This Account comes with Internet Banking, a Free passbook, email statements, digital banking, Rupay Debit Card facilities, and cross-product benefits. Minors above 10 years are also eligible to open this account.
Features: Internet Banking, Free passbook, email statements, lifetime BillPay, 25 cheque leaves free per financial year, Free Rupay debit card.
Eligibility: Citizen of India, The applicant should be 18 years or above, Minors above 10 years are also eligible to open a self-operated account, KYC documents Like an Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving Licence, and address proofs.
Initial Account Opening Funding: Nil.
Monthly Average Balance: Nil.
Debit Card: Rupay debit card (Issuance Fee: Free)
Interest Rate: 3.00% to 3.50% Per Annum.
Limits: First 4 Withdrawal free (cash, NEFT, RTGS, IMPS, DD) per month, After Rs. 150 per transaction.
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3. Women’s Savings Account
HDFC Bank Women’s Savings Account comes with more benefits, especially for women. Only Women can open these savings accounts. This account offers you higher interest rates, Debit Cards, and higher cash withdrawal limits. In this account Debit cards avail additional offers of insurance benefits and airport lounge access. For a Women’s Savings joint account, the first account holder should be a woman.
Features: Internet Banking, free monthly e-statement, Free cheque books, Free passbook, e-mail statements, Accidental Death Cover of Rs. 10 lakhs, Accidental Hospitalization Cover of Rs. 1 lakh.
Eligibility: Citizen of India, Women only, The applicant should be under 18 years old, For This joint account, the first account holder should be a woman.
Initial Account Opening Funding: Nil.
Monthly Average Balance: Metro/Urban: ₹10,000, Semi-Urban: ₹5000, Rural: ₹5000. Non-maintenance charges: Rs. 150 – Rs. 600.
Debit Card: MoneyBack Debit Card, Rupay Debit Card (Issuance Fee: ₹0, Annual Fee: ₹0)
Interest Rate: 3.00% to 3.50% Per Annum.
Limits: Monthly withdrawal limit: Rs. 2 lakh per month, ATM Daily cash withdrawal limit: Rs. 25,000.
4. Senior Citizens Savings Account
HDFC Bank’s Senior Citizen Savings Account is beneficial for senior citizens. This Senior Citizens Savings Account requires an age group of 60 years and above. This account comes with Doorstep Banking Services, a free Debit Card, High Fixed Deposit rates, insurance benefits, online bill payments, and fund transfers.
Features: UPI, RTGS, NEFT Transaction, insurance benefits, International Debit Card, Accident hospitalization cover of Rs. 50,000 p.a., Higher rates on FDs, SMS Alerts, Free lifetime BillPay, email statements.
Eligibility: Citizen of India, The applicant should be 60 years or above, KYC documents Like an Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving Licence, and address proofs.
Initial Account Opening Funding: Nil.
Monthly Average Balance: ₹5000.
Debit Card: Different variants International Debit Card (Issuance Fee: ₹0)
Interest Rate: 3.00% to 3.50% Per Annum.
Limits: ATM Free transaction of Rs. 2 lakh per month, 4 free cash transactions per month.
5. Kids Advantage Savings Account
HDFC Bank’s Kids Savings Account is for 18 years or under age child who can save their money from an early age. This Kid’s Savings Account comes with free Education Insurance coverage, online banking services, and a Debit Card with limits on cash withdrawals and spending. But parents or legal guardians have a savings account in HDFC Bank.
Features: Internet Banking, Free cheque books, Debit Card with limits, Free Education Insurance cover: Rs. 1 lakh, MoneyMaximizer facility: If the balance reaches Rs. 35,000, excess of Rs. 25,000 to be transferred to FD of 1 year, Free passbook facility.
Eligibility: Citizen of India, The applicant should be 18 years or under age.
Initial Account Opening Funding: Nil.
Monthly Average Balance: Rs.5,000.
Debit Card: HDFC Kid’s Advantage Debit Card (Issuance Fee: ₹0, Replacement charges: Rs. 200 + taxes)
Interest Rate: 3.00% to 3.50% Per Annum.
Limits: ATM cash withdrawals and spending, ATM withdraws Rs. 2,500 per day.
6. Savings Max Account
HDFC Bank Savings Max Account designed with Super Saver facility. This Savings Account also provides Free UPI, NEFT & RTGS transactions, a Free Platinum Debit Card, and insurance coverage of up to Rs. 3.29 crore including personal death cover, accident hospitalization cover, and international air coverage.
Features: Internet Banking, Insurance coverage of up to Rs. 3.29 crore, Free 25 cheque leaves, Free Platinum Debit Card, Free passbook, Unlimited ATM Transactions at HDFC Bank ATMs, Free Demand Drafts at HDFC Bank locations up to Rs.1 lakh per day, Free Insta Alerts, Free UPI, NEFT & RTGS transactions, Super Saver facility.
Eligibility: Citizen of India, The applicant should be 18 years or above, a Minor above the age of 10 years can operate a minor account, Hindu undivided family (HUF), KYC documents Like an Aadhaar Card, PAN Card, and address proofs.
Initial Account Opening Funding: Nil.
Monthly Average Balance: Rs. 25,000.
Debit Card: Free Platinum Debit card (Issuance Fee: ₹0)
Interest Rate: 3.00% to 3.50% Per Annum.
Limits: Non-maintenance charges: Rs. 300 to Rs. 600, 5 free cash transactions per month, Withdrawal of Rs 2 lakh per month per account, Daily ATM cash withdrawal limit of Rs. 1 lakh.
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HDFC Bank Savings Account interest rate
Before opening a Savings Account in HDFC Bank, let us know what interest rate HDFC Bank gives you. So HDFC Bank gives you interest ranging from 3.00% to 3.50% annually, this interest rate is based on the amount you deposited. HDFC Bank provides interest quarterly. For more details, you can refer to the table given below.
| Balance | Rate of Interest (2024) |
| Deposits Less Than Rs.50 lakh | 3.00% p.a |
| Deposits Rs.50 lakh and above | 3.50% p.a |
HDFC Bank Savings Account minimum balance
HDFC Bank has many types of Savings Accounts and they all have different Minimum Monthly Average balances. But generally, The minimum balance amount ranges from as low as Rs.2,500 to Rs.1,00,000/- depending on account type. Also, there are 2-3 types of zero-balance like Basic Savings Bank Deposit Accounts, Institutional Savings Accounts, and Government Scheme Beneficiary Savings Accounts in which you don’t need to maintain a Monthly average balance.
HDFC Bank Savings Account features
HDFC Bank has some Premium features for Savings Accounts that can increase seamless banking experience.
- HDFC Bank provides A secure and complete banking solution.
- Free Net Banking and Mobile Banking.
- A low opening deposit and minimum Monthly Average Balance.
- Widest ATM networks across the country
- Men, Women, senior citizens, and children can own accounts.
- Money Maximizer Schemes and Sweep facility.
- Enjoy seamless banking transactions anywhere in the world.
- Premium Debit Cards.
- Personal Accident covers.
- Discounts and Rewards on online shopping, cinema tickets, food, and travel.
Document Required for Open Saving Account in HDFC Bank
If you are a citizen of India, 18 years or above, A Minors above 10 years are also eligible, Hindu undivided family (HUF), then you are eligible to open a savings account in HDFC Bank. But for this, you need some KYC documents and address proof for account opening.
But if you want to Open a Digital Account like a DigiSave Youth Account, then you only need a PAN Card, an Aadhaar card with a registered mobile number, and Video KYC, That’s it.
Required Document for Open Saving Account:
- Latest passport-size photographs
- Aadhaar card
- Address Proof
- PAN Card
- Proof of Age
- Self-attested copies and originals for verification
HDFC Bank Savings Account Opening Process
You can open a savings account in HDFC Bank via online or offline mode. You can go to the nearest HDFC Bank branch or just open the HDFC Bank web portal or App to open your savings account.
Want to open an HDFC savings account online:
- Go to the HDFC Bank web portal.
- choose an account type, and click on ‘Apply Now’.
- Submit your details like name, address, phone number, Aadhaar number, PAN, Branch, city, etc.
- Complete your Video KYC and you will have instant access to your bank account.
HDFC Bank Savings Account Opening Offline:
- Visit the branch of HDFC Bank.
- enquire about the opening process savings account.
- Fill out the opening form, Attach your identity proof and address documents, and deposit the minimum amount.
- Verify your documents, and your account will be activated.
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HDFC Bank Savings Account statement
It is time to move on to E-Statement, HDFC Bank’s new and existing users can easily download e-statements online.
Follow these steps:
- Just log in to the HDFC Bank net banking portal.
- Click on the ‘Enquire’ option, and select “Download Historical Statement”.
- Choose the account, select the time period, and then click on “Download”.
- You can also Download the Savings Account statement from the HDFC Bank App.
HDFC Bank Savings Account charges
HDFC Bank is operating in the private sector. To maintain their services they need to cut healthy amount of charges from customers. Please read the Pricing & Charge documents carefully before opening an account in a bank.
| Charges | Prices |
| Account Service charges | ₹100 – 600 |
| Cheque Book | Rs.100 per 25 leaves |
| Debit card issuance charges | ₹100 – 150, Replacement – Rs.200 |
| Standing Instructions | Rs. 25 + Remittance |
* These charges may be different with time.
HDFC Bank Savings Account closure form
Yes, you can close an HDFC account but offline. For account closure, You must download the account closure form online. After filling out the form with all the necessary details, bring the closure form with documents to your bank’s home branch to finalize the process.
If you close your HDFC Bank Account between 15 days to 12 months then you should pay Charges of Account closure. But, if an account is closed after 1 year or within 14 days of account opening, then you don’t need to pay any charges. Here are the Savings Account Closing Charges.
Closure Charges:
- Up to 14 days – No Charge,
- 15 days to 6 months – ₹ 1,000/-,
- 6 months to 12 months – ₹ 500/-,
- Beyond 12 months – No Charge.
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Services Provide By HDFC Bank
HDFC Bank Provides Services like Auto Loans, Credit and Debit cards, Business loans, Loans Against Securities, Personal Loans, Mortgages, Home Loans, Agri and Tractor Loans, Gold Loans, Savings & Current Accounts, Fixed and Recurring Deposits, Salary Accounts, Mutual Funds, Life, General, and Health insurance, etc.
FAQs
Is there a minimum balance requirement for opening a Savings Account in HDFC Bank?
Yes, HDFC Bank Savings Accounts have different Minimum balances between Rs.2,500 to Rs.1,00,000 excluding zero-balance savings accounts.
What types of Savings Bank Accounts offer HDFC Bank?
HDFC Bank has Regular Savings Accounts, Basic Savings Bank Deposit Accounts, Senior Citizens Savings Accounts, Basic Savings Bank Deposit Accounts, Institutional Savings Accounts, Government Scheme Beneficiary Savings Accounts, Women’s Savings Accounts, and Kid’s Savings Accounts.
What is the HDFC Bank Regular Savings Account’s interest rate?
The HDFC Bank Regular Savings Accounts have a 3.00% to 3.50% interest rate based on the amount you deposited. HDFC Bank provides interest quarterly.
What is the withdrawal limit of Women’s Savings Account in HDFC Bank?
The Women’s Savings Account has a daily ATM withdrawal limit of Rs 25,000 and a daily shopping transaction limit of Rs. 2,75,000.
What is the minimum balance requirement for an HDFC Bank Zero Balance Savings Account?
You don’t need to pay the Initial funding or maintain an average minimum balance for HDFC Bank Zero Balance Savings Account. Otherwise, the minimum balance amount is between Rs.2,500 to Rs.1,00,000/-.
What is the interest rate of HDFC Bank Savings Account?
HDFC Bank gives you an interest rate of 3.00% to 3.50% annually. if you deposit Less Than Rs.50 lakh you will get 3.00% Interest and above Rs.50 lakh you will get 3.50%.
Which bank is better hdfc or icici for a savings account?
In terms of all the factors, HDFC Bank is the best choice for opening a savings account. Because HDFC Bank has maintained and enhanced accessibility to banking services. But ICICI Bank has the poorest customer support and least secured. Overall, HDFC Bank clearly wins.
What is the age limit to open the Senior Citizens Savings Accounts?
To apply for the Senior Citizens Savings Accounts, the applicant must be at least 60 years old or above, and if you are 70 years old and above, you will get a Free Doorstep Banking Facility.
For More Details: HDFC Bank