HDFC Bank Savings Account - Interest Rates & Minimum Balance (2024)

HDFC Bank offers a variety of savings account programs, each with its own set of benefits and features that can be accessed quickly and easily.

The savings account comes with top-of-the-line banking features and services. Customers may compare and select the account that best meets their needs, and a personal Relationship Manager is available to assist them at all times.

In addition to receiving a reasonable interest rate, you can deposit or withdraw money at any time. You can select from premium accounts with tailored features or basic accounts with no minimum deposit when opening an HDFC Bank savings account.

The net banking, mobile banking, and phone banking facilities enable you to access your savings account at your convenience. Additionally, you can benefit from special offers and benefits when you use the debit card linked to your savings account.

Interest Rates on HDFC Bank Savings Bank Deposits:

HDFC Bank Savings Account Interest Rates & Minimum Balance Required:

These rates are effective from 11 June 2020

The Savings bank account is always available to the customers with facilities such as Mobile Banking, Phone Banking and Net Banking. Convenience to access funds have been raised with the presence of over 11,000 ATMs. The savings accounts range from regular savings account to premium saving options that enables substantial savings.

RFC Savings (for Returning NRIs) Interest Rate:

Types of HDFC Savings Accounts:

A savings account is a zero balance account opened as an operative account for fixed deposits/investments, for day-to-day personal transactions, remittances to India, or for salary and payments, standing orders, and direct debits/savings. HDFC Bank offers the following Savings Account Schemes:

SavingsMax Account:

Higher interest can be earned on funds that are lying idle, through the automatic sweep out facility.

Regular Savings Account:

This account has been created for all your day-to-day banking requirements.

Women's Savings Account:

This account offers women a complete banking solution and caters to her financial, lifestyle and investment needs.

DigiSave Youth Account:

This account is specially designed for youth and enables them to perform online shopping through account and avail themselves of special discounts and offers.

Kid's Advantage Account:

This account scheme aims to develop money management skills in kids and is a great method to accumulate savings for your child.

Senior Citizens Account:

This savings scheme is solely for the convenience of senior citizens and comes with benefits in relation to health, investment, and other day to day banking solutions.

3-in-1 SmartInvest:

This account comprises of three accounts, such as trading account, Demat account, and savings account that enables you to invest your fund in the savings account to buy and sell securinties through trading account and hold the securities through demat account. All three accounts can be opened digitally and allow video KYC (Know Your Customer).

Saving Farmers Account:

This savings account is exclusively designed for farmers that protects them with free insurance coverage and waives off annual maintenance charge for the first year.

Special Senior Citizen Account:

To helps the senior citizen customer with easy banking facility, HDFC Bank offers Speciale Senior Citizen Account that caters to the needs of senior citizens and provides multiple benefits, such a s insurance coverage, dedicated relationship manager, complimentary doorstep banking, discounts on medicines, shopping vouchers and many more.

Super Kids Savings Account:

This savings account ensures the secure future of your kids by providing multiple benefits, such as insurance coverage, Sukanya Samridhi Account, health benefits, and educational benefits, apart from shopping facilities. This account also offers debit cards to kids above three years of age.

Basic Savings Bank Deposit Account:

This is a zero-balance savings account with free ATM Card (debit card), that meets all your banking requirements.

Institutional Savings Account:

This Zero balance savings account is made available for Trusts, Societies, Associations, Clubs, NGOs and so on.

Government Scheme Beneficiary Savings Account:

A zero-balance savings account that can be opened by the beneficiaries of government programs that comes with Super Saver accounts, safe deposit boxes, free RuPay Debit card, insurance benefits (up to Rs.2 lakh) and increased cash transaction limits.

BSBDA Small Account:

This is a zero-balance savings account that comes with a free ATM card, that gives access HDFC's large ATM network across India and helps to meet all your banking requirements.

Security of One View:

You'll be on a platform with a strong firewall with One View. One View employs 128-bit Secure Socket Layer (SSL) encryption technology to transport data. The platform is set up to automatically time out so that no one else can see your information. Because you cannot transact and can only view your account details, you can be confident that visiting your accounts is secure.

Multiple Account Access:

One View is a unique platform offered by HDFC that allows you to view multiple bank accounts held with different banks centrally. The participating banks include:

• Citibank
• HSBC India
• Standard Chartered

You no longer need to log in to every bank account individually to access net banking. You can set up 5 different bank accounts under One View. You need to only remember one password to access all your accounts along with your HDFC Bank account. The best thing about it is it's free! However, you need to activate HDFC net banking.

Features of One View:

With One View, you can view all your online bank accounts of HDFC Bank, Citibank, Standard Chartered Bank and HSBC Bank simultaneously. You can view the following details:

• Current or Savings account balance
• Fixed deposit summary
• Current or Savings account transaction history
• Citibank Credit Card balance
• Citibank Credit Card transaction history
• HDFC Demat profile
• HDFC Demat holding
• HDFC Demat status

SmartBuy:

SmartBuy is a separate platform by HDFC Bank which allows customers to compare prices across different websites and get the best deals on shopping and flights. Some of the brands include Amazon, Flipkart, Snapdeal, Goibibo, Cleartrip, OYO Rooms, eBay, and Booking.com. SmartBuy offers the following services :

• Flight Bookings
• Hotel Bookings
• Mobile Recharges

Customers can also shop on SmartBuy.com by viewing the best prices. Upon selecting the product of their choice, they will be directed to the merchant's website. Based on your city you can find the best deals and offers on:

• Electronics
• Smartphones
• Food and Dining
• Travel
• Beauty and Health

SmartBuy also has special offers for different methods of payment for purchases through SmartBuy. Customers can avail discounts and offers on the following payment modes:

• Credit cards
• Debit cards
• Netbanking
• Prepaid cards

SmartBuy helps customers find the best deals online for the product they are looking for by comparing different prices on different websites. Shop smartly on HDFC Bank's SmartBuy.

Features and Benefits of HDFC Savings Account:

The following are some of the significant features and benefits of HDFC Savings Account:

• The HDFC Savings account scheme offers various options to meet the requirements of different customers in a unique manner.
• It offers a complete banking solution that allows the customer and his/her family to benefit from one single account.
• With just one savings account customers can enjoy everything from health, investment, etc. to everyday banking solutions.
• Widest ATM networks across the country to meet all your banking needs.
• Free Net Banking, Mobile Banking and Phone Banking.
• Email account statements are sent out on a monthly basis.
• "Money Maximizer" (sweep-out) facility is provided on some savings accounts so that surplus funds can be put into high-earning fixed deposit at the threshold of Rs. 1,25,000.

• Account holders may be eligible for an annual locker fee discount of up to 30%. Your eligibility for the facility may be based on the kind of savings account you possess.
• Under the Sweep facility, when the deposit balance surpasses a pre-established threshold, it is automatically moved to a slab with an interest rate higher than the standard rate.

Documentation Required

Open HDFC Savings Account by submitting:

• Identity proof
• Address proof
• Latest passport size photographs
• Self-attested copies and originals for verification

Eligibility

The following are the eligibility criteria of HDFC Savings Account:

• Account can be opened by an individual singly or jointly, minors of the age of 10 years and above, minors under natural/legal guardianship.
• Resident individuals (sole or joint account)
• Hindu undivided families
• Foreign nationals residing in India - If you are a foreign national residing in India, you may open a Savings Account by attaching an QA 22 form stating sources of credit and a copy of your residence permit.

How to Open HDFC Bank Savings Account Online?

The steps to open an HDFC Bank savings account are as follows:

Step 1: Visit the official website of HDFC Bank or download the HDFC Savings Account app.

Step 2: Select the appropriate account type based on your needs.

Step 3: Enter your complete name, date of birth, address, PAN, and Aadhaar number.

Step 4: Provide supporting documentation to confirm your identity or a video KYC.

Step 5: After your documents have been verified, you will have access to your bank account.

How to Open HDFC Bank Savings Account Offline?

Here is how you can open an HDFC Bank savings account offline:

Step 1: Visit the branch of HDFC Bank.

Step 2: Request an account opening form and enter the requested information.

Step 3: Attach your address and identity proof documents.

Step 4: Make a minimum deposit into your account.

Step 5: Following the verification of your documents, your account will be activated.

HDFC Bank Savings Account Charges:

The following is the list of charges levied on the HDFC Bank Savings Accountholder for availing themselves for various services:

Basic Savings Bank Deposit Account (Farmers):

This account is designed specifically for farmers to help them enter the financial industry by offering a zero-balance savings account with no minimum deposit. IVR phone banking is available for free to account holders. To promote paperless and convenient transactions and cash withdrawals, HDFC Bank provides account users with a free overseas debit card. Net banking, mobile banking, phone banking, and branch banking are all options for accessing the account.

Features:

The following are the features of Basic Savings Bank Deposit Account (Farmers):

• No initial deposit required to open the account
• No average monthly balance required
• There are no charges levied for non-maintenance of the account
• There are no charges levied for activating a dormant account
• Free international debit card
• First cheque book is free
• Cash deposits can be made free of charge with no limits
• Cash withdrawals are limited to 4 free per month and subsequently at Rs.50 plus tax per transaction

Who can open a Basic Savings Bank Deposit Account?

Only specific individuals can open the BSBDA offered by HDFC Bank:

• Individuals who are residents of India
• Individuals must be an agriculturist or farmer having their own agricultural land or must have income from agricultural resources
• They account can be opened solely or jointly

How to Open a Basic Savings Bank Deposit Account?

To open this account, individuals can approach a branch of HDFC Bank and submit the following documents:

• Photograph
• ID proof as per the acceptable list of KYC documents
• Address proof as per the acceptable list of KYC documents
• Basic Savings Bank Deposit Account customer declaration

Fees and Charges:

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

FAQs on HDFC Bank Savings Account

1. How much interest can I earn from my HDFC Bank Savings Account?

   The current interest rate offered on funds in a Savings Account is 3.00% per annum for balances below Rs.50 lakh. Interest will be credited to a customer's savings account on a half yearly basis. For any updates on the interest rates offered, kindly contact one of HDFC Bank's branches.

2. Will my HDFC Savings Account be deactivated if it is not used for a long period of time?

   The account is categorized as a dormant account if the customer does not initiate transactions through the account for two years or more. If the account becomes 'Dormant', then transactions like Net Banking, ATM, Phone Banking, etc. are not permitted by the Bank.

3. Is it possible to activate my HDFC 'Dormant' Savings Account?

   Yes. All you have to do is visit a branch of HDFC Bank and submit a written request for the activation of your account. You will have to provide proof of identity and residence as well. Once you initiate a transaction from your account, it will become activated.

4. How can I add a nominee to my savings account in HDFC Bank?

   In order to add a nominee to his/her savings account, a customer has to get an application form from one of the Bank's branches or download it from the official website, and submit the duly filled application form at your nearest HDFC branch.

5. Can I transfer my Savings Account to another branch of HDFC Bank?

   Yes. But in order to do so you have to submit an account transfer form, which is signed by all applicants. Your account number, debit card, cheque book, etc. remains the same.

6. What is the maximum duration for which the Standing Instruction is valid, for a Kid's Advantage Savings Account?

   Standing Instruction is a mandatory requirement while opening a Kid's Advantage Account, and this is valid for a minimum tenure of 1 year. In case you feel the necessity of continuing the same, all you need to do is place a request at the nearest HDFC Bank branch.

7. Does the HDFC Institutional Savings Account come with a debit card?

   Yes. Authorised signatories of the Institutional Savings Account are eligible for a Business Debit Card.

8. Are unregistered institutions eligible to open an Institutional Savings Account?

   No. Only registered societies, trusts, clubs, associations, etc. can open an Institutional Savings Account.

9. Are foreign currency deposits accepted through Institutional Savings Accounts?

   No. Institutional Savings Accounts can be used only for domestic transactions and not for foreign contributions. A separate FCRA account has to be opened for receiving foreign contributions.

10. Can I switch my HDFC savings account from one type of account to another?

    Yes, you can upgrade or switch to any other HDFC Bank savings account as per your requirement. To switch accounts, you need to visit the nearest HDFC Bank branch or call the customer care service to contact the relationship manager.

11. What is the frequency with which interest is credited to my HDFC savings account?

    Interest generated on the balance of your savings account with HDFC Bank is credited on a quarterly basis to your account.

12. Do I need Aadhaar to create an account with HDFC Bank?

    No, it is not mandatory to provide Aadhar to create a savings account with HDFC Bank.

13. Can I open a savings account in HDFC with zero balance?

    Yes, you can open a savings account in HDFC with zero balance, as some of the savings accounts with HDFC Bank offer a zero-balance maintenance facility along with unlimited cash withdrawals.

14. What is the rate of HDFC saving account?

    The interest rate of HDFC Bank savings account for an amount less than Rs.50 lakh and any amount above this are 3.00% and 3.50%, respectively.

15. What is the maximum limit for HDFC zero-balance account?

    The maximum limit for a HDFC zero-balance account is Rs.50,000 and the threshold amount for fund transfer and withdrawal is Rs.10,000.

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