A savings account is a most common type of account used by Indian citizens. This type of a savings account allows an individual to deposit money in a safer way and you can withdraw the funds any time you want that too by earning interest. Savings account is a liquid investment, you can use the money whenever you want at your own ease. When compared to other investment schemes like Fixed deposits, a savings account comes more handy due to its feature that money can be withdrawn any time without paying any fees. Every lender provides an option to open a savings account, HDFC Bank (The Housing Development Finance Corporation Limited) founded in 1994 has some amazing features related to such an account.
Features and Benefit Of HDFC Savings Account
- HDFC Bank savings account is a complete solution for the customers, customers can enjoy the health benefits, investment benefits and other banking services.
- ATMs of the bank are available across the country
- A customer is also offered with services like free net banking, mobile banking and phone banking.
- An account holder is provided with an Email account statements every month
- Some of the savings accounts are provided with a facility of “Money Maximizer”, with that facility surplus funds are put into high earning fixed deposits.
To open the document you will be required to submit the following documents:-
- Identity proof- Aadhaar card/ PAN card/ Driving license
- Address proof- Passport/Voter Id/Ration card/Driving license/Recent electricity or telephone bills
- Passport size photographs
- You will have to submit the originals for verification and self attested copies.
Eligibility criteria to open the account
- Any individual who is above 10 years can open the account individually or co-jointly, a minor’s account should be opened under 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.
Interest Rates on HDFC Bank Savings Bank Deposits
|Particulars||Rate of Interest|
|Balance below Rs. 50 lakh||3.50% per annum|
|Balance of Rs. 50 lakh and above.||4.00% per annum|
Types of savings account offered by HDFC Bank
|Savings Account||Rate of Interest||Balance Required|
|SavingsMax Account||4.00%||Rs 25,000|
|Regular Savings Account||4.00%||Rs. 10,000 (urban branches), Rs. 5,000 (semi-urban branches), Rs.2,500 (Rural Branches)|
|Women’s Savings Account||4.00%||Rs. 10,000 (Urban branches), Rs. 5,000 (Semi Urban branches)|
|Kid’s Advantage Account||4.00%||Rs. 5,000|
|Senior Citizen Account||4.00%||Rs. 5,000|
|Family Savings Group||4.00%||Rs. 40, 000|
|Basic Savings Bank Deposit||4.00%||Not Required|
|Institutional Savings Account||4.00%||Not Required|
|BSBDA Small Account||4.00%||Not Required|
HDFC Bank has following Savings Account Schemes:-
- SavingsMax Account– This account is offered to people who want to keep a minimum balance of Rs 25,000 and high returns can be earned from that. It also has a sweep out facility.
- Regular Savings Account- In this type of account an individual is offered with 24*7 banking services to meet all day to day requirements.
- Women’s Savings Account– This type of a saving account is specially customised for women to fulfill their financial, investment and lifestyle needs.
- Kid’s Advantage Account- This account helps build the child’s future. The bank allows children to operate the bank.
- Senior Citizen Account- Under this saving scheme senior citizens get free lifetime debit cards as well as free insurance benefits.
- Family Savings Group– This type of savings account is for the entire family, it gives the entire banking solution to all the entire family under one account.
- Basic Savings Bank Deposit- This account type is a zero balance savings account where an investor is not required to have a minimum balance.
- Institutional Savings Account– Trusts, Societies, Associations, Clubs, and NGOs open institutional savings accounts, this is also a zero balance savings account.
- BSBDA Small Account– This is another type of account where no minimum balance is required and there are no annual maintenance charges as well.