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InstaAccount: How to open HDFC Savings Account Online

HDFC Bank has introduced online account opening of savings account. Customers can open a HDFC bank account instantly online through InstaAccount.

As the world gets its feet back on track, staying at home and limiting exposure to other people is still the best way to avoid spreading the disease. In this current scenario, you need not go to a bank to carry out banking transactions. Banks offer a host of facilities to customers through their Net Banking and Mobile Banking application. Keeping in mind the situation, HDFC Bank has introduced online account opening of savings account and salary account. Customers who don’t have an HDFC Bank account can open a bank account instantly online through InstaAccount.

Individuals can open different types of HDFC Bank savings account such as HDFC Bank Regular Savings Account, HDFC Savings Max, DigiSave Youth Account.

Interest Rate on HDFC Bank Savings Account         

The bank calculates the savings account interest on the daily closing balances maintained by the customer.

Savings Account BalanceRevised Rate w.e.f 15th April, 2020
Below Rs 50 lakh3.25%
Rs. 50 lakh and above but less than Rs. 500 Crore3.75%
Rs. 500 Crore and aboveRBI Repo rate + 2 basis points

Things to keep in mind before opening HDFC Bank savings account online

  • You can open the account through Aadhaar, Passport, Driving License or Voter’s ID. However, in case you are using the Passport, Driving License and Voter’s ID, you have to visit the bank branch to complete the account opening process.
  • You can open your account through Aadhaar if you haven’t  opened an online saving account through the Aadhaar OTP verification such as a Kotak 811, Axis ASAP, etc.
  • As the account is opened online, complete the KYC process within 12 months to continue using your account.
  • E-KYC account has restrictions on spends and deposits. There are no such restrictions after you complete the full KYC process.
  • While opening savings account online, the minimum average balance of the account will apply. You may have to pay an penalty for not keeping the minimum average requirement. Click here if you want to check out the different zero balance savings account that you can open online.   

Features of HDFC InstaAccount

  • Individuals without an existing HDFC Savings Account can open the HDFC Bank savings account online.
  • Interested customers should be 18 years of age or above.
  • To open the account, PAN card, any valid KYC document and mobile number is required.
  • Customers get their account number, and other bank details instantly.
  • Account holders can access their account through net banking or mobile banking.

How to open HDFC Savings account online

Opening an HDFC Savings Account online takes a few minutes. You will receive the account details after the account is opened and carry out banking transactions such as fund transfer instantly.

  1. Enter your mobile number that you want to link with your bank account. Enter the CAPTCHA code.hdfc savings account opening online

  2. Add the OTP that you have received on your mobile number and click on ‘Proceed’.

  3. In the next screen, you will see a list of four KYC documents through which you can open the InstaAccount.hdfc savings account online

  4. Add the required document type and document number.

  5. If you have opted for Aadhaar, you can carry out your Aadhaar authentication through OTP or scanning the Aadhaar QR code.hdfc savings account opening online

  6. Click on ‘Request Verification Code’.

  7. Add the OTP that you have received on your Aadhaar registered mobile number and click on ‘Proceed’.

  8. Now you will get the option to select the savings Account of your choice.

  9. Select your nearest branch. If the account has a minimum average balance, it will show the required minimum average balance.

  10. Add other required details and upload your photograph.

  11. Add your PAN on the space provided. You can also upload a soft copy of your PAN. However, it is optional. 

  12. In the next step, you need to add your address details. If your present address differs from your Aadhaar address, you can add a communication address as a mailing address.  You will receive your debit card and other communications from the bank in this address.

  13. Select the appropriate occupational details from the drop list. If you are a student, you can select ‘Others’.   

  14. You can choose whether you want to use your Aadhaar as the identification and address proof.

  15. Next add your nominee details such as their date of birth and your relationship with them. It is important to add your nominee.

  16. In the Extended KYC part, select the state and city of your birth. Also check the relevant boxes where you need to accept that you are a resident.

  17. After verifying the details you have filled in the online form, click on ‘Confirm.

Your account is created and you will receive the account details such as account number, IFSC code. You can set up your net banking passcode.  


FAQs

Can I open HDFC account online?

Yes. You can open an HDFC Bank savings account of your choice online.

What is HDFC Bank InstaAccount?

HDFC Bank InstaAccount is online savings account that you can open instantly from the comfort of your home. You can start banking within a few hours after account opening process. After the full KYC process, the account is converted into a normal savings account.

How do I open an HDFC Bank savings account online?

You can open HDFC savings account online by downloading the HDFC Bank Instant Account app from Playstore or through the bank’s website. If you are on your mobile, you can click here to download the app from the Playstore. Or, click here to open the account through the bank’s website.

What documents will I need to open the HDFC savings bank account online?

You will need your PAN, Aadhaar number, a soft copy of your photograph to open the account

Who can open an HDFC Bank digital savings account?

Resident Indian individuals above 18 years of age without an existing HDFC Bank account can open the digital savings account.

My mobile number is not linked to Aadhaar. Can I open the instant savings account?

If your mobile number is not linked to Aadhaar, then you use other KYC documents such as Passport, Driving License and Voter ID card. However, when you use the other documents, your account will not be created instantly and you have to visit the nearest HDFC Bank branch before the bank issue the account number.

Can I open the account without PAN card?

PAN card is required if your annual income is more than Rs. 2.5 lakhs.

Is Aadhaar card mandatory to open an HDFC Bank online savings account?

No. Aadhaar is not mandatory to open a savings account. However, visit the bank branch before you can get your account up and running.

What are the limitations of this account?

Customers can keep a maximum of Rs.1 lakh in their account at any point in time and make transactions worth Rs.2 lakhs in 12 months. You can complete the full KYC to remove these limitations.

What will happen if I complete the full KYC process within 12 months?

The account remains active for 12 months. If you don’t complete the full KYC process, bank will deactivate your account.

Can I open a zero balance account online?

You can open the savings account of your choice online. The minimum average balance of a regular savings account is Rs.10,000.

Do I need to keep any minimum average balance in the HDFC Bank savings account opened online?

The minimum average balance requirement will depend on the savings account opened online.

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