A savings account is bank account where customers can keep their money safely and earn modest returns. HDFC Bank is one of the popular banks in the country. HDFC Bank provides several types of savings account for every type of customer.
How to Open HDFC Bank Savings Account
Customers can open HDFC Bank Savings by visiting a bank branch, online or video KYC.
Video KYC
HDFC Bank launched video KYC process for their new savings account customers. Customers can open different types of savings account and verify their KYC through video-based interaction with a bank official. You can complete the KYC process from the comfort of your home without visiting a bank branch.
You will need your original PAN and Aadhaar to open HDFC account through Video KYC.
Complete the online account opening form available on the Bank’s website or by downloading the Insta Account Opening App. You will be connected to a bank official who will carry out the KYC process.
You can open instant savings account or instant salary account through the instant account opening process. You will need a mobile number registered with Aadhaar, PAN and Aadhaar.
The instant account opening is easy and you will receive your account number and customer ID after you open the Insta account.
Visit a bank branch
You can also visit the bank branch and open a savings account by filling out physical forms and submitting the necessary the KYC documents.
Interest Rate on HDFC Bank Savings Account
Interest on HDFC Savings Bank account is calculated on the end of day balances maintained in your account. They pay the interest every quarter. The interest rate is revised from time to time.
Current interest rate on savings account effective 11th June, 2020
Savings Bank balance
Revised Rate w.e.f 11th June, 2020
Rs. 50 lakh and above
3.50%
Below Rs 50 lakh
3.00%
Interest rate on HDFC Bank Savings Account
Types of HDFC Bank Savings Account
HDFC Bank offers several types of savings account for different categories of customers. Here are different HDFC Bank Savings Account.
1. InstaAccount – Instant Savings Account from HDFC Bank
The Insta Account is the HDFC Bank’s digital instant account. New to bank customers can open a savings account instantly after adding the required details such as PAN, Aadhaar number and authenticating your details by adding the OTP sent to your registered mobile number.
2.SavingsMax Account:
HDFC Bank provides the SavingsMax Account for customers who, by the literal name of the account, want to maximize their savings effectively. Features of the SavingsMax Account are:
Free access to your account via your mobile, laptop or computer.
Free lifetime Debit cards with which you can earn up to 1% Cashback on every transaction with a Platinum Debit Card.
You are eligible to a free insurance cover where you are entitled to receive an accidental hospitalization cover of Rs 1,00,000/- and an accidental death insurance cover of Rs. 10,00,000/- (restricted to vehicular accidents only). You are also qualified to receive an assured sum of Rs. 2,00,000 for items purchased under a Debit card under claims of Fire & Burglary. *
As a SavingsMax Account holder, you will receive 50% discount on locker rental*
Free balance enquiries and cash withdrawals from any HDFC Bank ATMs and other domestic Bank ATMs.
Free BillPay and InstaAlerts, e- Statements and passbook facilities for all savings account holders.
Enjoy special offers and discounts
3.Regular Savings Account:
If you wish to avail the SavingsMax account, HDFC has also made provisions for a regular savings account to satisfy your requirements. Benefits of a regular savings account is as follows:
Easy bill payment options.
Receive free transaction alerts through your mobile or mail as well as receive free monthly statements.
Top- notch service of a wide range of branches and over 12, 259 ATMs to satisfy your needs and answer your queries.
Free passbook and e- statement facility.
Receive the best security with a personalized chequebook with your name on each cheque leaf.
4.Women’s savings account:
HDFC offers a women’s savings account, encouraging women to be financially independent and work towards meeting their own investment, banking and lifestyle needs. Features of a Women’s savings account are:
Accidental Death cover of Rs. 10,00,00 and accidental hospitalization cover of Rs. 1,00,00.
Revel in exclusive benefits for shopping on selected brands.
Receive preferential rates on loans.
Receive additional international air coverage of Rs. 25 lakhs when purchasing your air ticket with your Debit card.
Free passbook facility and e- statement facility.
5.Senior citizens account:
As senior citizens bank account holders, you can avail the below listed benefits which are crafted to particularly meet the needs of senior citizens:
Avail additional security with a free insurance cover.
A primary savings account holder receives a free Debit card
20% off on Apollo Pharmacy branded products
Earn monthly reward points by shopping with brans across different categories like groceries, railway, pharmacy, etc.
Receive preferential rates on fixed deposits.
Easy banking with facilities like Mobile Banking and Net Banking.
6.Kids Advantage Account:
HDFC Bank encourages parents to instill values of saving and independence with the help of this product. The features of the Kids Advantage Account are as follows:
Avail the Money Maximizer i.e. sweep out facility. This means that you can earn a higher interest on an additional balance maintained in your savings account.
Secure the future of the child with the Free Education Cover facility in case of the parent/ guardian’s passing.
Receive a free multicity chequebook when you open the bank account.
Free Net Banking facility for parents/ guardians to monitor this savings account.
A Kids Advantage Account is applicable only for children under 18 years of age.
This is a technology- driven savings account perfectly tailored to meet the specific needs of the youth. Benefits of this saving account are:
Account holders are qualified to use Payzapp to avail special offers monthly on movies, shopping, travel.
Rs. 250/- off on movies if the account holder meets the required balance and is digitally active monthly on HDFC Bank Platforms.
For every Rs. 150 spent on shopping, you can earn up to 2 Times Points.
Unique benefits and special rates on Educational loan.
With the Systematic Investment Plan, account holders can invest small amounts on a weekly or monthly basis in HDFC Bank’s Investment Services which is linked to the DigiSave Youth Account.
8.Government/ Institutional Savings account:
The Government/ Institutional Savings Account by HDFC Bank has simplified online payments and collection of donations. Its features include:
This is a zero balance account. This means that you do not need to maintain a minimum balance in the account, nor will they will charge you for having a low balance in your saving account.
Unlimited and free Demand Drafts at any HDFC Bank branch.
You can HDFC Bank’s corporate payment software Enet to make online payments.
Free monthly statements or daily/ weekly statements by email.
9.Government Scheme Beneficiary Savings Account:
This savings account is a customized bank account for beneficiaries who are under various government schemes and institutions. Its benefits are:
No minimum balance required
Free RuPay Debit Card
24×7 access to banking platforms and solutions
Higher cash transaction limit of Rs. 1,00,000 per month
10.Basic Savings Bank Deposit Account:
This account is for people who don’t have any savings account. It is a zero balance account with no initial requirement.
The features of this saving account include:
Safe Deposit Locker and Super Saver facility.
All individual savings account holders can avail the free passbook facility.
4 free withdrawals per month including NEFT/ATM/Branch Cash Withdrawals/Transfer/EMI, etc.
The bank will convert this account to a regular savings account in case of more than 4 withdrawals.
Customers without complete KYC (Know Your Customer) documents can avail this savings account. Its features are:
Access your account with a free RuPay Card.
Free cheque and cash deposits at HDFC Bank branches and ATMs.
No charge for e-mail statements.
There is also a specialized basic savings account scheme for the farmers wherein there is no requirement of minimum account balance. Even the overall process of opening a savings bank account with the HDFC Bank is very simple and requires minimal documentation.
To conclude, as a customer looking for the best savings account, you can freely take advantage of the above listed features and more to enjoy a safe and hassle- free banking experience!
