Being one of the most trusted and sought after banking institutions in India, HDFC bank is committed to providing the best of services to its clients. One of which is it’s savings account option.
In this post, we will learn how to open HDFC Bank savings account, it’s features & benefits, HDFC Bank savings account interest rates and other necessary details that will help you make the right decision.
HDFC Bank Savings Account Interest Rate
Effective 6th April 2022, Rates of Interest for Savings Bank Accounts have been revised as below:
|Savings Balance||Interest Rate per annum|
|Less than Rs 50 lakh||3 %|
|Of and above Rs 50 lakh||3.50%|
Savings Bank interest will be calculated on the daily balances maintained in your account.
Savings Bank interest will be paid at quarterly intervals
(Disclaimer: Interest rates are subject to changes. Please check the official bank website for the most recent data.)
Types of HDFC Bank Savings Account
HDFC Bank Regular Savings Account
- Comes with a Millennia Debit card (metro/urban locations) or a MoneyBack Debit card (semi-urban and rural locations)
- Safe deposit Locker system is available
- Minimum balance requirements: A minimum monthly average balance of Rs 10,000 (urban branches), 5000 (semi-urban branches), 2500 (rural branches) and the same amount of initial deposit for all the branches is mandatory
- Eligibility: Resident Individuals (sole or joint account) , HUFS , Foreign Nationals residing in India , Minor above the age of 10 years
HDFC Bank Savings Bank Account
- A Free platinum debit card with exciting cash back offers
- Unlimited free ATM transactions on HDFC and any other banks\
- Free insurance cover (conditions apply)
- Minimum balance requirements: Rs 25,000 or more Average Monthly Balance to be maintained or meeting the FD criteria as per branch location
- Eligibility: Resident Individuals (sole or joint account), HUFS, Foreign Nationals Residing in India, Minor above 10 years of age
HDFC Bank Women’s Saving Account
- Accidental Death cover of Rs 10 lakhs, accidental Hospitalisation cover of Rs 1 lakh ( conditions apply)
- Comes with Money Maximizer: Higher rates of interest apply on savings amount (available on request)
- Comes with an Easy Shop Woman’s Debit Card with exciting offers and benefits
- Minimum balance requirements: Average monthly balance and initial deposit of Rs 10,000 (Metro-Urban branch), Rs 5,000 (semi-urban branches) and Rs 2,500 (rural branches) is mandatory
- Eligibility: : First account holder should be woman, Resident individuals, Foreign Nationals Residing in India
HDFC Bank DigiSave youth Account
- Comes with a HDFC Bank Millennia Debit card (exciting cashback offers and rewards)
- Free Net banking and Mobile banking services for ease of transaction
- Special offers on Forex cards and Education loans
- Minimum balance requirements: A minimum average monthly balance and initial deposit of Rs 5000 (Metro/urban branches) and Rs 2,500 (semi-urban/rural branches) is required
- Eligibility: Resident Individual and should be of age 18 years to 25 years
HDFC Bank Senior’s Citizen’s Account
- Free Insurance Cover: Accidental Hospitalisation of Rs 50,000, Death cover by Air/Road/Rail of Rs 5 lakhs (conditions apply)
- Free Debit Card facility for the primary account holder with exciting benefits such as Merchant discounts: Apollo pharmacy -20% off on branded products and much more
- Doorstep banking facilities for seniors above 70 years’ age
- Free passbook, emails and SMS alerts, Free Payable-at-par cheque with no usage charges and many more
- Minimum Balance requirements: A minimum amount of Rs 5000 is required as an initial deposit for account opening and same is to be maintained as average monthly balance
- Eligibility: Resident Individual in the age group of 60 years and above and incase of a joint account the first applicant must be a senior citizen
HDFC Bank Saving Farmers Account
- Easy Moneyback Debit card provided with Daily Domestic ATM withdrawal limits of Rs 25,000 and Daily Domestic Shopping limits up to Rs 3 lakhs
- 24X7 Concierge service
- Get personalised cheques with your name printed on each leaf
- Minimum account balance requirements: Rs 2,500 Average Half Yearly Balance to be maintained
- Eligibility: Resident Individual Farmers (sole or joint account)
HDFC Bank Speciale’ Gold and Speciale’ platinum Savings account
- Epicure preferred membership available at Taj, SeleQutions and Vivanta hotels
- Provides Exciting rewards and shopping vouchers
- Health care benefits: Apollo pharmacy vouchers worth Rs 1,000, Insurance cover up to Rs 10 lakhs on your platinum Debit card, Air Accident cover Rs 3 crore (conditions apply)
- Free personalized Platinum Debit Card
- Free ATM transactions, High transaction limit , No charges on cheque books and much more
- Minimum Balance requirements: Minimum Quarterly Balance Rs 1,00,000 (Speciale’ Gold) and Rs 3,00,000 (Speciale’ Platinum)
- Eligibility: Resident Individual above the age of 18 years
HDFC Bank Super Kids Savings Account
- Free Education Insurance Cover Rs 5 lakhs in the event of death of parent/guardian
- My passion Fund: Starting from Rs 1,000 a child can deposit money whenever to realise his/her dream and make them a reality
- Free personalised Debit card Provided only to minors above 3 years of age with the guardian’s permission
- Free ATM transactions with HDFC Bank and all other domestic banks with a cash withdrawal limit of Rs 2,500
- Minimum balance requirements: Rs 1 lakh Average Quarterly Balance
- Eligibility: Account can be opened until the child is a minor (i.e. up to 18 years of age) and if you need to have a HDFC savings before opening a super kids savings account
HDFC Bank Kids Advantage Account
- Free Education Cover of Rs 1 lakh in case of Death of Parent/Guardian
- Free Money Maximizer Facility available
- Personalised Debit Card Provided with Guardians permission
- Free withdrawals at any bank ATM
- Minimum average balance requirements: Rs 5,000 Average Monthly Balance should be maintained
- Eligibility: Account can be opened until the child is a minor (i.e. up to 18 years of age) and if you need to have a HDFC savings before opening a kids advantage savings account
HDFC Bank Institutional Savings Account
- Provides Free and Unlimited DD at HDFC Bank branches
- Easy online salary payments, vendor payments etc. are facilitated by a corporate payment software, E-net
- You can manage your fees collection, donations etc. through various payment modes by linking them to HDFC’s Payment Gateway, POS Terminals, Payment Kiosk etc.
- Minimum balance Requirements: zero Average monthly balance
HDFC Bank Government Scheme Beneficiary Savings Account
- Zero Balance account
- Higher Cash transaction limit of Rs 10 lakh per month
- Personal Accidental death and permanent disability cover up to Rs 2 lakhs ( conditions apply)
- RuPay premium Debit Card provided
- Comes with personalised cheque, safe Deposit Lockers and much more
- Eligibility: Resident Individuals (sole or joint account) , Minor above the age of 10 years and an Debit card can also be issued to the minor
HDFC Bank Basic Savings Bank Deposit Account (BSBDA)
- Comes with a Free Rupay Debit Card
- Free Lifetime BillPay
- 4 Free withdrawals per month including cash withdrawals (ATM/Branch/IMPS/Fund Transfers etc.)
- Provides free 25 Cheque leaves per financial year
- Minimum balance requirements: No initial deposit and No average monthly balance needs to be maintained
- Eligibility: resident Individuals (sole or joint account, HUFS, Customer should not hold BSBDA account or any other banks and should not hold any savings account with HDFC Bank , Minor above the age of 10 years
Features of HDFC Bank Savings Account
- Zero balance account: HDFC Bank caters to the needs of people from varying income classes who need not worry about meeting the minimum balance requirements
- Attractive interest rates: HDFC bank offers attractive rates of interest on dormant balance in savings accounts. The higher the amount the more it grows.
- Wide range of Account types: HDFC Bank acknowledges the needs of each and every customer and provides them with the type of savings account that they will benefit the most from. Family savings account, senior citizen savings account, student accounts and much more
- Free transactions: Customers can easily get tired of paying service charges and transaction fees, so HDFC Bank offers them for free or on a nominal charge on many types of savings accounts which makes the whole process hassle-free
- Debit Card: HDFC Bank provides its users with debit cards which can be used for a range of banking services, online purchases, cash withdrawals and much more
- SMS and email alerts: HDFC Bank also provides for SMS Banking facilities where consumers can check their account balance, know their transaction history and receive SMS alerts.
- 24X7 customer service: The customer care services are available 24/7 to assist the clients with any queries
How to open HDFC Bank Savings Account Offline?
The HDFC Bank offers various kinds of savings accounts that cater to diverse individuals’ requirements.
STEP 1: Visit your nearest HDFC Bank branch
STEP 2: Ask for an application for opening a savings account and fill it up with all the necessary details
STEP 3: Choose the kind of savings account that fits your need
STEP 4: Carry your identity proof and address proof documents (Aadhar cards, PAN card, voter ID card, Passport size photograph, utility bills etc.)
STEP 7: Submit the application form and depending on the minimum balance requirement, an initial deposit is to be made depending on the account type.
STEP 8: After the documents are verified successfully you will receive your account information and details.
STEP 9: Once the activation of your account is complete, you can start using it for transactions, withdrawals and much more.
How to Open HDFC Bank Savings Account Online?
There are certain types of HDFC bank savings account which can be opened online. Understated are the steps to open such an account online:
STEP 1: Visit the HDFC Bank’s official website
STEP 2: In the Homepage as you scroll down you will find the “save” tab. Hover over it and then go to the “accounts” section and choose the “savings account” option. Choose the type of savings account you want and click on “Open instantly”
STEP 3: Enter your number and select the KYC option.
STEP 4: Fill in the details asked for in the form (Name, Address, Contact Number)
STEP 5: Keep all the necessary documents ready
STEP 7: A bank representative will get in touch with you and guide you through the process of opening an account and getting the KYC done.
Once your account is activated, you will receive a text alert on your registered mobile number.
Documents required for opening HDFC Bank Savings Account
The applicant is required to submit following documents:
- Two latest Passport Size Coloured Photographs
- A duly filled up Account Opening Form (AOF)
- Copy of PAN Card/ Form 60 (with reasons of not having PAN Card)
- KYC (Know Your Customer) Form with Documents: Proof of Identity & Proof of Address
- Proof of Date of Birth (DOB) in case of Minor & Senior Citizen
When the customer submits all the above-mentioned documents for opening the account, the bank will verify the documents and the details mentioned in the application form in order to ascertain whether they are eligible for the savings account or not.
Eligibility for Opening HDFC Bank Savings Account
1. Qualified NRIs, HUFs, and Indian residents may open savings accounts at HDFC Bank.
2. The account holders must be at least 18 years old, or of legal age of majority.
3. People who are under 18 or who are considered minors have the option of creating an account with their parents or other legal guardians.
4. There is also the opportunity to create accounts with HDFC Bank for companies, enterprises, partnerships, estates, sole proprietorships, and other body corporate.
5. The person who wants to open an account must meet the requirements established by the Reserve Bank of India and must present the required address evidence.
6. For several types of savings accounts, the user is required to maintain a minimum account amount; therefore, the user must be fit to maintain the same.
Benefits of Opening an HDFC Bank Savings Account
The following are the advantages of opening a savings bank account with HDFC Bank are explained here:
- With a comprehensive range of account selections, the bank confirms that they take care of specialised requirements of each and every type of customer looking to open a bank account.
- It brings personalised savings option and benefits for women, senior citizens, children and salaried individuals with diverse support and interest rates depending on their necessities.
- Opening a HDFC Bank savings account, makes it hassle-free for the customer to look for credit and loans from the bank in form of personal loans, home loans and business loans.
- Customer support is delivered at every step and is provided 24*7 to the consumers through various mediums ensuring consumer satisfaction and faster query resolution.
- In certain types of savings accounts, various cash back offers, shopping discounts, healthcare allowances are provided to benefit the customers.
- There are many ways to initiate fund transfer, making the procedure quite easy and hassle free. NEFT, RTGS and IMPS are some of them.
- Customised services are delivered to consumers to make their experience better. These include doorstep banking, personalised account packages etc.
- No minimum balance accounts and flexible minimum balance encourage needy citizen and minors to open bank account and enjoy the benefits of banking, therefore building an equal society.
HDFC Bank Savings Account vs. Current Account
The bank provides both savings account and current account option to its consumers based on their needs. Below are certain differences between the two to help you choose what you want:
- Customer Use: Both savings account and current account are distinct type of accounts that serve different purposes. Typically, people who want to save money and want to grow the funds over a period time choose savings account while Current accounts on the other hand are intended for businesses and people who make a recurrent transactions of higher amounts.
- Minimum Balance Requirement: While savings account usually caters to the common man and salaried individuals, they have lower minimum balance requirements as compared to Current accounts which have a higher minimum balance requirement due to its use in larger transactions.
- Interest Rates: Usually the rate of interest on savings is higher which helps the people who want to grow their savings though current accounts do not offer any interests on the funds that is idle in the account
- Transaction Limit: Typically, current accounts are used for more frequent transactions and consequently they do not have any fixed transaction limit but savings accounts have a limit on transactions as constant withdrawals deter the savings’ growth
- Overdraft: Current accounts mostly provide overdraft privileges, which let people as well as establishments withdraw more money than their existing amount which is typically unavailable with savings accounts.
To summarize, it is wise to note that the reasons why savings account and current account are used are quite different from each other. Recipients use the account for various resolutions and for their unique features. It is advisable to customers to check which type of account satisfies their requirements and needs and select the type of account based on those factors.
Tabular Comparison of HDFC Bank Savings Account vs. Current Account
|Interest Rate||Usually Higher||Usually Lower|
|Minimum Balance||Required (in some)||Required (in some)|
|Overdraft||Limited||Can be availed with interest|
|Transaction Fees||Usually low||Usually high|
|Cheque Book Issuance||Complementary but limited number of leaves||Chargeable|
Modes of Transferring Funds from HDFC Bank Savings Account
There are multiple ways provided by HDFC Bank to transfer fund from savings account. Some of the most popular models are:
1. NEFT: NEFT is one of the most used electronic fund transfer methods to transfer funds provided by the banks. To assist a transfer one simply has to provide the beneficiary’s bank account details and the amount.
2. RTGS: Similarly, RTGS is also one the methods of online funds transfer used to handle large amount of money transfer to other bank accounts (Min. 2 lakhs & no max limit)
3. IMPS: IMPS is used to transfer a fund instantaneously which is available 24/7. Even on holidays one can use this system. Necessary Parameters: Beneficiary’s mobile number and MMID (Mobile Money Identifier) or Account Number and IFSC code.
4. UPI: With cashless transactions, UPI’s use has gained major reputation. It is an easy, secure and dependable medium of fund transfer via one’s UPI ID (Unified payment interface)
5. Cheque: Cheque is a written document which permits a bank to transfer a specific amount of funds from a person’s account to the person or institution whose name is addressed in the cheque
Steps to Transfer Funds from HDFC Bank Savings Account
The following steps can be followed for online transactions from your HDFC Bank savings account:
STEP 1: Log in to your HDFC Bank net banking account by entering your registered ID and password
STEP 2: Find the option of “PAY” and click it.
STEP 3: Choose the mode such as NEFT or IMPS etc.
STEP 4: Enter beneficiary details.
STEP 5: Enter the amount you want to transfer.
STEP 6: Evaluate the details and confirm them.
STEP 7: Authorize the transaction by entering the transaction password and OTP.
Once the transaction is complete, you will receive an alert on your registered mobile number.
HDFC Bank Customer Care
Call – 1800 202 6161/ 1860 267 6161 (Access all over India)
Dedicated customer care line for Imperia account, Diners Black Credit Card and Infinia Credit Card holders : +9122 6171 7606
Visit the website at hdfcbank.com for more information.
HDFC Bank Savings Account: FAQs
No, for security reasons it will only be delivered by post.
Yes, you can open your savings account online through HDFC Bank’s online portal. It depends on the type of savings account.
Yes, there are certain types of account that provides zero balance requirements
After you login , search for the “change password” option that is available on the top part of the screen. You have to type in your current password and a new password of your choice in the respective boxes
There is a wide selection of savings accounts available in HDFC Banks’ domain such as BSBDA account, Women’s saving account, DigiSave youth savings account and many more