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HDFC Bank Savings Account

Updated on October 2, 2022 , 27974 views

HDFC Bank is the largest bank in India based on Market capitalisation (as of March 2020). It was established in 1994 and is headquartered in Mumbai. The bank offers a wide Range of Savings Account schemes that serve the diverse requirements of people for banking and financial purposes.

HDFC bank saving accounts provide world-class banking facilities and services to its customers. While choosing the saving scheme, you can compare and choose the account that best suits your needs.

HDFC Bank

Types of HDFC Bank Savings Account

SavingsMax Account

With SavingsMax account, you can enjoy automatic sweep-in Facility on idle money and earn more interest rates. The account offers a lifetime platinum Debit Card along with an accident hospitalisation cover of Rs. 1 lakh. One of the best benefits of this account is that you can make unlimited cash withdrawals at ATMs. You also get other advantages like free Demand Draft, passbook, e-mail statements, etc.

Women’s Savings Account

As the name says, this account is specially designed for women and it offers a range of benefits like- Rs. 1 cashback for every Rs 200 spent, about 2% lower interest rate on loan over two-wheelers, etc. Women's saving account allows you preferential rates on loans, free folio maintenance charges on a Demat account for the first year, free lifetime BillPay for all account holders, etc. Overall, this HDFC bank savings account offers a wide benefits for women.

Regular Savings Account

This is another type of HDFC savings account designed to meet all your banking needs. You can pay your bills safely and conveniently with BillPay service. As part of banking facility, you will be getting a free personalised cheque book along with an International Debit Card. The bank also provides you with deposit lockers.

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Senior Citizen’s Account

This account is for encouraging savings among senior citizens. You can enjoy preferential rates on fixed deposits (FDs). Moreover, you get an accident hospitalisation reimbursement cover of Rs. 50,000 per annum. Senior citizens can claim a daily cash allowance of Rs. 500 per day for 15 days of hospitalisation.

Kids Advantage Account

This account by HDFC is designed to help you build the funds for your child's future needs. That is why you can access only limited funds through this account. You can deposit Rs. 1,000 every month. The bank also gives a free education insurance cover of Rs. 1 lakh. The account comes with a Debit/ATM card. You can open this account if your child is a minor (under the age of 18 years).

Institutional Savings Account

This saving fund is Ideal for NGOs & institutes that is designed for easy payment. Through this account, you can manage collections of fees, donations, etc., via various online modes, for instance by linking this account with our POS terminals, payment gateway, payment Kiosk etc. The bank offers free and unlimited Demand Drafts at HDFC bank locations, payable at a Par cheque book with no usage charge, etc.

Basic Savings Bank Deposit Account

This is a Zero Balance Savings Account by HDFC. On this account, the bank offers you a free RuPay debit card along with four free cash withdrawals at branch per month. Resident individuals, HUFs, minors above the age of 10 are eligible to open this account. There is no initial payment is required to open this account.

Government Scheme Beneficiary Savings Account

This is again a zero balance account offered by HDFC. You can choose a premium debit card to match your banking needs. The account offers a higher cash transaction limits of Rs.10 Lakh per month. Residents individuals and minors above the age of 10 are eligible to open this account.

Basic Savings Bank Deposit Account (BSBDA) Small Account

BSBDA account is offered to meet all your banking needs. This account comes with a free Rupay debit card, and you get four free withdrawals at ATMs per month. Resident individuals who do not have proper KYC documents to furnish can apply for this account.

Saving Farmers Account

This HDFC bank savings account is exclusively for farmers that comes with the half-yearly balance requirement to suit the seasonal nature of their work. The bank wants to encourage savings among farmers and help them to get the full benefit of the same. The account offers easy payment options with free BillPay facility. You can also avail five free transactions at HDFC Bank ATMs, along with a free debit card.

DigiSave Youth Account

This is another type of HDFC savings account for an individual between the age of 18 years to 25 years. The account gives you exclusive benefits on Digital banking, cards, loans & offers on movies, food, recharge, travel, etc. The account gives a free millennia debit card for the first year, and you can enjoy round the year offers on various categories.

Steps to Open HDFC Bank Savings Account

You can open an HDFC savings bank account either by visiting your nearest bank branch or via online-

Steps to open HDFC savings account online

  • Visit HDFC bank official website
  • On the right side of the homepage, you will Select Product Type as Accounts and Select Product as a Savings Accounts section
  • Click the ‘Apply online’ button.
  • You need to choose either existing customer or new customer option. If you are an existing customer then you need to log in with your details. In case you are a new customer then you need to enter your mobile number to authenticate yourself.
  • Later, fill the form with the proper information and match all the details with your original documents (identity proof) that you will submit
  • You need to submit the Know Your Client (KYC) documents to the bank executive by visiting the branch
  • The bank executive will verify all the documents and upon verification, the person will hand over a welcome kit that includes your passbook, cheque book and debit card.

The account will be activated in 2-3 days.

Steps to open HDFC savings account offline

Visit the nearest HDFC Bank branch along with original copies of KYC documents. The bank executive will give you the application form. Fill all the details and attach the photocopy of all the mentioned documents. Submit the form and the documents at the counter. Following which the executive of the bank will verify all the details.

After successful verification of documents and approval, your account will be activated and you will receive the welcome kit.

Eligibility Criteria to Open HDFC Savings Account

Following are the criteria to open a savings account with the bank-

  • The person should be a citizen of India
  • The individual should be 18 years of age or above, except in case of a minor savings account.
  • The customers need to submit valid identity and address proof to the bank.
  • Once the bank approves the submitted documents, the applicant will have to make an initial deposit depending upon the type of the savings account.

HDFC Savings Bank Account Customer Care

You can solve all your queries and resolve your grievances by calling 022-6160 6161. You can directly chat with the bank’s executive via ‘Ask EVA’.

Conclusion

HDFC bank offers banking services to almost all the target groups. Make sure to read their terms and conditions carefully and choose the best-suited savings account to save for your future.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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