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HDFC Savings Accounts

HDFC Bank Savings Account

Last Updated 18th Jan 2021

  • HDFC Bank offers a wide range of savings account products for specific customer groups.
  • Minimum balance requirement to open a savings account in HDFC Bank is Rs. 10,000 for metro Urban branches Rs. 5,000 For Semi Urban branches Rs. 2,500 for Rural branches is required to open a Savings Regular Account.
  • You can get high returns up to 3.50% on a savings account.
  • Open instant HDFC Bank savings account online.
  • Internet banking and mobile banking facility available.
  • The facility of safe deposits locker facility, nomination available in HDFC Bank.
Apply for Savings Account

HDFC Savings Account

HDFC Bank offers a wide range of savings accounts that allows individuals to deposit money, keep it safe, and withdraw funds, all while earning interest. It provides a savings account according to the needs of the specific customer groups and caters to their requirement. For instance, it offers the Premium saving account for its high-end customers and also provides the minor savings account for children below the age of 18 years. The bank offers several facilities like internet banking, mobile banking, and allows no minimum balance requirement in many saving account products.

Features and Benefits of HDFC Savings Account

Benefits of HDFC Bank saving Account are as follow:

  • HDFC Bank offers an interest rate on saving account in the range of 3.00% to 3.50%.
  • Balance requirement for HDFC Bank savings account is Rs. 10,000 for metro Urban branches Rs. 5,000 For Semi Urban branches Rs. 2,500 for Rural branches is required to open a Savings Regular Account.
  • An individual can transfer the HDFC Bank savings account to any other branch without changing the account number.
  • Safe deposits locker facility, nomination facility is also available.
  • HDFC Bank savings account provides the facility of linking to the Multi Option Deposit account to fetch higher term deposit interest on the surplus money.
  • It provides various kinds of debit cards as per account holder’s convenience.
  • HDFC Bank offer banking facilities like internet banking and missed call banking. An individual can also avail the mobile banking facility which provides services like interbank mobile payment services (IMPS), utility bill payments, mobile recharges, enquiry and statements and cheque book request.
  • No charge is levied for passbook service.

HDFC Savings account Charges

ProductMinimum balanceInterest RateNon Balance Maintenance Charges
Savings Max AccountRs. 25,0003.00% - 3.50%6 percent of the Maximum Shortfall in the AMB slab or Rs. 600 whichever is lower
Regular Savings AccountRs. 10,000 for metro Urban branches Rs. 5,000 For Semi Urban branches Rs. 2,500 for Rural branches is required to open a Savings Regular Account3.00% - 3.50%Rs. 150 to Rs. 600
Women's Savings AccountRs. 10,000 Metro Urban branches,Rs. 5,000 Semi Urban Rural branches3.00% - 3.50%Rs. 150 to Rs. 600
Kids Advantage AccountRs. 5,0003.00% - 3.50%Rs. 150 to Rs. 300
Senior Citizens AccountRs. 5,000 Urban/ semi Urban3.00% - 3.50%Rs. 150 to Rs. 300
Family Savings Group AccountCombined Average Monthly Balance in all accounts should be Rs. 40,0003.00% - 3.50%6 percent of the maximum shortfall in the AMB slab or Rs. 600 whichever is lower
Basic Savings Bank Deposit AccountNIL3.00% - 3.50%None
Institutional Savings AccountNIL3.00% - 3.50%None
BSBDA Small AccountNIL3.00% - 3.50%None
Savings Farmers AccountRs. 2,5003.00% - 3.50%Upto Rs. 900

HDFC Savings Account Products

HDFC offers multiple savings account products for different purposes. Some of the popular products of HDFC savings are:

Regular Savings Account

A premium savings account that helps to save money judiciously.

Key Features:

  • Use Net Banking, BillPay, Phone Banking and Mobile Banking for all your banking need
  • Facility to open Bank account digitally with zero paperwork

Eligibility:

  • Indian residents can open an individual or joint account.
  • Hindu Undivided Family can also open an account.
  • Minors above the age of 10 years can open a self operated account.
  • Foreign nationals living in India for more than 180 days can also open an account provided they have a valid passport, a valid visa, FRRO Certificate along with a Residential Permit.

Women's Savings Account

This account helps you meet your day to day banking needs while giving you 24X7 access to your bank.

Key Features:

  • Personal Accident Death Cover of Rs. 10 lacs
  • Accidental Hospitalisation cover of Rs. 1 Lac per annum as a reimbursement cover
  • Auto Sweep Facility: account can be linked to Multi Option Deposit MOD account for earning higher term deposit interest on surplus money subject to a minimum amount
  • Auto and two wheeler loan offers

Eligibility:

  • This account serves only women Indian residents above the age of 18 years

Kids Advantage Account

A complete solution catering to the banking, investment and lifestyle needs of an independent woman.

Key Features:

  • Free Education Insurance cover of Rs. 1 Lac
  • Mandatory building of an investment pool by transferring Rs. 1,000 every month for a minimum of 1 year
  • Auto Sweep Facility : account can be linked to Multi Option Deposit MOD account for earning higher term deposit interest on surplus money subject to a minimum amount

Eligibility:

  • For opening this account, the child should be a minor and parents must have a Savings Account with the Bank

Senior Citizens Account

Inculcate the habit of savings and spending judiciously in your minors who can open this account and manage it independently.

Key Features:

  • Accidental Hospitalisation Cover of Rs. 50,000 per annum
  • Preferential rates on Fixed Deposits
  • Free Phone Banking, Net Banking and Insta Alert
  • Free e statement facility
  • Payable at Par PAP chequebooks are issued free. With this facility, outstation cheques issued by you for clearing will be treated as local cheques, at any location of the bank

Eligibility:

  • This account is for Indian residents of age of 60 years and above

Family Savings Group Account

Avail health and investment benefits along with independency of convenient banking.

Key Features:

  • 50 percent off on the Locker rental
  • Savings account sweep in to a nominated account
  • PAP chequebook free of issuance charge
  • Bank conveniently with facilities like Net Banking, Phone Banking and Mobile Banking
  • Online Trading Accounts Special offers

Eligibility:

  • Members of a family who have an individual HDFC Bank account are jointly eligible to open this account. Also, the Primary account holder cannot be a minor

Basic Savings Bank Deposit Account

Avail top notch banking benefits for your family.

Key Features:

  • Free IVR based Phone Banking
  • Free Net Banking
  • Free BillPay to pay all your frequent utility bills

Eligibility:

  • This account is for resident Indians of 18 years of age and above

Institutional Savings Account

A zero balance account with the widest ATM network and other conveniences.

Key Features:

  • Payable at Par cheque book with no usage charge
  • Facilitated by Cash Management Services team, this account can be used for collection of donations, fees etc.
  • Online payments like salary, vendor payments etc can be facilitated through the facilities like Net Banking, Phone Banking and Mobile Banking
  • Facilities like Net Banking, Phone Banking and Mobile Banking

Eligibility:

  • This account is open to any Trust, Association, Society, Club, NGO, Charitable Hospital, Educational Institute, Section 25 companies that is eligible to open a account as per RBI guidelines

BSBDA Small Account

This account can be used for convenient collections and simplified payments of your business.

Key Features:

  • The total balance in your account should not exceed Rs. 50,000 at any point of time
  • The total credits in all your account should not exceed Rs. 1 Lac at any point of time
  • The total withdrawals and transfers in your account should not exceed Rs. 10,000 in a month

Eligibility:

  • This account is for resident Indians of 18 years of age and above

Savings Farmers Account

This account offers and encourages resident individuals who donot have complete KYC to avail banking services.

Key Features:

  • Discounts and offers through bank's online shopping portal smartbuy.hdfcbank.com
  • Free IVR based Phone Banking
  • Annual Maintenance Charge AMC waived off for the first year for the first new Demat account
  • Use Net Banking, BillPay, Phone Banking and Mobile Banking for all your banking needs

Eligibility:

  • Savings Farmers Account is available for Farmers only at selected branches

HDFC Savings Account Nomination Plan

HDFC Bank asks their customers to make nominations which imply that they should nominate individuals to whom the amount lying in their accounts should go in the event of their death. Nomination can be made in account opening form itself or on a separate form indicating the name and address of the nominee. The person can change the nomination any time. HDFC savings account provides the nomination facility in all the savings products.

HDFC Savings Account Welcome Kit

HDFC Bank provides a Welcome Kit containing personalised cheque book and ATM Card, which is mailed to the customers’ postal address selected for correspondence, after 7 – 8 working days from the date of opening of a particular savings account.

Top Applications Offering UPI Facility

HDFC Savings Account Helpline

Individuals can call HDFC Bank’s 24X7 helpline number 1800-258-3838, which is accessible from all landlines and mobile phones in the country.

Open saving account with Other Banks online

FAQs

Can I open HDFC bank account online?

HDFC Bank enables individuals to open a savings bank account online as well. Individuals can open an Insta saving account and digital savings account.

What is the minimum balance for an HDFC savings account?

Minimum balance requirement differs with HDFC Bank saving account products. The minimum balance required to open a Regular Savings Account in HDFC Bank is Rs. 10,000 for metro Urban branches Rs. 5,000 For Semi Urban branches Rs. 2,500 for Rural branches is required to open a Savings Regular Account.

Which saving account is best in HDFC?

There are various savings account products offered by HDFC Bank. These accounts are specially developed for a certain section of people. Individuals may compare the interest rate offered, minimum account requirements and facilities provided to select the best product.

Can I open HDFC account with zero balance?

The minimum balance requirement to open a savings account with HDFC Bank is Rs. 10,000 for metro Urban branches Rs. 5,000 For Semi Urban branches Rs. 2,500 for Rural branches is required to open a Savings Regular Account. If any individual does not maintain the minimum balance then non-balance maintenance charges are levied.


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HDFC News - Jan 2021
  • 2021-01-18 : HDFC Bank net profit rose by 18%
    HDFC Bank net profit grew by 18% over a year ago in the December-ended quarter on the back of improved net interest income. Advances which include home, personal, car, two-wheeler and gold loans along with business and mudra loans during the quarter rose 15.6% year-on-year to Rs 10.82 lakh crore. Deposits which includes FD and RD grew by 19% from last year to Rs 12.7 lakh crore. Further, The CASA ratio for the bank stood at 43%.
  • 2021-01-08 : HDFC Bank posted a double-digit increase in deposits and advances
    HDFC Bank reported a double-digit increase in deposits and advances in the third quarter of the fiscal year. The bank advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans hiked by 16% to Rs 10.82-lakh crore as on December 31, 2020. Further, the bank’s deposits rose by 19% in the third quarter of the fiscal to Rs 12.71-lakh crore. The CASA ratio is reported at around 43% as of December 31, 2020.
  • 2020-10-07 : HDFC Bank net profit jumps 18.4% to ₹7,513 crores
    HDFC Bank reported an 18.4% increase in its net profit to ₹7,513 crores for the quarter ended in September 2020. The profit in the year-ago period was at ₹6,345 crores. The bank’s total advances were at ₹10.38 lakh crore in Q2 of FY21, an increase of 15.8% over the same period last year. The domestic retail loans which include retail loans like home, personal, car, two-wheeler, gold and education loan grew by 5.3% and domestic wholesale loans including the business and mudra loan grew by 26.5%. Further, total deposits which include FD and RD reported an increase of 20.3% (YoY) to ₹1,325,072 crore. HDFC bank CASA ratio stood at around 42% as of September 202O.
  • 2020-06-05 : HDFC Bank adds 250,000 customers via instant account opening in lockdown
    HDFC Bank added 250,000 new customers in the last 40 days through an online facility which helps open savings accounts instantly. The account is created using a "limited know your customer (KYC)" requirement provision, and the customer has a year time after the instant account opening to update full details.
  • 2019-11-14 : HDFC Bank plans to reach 200 branches across Northeast India
    HDFC Bank plans to increase branch network from 136 to 200 across Northeast India. Bank plans to have 100 branches across Assam by next year. The new branches will offer all loan and deposit related services. HDFC Bank is the leading personal loan partner in India.
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