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HDFC Savings Account Interest Rate 2021

HDFC Bank Savings Interest Rate

Last Updated 02nd Sep 2021

Saving Account Interest Rate
Savings Max Account 3.00% - 3.50%
Regular Savings Account 3.00% - 3.50%
Women's Savings Account 3.00% - 3.50%
Kids Advantage Account 3.00% - 3.50%
Senior Citizens Account 3.00% - 3.50%
Family Savings Group Account 3.00% - 3.50%
Basic Savings Bank Deposit Account 3.00% - 3.50%
Institutional Savings Account 3.00% - 3.50%
BSBDA Small Account 3.00% - 3.50%
Savings Farmers Account 3.00% - 3.50%
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HDFC Bank Savings Accounts Interest Rate

HDFC Bank offers an interest rate ranging upto 3.50% on the minimum average balance maintained in the savings account. It calculates the interest rate on savings bank accounts on a daily basis. However, the interest is paid to the account holders every quarter. With HDFC Bank Savings Account youth and minors can get additional benefits on their Savings Account. HDFC Bank also offers attractive benefits like mobile and internet banking services, free Debit Card and customised savings account depending on different customer profiles.

Features and Benefits

HDFC Bank Savings Account helps you to save money by providing interest on your idle money deposited in the savings accounts. The rate of interest on HDFC Bank Savings Account varies as per the Savings Account product. Some of the key features and benefits of HDFC Bank savings account are:

  • It offers interest rates upto 3.50% p.a. You can easily access HDFC Bank Savings Account anywhere through a large network of branches and ATMs .
  • If you want to transfer funds from HDFC Bank Savings account to any other bank account, you can do it through modes such as RTGS , IMPS, NEFT and UPI facilities.
  • To maintain an HDFC Bank Savings account, you require a minimum balance of 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.
  • HDFC Bank personalized account number and cheque book enhances security and ensures your money is safe.
  • You can get SMS Alerts and e-statement facilities with HDFC Bank Savings Account.
  • With the Auto Sweep Facility of HDFC Bank, your account can be linked to a Multi Option Deposit MOD account.

HDFC Savings Account Rates

Saving Account Interest Rate Minimum Balance
Savings Max Account 3.00% - 3.50% Rs. 25,000
Regular Savings Account 3.00% - 3.50% 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
Women's Savings Account 3.00% - 3.50% Rs. 10,000 Metro Urban branches,Rs. 5,000 Semi Urban Rural branches
Kids Advantage Account 3.00% - 3.50% Rs. 5,000
Senior Citizens Account 3.00% - 3.50% Rs. 5,000 Urban/ semi Urban
Family Savings Group Account 3.00% - 3.50% Combined Average Monthly Balance in all accounts should be Rs. 40,000
Basic Savings Bank Deposit Account 3.00% - 3.50% NIL
Institutional Savings Account 3.00% - 3.50% NIL
BSBDA Small Account 3.00% - 3.50% NIL
Savings Farmers Account 3.00% - 3.50% Rs. 2,500

Eligibility & Documentation Required for Opening Savings Account in HDFC Bank

To open a savings account in HDFC Bank, you need to fulfill the following eligibility criteria:

  • You need to have valid KYC Documents.
  • You can open a savings account singly or jointly.

Documents Required

You can open a savings account with prescribed application form and minimum KYC documents, which are mentioned below:

  • Application Form with attested photographs
  • Proof of identity- Passport, Voter ID card, PAN Card, Govt./Defence ID card, Driving Licence etc.
  • Proof of current address- Credit Card Statement, Salary slip, Electricity Bill/Telephone Bill, ration card etc.

How is HDFC Bank Savings Account Interest Rate Calculated?

As per the RBI mandate, HDFC Bank calculates saving account rate on average balances in the account on a daily basis. The interest can however be paid monthly, annually or quarterly. The following formula is used by HDFC Bank to calculate interest on Savings Bank Account on the basis of daily balance in the account

Interest = Amount (Daily balance)*(No of days)* Interest/Days in the year.

Compare Savings Account Interest Rates of All Banks

HDFC Savings Account Products

  • Savings Max Account : HDFC Bank offers interest rates ranging between 3.00% to 3.50% on Savings Max Account.You can open a Savings Max Account in HDFC Bank by depositing Rs. 25,000 amount as minimum balance.
  • Regular Savings Account : If you have deposited your excess funds in a Regular Savings Account, you can get interest at 3.00% to 3.50% on your account. This account can be opened by anyone with a minimum age of 18 years.
  • Women's Savings Account : HDFC Bank provides interest rates ranging between 3.00% to 3.50% on Women's Savings Account. The minimum balance requirement to open this account is Rs. 10,000 Metro Urban branches,Rs. 5,000 Semi Urban Rural branches.
  • Kids Advantage Account : You can get interest at 3.00% and 3.50% respectively on Kids Advantage Account in HDFC Bank. The account can be opened in HDFC Bank by depositing Rs. 5,000 amount.The debit card available for this account are ATM or International Debit Card issued, with parents permission).
  • Senior Citizens Account : If you have deposited your excess funds in a Senior Citizens Account, you can get interest at 3.00% to 3.50% on your account.
  • Family Savings Group Account : You can get interest at 3.00% to 3.50% in Family Savings Group Account. This account can be opened in HDFC Bank by depositing a minimum amount of Combined Average Monthly Balance in all accounts should be Rs. 40,000 after an age of 18 years.
  • Basic Savings Bank Deposit Account : The interest that you can earn on Basic Savings Bank Deposit Account is in the range of 3.00% to 3.50% respectively.The debit card available for this product isRuPay Card
  • Institutional Savings Account : HDFC Bank provides interest rate at 3.00% to 3.50% on Institutional Savings Account. Further, to open this Saving Account, the minimum balance requirement is NIL. .

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FAQs

How much interest is charged by HDFC Bank on Savings Account?

As per the current rates, HDFC Bank offers maximum interest rate of 3.50% on Savings Account. HDFC Bank provides this interest on the minimum balance maintenance of 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. The interest rate may however vary across the HDFC Bank savings account product.

What is the minimum amount required for opening Savings Account in HDFC Bank?

The minimum amount required for opening 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.

What are the balance non - maintenance Charges on HDFC Bank Savings Account?

The Balance Non Maintenance Charges on Savings Account by HDFC Bank are Rs. 150 to Rs. 600.The minimum balance requirement in 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.

How does HDFC Bank calculate interest charged on Savings Account?

Interest on Savings Account is calculated on Quarterly basis. The following formula is used by HDFC Bank to calculate interest on Savings Account.

Monthly interest=Amount (Daily balance)*(No of days)* Interest/Days in the year

Does HDFC Bank offer Debit Card to the account holder?

Yes, HDFC Bank offer Debit Cards to the account holders differing according to the product. Some of the popular savings account products of HDFC Bank with the type of Debit Card offered are listed in the table below.

Savings Max AccountTitanium Royale Debit Card
Regular Savings AccountSelect from a range of International Debit cards
Women's Savings AccountWoman Advantage Debit Card
Kids Advantage AccountATM or International Debit Card issued, with parents permission
Senior Citizens AccountEasyShop International Debit Card
Family Savings Group AccountEasyShop International Debit Card for all account holders
Basic Savings Bank Deposit AccountRuPay Card
Institutional Savings AccountBusiness Debit Card
BSBDA Small AccountRuPay Card
Savings Farmers AccountRuPay premium Card

What is the eligibility criteria to open a savings account in HDFC Bank?

To open a savings account in HDFC Bank you need to fulfill the following eligibility criteria:

  • 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.
  • You must have your basic KYC done

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HDFC News - Sep 2021
  • 2021-05-28 : HDFC Bank commits Rs 100 cr towards COVID relief in FY22
    HDFC Bank committed Rs 100 crore for setting up medical infrastructure for COVID-19 relief in 2021-22. The bank is planning to set up 20 oxygen plants in hospitals besides three 100-bed COVID care facilities as part of the plan.
  • 2021-05-25 : HDFC Bank deploys Mobile ATM in Bengaluru
    HDFC Bank deployed Mobile ATM in Bengaluru to assist customers during the COVID-19 related restrictions. The Mobile ATMs will eliminate the need for the public to move out of their locality to withdraw cash.
  • 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.
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