Saturday, March 2

Types of HDFC Bank Accounts : Current, Savings

Find out types of HDFC Savings, Current Bank accounts, Learn How to open Current or Savings HDFC Bank Account, Find Minimum balance, Interest Rates of hdfc savings account 2021.

Types of Current Account in HDFC Bank :

HDFC Bank offers a Current Account to meet every kind of requirement from every kind of organisation – be it a large corporate, a small entrepreneur, a charitable trust, a housing society, a hospital or a professional.

HDFC Current Account TypesPrimary Features
Max Advantage Current AccountFree NEFT / RTGS / IMPSUnlimited DD at bank location
Ascent Current AccountMultiplier advantages across all transactions50 DD and POs free (per month)
Activ Current Account30 DD and POs free (per month)Cash & Cheque pickups and cash deliveries
Plus Current Account50 DD and 50 POs a month free from any HDFC branchFree local / intercity cheque collection & payment
Premium Current AccountFree DD above Rs.1 lakhSecure pick-up and delivery of cash and cheques with Doorstep Banking
Regular Current AccountFree local or intercity cheque collection and paymentQuick alert on transactions via InstaAlert Service
Smartups for StartupsAvail allied services for startups at special ratesGet a choice of 2 accounts as per the requirement
Saksham Current AccountZero non-maintenance charges for 2 calendar half yearsAvail Doorstep Banking facility
E-Commerce Current AccountNodal Account to manage aggregator businessPPI Escrow Account for online wallet
Current Account for Professionals30 DD and 30 POs a month free from any HDFC Bank branchFree local or intercity cheque collection and payment
Agri Current AccountFree local or intercity cheque collection and paymentFree DD above Rs.50,000
Government / Institutional Current Account(HDFC Zero Balance Current Account)No HDFC Bank current account minimum balance requirement. Unlimited and free DD and PO
RFC– Domestic AccountOpen account in 3 currencies – USD, EUR, GBPGet professional rates on conversion to local currency
Exchange Earners Foreign Currency AccountCan be opened in USD / Euro / GBP currenciesRetain forreing exchange in the currency

What is the minimum balance required in hdfc current account ?

It depends upon the type of Current account you are opening, for SmartUp Alpha Current Accouny & Government / Institutional Current Account(HDFC Zero Balance Current Account) you don’t need a minimum balance. But in other hdfc current accounts you may require Rs. 10,000 as minimum balance.

Here’s How to Open HDFC Current Bank Account :

To open a HDFC Bank Current Account, all you need to do is:

  • Check your eligibility criteria for opening a Current Account. Most banks have very liberal eligibility criteria for opening a Current Account. NRIs can open a Current Account out of the proceeds from an NRO (Non-Resident Ordinary)/NRE (Non-ResidentRupee)/FCNR (Foreign Currency Non-Resident) account only. This amount will not be available for repatriation outside India.
  • Download the account opening form from the bank’s website. Alternatively, this form will also be available at any bank branch that is nearest to you.
  • Fill up the opening form with all the relevant and necessary details.
  • Collect the list of documents that will be required by the bank. If you already are a customer of the bank and are complying with KYC regulations, you may have a different list of documents that will be needed by the bank. Therefore, it is essential to confirm the list.

Some of the documents required for opening a Current Account are:

  • Proof of the existence of the business
  • Proof of address of the business
  • KYC of the proprietor
  • Tax registration documents
  • Licences from relevant authorities.
  • Once the account opening form is filled, attach the necessary documents and submit the same to the bank.
  • The bank will get back to you once the account has been opened.

HDFC savings account interest rate 2021:

As per the current rates, HDFC Bank offers maximum interest rate of 3.50% on Savings Account.

Bank BalanceInterest Rate (% p.a.)
Rs. 50 lakh and above3.50
Below Rs. 50 lakh3.00

Types of Savings Account in HDFC Bank :

A savings account is the most basic form of deposit account, that is held with a bank or NBFC, which allows a customer to deposit money and earn some interest on it.

  1. SavingsMax Account
  • A Premium Savings Bank Account
  • Provides a Lifetime-free Platinum Debit card with a daily withdrawal limit of Rs. 1,00,000 and shopping limit of Rs. 5,00,000
  • Free transactions across HDFC Bank and non-HDFC Bank ATMs
  • Insurance benefits of up to 3.29cr
  • Wide range of banking facilities across NetBanking, MobileBanking and Phone Banking platforms that allows you to check account balance, make utility bill payments and fund transfers
  • MoneyMaximiser: An auto sweep-out facility that automatically puts your surplus funds into a fixed deposit. When you run low on funds, the FD will automatically sweep in funds to your account

2. Women’s Savings Account

  • Annual Maintenance charges waiver and free folio maintenance for the first year on your Demat account
  • Personal accident death cover of Rs.10,00,000
  • Daily cash withdrawal limit of Rs. 25,000 and a daily shopping limit of Rs. 2,75,000. Up to Re.1 cashback on every Rs.200 spent on all applicable categories
  • Free lifetime Billpay for all account holders
  • The auto-sweep facility of your surplus funds into a fixed deposit account through the MoneyMaximizer feature

3. Regular Savings Account

  • Customised debit cards to suit individual needs. Option to choose between Rewards Debit card or a RuPay Platinum Debit card
  • Access to a wide network of branches and ATMs across the country
  • Annual Maintenance Charges waived off for the first year for the first Demat account
  • Free passbook and email statement facilities
  • Super Saver facility on your account to save more
  • Safe Deposit lockers facility available

4. Senior Citizens Account

  • Specially designed for Senior citizens to provide safety and higher returns in their golden years
  • Free International Debit card
  • Free Insurance benefits for all account holders
  • Special rates on FDs
  • Annual Maintenance Charges (AMC) waiver for the first year for first Demat account
  • Merchant discounts at Apollo Pharmacy – 20% off on Apollo branded products

5. DigiSave Youth Account

  • Specially designed for youngsters to make the best out of online shopping using HDFC Bank’s online shopping portal.
  • Offers on movie tickets, shopping, travel and recharges done via PayZapp
  • Times Points Debit card free for the first year. Welcome benefit of 500 Times Points on first shopping at any Point of Sale or online partner with the card
  • Insurance benefits of up to Rs. 1,14,00,000
  • Special offers on Educational loans and Forex cards

6. Kids Advantage Account

  • A bank account designed for kids to help them learn the importance of managing money
  • Free Education Insurance cover Rs. 1,00,000
  • Free MoneyMaximizer facility
  • An ATM/International Debit card is provided with the parents’ permission
  • Daily cash withdrawal limit of Rs. 2500 and shopping limit of Rs. 10000
  • Free cash withdrawal and balance enquiries at all HDFC Bank and non-HDFC Bank ATMs
  • Free at-par cheque books and passbooks for all individual account holders

7. Government/Institutional Savings Account

  • A simple zero balance account designed for governments and institutions
  • Free outstation cheque collection and unlimited DDs at HDFC Bank locations across the country
  • At-par cheque books without any usage charges
  • Allows linking of the account with HDFC bank payment gateway, POS terminal and Payment Kiosks to manage the collection of fees, bills, donations, etc;
  • Corporate payment software, ENET, facilitates payment of salaries, vendor payments, etc;
  • Basic Savings Bank Deposit Account (BSBDA Account)
  • Zero-balance savings account to meet the needs of the user
  • Free Rupay Debit card
  • Safe Deposit Lockers and Super Saver facilities
  • Free cash and cheque deposits at a wide network of branches and ATMs across the country
  • 4 withdrawals free per month
  • Free lifetime BillPay facility

8. Government Scheme Beneficiary Savings Account

  • Zero-balance savings account for beneficiaries of government schemes
  • Provides free RuPay Debit card and higher cash transaction limits
  • Insurance benefits of up to Rs. 2,00,000 based on your RuPay Debit card
  • Dedicated Relationship Manager to attend to your queries
  • Safe deposit lockers and Super Saver facilities

9. BSBDA Small Account

  • Free RuPay debit card with all accounts
  • Free cash and cheque deposits at all HDFC Bank branches and ATMs
  • 4 free withdrawals per month
  • Free InstaQuery facility
  • Free lifetime BillPay

Opening Savings Account in HDFC Bank :

Apply in person, at the bank-

This way, you can get assistance from the bank’s employees, who are designated for this purpose.

Apply online-

Yes, it is true, you can open a Savings Account All you really need is your mobile number, to initiate the process. In fact, the procedure does not vary much. You simply upload your form and documents online, instead of going to the bank yourself.

Also, some banks offer to send their executives to collect your documents, at the address you provide them with.

Here is a quick run-down on how to open a HDFC Savings Account:

  • Once you have applied to open a Savings Account, you will be asked to present certain documents:
  • Identity Proof (driver’s license, passport etc.)
  • Address Proof (driver’s license, passport etc.)
  • PAN card
  • Or, Form 16, which is a certificate issued by the applicant’s employer, asserting that TDS has been deducted from your salary. This is needed here if the applicant does not have a PAN card.
  • Two of the latest passport-sized photographs
  • You must then fill out the application form. A bank executive can be contacted for assistance in this matter. Applicants are urged to fill out all fields in the form, in order to avoid rejection. This can be done either at the bank’s branch of choice, or even online.
  • Once this is done, you must submit the form as well as the required documents at the branch of choice.
  • Now, you simply have to allow the bank executives some time to verify your documents and your form.
  • Once, the verification is complete, you will be required to make an initial deposit, depending upon the minimum amount requirement for the account. In doing so, you become an account holder. In case of zero balance Savings Account however, there is no deposit required.
  • After the deposit has been made, the bank executives will hand over the debit card and relevant documents regarding the account, to you, the new account holder.

HDFC Bank minimum balance for savings account :

For regular savings accounts held in HDFC Bank’s metro and urban branches, the customer is required to maintain an average monthly balance of ₹ 10,000 to avoid penalty charges