HDFC Bank Savings Account: Features, Benefits & Opening Process

The 28-year-old IT specialist Ravi had trouble keeping track of his spending. He frequently found himself short on savings due to daily expenses, bills, and rent. A coworker once recommended opening an HDFC Bank Regular Savings Account to improve money management.

Ravi was intrigued and applied online, finishing the procedure in minutes. He was given a complimentary Millennia Debit Card, facilitating simple transactions and rewards when he shops. He could rapidly transfer money, automate bill payments, and keep tabs on his spending with Net Banking and Mobile Banking. 

He avoided missing deadlines thanks to the BillPay tool, and he could quickly expand his funds thanks to reasonable interest rates. After a few months, Ravi saw a change in his finances: he was finally saving for his ideal trip. Deciding to open an HDFC Bank savings account was life-changing.

Types of HDFC Bank Saving Accounts

To accommodate a range of customer needs, HDFC Bank offers a variety of savings accounts. Every account provides unique features and advantages to make your banking experience better.

Regular Savings Account: This account is made for everyday banking needs, offering 24/7 access through NetBanking, MobileBanking, and a vast network of branches and ATMs. Account holders receive a personalised debit card and can enjoy features like BillPay for utility payments and free email statements.

Savings Max Account: A premium offering that optimises your savings with perks including a complimentary personalised Platinum Debit Card with up to 1% CashBack on transactions, 15 free transactions per month at non-HDFC Bank ATMs, and free unlimited cash withdrawal at HDFC Bank branches. Account holders can also get free demand drafts up to ₹1 lakh per day, as well as free lifetime BillPay and InstaAlerts.

Women’s Savings Account: This account, created especially for women, provides an entire package that meets their lifestyle, banking, and financial needs. Features include appealing discounts and cashback offers, insurance alternatives, and special debit card bonuses.

Senior Citizens Account: This account, created with older adults’ requirements in mind, provides advantages such as special fixed deposit rates, individualised banking services, and health-related promotions. Additionally, account holders benefit from insurance and unique debit card advantages.

DigiSave Youth Account: This account, which is targeted at those between the ages of 18 and 25, provides a personalised debit card, access to NetBanking and  MobileBanking, and special offers that are appropriate for young adults.

You can select the savings account that best fits your needs by visiting the website and opening one with HDFC Bank. The bank also provides an 
InstaAccount process, which enables an entirely digital banking experience with mobile banking and net banking enabled right away.

Please visit the individual account pages on the HDFC Bank website for more information on fees related to each account.

HDFC Bank Saving Account Opening Online & Offline

Online Savings Account Opening

Step 1: Go to the official website of HDFC Bank.

Step 2: You will have to see under the ‘Save’ option and select the type of HDFC account you want to open.

Step 3: Now click “Open Instantly” once the account type has been chosen.

Step 4: You must add your date of birth and mobile number connected to your Aadhar account. The “Start Now” button should be clicked.

Step 5: You must enter the OTP received on your mobile number and click on ‘Submit OTP.’

Step 7: Press “Get OTP” after seeing “Continue,” enter your Aadhar number, and tick mark the box.

Step 8: You will have to enter the OTP and verify e-KYC.

Step 9: After verifying your details, click the ‘Continue’ button.

Step 10: Now, you must select your branch and provide all the other required details.

Step 11: Now, you must choose the type of account you want to open and select ‘Continue.'

Step 12: After reviewing every detail and adding a nomination, click “Proceed.” 

Step 13: KYC verification will be done via video call with a bank representative. To verify, take the required actions.

Step 14: HDFC Bank will review your application for eligibility and activate your account following a successful KYC verification.

You will get a welcome kit, including your chequebook, ATM card, and PIN, at your registered address after completing the steps above. You will be notified by email and SMS as soon as your account is activated.

Offline Savings Account Opening

Step 1: You can open a savings account by visiting the nearest HDFC Bank office. 

Step 2: Complete the application: Request the account opening form and fill it out with your correct personal information.

Step 3: Send the necessary documents. Present the required paperwork, which usually consists of the following: 

Proof of Identity: Passport, DL, Vote ID

Proof of Address: Utility bills (not older than 2 months), driving licence, Aadhar card, etc.

PAN Card: If unavailable, Form 16 is issued by your employer.

Passport-size Photographs: Two recent photos. 

After submitting the form and documents, the banks will process your application, and upon approval, your account will be activated.

Document Required to Open a Savings Account with HDFC Bank

The following paperwork is required to start an online savings account

• Fill out the account opening form completely.
• Recent passport-sized photographs
• ID and address proof
• Aadhaar or E-Aadhaar letter issued by the Government of India
• Permanent Account Number (PAN)
• Voter ID
• Valid driver’s license
• Valid passport
• ID cards issued by state or central governments, public sector undertakings (PSUs), and scheduled commercial banks
• National Rural Employment Guarantee Act (NREGA) job card

It may occasionally be possible for foreigners to create a savings account in India. Foreign nationals must submit the following paperwork:

• Valid passport
• Valid visa
• Residence permit
• Foreign Regional Registration Office (FRRO) certificate.

HDFC Bank Saving Account Eligibility

The following organizations are eligible to create an HDFC Bank savings account:

• Residents (who may open and manage the account alone or in tandem)
• Hindu Undivided Families (HUF) members
• Children over ten can open and manage their savings accounts, and use ATMs, and debit cards.
• Opening a savings account is possible for foreign nationals who have lived in India for more than 180 days.

HDFC Bank Saving Account Fees and Charges

It should be noted that opening a savings account online does not require any specific costs. You could be required to make a minimum initial deposit, depending on the sort of savings account you have. Additionally, you should be aware of the following related fees, which may vary based on the type of savings account you have:

• Non-maintenance of account balance
• Duplicate passbook issuance
• Exhausting the number of free cash transactions
• Additional chequebook
• Debit Card replacement charges
• Debit return charges
• Standing instruction rejects
• Fund transfers at the bank branch

You can find the complete schedule of Savings Account charges on the HDFC official website.

Benefits of a Digital Savings Bank Account

Here’s why a digital savings account is still the best option for putting your extra money:

High Liquidity - You can take money out of your savings account whenever you choose. You can take out cash whenever you want from ATMs if you have a debit card.

Facilitates Digital Transactions - Digital payments via UPI, NetBanking, or debit cards can be made using your savings account. Electronic fund transfers between accounts are made possible by digital banking platforms.

Automated Debits - You can set up your savings account to automatically deduct money for various investments, utility bills, and loan repayments using Equated Monthly Installments (EMIs).

Insured Savings - Depositing money into a savings account is a safe option. The RBI-owned Deposit Insurance and Credit Guarantee Corporation (DICGC) also ensures your account deposits up to ₹5 lakh.

Features of the HDFC Bank Saving Account

Conclusion

From women and young professionals to senior citizens and high-net-worth clients, HDFC Bank provides a broad selection of savings accounts to suit their various demands. Benefits specific to each account include free banking services, special interest rates, and cashback offers. 

HDFC Bank guarantees a smooth and satisfying banking experience with its robust digital banking platform, wide-ranging ATM network, and value-added services like BillPay and Net Banking. On the HDFC Bank website, compare features and the most recent terms to choose which savings account best suits your needs.

FAQs Related to HDFC Bank Saving Accounts

Q. Is it possible to open an HDFC account online?

Indeed, it is possible to open an HDFC Bank account online. To begin the HDFC account creation process, you only need your mobile number.

Q. Can I open multiple savings accounts in HDFC Bank?

Additionally, you can open as many savings accounts with HDFC Bank as you choose. However, according to financial experts, it might be difficult to handle more than three accounts properly.

Q. What is the highest interest rate I can earn from an HDFC bank account?

The maximum interest rate you can receive from your HDFC bank account is 3.50% annually.

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