HDFC Bank Savings Account Interest Rate & Minimum Balance 2024

A savings account is a safer investment option for individuals who avoid investing their hard-earned money in market-linked investment options. It is popular due to its features, such as guaranteed returns, competitive interest rates, and fixed investment tenure. One such bank in India that offers excellent savings account options to customers is HDFC Bank. 

HDFC Bank offers as many as 14 types of savings accounts. This article covers the latest HDFC Bank savings account interest rate, types of HDFC savings accounts and more.

HDFC Bank Savings Account

HDFC Bank offers top-notch banking services that are easily and quickly accessible. The various types of HDFC Bank savings accounts come with their unique features and benefits. 

A savings account helps you access your funds whenever you want and earn continuous interest on the money saved. These savings accounts are customised for women, senior citizens, and many other categories. 

HDFC Saving Account Types

Here are the different types of savings accounts available at HDFC Bank: 

Regular Savings Account 

This is the regular savings account which is available at any bank. Below are some of the key features that HDFC customers get: 

• Safe deposit locker 
• Exclusive discounts and offers on online shopping
• Mobile and net banking services 
• Free Demat account for the first year 
• Customised cheques for enhanced security 
• Indian residents, HUFs, foreigners residing in India (for a minimum of 180 days), and minors above 10 years of age are eligible for this account. 

SavingsMax Account 

These accounts can earn higher interest rates even if idle by using the auto sweep-out facility. Here are some key features: 

• Insurance up to Rs. 3.29 crore (accident hospitalisation, personal death, international air coverage, etc.)
• Free demand drafts of up to Rs. 1 lakh daily at HDFC branches 
• Lifetime free InstaAlerts and BillPay 
• Free Demat account for the first year 
• 50% discount on locker rental on a pro-rata basis for the first year 
• Cash withdrawal and balance check free at any ATMs, HDFC or non-HDFC
• Free Platinum Debit Card with max 1% cashback
• Indian residents, HUFs, foreigners residing in India (for a minimum of 180 days), and minors above 10 years of age are eligible for this account. 

Women’s Savings Account 

With this savings account, women get easy access to 360-degree banking solutions. Check out the key features: 

• Accidental cover of up to Rs. 10 lakhs 
• Personal death cover of up to Rs. 5 lakhs 
• Accidental hospitalisation cover of up to Rs. 1 lakh 
• Free Demat account for the first year 
• 50% off on a Gift Plus Card on loading a minimum of Rs. 5,000 through net banking or the branch
• Daily withdrawal of Rs. 25,000 from EasyShop Woman's Advantage Debit Card, and shopping limit of up to Rs. 2.75 lakhs daily
• A joint account is available; however, the first account holder should be a woman
• Foreign nationals residing in India for a minimum of 180 days are eligible

Senior Citizen’s Account 

If you are a senior citizen applying for an HDFC savings account, you can avail of different investment and banking feature benefits. The features to look for are: 

• Senior citizens enjoy a preferential interest rate on fixed deposits
• Free Demat account for the first year 
• Free debit card for the primary account holder 
• Doorstep banking facility for senior citizens above 70 years
• Accidental hospitalisation coverage of up to Rs. 50,000 per year 
• Death cover of up to Rs. 5 lakh on Rewards Debit Card for air, road or rail accident 
• Lifetime free InstaAlerts and BillPay 
• Free traveller's cheque 
• A joint account is available; however, the primary account holder must be above 60 years of age 

Savings Farmer’s Account 

This card is specifically curated to make day-to-day banking easier for farmers. Here are the key features: 

• Minimum account balance of Rs. 2,500 to be maintained half-yearly 
• Coverage of up to Rs. 10 lakh for accidental death and disability 
• Free Demat account for the first year 
• Coverage of up to Rs. 4 lakhs with the Zero Liability insurance 
• Up to Rs. 3,000 cashback every year - 1% Cashback on education, fuel, apparel, groceries, and insurance (Max cashback of Rs. 250 per month)
• Joint or individual accounts available 

DigiSave Youth Account 

Take a look at the exclusive features and benefits of HDFC Bank DigiSave Youth Savings Account: 

• Free Demat account for the first year 
• Daily shopping limit of up to Rs. 3 lakh at merchant outlets and online portals with Free MoneyBack Debit Card for the first year and ATM withdrawal limit of up to Rs. 25,000 
• Up to Rs. 3,000 cashback every year - 1% Cashback on education, fuel, apparel, groceries, and insurance (Max Cashback of Rs. 250 per month)
• Education loans and Forex Cards are available at special discounts 
• Resident individuals within the age limit of 18 to 25 years are eligible 

Specialé Gold and Specialé Platinum

If you are applying for an HDFC Bank Specialé Gold and Specialé Platinum savings account, these are the features to look at:

• You can get a custom account number for your account
• Free Personalised Platinum Debit Card
• No charges are applicable on Demand Draft of up to Rs. 1 lakh daily for Gold and unlimited free Demand Draft for Platinum
• Higher limit on offline and online and cash transactions
• Free ATM transactions
• Free Demat account for the first year 
• Indian residents are eligible for these savings accounts 

Kids Advantage Account 

This savings account aims to develop finance management skills among kids while simultaneously building their funds. Here are the key features: 

• Education insurance coverage of up to Rs. 1 lakh is available in case of accidental death of the parent
• Auto-transfer or standing instructions can be set for monthly fund transfer from parent to kid’s accounts 
• Free ATM and international debit card
• If the balance exceeds Rs. 25,000 and reaches Rs. 35,000, the MoneyMaximizer sweep-out facility automatically transfers the fund to an FD with 1 year and 1-day maturity tenure. 
• Minors up to 18 years of age are eligible if their parents have an HDFC savings account. 

Basic Savings Bank Deposit Account (BSBDA)

This is a zero-balance savings account that comes with a free debit card to fit all your banking needs. Take a look at the key features: 

• Free cash deposits at branches and ATMs 
• Instant access to your account with a RuPay card 
• Lifetime free BillPay access 
• Access to NetBanking, PhoneBanking, and MobileBanking facilities 
• Indian residents and HUFs with no existing BSBDA account with another bank and savings account with HDFC are eligible 

HDFC Bank Savings Account Interest Rate

The table below lays down HDFC bank savings account interest rates for domestic, NRO, and NRE savings accounts, effective from April 6, 2022: 

*Interest is paid at quarterly intervals. 

*Your savings account interest is calculated on a daily balance maintained in the account.

HDFC Bank Savings Account Minimum Balance 

Find HDFC Bank savings account minimum balance details for different types of savings accounts in the following table: 

HDFC savings account maximum balance

There is no maximum balance limit that you need to maintain in an HDFC Bank savings account. However, investors must remain aware of the deposit limits and ensure all the account activities are aligned with Income Tax regulations.

Penalty for Not Maintaining Minimum Balance in HDFC Savings Account 

As you can see from the table above, you need to maintain a minimum balance in your savings account to keep it active. In case of failure to do so, the following penalty will be applicable: 

HDFC Saving Account Charges

Here are the other charges and fees associated with HDFC Bank savings accounts that you should be aware of: 

HDFC Saving Account Transaction Limit

HDFC Bank savings account levies certain limits on transactions and deposits that you must always remain aware of. Know them in the table below to avoid unannounced penalties:

*DD amounts up to Rs. 1,00,000 for Imperia/ Preferred and Rs. 50,000 for other customers are accepted through phone banking. 

How to Open an HDFC Saving Account?

To open an HDFC Savings account, you can use either online or offline mode. Take a look at the simple steps of the application process for both modes.

Online - 

Step 1: Go to the bank’s website or download the HDFC app. 

Step 2: Choose the type of savings account as per your requirements and eligibility and click the ‘Open Instantly’ option. 

Step 3: Validate your mobile number and choose the Aadhaar option. Provide other details such as name, address, etc. 

Step 4: Provide documentation and complete video KYC for verification. 

Step 5: Once your details are verified, you will be able to access your bank account. 

Offline - 

Step 1: Visit the nearest HDFC branch. 

Step 2: Fill out the application for the type of savings account you want to open. 

Step 3: Provide your ID and address proof. 

Step 4: Deposit the minimum amount required. 

Step 5: Your account will be activated post verification. 

Documents Required for Opening Savings Account in HDFC Bank

You will need the following documents to open an HDFC Bank savings account successfully: 

• PAN card 
• Passport-size photographs 
• ID and address proof (Aadhaar/ Voter ID/ Driving License/ Passport/ Central or State Govt. issued certificate)

How to Close HDFC Saving Account? 

You can follow the steps given below to close your HDFC savings account: 

Step 1: Download the account closure form from the website or obtain the form from the bank branch. 

Step 2: Fill it carefully and take it to the nearest HDFC branch. Don't forget to carry your original ID for verification purposes. 

Step 3: Attach KYC documents for verification. Self-attest, if required.  

Step 4: Submit the passbook and chequebook along with the form. 

Step 5: The bank will issue an acknowledgement receipt, and your account will be closed within 10 days. 

HDFC Saving Account Features

HDFC Savings account comes with some unique features: 

• No initial amount is required to open an account. 
• No average monthly balance is required for BSBDA. 
• No charges are applicable for reactivating a dormant account. 
• Free international debit card and first chequebook. 
• No limit on cash deposits. 
• 4 free transactions are allowed per month. 
• There is no upper limit on the maximum deposit amount. 

HDFC Saving Account Benefits

Along with the features, the HDFC Savings account also offers some exclusive benefits to the account holders. Some of them are:

• Multiple types of savings account options are available to meet every customer's requirements. 
• Widest ATM network across India. 
• Monthly email account statements are available. 
• Account holders and their whole family can benefit from one savings account. 
• A Money Maximizer or Sweep-out facility is available for transferring surplus funds into high-earning fixed deposits. 

There are so many types of savings accounts by HDFC to choose from. Hopefully, this guide on HDFC bank savings account interest rates, and other details will help make the right decision for your finances. 

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