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HDFC Bank Savings Account Interest Rate & Minimum Balance 2024

By Mayashree Acharya

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Updated on: Jun 5th, 2024

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11 min read

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: 

Savings Account Balance Interest Rate p.a. 
Below Rs.50 lakhs 3.00%
Of or above Rs.50 lakhs 3.50%

*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: 

Type of Savings Account Minimum Balance Required 
Regular Savings Account Average Monthly Balance (AMB) of: 
Rs. 10,000 (urban and metro branches) 
Rs. 5,000 (semi-urban branches)
Rs. 2,500 (rural branches)
SavingsMax Account AMB of Rs. 25,000 
Senior Citizen’s Account AMB of Rs. 5,000 
Women’s Savings Account AMB of:
Rs. 10,000 (urban and metro branches) 
Rs. 5,000 (semi-urban and rural branches)
Savings Farmer’s Account Annual Half-yearly Balance (AHB) of Rs. 2,500
DigiSave Youth Account AMB of:
Rs. 5,000 (urban and metro branches)
Rs. 2,500 (semi-urban and rural branches)
Specialé Gold and Specialé PlatinumAnnual Quarterly Balance (AQB) of Rs. 1,00,000 (Gold)
AQB of Rs. 3,00,000 (Platinum)
Kids Advantage Account AMB of Rs. 5,000 
Basic Savings Bank Deposit Account (BSBDA)
Super Kids Savings Account AQB of Rs. 1,00,000
Government Scheme Beneficiary Account0
Institutional Savings Account0

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

Savings Bank Account TypePenalty for Non-Maintenance of Minimum AMB/ AHB or AQB Balance
All Savings Accounts except Saving Farmers Accounts6% of the shortfall from the average balance or Rs. 600, whichever is lower
Saving Farmers Account6% of the shortfall from the average balance or Rs. 900, whichever is lower

HDFC Saving Account Charges

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

Attributes Charges and Fees 
Cheque Book Facility 25 cheques per year – free of cost 
Additional 25 cheques – Rs. 100 
(Free cheque limit can vary depending on the type of savings account)
ATM Card Replacement ChargeRs. 200 + taxes 
Cash Transaction Charges (Cumulative of Deposit and Withdrawal by Self / Third party)First 4 transactions each month – free of cost
Each transaction post that costs Rs.150 
(First free transaction limit can vary depending on the type of savings account)
Debit Card/ ATM Issuance and Annual/ Renewal Charges  Rs. 0 – Rs. 2,500 (varies on the type of account and card)
Account Closing Charges Within 14 days: NIL 
Between 15 days to 1 year: Rs. 500 
After 1 year: NIL 

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:

Particulars Applicable Charges 
Cash transactions (Including deposits and withdrawals)Rs. 150 per transaction, after 2nd or 5th transaction per month (depending on the account type) 
Third-party transactions maximum of Rs. 25000 per day 
Demand Draft or Manager’s Cheque issuance/ re-issuance (HDFC branches)*Through branch 
Up to Rs. 10,000 – Rs. 50 
Above Rs. 10,000 – Rs. 5 per thousand (min Rs. 75 and max. Rs. 10,000)
Through net banking 
Up to Rs. 10 lakh – Rs. 50 + corresponding bank charges, if any
Demand Draft issuance (non-HDFC branches)Rs. 50 plus the following charges as applicable: 
Up to Rs.500 – Rs. 10 
Rs. 500 to Rs. 1,000 – Rs. 15 
Rs. 1,000 to Rs. 5,000 – Rs. 25 
Rs. 5,000 to Rs. 10,000 – Rs. 30 
Rs. 10,000 to Rs. 1 lakh – Rs. 3 per 1000 
Above Rs. 1 lakh – Rs.6 per 1,000 (max. Rs. 10,000)
ATM Transaction (HDFC Bank ATM)Unlimited free transactions across all cities
Free first 5 transactions for regular savings account (Rs.21 per transaction after the 5th transaction)
ATM Transaction (Non-HDFC Bank ATM)Free first 3 transactions in metro cities
Free first 5 transactions in non-metro cities
NEFT fees – outward (at HDFC branches)Up to Rs. 1 lakh – Rs. 2+ GST / transaction 
Above Rs. 1 lakh – Rs. 10 + GST / transaction
NEFT fees – Indo-Nepal transaction NSBL account – Rs. 20 
Non-NSBL account – Rs. 70 (up to Rs. 5,000) and Rs. 95 (above Rs. 5,000)
RTGS fees (outward)Rs. 2 lakh and above – Rs. 15 + GST per transaction (at HDFC branches)
IMPS (outward)Less than Rs. 1,000 – Rs.3.50 + taxes per transaction
Rs. 1,000 to Rs. 1 lakh – Rs. 5 + taxes per transaction 
More than Rs. 1 lakh – Rs. 15 + taxes per transaction 
NEFT and RTGS – outward (online)Free 

*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. 

Other Related Articles:
1. SBI Savings Account Interest Rate
2. Bank Account Transfer Application
3. Axis Bank Savings Account Interest Rate
4. Punjab National Bank (PNB) Savings Account
5. Bank of Baroda (BOB) Savings Account
6. ICICI Bank Savings Account Interest Rate
7. Union Bank Savings Account Interest Rate

Related HDFC Articles:
1. HDFC Regalia Credit Card Benefits
2. HDFC Bank Customer ID - How To Get/Find HDFC Customer ID?
3. HDFC Credit Card Status - HDFC Bank Credit Card Application Status
4. How to Generate HDFC Debit Card PIN
5. How To Close HDFC Bank Account Online And Offline
6. How To Activate HDFC Credit Card
7. How To Activate HDFC Debit Card
8. Close HDFC Credit Card: How To Close HDFC Credit Card
9. How To Add A Beneficiary In HDFC Bank
10. HDFC Car Loan Status Check
11. HDFC Home Loan Statement

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Frequently Asked Questions

How to open an HDFC bank savings account?

You can either visit the nearest HDFC bank branch or apply online by submitting the duly filled form and required documents.

What are the documents required to open an HDFC Bank savings account?

You will need to submit address and ID proof such as a passport, driver's licence, PAN Card or Form 16, passport-size photographs, and the duly filled application form. 

What is the interest rate of an HDFC bank savings account?

The interest rate of HDFC Bank savings accounts can be between 3% and 3.50% p.a., depending on the deposit amount. 

What is the interest rate for HDFC senior citizens' savings accounts?

The interest rate for HDFC senior citizens' savings accounts can be between 3% and 3.50% p.a., depending on the deposit amount. 

What is the interest rate for HDFC savings account Max?

The interest rate for HDFC SavingsMax account is 3% for amounts below Rs. 50 lakh and 3.50% for amounts equal to or above Rs. 50 lakh. 

How often is interest paid on a savings account HDFC?

Interest is paid in quarterly intervals on an HDFC savings account. 

What is the minimum balance requirement for an HDFC Bank savings account?

The minimum balance requirement for HDFC Bank savings accounts differs depending on the area and account type. However, the minimum balance typically varies between Rs. 10,000 and Rs. 2,500. 

What are the consequences of not maintaining the minimum balance in my HDFC bank savings account?

The bank can levy penalty or non-maintenance charges if you do not maintain the minimum balance in your HDFC Bank savings account. 

How many types of savings accounts are in HDFC Bank?How many types of savings accounts are in HDFC Bank?

There are approximately 14 types of savings accounts in HDFC Bank. You can get the details by visiting their branch, calling their customer care number, or going to their website. 

Can I change my HDFC account type?

Yes, you can change or upgrade your HDFC account type as per your requirements. 

What is a savings max account in HDFC?

HDFC MaxSavings Account has multiple features and benefits, such as insurance and cross-product benefits. This type is suitable for almost everyone with daily banking needs. 

Which savings account is best in HDFC?

HDFC MaxSavings Account comes with various perks and is considered better than a regular savings account. However, you can choose your best option from the available options as per your banking requirements. 

Does HDFC have a zero-balance savings account?

Yes, the HDFC Basic Savings Bank Deposit Account (BSBDA) is a zero-balance savings account. 

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