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 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.
Here are the different types of savings accounts available at HDFC Bank:
This is the regular savings account which is available at any bank. Below are some of the key features that HDFC customers get:
These accounts can earn higher interest rates even if idle by using the auto sweep-out facility. Here are some key features:
With this savings account, women get easy access to 360-degree banking solutions. Check out the key features:
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:
This card is specifically curated to make day-to-day banking easier for farmers. Here are the key features:
Take a look at the exclusive features and benefits of HDFC Bank DigiSave Youth Savings Account:
If you are applying for an HDFC Bank Specialé Gold and Specialé Platinum savings account, these are the features to look at:
This savings account aims to develop finance management skills among kids while simultaneously building their funds. Here are the key features:
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:
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.
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 Platinum | Annual 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) | 0 |
Super Kids Savings Account | AQB of Rs. 1,00,000 |
Government Scheme Beneficiary Account | 0 |
Institutional Savings Account | 0 |
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.
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 Type | Penalty for Non-Maintenance of Minimum AMB/ AHB or AQB Balance |
All Savings Accounts except Saving Farmers Accounts | 6% of the shortfall from the average balance or Rs. 600, whichever is lower |
Saving Farmers Account | 6% of the shortfall from the average balance or Rs. 900, whichever is lower |
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 Charge | Rs. 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 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.
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.
You will need the following documents to open an HDFC Bank savings account successfully:
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 Savings account comes with some unique features:
Along with the features, the HDFC Savings account also offers some exclusive benefits to the account holders. Some of them are:
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