HDFC Bank Savings Account Review| North Loop Official Blog
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09 Sep 2020

HDFC Bank Savings Account Review

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HDFC Background and Overview -

HDFC bank offers a diverse range of financial products and banking services through its various branches and digital channels. It is one of India’s leading private sector banks and has the highest market capitalisation. Like most other private banks, HDFC welcomed technology upgrades to its bank accounts for the benefits of its customers and also introduced innovative schemes to offer attractive features to them.

With a banking network of around 5000+ branches across India, HDFC bank is one of the most popular and reliable banks in India. It was among the first private sector bank to receive approval from the RBI, and since then, it has gained numerous loyal customers and immense popularity.

Let us take a look at the different HDFC bank savings account products and their primary features –

1. Savings Max Account: It offers automatic sweep-in facility and lifetime Platinum Debit Card. This HDFC savings bank account also allows a free unlimited number of cash withdrawals at ATMs.

2. Regular Savings Account: This savings account provides a personalized chequebook as well as the ability to pay your bills safely and conveniently with services like BillPay. Moreover, you can choose among different debit cards available with this account as per your needs.

3. Women's Savings Account: This HDFC bank savings account offers a special EasyShop women’s debit card for special shopping benefits like cash-back of Rs.1 for every Rs.200 that you spent. Moreover, this savings account offers a 2% lower interest rate on two-wheeler loan as compared to the other accounts. You can read our HDFC home loan review here.

4. Kids Advantage Account: Your kids can get an international debit card with this account with your approval. The Kids Advantage Account also offers a free education insurance cover of Rs.1 lakh and allows you to build a future fund with Rs.1000 every month.

5. Senior Citizens Account: You can enjoy preferential rates on fixed deposits with this account. This HDFC bank savings account also offers you accident hospitalisation reimbursement cover of Rs.50,000 per annum. You can also claim a daily cash allowance of Rs.500 per day for a 15-day hospitalization.

6. Family Savings Group Account: The primary feature of this account is that it calculates the minimum balance of the account as the combined average monthly balance of all the accounts present in the group, rather than accepting only individual minimum balance requirement.

7. Basic Savings Bank Deposit Account: This is a zero balance savings account and allows four free cash withdrawals per month. You can also avail a free RuPay Card with this to access your account.

8. Institutional Savings Account: This account allows easy online payments to your employees or vendors and also helps manage donations and fees through Cash Management Services. You can also link your Institutional Savings Account to the HDFC bank payment gateway easy collection.

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HDFC bank savings account interest rates –

HDFC Bank savings account interest rates range between 3.00% to 3.50% and the interest is calculated on the daily end of balance in your account and is payable every quarter. The interest rates offered on some of its top savings account products are as follows –
  • Savings Max Account – 3 to 3.50%
  • Regular Savings Account – 3 to 3.50%
  • Women’s Saving Account – 3 to 3.50%
  • Kids Advantage Account – 3 to 3.50%
  • Senior Citizens Account – 3 to 3.50%
  • Family Savings Group Account – 3 to 3.50%
  • Basic Savings Bank Deposit Account – 3 to 3.50%
  • Institutional Savings Account - 3 to 3.50%.

You can avail a considerably higher interest rate on your savings bank account with additional benefits and added convenience by opting for a digital banking service provider like North Loop. The rate of interest offered on its savings account is 6%, and that on fixed deposit account is 7.5%. It is one of the most popular and efficient banking platforms in India with several benefits like easy online application, quick sign-up facility, 24*7 customer services, professional financial advisor and availability of all other financial services like home loans, insurance, education loans and others. You can read more about the features and benefits offered by North Loop by clicking here.

Eligibility criteria –

The eligibility criteria for HDFC bank account opening are as follows –

Savings Max Account: You can open this account jointly or individually if you are a resident Indian or even if you are a HUF. If you are a foreign national residing in India, you can open the HDFC bank saving account by temporarily attaching a copy of your residence permit, and an undertaking form (QA22) stating the source of your fund.

Regular Savings Account: This account can get opened if you are a resident Indian or a HUF. For foreign nationals, a copy of valid passport, Visa, FRRO Certificate and an Indian Residence Permit is mandatory.

Women’s Savings Account: You can open this account either solely or jointly with any resident Indian. However, if it is a joint account, the primary account holder should be a woman.

Kid’s Advantage Account: If you have an existing HDFC Bank account, you can open this account on behalf of your minor child.

Senior Citizen’s Account: You can open this account if you are a resident Indian and above the age of 60 years. If you open a joint account, the primary account holder should be a senior citizen.

Family Savings Group Account: You can opt for this account if all the other individuals of your group also have an HDFC account. A maximum of four accounts can be grouped, including that of an NRI. However, the primary account holder cannot be a minor.

Basic Savings Bank Deposit Account: You can open this account if you are a HUF or a resident individual.

Institutional Savings Account: This HDFC Bank account opening can get done if you are a primary co-operative credit society financed by the bank or a society registered under the Societies Registration Act, company governed by the Companies Act, DWCRA, Government department, or any other institution.

Documents required –

To be eligible to open an HDFC bank savings account, you have to submit the following documents -
  • Proof of Identity
  • Proof of address
  • PAN card
  • Form 16
  • Passport-sized photographs.

The application process for ICICI Bank Savings Account –

HDFC bank account opening can be done both offline as well as online. If you decide to go for HDFC bank account opening online, you can begin by visiting the bank's website and choosing the saving account type that you want to open. You can select the new or existing customer option and authenticate the same by filling in the required details. All the documents mentioned above will be required to get scanned and uploaded along with the filled application form to complete the KYC (Know Your Client) process. After the verification of your application form and the KYC documents, you have to make an initial deposit of the same value as the minimum balance requirement of your chosen HDFC bank savings account. Finally, you can receive a welcome kit containing a debit cum ATM card and a chequebook.

Although HDFC bank account opening online is relatively easy, the verification time taken by the bank is not fixed often leading to unnecessary delays in your account opening. Also, the list of documents required to open the savings account can sometimes vary and include additional paperwork. To avoid these unwarranted delays and added distress, you can opt for a savings bank account with North Loop. The sign-up process is superfast, and the account gets issued within 24 hours. So, click here and sign up now!

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.