HDFC Bank Savings Account FAQs
- What is a Savings Account?
A Savings Account is a bank account opted for by many who wish to save a certain part of their earnings. It is a type of bank account wherein you can park your funds, earn interest on the same, and also withdraw money at any time. It provides the convenience of liquid funds.
- How can one open a Savings Account online?
The online Savings Account opening process is simple and easy. Click here to begin your online bank account opening process, right from the comfort of your home. At HDFC Bank, you can also opt for the Video KYC (Know Your Customer) facility to avoid an in-person visit to the bank branch.
- What are the different types of Savings Accounts?
There are different types of Savings Accounts one can opt for at HDFC Bank, such as Regular Savings Account, DigiSave Youth Account, Women's Savings Account, and Senior Citizens Savings Account, to name a few. The saving bank account variants are designed to meet the needs of our varying customer groups.
- What is the minimum balance requirement in a Savings Account?
The minimum balance requirement or average monthly balance (AMB) requirement varies with the type of Digital Savings Account chosen by the customer as well as the location of the account holder. For instance, a minimum initial deposit of Rs 7500 for metro/urban branches, Rs 5,000 for semi-urban branches, and Rs 2,500 for rural branches is required to open an HDFC Bank Regular Savings Account.
- What is the interest rate on a Savings Account?
Usually, banks in India offer interest rates of anywhere between 3.5% to 7% on Savings Accounts. Take a look at the table below to get an idea of the interest rates on offer on an HDFC Bank Savings Account:
Savings Bank balance | Revised Rate w.e.f 11th June, 2020 |
Rs. 50 lakh and above | 3.50% |
Below Rs 50 lakh | 3.00% |
Note:
- Savings Account interest will be calculated on the daily balances maintained in your account.
- Savings Account interest will be paid at quarterly intervals.
- How can one transfer money from a Savings Account?
There are a couple of ways to transfer money from your saving bank account. Firstly, you can use a banking mobile app to transfer funds almost instantly, from your Digital Savings Account to that of another individual. Then there is the option of using NetBanking facility to transfer money quickly and easily via the digital mode. You also have the option of visiting a bank branch in person and transferring funds from your bank account.
- How can one choose the best savings bank account?
Choosing a Savings Account that suits your individual needs is extremely important. At HDFC Bank, you can compare different saving bank account variants available to our customers and pick the one that best suits your requirements. The main things to consider are the interest rates on offer, the minimum monthly balance requirements, and various requirements pertaining to cash withdrawal.
- What are the documents required to open a Savings Account online?
Listed below are the documents one must keep handy when applying for an HDFC Bank Savings Account:
> Identity Proof (driver’s license, passport, etc.)
> Two recent passport-sized photographs
> Form 16, which is a certificate issued by the applicant’s employer, asserting that TDS has been deducted from your salary. This is needed here if the applicant does not have a PAN card.
> PAN card
> Address Proof (driver’s license, passport, etc.) Here is a list of acceptable identity/address proof documents:
> Valid Passport
> Voter's Identity Card issued by the Election Commission of India
> Valid Permanent Driving License
> Aadhaar
> Job card issued by NREGA duly signed by an officer of the State Government
> Letter issued by the National Population Register containing details of name and address
Online account opening can be easily done through Aadhaar, PAN Card, and an operational mobile number.
