The benefits you get when you chose HDFC Bank MoneyMaximizer

Opening your own Savings Account can be a milestone in your life. After only observing and using your parent's saving account when you were a minor, it can be liberating to finally open your Savings Account with your earnings.

A Savings Account is designed to help you preserve your hard-earned money while earning modest interest over time. It is a reliable way to grow your savings, a method that has been trusted for decades. With HDFC Bank MoneyMaximizer, you can elevate your Savings Account into a more profitable investment opportunity.

HDFC Bank MoneyMaximizer allows you to convert the surplus money in your Savings Account into a robust Fixed Deposit with higher interest rates. With MoneyMaximizer, you can get higher interest with the flexibility of having a Savings Account. That means that when you choose the MoneyMaximizer facility, you will earn interest on your surplus money with the added ability to withdraw that money at your convenience. This is also known as the sweep-out facility. The sweep-out facility works in tandem with the sweep-in facility, giving you unparalleled flexibility when maximising your earnings.

Maximum Returns

Your money in your Savings Account is sitting, with only a modest interest rate. If you are a person who saves money and doesn't spend it willy-nilly, letting the money sit with a low interest rate is unused potential. MoneyMaximizer allows you to create a Fixed Deposit linked to your Savings Account. Using this facility ensures you earn more with higher interest rates, maximising your earnings potential. You can earn more interest when compared with the interest on a Savings Account.

Easy Fixed Deposit Booking:

Opening a Fixed Deposit could be a hassle if you are a busy person. Typically, opening a Fixed Deposit would require you to go online and fill out laborious information or visit your bank's local branch. MoneyMaximizer eliminates the need for this. This facility allows for automated Fixed Deposit booking. It has predefined thresholds that ensure you don't need to contact or visit your local branch to book a Fixed Deposit account.

MoneyMaximizer also allows you to sweep in money and sweep it out. Sweep-in means that whenever the funds in your Savings Account are running low for a purchase or transaction, the bank will transfer the deficit amount from your Fixed Deposit to your Savings Account without affecting your interest rate in your Fixed Deposit. This can help you in a pinch when there is an emergency like sudden hospital bills, buying a vehicle, or any other personal crisis.

Read more about the sweep-out facility for your Savings Account here.

Let us take an example to simplify this concept even further.

Suppose you have an HDFC Bank SavingsMax. If your account balance reaches ₹1,35,000/-, the amount your SavingsMax account will retain will be ₹1,00,000/-. The rest will be booked under a Fixed Deposit. The SavingsMax Account Linked Fixed Deposit has a minimum amount of ₹25,000/-.

MoneyMaximizer gives you multiple benefits like high returns, easy booking, and a sweep-out facility that considers your convenience. 

To open your very own Savings Account, click here to get started.

*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.