Features of Savings Account

You probably got your first bank account when you were in school or college, which is likely to have been a Savings Account. Often, this is the first banking experience for most people.

Traditionally, a Savings Account served two purposes: first, it kept your deposits safe, and second, it enabled you to make extra money through interest. In fact, as a child, this was probably all that mattered to you – how much you earned through interest and how much more you could withdraw.

Since the relaxation of the State's banking monopoly to allow private players, Savings Accounts started offering many features, transforming everyday banking from routine to engaging. If you're not yet familiar with these exciting new features, take a moment to explore them and enhance your banking experience.

• Technology Upgrades:
  
  

  • Online banking transactions, including automated bill payments and fund transfers (NEFT, RTGS, IMPS).

  • E-wallet services.

  • Debit-cum-ATM cards for domestic and international use.
     

• Innovative Schemes:
  
  

  • Sweep facility.

  • Discounts and cashback benefits.

  • Attractive locker facilities.

  • Zero-Balance Savings Accounts.

  • Annual fee waivers.
     

• Quick Service:
  
  

  • Quick account creation and loan approvals at HDFC Bank.

  • Service executives assist new customers with forms and facility understanding.
     

• Higher Interest Rates:
  
  

  • Private banks often offer higher interest rates on Savings Accounts than state-owned banks.

Sweep facility

Under this, the deposit balance gets transferred automatically to a slab with a higher interest rate than the standard rate as soon as it exceeds a pre-determined level. However, this facility does not kick in automatically; as an account holder, you must complete a few formalities to activate it. 

Discount benefits

Banks often offer discounts and CashBack schemes to Savings Account holders at ‘partner locations’ such as specific petrol pumps (via fuel surcharge waiver) if payments are made through that bank’s debit card. This can also apply to restaurants, shopping sites and more.  

Locker facility

Account holders can be offered up to 30% discount on annual locker fees, but not all banks offer this scheme. Besides, qualification for the facility can depend on the type of Savings Account you have.

International Debit Cards

Sometimes, banks offer free international debit cards as a perk. These cards allow you to make purchases and withdraw cash while travelling abroad without extra fees, providing convenience and cost savings on foreign transactions.

Automated bill payments

Automated bill payments allow banks to pay your bills automatically based on standing instructions. This service covers credit cards, utilities (electricity, mobile, etc.), insurance premiums, and more, ensuring timely payments and avoiding late fees. 

So, when you’re getting a Savings Account, ensure it offers you all these features and more. And make the most use of them to have a safe, convenient and delightful banking experience.

Click here to learn more about the different HDFC Bank  Savings Account.

​​​​​​​With HDFC Bank InstaAccount open a Savings Account instantly in a few simple steps. It comes pre-enabled with HDFC Bank NetBanking & MobileBanking, and you can enjoy Cardless Cash withdrawals. Click here to get started!

Want to save to spend? Read more on how a Savings Account can help you.

Click here to  Open a Savings Account.

* 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.