What’s in store for you
Types of Savings Accounts
Ways to Open a Bank Account
Know More About HDFC Bank Savings Accounts
At HDFC Bank, we understand that individuals' banking needs can differ. You can choose from a host of Savings Accounts, including:
Although a simple form of savings, a Savings Account comes with notable features:
Here’s why a Savings Account continues to remain the preferred tool for placing your surplus funds:
The following entities can open a Savings Account with HDFC Bank:
Note that there are no particular fees for opening a Savings Account online. Depending on your Savings Account type, you may have to pay a minimum initial deposit amount. You must also keep in mind the following associated charges that can differ depending on your Savings Account type:
When opening an online Savings Account, you must consider the following factors:
*The Most Important Terms and Conditions for each of our banking offerings features all the specific terms and conditions that govern their use. You must go through it thoroughly to fully understand the terms and conditions applicable to any banking product you choose.
Frequently Asked Questions
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.
To open a Savings Account at HDFC Bank, you can easily start the process online. 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. Once your account is opened, you’ll receive your account number and a welcome kit with a cheque book and debit card Debit Card at your registered address.
An online Savings Account at HDFC Bank offers a secure place to store your money, with the added benefit of earning interest. It also provides convenient features like Online Banking, ATM access, and the option for a free Debit Card.
Listed below are the documents one must keep handy when applying for an HDFC Bank Savings Account:
- Identity Proof (driver’s license, passport, etc.)
- Address Proof (driver’s license, passport, etc.)
- PAN card
- 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.
-Two recent passport-sized photographs
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.
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.
A Digital Savings Account is a type of Bank Account designed to help you manage and grow your funds securely while earning a competitive savings interest rate. One of the key benefits of a Digital Savings Account is its high liquidity, allowing you to withdraw funds whenever necessary.
This account is tailored to encourage you to save money for various financial goals. You can conveniently use the funds in your Savings Account for expenses such as bill payments or shopping, facilitated through our Debit Card, NetBanking, or Mobile Banking services. Additionally, you can transfer money from your Savings Account to other bank accounts seamlessly via electronic payment systems and withdraw cash at ATMs using your Debit Card.
HDFC Bank provides a diverse range of Digital Savings Account types to meet the unique savings requirements of different individuals, all while ensuring the highest levels of security and trust that we are known for.
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 ₹7,500 for metro/urban branches, ₹5,000 for semi-urban branches, and ₹2,500 for rural branches is required to open an HDFC Bank Regular 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 |
| ₹50 lakh and above | 3.50% |
| Below ₹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.
There are a couple of ways to transfer money from your saving bank account. Firstly, you can use a Mobile Banking 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.
Choosing a Savings Account that suits your individual needs is extremely important. At HDFC Bank, you can compare different Savings Bank Account variants available to our customers and pick the one that best suits your requirements. The key factors to consider are the interest rates on offer, the minimum monthly balance requirements, and various requirements pertaining to cash withdrawal.
Go digital with a secure, paperless account.