HDFC Savings Account Interest Rates 2024 – Open Savings Account

Start your savings journey with HDFC Bank, one of the most well-known private banks in India. Opening your savings account comes with attractive features and benefits and something for all. To know more about the savings schemes and HDFC savings account interest rates, keep reading this blog.

Latest HDFC Bank Savings Account Interest Rates 2024

Before you apply for an HDFC Bank savings account, you need to know about the interest rate you will get in return. Check the table below for the HDFC SB account interest rate.

HDFC Bank Savings Account Minimum Balance Required

Apart from having an idea about HDFC savings account interest rate, you must also be aware of the minimum balance you need to maintain. If you are unable to follow the minimum balance criteria for your account, it may lead to the applicability of different charges. 

Check the table below for a detailed idea of the SB account’s minimum balance.

HDFC Bank Savings Account Charges 

Now that you have an idea about the savings bank account interest rate HDFC Bank, you must get accustomed to the charges levied on different aspects. Check the table below to get a detailed idea about the SB account charges.

Why Choose HDFC Bank Savings Account?

Choosing a savings account with HDFC Bank can be beneficial for several reasons. The main reasons for choosing HDFC for your savings bank account are discussed in the below pointers.

• HDFC savings bank interest rates are quite competitive in the market, making it a considerable choice to grow your money over time.
• HDFC Bank waives the first-year maintenance cost for first-time Demat Account applicants who already hold a Savings Account with the bank. Such cross-product benefits become a key aspect of opening HDFC SB accounts.
• Transactions on HDFC savings accounts are easy and swift. Smooth transactions help people cut down their cash transactions for different purposes.
• HDFC net banking and mobile application facility helps you have convenient and hassle-free transactions. By just logging into your account using credentials, you can access other banking facilities including online payments and transactions.
• BillPay facility of HDFC with its savings account helps account holders complete payments for utilities like phone and electricity bills, broadband bills and others.

Key Benefits of HDFC Bank Savings Account

As you already know, the savings bank account interest rate of HDFC Bank is quite attractive, but there are a few more benefits that must be considered while opening a savings account. Below are some of the main benefits of an HDFC savings account.

• You may open this account yourself in 10-15 minutes.  
• Your account is pre-set with Net and MobileBanking, allowing you to use it immediately after funding. 
• After completing the Video KYC procedure required for opening this account, you will receive your account number and customer ID from the convenience of your own home. 

Additional Benefits Associated with HDFC Bank Savings Account

This section gives you information regarding some additional benefits you get from your savings bank account at HDFC Bank.

• To fulfil the needs of each customer, a variety of savings account alternatives are available. 
• The HDFC savings account comes with a Money Maximizer or Sweep-out facility, allowing you to shift extra cash into high-earning fixed deposits. 
• By opting for a savings account with this bank, you can access its widest ATM network in India. 
• Account Holders and their entire family can benefit from a single savings account.
• Under the HDFC savings account, monthly email account statements are accessible. 

How to Open an Online HDFC Bank Savings Account?

Follow the simple steps given below to open a savings account and reap benefits from the attractive HDFC savings interest rates.

• Step 1: Open the Net Banking portal of HDFC Bank.
• Step 2: Navigate to the ‘Save’ option and select ‘Savings Account’.
• Step 3: On the redirected page, you get all the savings account schemes available by HDFC Bank. Click on ‘Open Instantly’ for the scheme you choose to invest your money in.
• Step 4: Enter the mobile number linked to your Aadhaar Card in the box provided and type in your date of birth in the dedicated column.
• Step 5: Click on ‘Start Now’ to continue with the account opening process. You will receive an OTP on the stated mobile number.
• Step 6: Enter it for verification and continue.
• Step 7: Now type in your name and verify the same using an Aadhaar Card or any other KYC document.
• Step 8: You also need to enter your contact details such as email ID, address and number as per your Aadhaar Card. Enter any other additional details asked by the bank.

Once you go through the above steps, the authentication process is completed using the video KYC method.

Finally, the successful completion of your verification will lead to an instant savings account opening.

How to Open an Offline HDFC Bank Savings Account? 

You can also opt to open your savings account at HDFC Bank using the offline mode. Check the steps below for a seamless offline account opening process.

• Step 1: Go to the nearest HDFC Bank branch.
• Step 2: Request a bank representative for a savings account opening form.
• Step 3: Input all the necessary details in the form and attach copies of identity and address proof, which must be self-attested.
• Step 4: Submit the filled-in form with all the necessary documents and provide your original PAN or Aadhaar card to complete verification.
• Step 5: You can submit cash, cheque or demand draft for your new bank account.

Upon successful verification of your documents, the bank will open a savings account.

Eligibility Criteria to Open HDFC Bank Savings Account 

Apart from knowing the HDFC savings account interest rate, it is also important for you to know the eligibility criteria before applying for this account. Check the pointers below to know whether you are eligible to open an HDFC savings account or not.

• The applicant must be a resident individual or a member of HUF.
• Customers should not have any other savings accounts with HDFC Bank.
• Minors above the age of 10 are entitled to create a self-operated minor account and be granted an ATM/debit card.
• You should not have an existing BSBD account with any other bank.

Documents Required to Open HDFC Bank Savings Account

The documents you need to keep handy while applying for an HDFC savings bank account are discussed below.

Proof of Identity

• Aadhaar Card
• Driving licence
• Passport
• Voter’s Identity Card issued by the Election Commission of India

Proof of Address

• Letter as issued by National Population Register having address and name
• Job card as issued by NREGA and signed by State Government officer
• Utility bills
• Municipal or property tax

Types Of HDFC Bank Savings Account and Its Features

There are several types of savings bank accounts available with HDFC Bank. Even though the HDFC Bank savings account interest rate is similar for all types, the features and benefits of each savings account type are different. 

Take a look at the following table to find out the different types of savings accounts offered by HDFC Bank and their associated features. 

Steps to Open HDFC Bank Video KYC Savings Account

There are a few steps you need to follow to open your savings account with HDFC Bank using the video KYC method. They are as follows:

• Step 1: Fill out the digital account opening form provided to you online. 
• Step 2: Permit the bank to get your Aadhaar information, input your PAN number, and submit your image.
• Step 3: Provide any extra necessary information, such as occupation, nomination, and so on.
• Step 4: Click on a link to proceed with Video KYC.
• Step 5: Allow the bank access to your mobile phone’s location, camera, and microphone.  
• Step 6: Join a video conference with a bank representative.
• Step 7: Present your actual PAN card for verification.
• Step 8: During the call, the representative will take your photo.

Once your KYC is complete and your account is functioning, you will receive a notice.

Note: Make sure to complete the video call within 3 days of opening your savings account using the provided link.

HDFC Savings Account Transaction Limit

After you have opened your savings bank account with HDFC, you need to be aware of the transaction limit. Knowing this limit will help you limit your transactions and not pay any unnecessary charges for exceeding the limit. Check below to know the transaction limit. 

However, for some products, a cash deposit may not be applicable.

How to Close an HDFC Bank Savings Account?

If you are not satisfied with HDFC Bank SB’s interest rate or its other features, you can decide to close the account. Just follow the steps below for a hassle-free savings account closure. 

• Step 1: Download the account closing form from the website. 
• Step 2: Carefully fill it out and present it to your local HDFC Bank. Do not forget to bring your original ID for verification. 
• Step 3: Attach the KYC papers for verification. If necessary, you can self-attest.  
• Step 4: Submit the passbook and chequebook together with the paperwork. 
• Step 5: The bank will provide an acceptance receipt and cancel your account within 10 days. 

HDFC Bank Savings Account Onboarding Kit

After you get to know the HDFC Bank savings account interest rates and decide to open your SB account following the above steps, you will get an onboarding kit from the bank. Let us explore the details of this kit below.

• Customer ID: This is a unique identification number that you will need to use for Net Banking, Mobile and Phone Banking purposes. This number will be available on your Welcome Letter and chequebook’s 1st page.
• IPIN or Internet Banking Password: You need this IPIN to log into your Net Banking account along with the Customer ID. Keep it safe and confidential to avoid financial fraud.
• Debit or ATM Card: You can use this card to withdraw money from an ATM or for different transactions.
• Personal Identification Number (PIN) of Debit or ATM Card: With your debit or ATM card, you also receive the PIN to use the card for transactions. In case you receive this kit at your address, you will get a Green PIN, which is an OTP sent to you via SMS to use during the pin generation process.
• Chequebook: You get a personalised chequebook, that comprises all key details about your savings account and has 10 cheque pages.
• TIN or Telephone Identification Number: TIN permits you to use our PhoneBanking service. PhoneBanking allows you to access your account from anywhere, in your favourite language.

Final Word

Opening a savings account is necessary as it helps you take care of your day-to-day expenses and transactions with ease. With HDFC savings account interest rates at 3.00% and 3.50% p.a., opening a savings account with HDFC can be quite profitable in the long run.

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.