HDFC Bank Savings Account Interest Rates & Minimum Balance requirements are some details that a customer seeks for while opening a savings account in HDFC Bank. So, we have written an article to make you know about the HDFC bank interest rates on saving account and charges for not maintaining minimum balance in HDFC bank savings account.
HDFC Bank Interest Rates on Savings Account
HDFC Bank is the another bank in the list with a large number of account holders and where customers deposit money in various types of account as the services provided by the them are quite favorable to the customers and keep them happy and satisfied as well. The rate of interest provided by the HDFC Bank is 3.50- 4% with a minimum amount of Rs 2500/5000/10000/25000. Minimum amount is basically needed so that the interest rate can be calculated better.
Some features which are included for the customers are discounts and offers through the online shopping which can be quite leading for the new customers. There are safe deposit lockers which are quite ensuring to the customers. Customized banking services for the account holders and there are no annual maintenance charges for the first year which is quite a benefit to the customers and which ensures a large amount of people opening their accounts in this bank.
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HDFC Bank Savings Account Minimum Balance Requirement
HDFC is a private sector bank. The minimum balance requirement is the average monthly balance required in savings account that is described here. HDFC bank offers Rs.2500 as minimum balance requirement for savings accounts in rural branches. The HDFC bank offers Rs.5000 as minimum balance requirements for savings accounts in semi-urban branches. HDFC bank offers Rs.10,000 as minimum balance requirement for regular savings account in metro and urban areas. These are the minimum balance requirements for savings account offered by rural, semi-urban and urban branches of HDFC bank.
Here are some Average monthly balance requirements in HDFC Bank different type of savings account in urban areas:
- Kids Advantage Account: Rs 5,000
- Digi Savings Youth Account: Rs 5,000
- Women’s Advantage Account: Rs 10,000
- Regular Savings Account: Rs 10,000
- Max Advantage Savings Account: Rs 25,000
10 Benefits of opening a savings account in HDFC Bank
HDFC Bank Limited is a banking and financial services company of India. It’s Headquarter is in Mumbai, Maharashtra. This Bank is India’s largest private sector lender by assets. HDFC Bank limited is the largest bank in India by market capitalization as of February 2016 report. This Bank was ranked 60th position in 2019 BrandZ Top 100 Most Valuable Global Brands. HDFC Bank provides a number of products and services which includes lifestyle loan, loans against property, mortgage loan, wholesale banking, auto loans, retail banking, treasury, two-wheeler loans, personal loans, consumer durable loan, and credit cards. Its total asset is 170 billion US$ as of December 2019.
It is a new generation private sector bank which provides a wide range of banking services like commercial and investment banking. The complete business philosophy of the bank is based on five major leads which are customer focus, product leadership, operational leadership, people and sustainability. HDFC has some group companies . They are HDB financial services, HDFC realty, HDB financial services, HDFC securities, HDFC life, HDFC mutual funds and HDFC ERGO. It has approximated of 5,128 branches and 13,390 ATMs all over the country.
1. Personal loan offers
HDFC bank has a good personal loan offer. It offers a personal loan that amounts from Rs. 50 thousand to 40 lakhs. The best thing about any personal loan is the duration of return. HDFC has a good and flexible repayment facility. The conditions for HDFC bank personal loan ranges from 12 to 60 months and also it can be selected by an individual according the ability to pay it back to the bank. It also provides low and revised interest rate by transferring the existing personal loan to HDFC on available interest rates as low as 10.76% on the existing loan amount. Personal loan offer also insures the customer.
It gives the option to take advantage of personal accident cover of up to Rs. 800000 and up to Rs. 100000 for critical illness cover. The interest rate offered by the Bank on a personal loan ranges between 11.25% to 21.50%. It depends on various factors like older loan repayment history, age , running debt ,etc.
2. Various types of credit cards
The Bank offers various types of credit cards. Every card has its own unique features. The benefits of the card depend on the type of the card. The cards can be compared online and applied as desired. There are so many credit card options in the bank which can confuse you. This is the reason for the card being comparable online to choose it according to you own will. Some of the popular credit cards of HDFC Bank are HDFC Regalia Credit Card, HDFC Regalia First Credit Card , HDFC Moneyback Credit Card, HDFC bank millennia Credit Card, HDFC bank IndianOil Credit Card, HDFC Freedom credit card , HDFC Bank Solitaire Credit Card, HDFC Snapdeal Credit Card, HDFC Bank dinner clubMiles Credit Card, HDFC times platinum Credit Card and many more.
All these cards have better reward points, dining discounts, travel benefits , priority pass membership, fuel surcharge waiver, airport lounge access, lifestyle benefits and many better services which differ from card to card.
3. Better Net Banking
HDFC offers a better bet banking platform. HDFC Net Banking service is a banking platform which is complete digital . This banking platform helps customers to access their accounts , online fund transfer , and other bank services with the help of the internet. Every customer has its own unique id. They are provided with a unique id and a software to operate their accounts . The customers need to login to their net banking account provided by the Bank to use features of it like balance transfer , balance enquiry, due dates enquiry, open recurring deposit, account summery, adding GST number, stop payment of cheque, changing passwords, account statements , etc.
Read Also: Advantages of Internet Banking
4. Quick Balance enquiry service
The Bank also helps in saving customers valuable time. They don’t need to go to the Bank for each small query. It offers a better customer care service to the customers. Customers spend the money everyday .but at the end of the day , they need to know their transactions. Among all other queries balance enquiry is the most important query that customer report to the bank for. To make balance enquiry easier , the bank allows its customers to check the balance in a number of ways. Customers can call to the bank leaving a missed call on the numbers 1800-270-3333 or 1800-270-3355. Sooner the account holders will receive a message of the balance on the registered number. There are other ways to check the balance . HDFC Net banking service also offers balance enquiry log. Other services like Bank Balance check number (022-6160-6161), bank ATM , passbook enquiry help in balance enquiry.
5. Home loan
The bank has one of the finest home loan service in the country. The rate of interest of the home loan stars from 8.25% per annum. The processing charge of the loan is 0.5-1.5% of the loan amount +GST with duration tenure of 30 years. The customers can apply for this loan to buy new flats, house, or plot , etc. the loan is also permitted for home construction ,home extension and renovation. HDFC provides interest rate concession to women who apply for loans. There are various HDC home loan schemes. They are HDFC home loan , HDFC reach loan, Top Up loan, home extension loan, home improvement loan, plot loan, rural housing loan, etc.
6. Car loan
It’s a dream of every Indian to have their personal car at least one in the house. But most of them cannot afford a car for their family. There HDFC bank plays a vital role to help people getting their dream achieved by allowing them proper and affordable loan. The interest rate of car loan is 8.25%-14.26% per annum. They charge very less amount for processing the loan. This plan is for both used cars and brand-new cars at the given interest. There is age restriction for this loan i.e. 21-65 years . the person assigning the loan must earn at least Rs. 1 lakh 80 thousand per annum. The salary includes the earning of both husband and wife.
7. Satisfactory Fixed Deposit Scheme
This has been a new trend for all the customers who wish to save more for future use. HDFC Bank offers variety of fixed deposit schemes to fulfil the investment of customers money for a period of time. There are various fixed deposit schemes like Regular fixed deposit, etc. major goal of fixed deposit of HDFC is to maximize the savings of the customers. The interest rate is calculated at the time of opening the fixed deposit. It doesn’t matter whether the interest rate increases or decreases after opening the Fixed Deposit, the fixed amount will progress with the initial discussed interest. The Bank also offers the facility to withdraw the money before completion of the date. The money completely belongs to the customer.
Read Also: Benefits of Life Insurance Policy
Most of the product which we use day to day are all available online on the internet. All the payments are done online with the help of netbanking . HDFC Bank has collaboration with most of the merchants of the country. These merchants provide different valuable offers to customers. Its major collaborations are Flipkart, yatra, Times prime, Zomato, Swiggy, Myntra, TaTa Sky, scan and pay, movie tickets ,Big basket, etc. These merchants provide various offers and discounts to users through Coupons and cashbacks.
SmartBUY is the e-commerce initiative to create an exclusive portal on the internet. This is one of the popular services of the bank. The portal offers a wide range of services to its users in digital and physical products. The products include bill payments, book purchasing, fashion, entertainment, gadgets, entertainments, etc. HDFC bank has collaborations with various partners for flight, bus booking, hotel bookings, etc. These services are offered only when payment is done through the HDFC cards.
10. HDFC customer care service
Customer care service s one of the most required service from any organization. HDFC offers the best customer care service of all the other banks of the country. The Bank has a 24/7 customer care service centre in the country . it offers complete support to the customers . Any query, suggestion , feedback or problem faced by the customer for any service of the Bank is handled by the Customer Care service of the bank. Every city has its own customer care team. The contact is unique for all. They have unique contact numbers to connect . The Bank also has an online customer care service . Customers can fill their online forms online from the official website and can submit it on the website. After submission of the form , the bank contacts to the customer as soon as possible.