Institutional Savings Account
A zero balance Savings Account with a wide range of convenient options to collect your fees, donations etc., and simplify your payments.
Apply now for an HDFC Bank Institutional Savings Account.
Features and Benefits
- Zero balance account
- Free & unlimited Demand Drafts at HDFC Bank locations
- Payable at Par cheque book with no usage charge
- Free Outstation Cheque Collection at HDFC Bank locations across the country
- We shall ease out collections of fees, donations etc through various online modes by linking this account with our Payment Gateway, POSPoint of Sale terminals, Payment Kiosk etc.
If you are a Trust, Association, Society, Club, NGO, Charitable Hospital, Educational Institute, Section 25 companies that is eligible to open a savings account as per RBI guidelines, then; you can open an Institutional Savings Account.
What features and benefits are offered with Institutional Savings Account?
You will get some exclusive features and benefits with your HDFC Bank Institutional Savings Account
- You can also use our vast branch network for collection of donations, fees etc. The collections will be facilitated by our Cash Management Services team.
- Online payments like salary payments, vendor payments etc can be facilitated through our corporate payment software Enet
- Bank conveniently with facilities like NetBanking, PhoneBanking and MobileBanking – check your account balance, pay utility bills or stop cheque payments all via SMS.
- You can also avail Free monthly account statements OR option to avail Daily / Weekly /Monthly statements on email.
What are the fees and charges applicable to a Institutional Savings Account?
|Description of Charges||Institutional Savings Account|
|Minimum Balance (Average Monthly Balance)||Zero|
|Charges on non maintenance thereof||NIL|
|Account Statements - Free||Monthly statements sent by post|
|Issue of duplicate / adhoc statements||Branch - Rs 100/-
PhoneBanking ( Non IVRInteractive voice response (IVR) is a technology that allows a computer to interact with humans through the use of voice and keypad inputs.) - Rs.75/-
NetBanking, Mobile Banking, PhoneBanking - IVRInteractive voice response (IVR) is a technology that allows a computer to interact with humans through the use of voice and keypad inputs. & ATM - Rs 50/-
|Hold Statement||Rs. 400 per year|
|Managers Cheques/Demand Drafts- Issuance/Re-issuance - On HDFC Bank Locations||
|Managers Cheque/Demand Drafts - Cancellation / Revalidation||Nil|
|Demand Drafts- Issued - On Non HDFC Bank Locations||
|Cheque Collection - Local Clearing Zone||Free|
|Collection of outstation cheques - our bank locations||Free|
|Collection of outstation cheques - other locations||
|Cheque return charges drawn on us - Local||
|Cheques deposited returned unpaid||Rs. 100/-|
|Balance Enquiry - at Branch||Free|
|Balance Certificate||Current year - Free, Previous year - Rs. 50|
|Interest Certificate||Rs. 50|
|Account Closure||Upto 14 days - Nil
15 days upto 6 months - Rs 500/-
6 months upto 12 months - Rs 500/-
Beyond 12 months - Nil
|Photo Attestation||Rs 100/- per instance|
|Address Confirmation||Rs 50/- per instance|
|Stop Payment Charges||Particular Cheque - Rs. 50 (Free through PhoneBanking & NetBanking),
Range of Cheques - Rs. 100 (Free through PhoneBanking & NetBanking)
|Standing Instructions||Setting up charges: Nil,
Rs. 25 per transaction plus remittanceRemittance is any form of money transfer or payment done from one's working country to home country. Depending on the difference in currency rates and the amount to be transferred, the charges on remittance are also different. charge
|Old records/copy of paid cheques||Upto 1 year - Rs. 50 per record, Above 1 year - Rs. 100 per record|
|Activation of dormant account||No charges|
|Branch transactions (Includes only Cheque deposit/Cheque issuance/Funds Transfer Debit/NEFT/RTGS)||Free|
|Interbranch transactions ( transaction at non account branch ) through teller counters - Funds Transfer||Free|
|Interbranch transactions ( transaction at non account branch ) through teller counters - Cash transactions.||Cash deposit value upto Rs. 50,000/ per day - No charge
Cash withdrawal value upto Rs. 50,000/ per day - No charge
Above Rs. 50,000/- charged at Rs. 5/- per 1,000/- on the full amount
|Third party cash transactions at non-home branches through teller counters||Upto a limit of Rs.50,000 per day - Free.
Above Rs.50,000 - Not allowed
|Local Cheque deposited for outstation accounts||No Charge|
|PhoneBanking - IVRInteractive voice response (IVR) is a technology that allows a computer to interact with humans through the use of voice and keypad inputs.||Free|
|PhoneBanking - Non IVRInteractive voice response (IVR) is a technology that allows a computer to interact with humans through the use of voice and keypad inputs.||Free|
|InstaPay||Rs. 10 (plus taxes) per transaction|
|InstaAlert||Rs. 25 (plus taxes) per qtr per account|
|Visa Money Transfer||Rs.5 (plus taxes) per transaction|
|NEFT Charges - Inward||NIL|
|NEFT Charges- outward||
|NEFT Charges for Indo Nepal transactions||Customers having NSBL*A/c - Rs 20/-
Customers having Non-NSBL* A/c:
Upto Rs 5,000 - Rs 70/-
Above Rs 5,000 - Rs 95/-
* Nepal State Bank Ltd
|RTGS - Outward||
|RTGS - Inward||NIL|
|ECS (Debit) Return Charges||- Rs 350/- would be levied on first instance of ECSStands for Electronic Clearing Service. It is a mode by which funds are automatically debited to your account every month to pay or a certain bill or fee. It helps so you don’t have to remember every month to pay your regular bills. It is only done after a standing instruction is given by the account holder. return in a quarter.
- Rs 750/- would be levied, second instance onwards in the same quarter.
|Any Deliverable returned by courier due to negative reasons (no such consignee/ consignee shifted and no such address)||Rs 50/- per instance|
|TIN/IPIN Regeneration (requests received at the branch for physical dispatch)||Rs 50/- per instance|
|Standing Instructions rejects||Rs 200/- per instance|
Click here to view charges applicable before 1st January 2012
Effective 1st April 2012, all fees and charges, mentioned in the Tariff of charges, will attract Service Tax @12% and Education Cess @3% of the Service Tax amount.
Institutional Savings Account can be opened by:
- Primary Co-operative Credit Society which is being financed by the bank.
- Khadi and Village Industries Boards.
- Agriculture Produce Market Committees.
- Societies registered under the Societies Registration Act, 1860 or any other corresponding law in force in a State or a Union Territory except societies registered under the State Co-operative Societies Acts and specific state enactment creating Land Mortgage Banks. .
- Companies governed by the Companies Act, 1956 which have been licensed by the Central Government under Section 25 of the said Act, or under the corresponding provision in the Indian Companies Act, 1913 and permitted, not to add to their names the words ‘Limited’ or the words ‘Private Limited’.
- Institutions other than those mentioned in clause(i) below and whose entire income is exempt from payment of Income-tax under the Income-Tax Act, 1961.
- Government departments / bodies / agencies in respect of grants/ subsidies released for implementation of various programmes / Schemes sponsored by Central Government / State Governments subject to production of an authorization from the respective Central / State Government departments to open savings bank account.
- Development of Women and Children in Rural Areas (DWCRA).
- Self-help Groups (SHGs), registered or unregistered, which are engaged in promoting savings habits among their members.
- Farmers’ Clubs – Vikas Volunteer Vahini – VVV.
As per RBI guidelines, Savings Account cannot be opened for:
- Government departments/bodies depending upon budgetary allocations for performance of their functions
- Municipal Corporations or Municipal Committees
- Panchayat Samitis
- State Housing Boards
- Water and Sewerage/Drainage Boards/State Text Book Publishing Corporations/ Societies/Metropolitan Development Authority / State/ District Level Housing Co-operative Societies (6) Any political party or any trading/business or professional concern, whether such concern is a proprietary or a partnership firm or a company or an association.
Entities that are not eligible to open a Savings Account can avail of our Institutional Current Account. Please walk-in to any branch to know more about the Institutional Current Ac.
What is the AMB (Average Monthly Balance) requirement of the Institutional Savings Account?
An Institutional Savings Account is a ZERO BALANCE account.
What is the general documentation requirement to open an Institutional Savings Account?
The following documents are required:
- Account opening form for non-individuals to be completed and signed by all authorized signatories
- Registration proof with any state regulatory authorities
- Certificate of Registration with the Local Charities Commissioner (for charitable trusts)
- Income Tax registration u/s 12A for entities as specified in RBI circular
- Certified Copy of the Trust Deed / Bye-laws / MOA/ Constitution
- Proof of address of the Trust
- Certified Copy of the Resolution from Board of Trustees / governing body defining who is going to be the authorized signatory in the account / authorizing the opening and conduct of the account
- Proof of appointment of present Trustees/ governing body members in case they are not listed in the Trust Deed / bye-laws / constitutional document
- PAN Card / Form 60 as may be applicable
- FCRA declaration for receipt / non-receipt of foreign contribution into the account
- Proof of identity and photographs of all trustees authorised to operate the account
Is there an AMB (Average Monthly Balance) declaration required to be submitted along with the documents for an Institutional Savings Account?
No. There is no AMB declaration required since it is a Zero Balance Account.
Can unregistered institutions open an Institutional Savings Account?
No. Accounts of only registered trusts, societies, associations, clubs can be opened.
Can I get a Debit Card linked to my Institutional Savings Account?
Yes. Business Debit Cards are issued to Authorised Signatories in the account. This is done provided the mode of operation is ‘Singly’ OR ‘Either or Survivor’ and the operating instructions allow the signatory to sign for amounts above Rs. 1.25 lakh.
This is because the combined - ATM & POSPoint of Sale - per day limit on the Business Debit Card is Rs.1.25 lakh.