Savings Account: Open Savings Accounts Online

Types of Savings Account 

At HDFC Bank, we understand that banking needs can differ across individuals. You can thus choose from a host of Savings Account.  

• Regular Savings Account 
  
  

A Regular Savings Account is a standard interest-generating deposit account. You will receive a Debit Card that allows online purchases and cashless payments for in-store purchases. Our Savings Account also comes with NetBanking and Mobile Banking platforms that offer an efficient way to bank remotely. You can transfer funds to different bank accounts almost instantly. Typically, you are required to maintain a minimum monthly balance in the account.  

• Senior Citizens Savings Account 
  
  

A Senior Citizen Savings Account is a Savings Account designed for senior citizens and their varied financial needs. Such accounts come with special facilities including Doorstep Banking Services, comprehensive insurance benefits, free Debit Card and preferential Fixed Deposit rates, among others. The bank also offers free passbook facility, payable-at-par cheques, online utility bill payments, online fund transfers, etc. 

• Kids’ Savings Account 
  
  

As an HDFC Bank Savings Account holder, you can open a Kids’ Savings Account for your child who is 18 years and under in age. Our Kids’ Savings Account can help you inculcate the habit of disciplined savings in your child from an early age. With your permission, we can issue a Debit Card for your child with limits on cash withdrawals and spends. Other features include free Education Insurance cover and online banking provisions. 

• Women’s Savings Account 
  
  

A Women’s Savings Account comes with features and benefits uniquely designed for women. As a Women’s Savings Account holder, you can enjoy preferential interest rates for various Loans. The bank also offers special Debit Cards with higher cash withdrawal and shopping limits. You can also avail of complimentary insurance benefits, airport lounge access and other unique perks with your Debit Card. 

• Basic Savings Bank Deposit Account
   

A Basic Savings Bank Deposit (BSBD) Account is a type of Savings Account wherein you’re not required to maintain an average monthly balance. With this zero-balance account, you can enjoy most perks available with a standard Savings Bank Account. You can access the account with digital banking platforms, enjoy Debit Card facilities, avail of cross-product benefits and more.  
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Features of Savings Account 

Although a simple form of savings, a Savings Account comes with notable features: 

• Attractive interest earnings 

With a Savings Account, you can make your hard-earned money work for you with our attractive Savings Account interest rates. With HDFC Bank, you can avail of interest rates of up to 3.50% for balances of and exceeding ₹50 lakh and 3.00% for account balance less than ₹50 lakh*.  

• Online banking provisions 

Our NetBanking and Mobile Banking platforms allow you to access and manage your Savings Bank Account facilities, regardless of the geography. With our online banking platforms, you can check your account balance, view account statements, request chequebooks, open Fixed Deposits and more. 

• Debit Card facilities 

You can avail of a secure Debit Card with your HDFC Bank Savings Account. The Debit Card allows you to pay for online and offline spends and withdraw cash from ATMs. What’s more, our Debit Cards also come with various insurance benefits that differ across card variants. 

• Quick fund transfers 

You can send money to other bank accounts at any time and from any place, thanks to online banking. We facilitate online fund transfers via National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS), Immediate Payment Service (IMPS) and Unified Payments Interface (UPI).  

• Convenient bill payments 

Long queues for paying bills are a thing of the past, thanks to our swift and secure online bill payment interface. With our NetBanking and MobileBanking platform, you can pay utility bills instantly, be it electricity, water, property tax, etc. Plus, you can provide standing instructions to automate recurring bill payments.  

Documents Required for Opening An Online Savings Account 

You will need the following documents to open a Savings Account online: 

• Duly filled out account opening form 
• Recent passport sized photographs 
• ID and address proof 
  
  
• ​​​​​​​Aadhaar or E-Aadhaar letter issued by the Government of India 
• Permanent Account Number (PAN) 
• Voter ID 
• Valid driver’s license 
• Valid passport 
• ID card issued by state or central governments, public sector undertakings (PSUs) and scheduled commercial banks 
• National Rural Employment Guarantee Act (NREGA) job card 
  
  

In some cases, foreign nationals may be able to open a Savings Account in India. Foreign nationals will have to submit the following documents: 

• Valid passport 
• Valid visa 
• Residence permit 

Foreign Regional Registration Office (FRRO) certificate 

Savings Account Eligibility 

The following entities can open a Savings Account with HDFC Bank: 

• Resident individuals (can open and operate the Account solely or jointly) 
• Members of Hindu Undivided Families (HUF) 

Minors above 10 years of age can open and self-operate a Savings Account and get access to ATM/Debit Card facilities. Also, foreign nationals residing in India for more than 180 days are eligible to open a Savings Account.

Fees & Charges for Opening A Savings Account 
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Note that there are no particular fees you must pay for opening a Savings Account online. Depending on your Savings Account types, 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: 

• Non-maintenance of account balance 
• Duplicate passbook issuance 
• Exhausting the number of free cash transactions 
• Additional cheque book 
• Debit Card replacement charges 
• Debit return charges 
• Standing instruction rejects 
• Fund transfers at bank branch 

You can find the complete schedule of Savings Account charges here. 

Benefits of an Online Savings Bank Account 

Here’s why a Savings Account continues to remain the preferred tool for placing your surplus funds: 

• High liquidity 

You can withdraw your Savings Account funds at will. A Debit Card allows you to withdraw cash from ATMs at your convenience.  

• Facilitates digital transactions 

Your Savings Account can facilitate digital payments by way of Debit Cards, NetBanking or UPI. Digital banking platforms allow electronic fund transfer between accounts.  

• Automated debits 

You can enable the auto-debit facility in your Savings Account for various investments, utility bill payments, loan repayments via Equated Monthly Installments (EMIs), etc. 

• Insured savings 

A digital Savings Account offers a secure way of placing money. Also, your account deposits are insured by RBI-owned Deposit Insurance and Credit Guarantee Corporation (DICGC) for up to ₹5 lakh.  

Things to Keep in Mind When Opening a Savings Account 

When opening an online Savings Account, you must consider the following factors: 

• Minimum initial deposits 

You may have to pay a certain specific amount as a deposit to activate your Savings Account. The amount can vary depending on the Savings Account variant. 

• Average monthly balances 

You may have to maintain a specific balance in your Savings Account every month. Otherwise, the bank will levy penalties for non-maintenance of account balance. 

• Limits on transactions 

The bank may impose limits on the frequency and value of transactions for your Savings Account. Exceeding those limits can result in penalties. 

• Fees & charges 

Ensure you peruse the schedule of fees and charges associated with your Savings Account variant. Such information is readily available on the bank website. 

Savings Account FAQs

1. What is a Savings Account?

A Savings Account is a deposit 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.

2. How can one open a Savings Account online?

The online Savings Account opening process is a simple and fairly easy one. 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.

3. What are the different types of Savings Account?

There are different types of Savings Account one can opt for at HDFC Bank- , 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 keeping in mind the needs of our varying customer groups.

4. What is the minimum balance requirement in a Savings Account?

The minimum balance requirement or average monthly balance (AMB) requirement varies with the type of Savings Account chosen by the customer as well as the location of the account holder. For instance, a minimum initial deposit of Rs 7500 for metro/urban branches, Rs 5,000 for semi-urban branches and Rs 2,500 for rural branches is required to open an HDFC Bank Regular Savings Account.

5. What is the interest rate on a 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.

Note:

• Savings Account interest will be calculated on the daily balances maintained in your account.
• Savings Account interest will be paid at quarterly intervals
  
  6. How can one transfer money from a Savings Account?

There are couple of ways to transfer money from your saving bank account. Firstly, you can use a banking mobile app to transfer funds almost instantly, from your 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.

7. How can one choose the best savings bank account?

Choosing a Savings Account that suits your individual needs is extremely important. At HDFC Bank, you can compare different saving bank account variants available to our customers and pick the one that best suits your requirements. The main things to take a look at are the interest rates on offer, the minimum monthly balance requirements and various requirements pertaining to cash withdrawal.

8. What are the documents required to open a Savings Account online?

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 operational mobile number.