HDFC Bank Savings Account Types, Features & Privileges

HDFC is the largest bank in India, having a market capitalization of 597k Crores (as of 21st August 2020), as well as the largest private banking sector bank by assets. In 2017, the Reserve Bank of India (RBI) has termed HDFC as one of the 3 Domestic-Systematically Important Banks (D-SIB) banks, along with the State Bank of India (SBI) & ICICI Bank.

A financial institution with a SIFI (Systematically Important Financial Institution) or SIB tag is generally regarded as ‘Too Big To Fail’. Their failure would either be preceded by or trigger a financial crisis or economic havoc in the country itself. In simpler words, they are safe to keep your money.

So, creating a savings account with HDFC Bank makes sense. Creating a savings account with SBI & ICICI Bank too makes sense. In today’s post, we will be looking at HDFC bank savings account options, how to open and answer some critical FAQs regarding your bank account.

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Before we begin, please understand that generally, any bank operating in the country by default has to offer different types of account for different purposes, for example, women’s account, kids account, farmers account, senior citizen’s account, Govt. schemes like Zero Balance or Jan-Dhan Yojna accounts. We are not going into these special accounts for now.

I’ll only be discussing the primary savings account types that most of us register, and enjoy the banking facilities. These are usually open to all, and generally enjoy most/all the banking privileges offered by the HDFC bank. So, let’s get started.

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Types of HDFC Savings Account:

The best thing I like about HDFC is that it has created tiers of savings account suitable for everyone. No matter you are just a student with a low balance, or someone working in an MNC with Lakhs of investments, HDFC has a tier that fits just right for you.

Here’s the major type of savings account offered by HDFC.

  • HDFC InstaAccount Online Savings Account.
  • HDFC SavingsMax Account.
  • HDFC Classic Savings Account.
  • HDFC Preferred Savings Account.
  • HDFC Imperia Savings Account.

You can read about them below. You are also welcome to Join our FinTalks community on Facebook to discuss everything about finance.

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HDFC InstaAccount: Online Savings Account:

HDFC Bank Savings Account Types, Features & Privileges

HDFC InstaAccount allows you to open your savings account online anytime instantly from your home.

  • Eligibility: 18 years or above. (Should not have existing HDFC Account)
  • Documents Needed: Mobile Number, Aadhar Number, PAN Card No.
  • Expected Account Opening Time: Instantly. (Outgoing payments enabled after 48 hours of account opening)
  • Features Provided: HDFC Account No, Customer ID, Netbanking Facilities, Balance Transfer, Cardless Cash Withdrawal from ATM using your Mobile Phone, Fixed Deposit Facilities also provided.
  • Fees & Charges: Nil.

HDFC InstaAccount

Important Points about HDFC InstaAccount:

  • Since this is a limited KYC Account, it is valid for a 1-year maximum. You need to complete full KYC by physically visiting any HDFC Bank to convert it to a Regular Savings Account. Once you do a full KYC it will be a regular HDFC Savings Account (details in the next heading).
  • Joint Account facilities are not provided for HDFC InstaAccounts.
  • Your account balance cannot exceed 1 Lakh at any time. The total money you receive on your account cannot exceed 2 Lakhs.
  • You won’t be getting any Debit Card, Passbook & Cheque Book unless you convert it to a Regular HDFC Savings Account.
  • Since you won’t have an atm cum debit card, in case you need to withdraw cash from ATM using InstaAccount, you need to choose the Cardless Cash withdrawal and use your Mobile Phone for verification.
  • Since you won’t have a debit card, basically you cannot do any other transactions except money transfer: NO SHOPPING online or offline using any cards. You either need to use Mobile Wallets or other facilities for shopping or any other transactions.

The bottom line is, even though HDFC InstaAccount sounds like a good prospect for someone who needs to urgently send or receive money, doing the full KYC is a necessary process sooner or later for enjoying all the benefits.

Alternatively, ICICI Bank offers its InstaSave / InstaSave FD Account that can be created and KYC upgraded to a full account sitting at home itself. You won’t even need to visit the branch. Check out my other post on ICICI Savings Account Types and Privileges to know more.

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HDFC Regular Savings Account:

This is the Regular HDFC Savings account that most people are comfortable with. And if you just walk-in to any of the HDFC Bank near you for account opening, this is the most basic account you will be offered, unless you opt for higher tiers.

  • Eligibility: 10+ years for Minor Account, 18+ for regular Account, Both Indians and Foreign Residents are eligible.
  • Documents Needed: Mobile Number, PAN Card, Any Address Proof.
  • Expected Account Opening Time: Within 2-4 hours after applying via Branch. Account Kit Received Instantly.
  • Features Provided: HDFC Account Kit containing Account Details, Passbook, Chequebook, and HDFC Millennia Debit Card (urban) or Rupay Platinum Debit Card (Semi-Urban & Rural), Netbanking, Phonebanking facilities, HDFC Smartbuy. (Note, in case you stay in a semi-urban or rural area, and you do not get the HDFC Millennia Debit Card on-spot, you can request for it manually in case you need it. It will be delivered to you via courier).
  • Minimum Average Account Balance: ₹10000 in Urban Branches, ₹5000 in Semi-Urban Branches, ₹2500 in Rural Branches. You’ll usually need a cheque deposit from a different bank to open your account.
  • Fees & Charges: Click Here.

HDFC Regular Savings Account

Important Points about HDFC Regular Savings Account:

  • You can enjoy discounts and offers provided by the HDFC Smartbuy facility, and the HDFC Payzapp application.
  • This is the basic Savings Account everyone is given with. You will be charged for Millennia Debit Card (Rs500 + GST per year) and other facilities. Check the fees section above.
  • In case you want all of your account charges waived off, you can opt for a higher tier account like Savings Max or Classic Account.
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HDFC Savings Max Account:

HDFC Savings Max Account opens up some interesting features over the Regular HDFC Savings account, while also waiving off the annual Debit Card charges, by providing a Lifetime Free Debit Card with Unlimited ATM withdrawal facilities from any ATM. It also comes with higher shopping and daily transaction limits.

  • Eligibility: 10+ years for Minor Account, 18+ for regular Account, Both Indians and Foreign Residents are eligible.
  • Documents Needed: Mobile Number, PAN Card, Any Address Proof.
  • Expected Account Opening Time: Within 2-4 hours after applying via Branch. Account Kit Received Instantly.
  • Features Provided: HDFC Account Kit containing Account Details, Chequebook, and HDFC Easyshop Platinum Debit Card (Lifetime Free), Netbanking, Phonebanking facilities, HDFC Smartbuy.
  • Minimum Average Account Balance: ₹25000.
  • Fees & Charges: Click Here.

HDFC Savings Max Account

Important Points about HDFC SavingsMax Account:

  • The first difference between the usual HDFC Savings Account and this one is the Debit Card offered to you. You won’t be getting an HDFC Millennia Debit Card. You will be getting the HDFC Easyshop Platinum Debit Card. So you cannot enjoy the cashback benefits that the regular Millennia Debit Card gets.
  • On the other hand, the HDFC Easyshop Platinum Debit Card is a Lifetime Free Debit Card with unlimited free ATM withdrawals from any bank ATM.
  • You will enjoy higher ATM withdrawal limits of 1 Lakh per day, and a higher shopping limit of 5 Lakh per day.
  • Free Passbook, Free Demand Drafts, Free E-mail Statements. SMS Alerts chargeable at Rs15 per quarter.
  • One interesting feature is the HDFC Sweep-in and Sweep-out feature where your idle money will be put to a Fixed Deposit automatically, and when you run short of funds, it will be swiped out of the FD to overcome the shortfall. You can talk to your bank about this to know more.
  • You get free insurance cover, accidental death cover, and some other cross-product benefits too.
  • I recommend this account over the Regular HDFC Savings Account any day so that you can overcome the general bank charges.

In case you need more flexibility and features, you can opt for even higher tier accounts like Classic or Preferred Account.

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HDFC Classic Savings Account:

HDFC Bank Savings Account Types, Features & Privileges

HDFC Classic account comes under their ‘High Networth Banking’, which generally means you are creating a large volume investment with HDFC Bank, and therefore, you enjoy more privileges. This is the lowest tier of HDFC High Networth Banking.

  • Eligibility: Same as HDFC Savings Account, with a Minimum Average Balance of 1L or Fixed Deposit+Account Balance combination of 5L.
  • Documents Needed: Same as HDFC Savings Account.
  • Expected Account Opening Time: Within 2-4 hours after applying via Branch. Account Kit Received Instantly. However, it may take 2-5 days to fully upgrade to a Classic Account.
  • Features Provided: HDFC Account Kit containing Account Details, Chequebook, and HDFC Easyshop Classic Platinum Debit Card (Lifetime Free), Netbanking, Phonebanking facilities, HDFC Smartbuy. You’ll also be instantly eligible for HDFC Premium Credit Cards instantly if you have a strong Credit Score.
  • Fees & Charges: Click Here.

HDFC Classic Account

Important Points about HDFC Classic Savings Account:

  • The Debit Card and the associated features you get with the HDFC Classic Savings account are more or less similar to Savings Max account. Only the name is different. It’s lifetime free, with unlimited ATM transactions from any bank ATM.
  • You will get a dedicated Relationship Manager for your Account who will help you in personal banking. You can just ring up your RM for any queries sitting at home and get them answered.
  • In general, all your banking facilities will be free, including checkbook, passbook, DD, NEFT/RTGS. Even if you fail to maintain your minimum average balance, you won’t be charged extra fees. However, prolonged failure to keep a minimum average balance will downgrade your account to the basic level. Don’t worry, your bank will notify you multiple times before downgrading your account.
  • One interesting feature is you can divide and share your HDFC Classic Account benefits across your direct family members. In that case, everyone will be a classic account holder without needing the minimum balance requirement individually. (Your family members will all get individual separate accounts, but linked to a common Family Group)
  • To be honest, this is the best service you can avail of if you have the money. As you know RBI insures up to 5L of money in case a financial institution goes down. And an HDFC Classic Account can be made with 5L FD.

Just in case you have much more money to keep with HDFC, you can upgrade to HDFC Preferred or Imperia accounts.

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HDFC Preferred Savings Account:

This is the mid-tier high-net-worth banking account facility provided by HDFC Bank.

  • Eligibility: Same as HDFC Savings Account, with a Minimum Average Balance of 2L or Fixed Deposit+Account Balance combination of 15L.
  • The rest of the points are similar to HDFC Classic Account. You’ll get an HDFC Easyshop Preferred Platinum Debit Card (Lifetime Free).
  • Fees & Charges: Click Here.

HDFC Preferred Account

Important Points about HDFC Preferred Savings Account:

  • You will be getting 50% off on loan processing fees, locker with 50% discount, 40% discount on Multicurrency card, and 8 paise better Forex rate on some currencies.
  • You will also be a more priority customer to HDFC. Although, in several instances, I have found that the level of support provided to a Classic and Preferred Customer is more or less the same.
  • In other places, HDFC Classic customers enjoy almost similar facilities as an HDFC Preferred or even the higher tier HDFC Imperia account.
  • You can share your HDFC Preferred Banking benefits with up to 8 of your direct family members. They do not need to maintain the minimum average balance in their accounts. It will be shared amongst your family group.
  • If you ask me why should someone make a Preferred Account instead of a Classic Account, I do not have a solid reason to give. If you have surplus cash to maintain, have a huge monthly transaction volume, and want to get your hands on one of the luxurious HDFC Credit Cards, and get priority support, then you may be interested in this.

Of course, if you have the money, you can upgrade yourself to the highest tier of HDFC Imperia Account.

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HDFC Imperia Savings Account:

HDFC Bank Savings Account Types, Features & Privileges

The highest tier savings account provided by HDFC Bank, meant for the absolute rich. Bombarded with luxury.

  • Eligibility: Same as HDFC Savings Account, with a Minimum Average Balance of 10L or Fixed Deposit+Account Balance combination of 30L.
  • The rest of the points are similar to HDFC Preferred Account. You’ll get an HDFC Easyshop Imperia Platinum Debit Card (Lifetime Free).
  • Fees & Charges: Click Here.

HDFC Imperia Account

Important Points about HDFC Imperia Savings Account:

  • I don’t know if you are still reading, but just in case you are, I have some interesting news here as well: You get a Free Locker with your Imperia Savings Account.
  • You will be getting a 50% discount on Multicurrency card, and 10 paise better Forex rate on some currencies.
  • As usual, you can extend the benefits to your family members as well.
  • As expected, you are the most priority customer to HDFC. So, in addition to regular customer support, you also get priority Phonebanking service for all your needs. You get a exclusive Number: 1800 266 3310 / 1800 102 3310.
  • If you ask me, I’m happy that HDFC has created this tier. There should always be services for those who can pay, and HDFC has successfully implemented this to provide luxury benefits to its users.
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Which HDFC Savings Account is Best to Choose?

If you ask me which HDFC Savings account to go for, I will ask you to compare the ‘Value for Money’ perspective in choosing your account.

  • The HDFC InstaAccount is best for those who urgently need to receive money from someone. It generates an instant bank account with net banking facilities.
  • The standard HDFC Savings Account is best for beginners. You get Millennia Debit Card which has some decent offers for beginners with low transaction requirements. It is good for a student to open an HDFC Account for the first time. However, if you have more money, doing a business or a job, then skip this account to save the banking and debit card charges.
  • The HDFC SavingsMax Account creates the right balance for getting facilities and waivers for different banking charges. Go for this if you are doing business or a job, or even a student who has money to start with. You will be getting preapproved HDFC credit card offers quickly within a few weeks of opening your account.
  • The HDFC Classic Account is the best for someone who has Fixed Deposits to maintain with the bank. You can take advantage of the high networth banking facilities. You will also get premium credit cards easily.
  • The HDFC Preferred Account is best for those who want to keep all their family members’ accounts on HDFC. You will all enjoy higher tier banking benefits. It will put you up in the high networth tier, giving you better Forex rates, Locker Rentals, etc.
  • The HDFC Imperia Account is for the Richie rich, ‘Take my Money’ types. If you have the money and need the luxury, there you go.

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HDFC Bank Helpdesk:

Okay here’s the collection of all help related to HDFC Bank that you might need. You can access them from here anytime.

  • HDFC Bank Customer Care Numbers for PhoneBanking (Varies across cities): Click here.
  • HDFC Query/Feedback Complaint Online Form: Click here.
  • HDFC Contact Us Page: Click here.
  • HDFC Common FAQ: Click here.
  • HDFC Branch & ATM Locator: Click here.
  • HDFC Head Branch Mail Address: HDFC Bank Ltd., New Building, “A” Wing, 2nd Floor,
    26-A Narayan Property, Chandivali Farm Road, Off Saki Vihar Road, Chandivali, Andheri (East), Mumbai – 400 072.
  • General Support: support@hdfcbank.com.
  • Loans Support: loansupport@hdfcbank.com.
  • Credit Cards Support: customerservices.cards@hdfcbank.com.
  • Credit Cards Priority Redressal: priorityredressal.creditcards@hdfcbank.com.
  • HDFC DND Facility Registration (Warning: You might not get alerts regarding the latest offers on your Account): Click here.

There’s a direct helpline number for HDFC Bank Credit Card Support, which will directly connect you to in-person support bypassing all their IVR options. However, for privacy reasons, I am not giving it here. To get it, join our FinTalks community on Facebook, where we discuss financial matters. I have listed the direct HDFC number under the Bank Account Topic inside FinTalks.

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Last Words:

That’s all about HDFC Savings Banking Tiers available for every user in general. I hope I was able to clarify the important points, features, and benefits available across the accounts. If you have further queries, drop down a comment below. I will be happy to help.

Thank you for reading. Do share this post with your friends who are interested to open a Savings Account with HDFC. Don’t forget to join our FinTalks community on Facebook where we discuss Financial Matters, starting right from your Bank Account. Also, do join our Telegram Channel for the latest Tech Updates. I will be back soon with more interesting updates. Keep visiting HiTricks.

Nirmal Sarkar is an M.Tech Engineering Student from the city of Joy, Kolkata. He is the founder of this blog and covers a wide range of topics from Gadgets to Software to Latest Offers. He is also active on the Blogosphere community on Facebook. You can get in touch with him via nirmal@hitricks.com

4 Comments
  1. Thanks bro for the detailed article. I went through this article before I go to the bank. By the way, they have provided me HDFC Millennia Debit Card in Rural bank as per my request instantly.

  2. Nice article well written articles.

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