The paragraph of this guide details all you need to know about the “HDFC Savings account requirements.”
When thinking about having a bank account, the first thing that usually pops up in your mind is, what do I need to open the account, even before you think about how to open it.
So, as much as having an account is essential, there is an underpinning parameter that must be satisfied first; thus, the bank account requirements.
Regarding the Housing Development Finance Corporation Limited (HDFC), it is no lie that it operates different savings accounts at its various branches.
And though these savings accounts are up for grabs for everyone, the HDFC savings account requirements must be met first before registering for the account.
HDFC Savings Account Requirements
The following are the requirements for an HDFC Savings account:
- Proof of identity: Applicant can submit any of the following IDs; PAN card, passport, or voter ID
- Proof of residential address: Any of the following documents can be used; utility bill (shouldn’t be more than 3 months), or tenancy agreement letter
- The applicant must fill out form 16 if a PAN card is not available.
- Two passport size pictures (recently taken)
- Proof of employment (if applicable); an applicant can submit an employment certificate or introductory letter from the employer.
- Complete the opening form
- A minimum initial deposit of Rs 10,000, Rs 5,000, and Rs 2,500 for urban, semi-urban, and rural branches, respectively
For a full list of accepted IDs, kindly use this link https://www.hdfcbank.com/personal/save/accounts/salary-accounts/savings-bank-deposit-account-salary/documentation.
What Is The Minimum Balance Requirement For HDFC Savings Account
The minimum balance requirements for the various HDFC Savings accounts are:
The HDFC Regular Savings account has a minimum monthly balance requirement of Rs 10,000, Rs 5,000, and Rs 2500 for urban, semi-urban, and rural branches.
The Specialé Gold Account Is assigned a minimum balance requirement of Rs 1,000,000 or an FD relationship of Rs 4 Lakhs.
There is an amount of Rs. 3,00,000 or an FD relationship of Rs. 8 Lakhs for the Specialé Platinum Account
The Super Kids Savings Account has a quarterly minimum balance requirement of Rs 1,000,000
The HDFC SavingsMax Account has an average monthly balance requirement of Rs. 25,000 or an FD relationship of Rs 1.50 lakh in urban or Rs 1 lakh in semi-urban and rural areas
A minimum balance requirement of Rs. 10,000 and Rs. 5,000 for urban and semi-urban/rural locations, respectively, for the Women’s Savings Account
The DigiSave Youth Account requires an average monthly balance of Rs. 5,000 and Rs. 2,500 at metro and semi-urban/rural areas to be maintained
The Senior Citizen’s Account has an average monthly balance of Rs. 5,000 for all branches
A monthly minimum balance of Rs. 1000 should be maintained in the Kids Advantage Account
There is no minimum balance requirement for the Institutional Savings Account, Basic Savings Bank Deposit Account(BSBDA) & BSBDA Small account, and Government Scheme Beneficiary Savings Account.
The Saving Farmers Account is assigned an average half-yearly balance of Rs. 2,500
Can A Savings Account Be Used For Salary
Yes, HDFC savings accounts can be used for salary. That notwithstanding, salaried workers can also apply to open a Salary Account from the comfort of their homes with HDFC and enjoy the various benefits of using it. The Salary account has some exceptions. These are;
The applicant must determine if its company/institution has a salary account relationship with HDFC.
The individual must not operate any other account type with HDFC Bank.
Also, the individual must not have a BSBD Account with another bank.
To find out more, kindly contact HDFC customer care at 1800 202 6161 / 1860 267 6161 (local) or +9122 61606160 (international)
This is all we have for you on “HDFC Savings account requirements.