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FAQs
HDFC Bank Savings Account Interest Rates & Minimum Balance? ›
It is mandated that HDFC bank minimum balance for savings accounts is Rs. 10,000 for urban branches, Rs. 5,000/- for Semi-urban branches and Rs. 2,500 for rural branches.
What should be the minimum balance in HDFC savings account? ›It is mandated that HDFC bank minimum balance for savings accounts is Rs. 10,000 for urban branches, Rs. 5,000/- for Semi-urban branches and Rs. 2,500 for rural branches.
What happens if my HDFC account goes below minimum balance? ›How much does HDFC charges for not maintaining minimum balance? 6% of the shortfall from the average balance requirement OR Rs 600 whichever is lower. The fee is set at 6% of the difference between the average balance that is kept (rounded up to the nearest hundred) and the average balance that is required.
What is the interest rate on savings account in HDFC Bank? ›HDFC Savings Account Interest Rate
| HDFC Bank Saving Account Balances | HDFC Bank Savings Interest Rate |
|---|---|
| Less than Rs. 50 lakhs | 3.00% p.a |
| More than Rs. 50 lakhs | 3.50% p.a |
The minimum balance is usually calculated as the actual dollar balance in the account but may be an average balance in the account over a certain period of time. This is beneficial for individuals that don't have a steady source of income. There can also be more than one minimum balance for the same account.
How much HDFC charges for not maintaining minimum balance? ›SavingsMax Account
| AMB Slabs (in Rs.) | Service Charges in case of Non-maintenance* |
|---|---|
| >= 15,000 to < 20,000 | Rs. 600* |
| >= 10,000 to < 15,000 | |
| >= 5,000 to < 10,000 | |
| 0 to < 5000 |
IDFC FIRST Bank offers interest rate up to 7% on balances more than Rs 10lac to less than Rs 5 crore. The new rates are effective from July 1, 2023.
What happens if your savings account goes below minimum balance? ›Some banks charge a maintenance (or monthly) fee if you go below a certain balance in your account. Banks may charge these fees to encourage deposits or certain balances. This helps banks guarantee you'll either have a certain amount in your account or you'll be paying a fee.
What if minimum balance is not maintained in savings account? ›The figure is calculated at the end of each month and failure to maintain this balance results in penalties. For various banks, AMB ranges between ₹3,000 to ₹10,000 in metros, ₹2,000-₹5,000 in urban areas and ₹500-₹1,000 in rural areas. Non-maintenance could lead to levy of charges ranging between ₹400-₹500.
Can I convert my HDFC savings account to zero balance account? ›Yes you can convert any savings account to BSBDA. This is not normally advertised because of no monthly/annual charges. You would get free facilities such as ATM/Debit Rupay card with no annual fees. These accounts normally have a free transaction limits like 3–4 withdrawals/debits in a month.
What is the highest interest rate in HDFC? ›
HDFC Bank offers FD rates of 3.00-7.25% p.a. to the general public and 3.50-7.75% p.a. to senior citizens on tenures ranging from 7 days to 10 years. The bank also offers Tax Saving FDs @ 7.00% p.a. for the general public and 7.50% p.a.
Which Bank has highest savings interest rate? ›Best High-Yield Savings Account Rates
- Vio Bank – 5.15% APY.
- Popular Direct – 5.15% APY.
- Western State Bank – 5.15% APY.
- CIT Bank – 5.05% APY.
- BankPurely – 5.05% APY.
- iGObanking – 5.05% APY.
- TAB Bank – 5.02% APY.
- Salem Five Direct – 5.01% APY.
Maintain High Monthly Average Balance
Savings Account holders today are required to maintain a low average monthly balance in their accounts. However, you can earn interest on a Savings Account at a higher rate if you maintain a high monthly average balance.
What is a minimum balance? An account holder is required to maintain a certain minimum balance in his account over a certain period. This amount is termed as average balance or minimum balance.
How do you avoid minimum balance charges? ›Guidelines to Maintain Minimum Average Balance
- 1)Open a Zero Balance Account. Opening a zero balance account is very simple. ...
- 2)Avoid Opening Multiple Accounts. ...
- 3)Set Auto-Sweep Options. ...
- 4) Deposit as a Lump Sum. ...
- 5) Use Online/Debit Card/POS to Make Payments.
Feb 25, 2022
At present, interest on savings bank accounts is calculated on the minimum balances held in the accounts during the period from the 10th day to the last day of each calendar month.
What happens if minimum balance is not maintained? ›If the minimum balance is not maintained then, the account holder is penalised. A fee will be incurred for the non-maintenance. Usually, the charges vary from bank to bank, even branch to branch. Though, the banks don't penalise the account holders for this every day.
What is the minimum saving balance? ›List of All Banks Savings Account Interest Rates and Minimum Balance
| List of Banks | Minimum Balance Required(INR) |
|---|---|
| Bank of India Saving Accounts | 500/5000/10000/20000/100000 |
| Bandhan Bank Saving Accounts | 0/2000/5000/25000/100000 |
| Bank of Maharashtra Saving Accounts | 1000 |
| Canara Bank Saving Accounts | 500/1000 |
There is no minimum balance requirement for any HDFC Bank Salary Account. You can get up to Rs. 5 lakhs of personal accident death insurance with a certain HDFC Bank Salary Account.