HDFC Bank Institutional Savings Account

HDFC Bank Institutional Savings Account offers easy banking facilities for NGOs and Institutions. The HDFC Bank Savings Account interest rate is between 3:00% and 4.50% depending on the daily balance. The benefits include payments and collections management and solutions. Net banking, phone banking, mobile banking, free email statements, Standing Instructions, InstaAlerts, cheque books, and many other such features are available. The bank also helps with salary disbursements, collection of donations, free and unlimited Demand Drafts at all HDFC Bank locations.

In this post, we will discuss HDFC Bank Institutional Savings Account features, interest rates, eligible entities, those who are not eligible, documents required, fees and charges, and frequently asked questions.

Features of HDFC Bank Institutional Savings Account

Here are the features of this HDFC Bank Savings Account:

• Manage a collection of donations, fees, and more through different online channels, for which you have to first link the savings account to the bank’s Payment Kiosk, POS terminals, Payment Gateways, and more.
• But the collection of fees, donations, etc is also possible at the branch through the Cash Management Services Team.
• The corporate payment software Enet facilitates online payments such as vendor payments, salary disbursements, etc.
• You can opt for email bank statements daily/weekly/monthly. Or, you can also get free monthly account statements by email.
• Net banking, mobile banking, phone banking helps to ease banking. You can pay utility bills, check account balances, stop cheque payments through SMS, and a lot more.
• No usage charge for the free payable at par cheque book.
• Free-of-cost collection of the outstation cheque at all the locations of HDFC Bank in the country.
• Free and unlimited Demand Drafts at all the locations of HDFC Bank.

HDFC Bank Institutional Savings Account Interest Rates

Here are the details:

• HDFC Bank Institutional Savings Account Interest Rate is 3.00% for balances less than Rs. 50 lakhs.
• The rate is 3.50% for a balance of and over Rs. 50 lakhs to less than Rs. 1,000 crores.
• For the balance of and over Rs. 1,000 crores, the rate of interest is 4.50%.
• The interest is calculated on the daily balance in the account. The earned interest will be paid at quarterly intervals.

Eligible Entities for HDFC Bank Institutional Savings Account

Here are the entities that can open this type of HDFC savings account:

• Khadi and village industries boards.
• Bank-financed primary cooperative credit society.
• Agriculture product market communities.
• Section 25 Companies (as per Companies Act, 1956).
• Section 8 Companies (as per Companies Act,2013).
• Development of Women and Children in Rural Areas (DWCRA)
• Farmers' Clubs - Vikas Volunteer Vahini – VVV
• Entities or institutions whose income is exempt from paying the income tax under the IT Act, 1961.
• Registered or unregistered groups, self-help groups, directed towards promotions of savings habits in members.
• Societies registered under the Societies Registration Act, 1860 or any other relevant law in force at a Union Territory or State, except societies registered under specific state enactments that create Land Mortgage Banks or State Cooperative Societies Acts.
• Government bodies/departments/agencies in respect to subsidies/grants released for the introduction of various schemes/programs, and those sponsored by the State/Central government, but subject to authorization from the respective department of the government to open a savings account in a bank.

Those Who Cannot Open HDFC Bank Institutional Savings Account

Here are more details:

• State Housing Boards.
• Panchayat Samitis.
• Municipal Corporations or Municipal Committees.
• Government bodies or departments depend on the budgetary allocations for their functions and performance of the same.
• Drainage Boards/Water and Sewerage/Societies/State Text Book Publishing Corporations/State or District Level Housing Cooperative/Metropolitan Development Authority/Business or professional dealings by a trading firm or political party, be it in a partnership firm, association, company, or as a proprietor.

Documents Required for HDFC Bank Institutional Savings Account

Here is the general documentation for this HDFC Bank Savings Account:

• Copy of PAN Card.
• Address proof of the entity.
• Registration Certificate of the Trust/Association/Society/Club.
• KYC documents of the authorized signatories.
• Beneficial Ownership declaration.
• Certified copy of the resolution to open and operate the SB account.
• Income Tax registration u/s 12A for entities according to the RBI circular
• Duly authenticated list of current Trustees/Office bearers on the letter-head of the entity
• Bye-laws/Trust Deed/Constitution Documents. If the entity is not registered, then a notarized copy for the same is necessary.

HDFC Bank Institutional Savings Account Fees and Charges

Here are these HDFC Bank Savings Account fees and charges:

Frequently Asked Questions about HDFC Bank Institutional Savings Account

Here are the HDFC Bank Savings Account FAQs: