HDFC Bank Savings Max Account

HDFC Bank SavingsMax account helps you save big up to Rs. 12,500 every year. If you are a savings account holder, you can receive a total insurance cover of up to Rs. 1.29 crores. You will also get a free Platinum Debit Card that can earn you a cashback of up to 1% on purchases. You can earn a higher rate of interest with the money maximizer facility. Under this HDFC savings bank (SB) account, you can avail of Demand Draft, cheque book, personal accident, and death insurance cover, sweep-in and sweep-out, fixed deposit, passbook, bill payment, internet, and phone banking, and several other benefits.

In the below post, we will discuss the HDFC SavingsMax account eligibility criteria, minimum balance requirement, ease of transactions, features of Platinum Debit Card, available discounts and offers, free insurance cover, other benefits, saving 12,500 per annum, fees, and FAQs.

Eligibility Criteria for HDFC SavingsMax Account

Here are the ones who can open this HDFC SB account:

• Resident individuals can open a single or joint account.
• Foreign Nationals staying in India can temporarily open the account attaching an undertaking through QA 22 Form. They must declare the credit sources with a copy of the residence permit.
• HUFs (Hindu Undivided Families).
• Minors over 10 years of age can open and self-operate the minor account.
• The minors will also receive an ATM/Debit Card in their name.

HDFC Bank SavingsMax Account Minimum Balance Requirements

Here are the requirements for the minimum balance for the HDFC Savings Max account:

• The AMB (average monthly balance) should be greater than or equal to Rs. 25,000. Or, you have to maintain a fixed deposit as per the conditions of the bank, at the branch location.
• Transaction charges will apply if you do not comply with the requisites of the FD relationship or AMB.
• You will receive notification from the bank in advance by email/letter/SMS in the first month of a shortfall in AMB.
• If you do not meet the minimum balance requirement after a month of the notice, then penal charges will apply for all the months including that when the notice was provided, until you successfully restore the minimum balance.

HDFC SavingsMax Account Interest Rate

For balance below Rs. 50 lakhs, the rate of interest is 3%. For the balance of Rs. 50 lakhs and above, the rate of interest is 3.50%. The interest on the SB account is calculated on the daily balance. The interest earned is credited at quarterly intervals.

How Does the SB Account Ensure Ease of Transactions?

Here is how the HDFC Bank SavingsMax account allows ease of transactions:

• Free Demand Drafts up to Rs. 1 lakh per day at all the HDFC Bank locations.
• Free lifetime InstaAlerts and BillPay for every account holder.
• Facilities available such as phone banking, net banking, and mobile banking.
• This will help keep a check on account balance, stop cheque payments through an SMS, pay utility bills.
• The free facility of passbook for every individual account holder.
• Free balance inquiries and cash withdrawals at every HDFC bank ATM and non-HDFC bank domestic ATMs.
• Free email statements.
• For individual account holders, free passbook at home branch.

What is the Speciality of the Platinum Debit Card?

After opening the HDFC Bank SavingsMax account, you will receive a free Platinum Debit Card. The card has the following features:

• The card is free for the primary account holder.
• Free and unlimited ATM transactions at the branch and non-branch ATMs.
• Get up to 1% cashback on every transaction. Get up to 1% cashback on every transaction.
• The limit for daily cash withdrawal is Rs. 1,00,000.
• The limit for shopping is Rs. 5,00,000.
• Free lifetime International Debit Card/Woman’s Advantage Debit Card for the account holders.

Which Type of Discounts and Offers Are Available?

The HDFC Bank Savingsmax Account has several discounts and offers:

• You will receive up to 90% loan on the on-road price of a vehicle.
• The tenure of the auto loan is up to 7 years.
• You are entitled to a 50% concession on the issuance charges if you load at least USD 2,000 or similar on your Forex Plus Card. This can be done at any branch.
• You will get a 50% discount on the Gift Plus Card’s issuance. But you have to load at least Rs. 5,000 on the card through net banking or branch deposit.
• On applying for a two-wheeler loan, you will get a 50% discount on the processing fees. So, you can save up to Rs. 2,375.

What Do You Get Under the Free Insurance Cover?

Here are the features of the free insurance cover for HDFC Bank Savings Max Account:

• Rs. 1,00,000 worth accidental hospitalization cover.
• Rs. 1,000 per day daily cash allowance for hospitalization. The maximum period of this is 15 days. You will receive the sum as reimbursement cover. This facility is for the primary account holder.
• Rs. 10,00,000 worth accidental death insurance cover.
• The death insurance cover is limited to deaths caused by road/rail/air vehicular accident only
• For claim processing, you need to have 1 POS (point of sales) at least. The purchase must reflect on the Debit Card in the last 3 months before the accident’s date.
• Sum assured up to Rs. 200,000 for loss of checked baggage.
• Sum assured up to Rs. 200,000 for fire and burglary of things you bought under Debit Card (up to 90 days).
• To claim the sum assured for loss of checked baggage/fire and burglary, you must have at least 1 purchase using the debit card in the last 3 months before the event date.
• You will get a sum insured of up to Rs. 10 lakhs for death cover by road/air/rail on the Platinum Debit Card. For this, the card must be active at online or retail stores at least once every 30 days.
• You will receive flat Rs. 1 crore additional International Air Coverage on purchasing air tickets with the Debit Card.

What Are the Other Benefits?

Here is the cross-product benefits and money maximizing facility of the HDFC Bank SavingsMax Account:

• There are no maintenance charges in the first year for a Demat account.
• You will get a 50% concession on the locker rental. This is calculated on the pro-rata basis for the initial allotment year.
• There is a sweep-in facility. If you run low on funds in your savings account at any time, then the fixed deposit you have will be dissolved to comply with the balance required for the SB account.
• You can use the money maximizer feature. Earn higher interest on the deposit amount in your account. You may request an auto sweep out. Here, additional funds from the savings account will be put straight in a fixed deposit.

How to Save Up to Rs. 12,500 with this HDFC SB Account?

You can save a huge amount of up to Rs. 12,500 on your HDFC Bank SavingsMax Account in the following ways:

Fees and Charges for HDFC Bank SavingsMax Account

Here are the fees and charges for HDFC SavingsMax Account:

• There are no charges for InstaAlerts, phone banking, and phone banking – IVR.
• Free 25 cheque-leaves every financial year.
• Rs. 75 per cheque book for an additional cheque book of 25 leaves.
• For senior citizens, 25 cheque leaves are free every financial year.
• For senior citizens, an additional leaf over the free limit will attract Rs. 2.
• 5 free transactions per month, and Rs. 150 per transaction from the 6th one. The charges are cumulative of self and third-party.
• There are no charges for cash handling.
• Value of cash transactions cumulative of self and third-party is free per month for an account at any branch, if the transaction is up to Rs. 2.5 lakhs.
• Value of cash transactions cumulative of self and third-party is Rs. 5 per every extra Rs. 1,000 if the transaction exceeds Rs. 2.5 lakhs, subject to Rs. 150 of minimum charge.
• Maximum limit per day of Rs. 25,000 for third-party cash transactions.

Frequently Asked Questions about HDFC Bank SavingsMax Account

Here are the HDFC Bank Savings Max Account FAQs: