Make your savings bigger with HDFC Savings Max Account specifically designed for customers who need more than just saving money in their bank accounts. You will get an on-demand MoneyMaximizer Facility that helps you increase the interest rates on your savings account. In this, the bank converts your surplus money into high-earning Fixed Deposits (FDs) with the flexibility of using such funds whenever needed. So, you get the benefits of both FD and savings accounts.
Automatic FD booking on a predefined threshold will ensure you don’t need to visit or contact the HDFC Bank branch. The FDs booked through the MoneyMaximizer facility have a sweep-in facility. So, in case the funds come short of meeting the minimum balance requirements in the savings account, those booked in FDs will sweep into the account. Know more about the features of this savings account from HDFC Bank
Key Benefits of HDFC Savings Max Account
HDFC Bank provides a wide range of benefits through its Free EasyShop Platinum Debit Card. Here’s a list of benefits for you.
High Shopping Limits
You can increase or decrease the limit as per your convenience. The daily domestic shopping limit of (INR 5 Lakh) and ATM withdrawal limits of (INR 1 Lakh) are available. You can do cash withdrawals across merchant establishments up to INR 2,000, whereas the maximum cash limit at POS limit is INR 10,000 per month.
The transaction won’t decline upon using your debit card more than the shopping limit on select merchant categories – Airline, Travel, Electronics, Education, Insurance, Tax Payments and Medical
Note – The per-day ATM withdrawal limit is now capped at INR 2 Lakh for security purposes.
On every INR 100 telecom or utilities, one point is encashed. One point on every INR 200 for groceries, supermarkets, restaurants, apparel and entertainment. The maximum limit is INR 750 per card per month. You’ll receive the points on eligible Merchant Category Code (MCC) only. If you return or cancel your purchase or transaction, the points revert.
Note – You can redeem the points within the next 12 months or else they will lapse.
You can register for automatic bill payments on BillPay and get 5% cashback in the first 12 months. A maximum of INR 1,800 cashback is available per year. To do the same, log in to net banking. Now, go to the Bill Pay & Recharge section, add biller, and click on ‘Enable AutoPay’.
Convert purchases into EMI. To check the pre-approved eligible amount, SMS “MYHDFC” to 5676712. The facility is available if the purchase is more than INR 5,000.
Airport Lounge Access – The card helps you get two complimentary access to clipper lounges per quarter in India.
Other Value-added Features of HDFC Savings Max Account
This HDFC Savings Bank Account offers protection too with its following features –
Free Insurance Cover
As you know, insurance is popular these days and can help you save a lot of money in case of a mishap. So, to give you the advantage of savings and protection, HDFC Bank provides free insurance cover. And the insurance gives you the following benefits –
INR 1 Lakh Accidental Hospitalization
- This cover can be extended for the first holder
- Applicable after the completion of the first calendar quarter after the account opening
- Reimbursement cover is valid in India only
- When the first HDFC Savings Max account holder is hospitalized for 24 hours due to accidental bodily injury, the insurance company will reimburse reasonable and customary expenses, subject to INR 1,00,000.
- Cover will include – accommodation, nursing care, medically necessary procedures, consumables and doctor’s fee
- To file a claim, you need to maintain HDFC Savings Max Account Minimum Balance and do at least one point of sale (POS) transaction at a merchant establishment.
- You’ll get the insurance benefit till the sum insured of INR 1 Lakh exhausts
- You can get cover if the hospitalization is for more than 24 hours
- This cover is for resident individuals only
In the event of the accidental hospitalization of the first holder of the HDFC Savings Max account, visit the branch and ask for the required documents. Upon receiving the same, HDFC Bank would liaise with the insurance company for the claim processing. However, the receipt of documents by the branch does not mean acceptance of the claim. In the event of Accidental hospitalization, inform the branch office immediately. And the bank branch would notify the insurance company within 30 days of the accident.
Accidental Hospitalization Cash
A cash benefit is offered for each completed hospitalization. So, if you’re hospitalized due to an accident for more than 24 hours, you can claim this benefit. The payable amount is limited to INR 1,000 per day for a maximum of 15 days per year, per person. The insurance company pays the daily cash for 15 days unless the sum insured exhausts. To file a claim, submit the documents related to your hospitalization to the company within sixty days from the date of loss.
Note – You can redeem the points within Note – Insurance is subject to solicitation and HDFC Bank is not responsible for compensation or processing of the claim. And claims will be subject to the policy exclusions. n the next 12 months or else they will lapse.
Accidental Death Cover of INR 10 Lakh
In case you die in a Rail, Road or Air Accident, the bank will offer a lump sum amount to your nominee. This cover is extended for the first holder of the HDFC Savings Max account. For a claim under this, the primary account holder should have done at least one purchase at a Point of Sale transaction at a merchant establishment three months before the date of death. A purchase transaction made before the date of death in the same month will also be valid to file a claim.
In case the account holder dies due to an accident, the claimant should approach the account branch. After that, the bank would notify the insurance company to process the claim.
- If you buy a flight ticket using your debit card, INR 3 Crore additional International Air Coverage will be available to you.
- INR 20,000 loss of checked baggage cover
- Fire and burglary cover INR 2 Lakh
Note – To claim under fire and burglary or loss of checked baggage, you need to carry at least one purchase transaction using your HDFC Savings Max Account debit card within 3 months before the date of such event. A reimbursement cover is available only for the first account holder.
Total Savings from HDFC Savings Max Account
HDFC Bank helps you save a total of INR 12,5000 per year with its benefits. Let’s check out the table below and compute the same.
HDFC Savings Max Account Minimum Balance Requirement
The bank requires an Average Monthly Balance (AMB) in the HDFC Savings Max Account. Your balance in the account should be greater than or equal to INR 25,000 or maintain the requisite FD relationship of INR1.50 Lakh in Metro or Urban locations and INR 1 Lakh in Semi-Urban or Rural locations. If you don’t maintain the same, transaction charges will apply.
For this, you’ll receive an SMS, email or letter in the first month of non-maintenance. If the minimum balance is not restored in a month, the following charges levy for all months, including the month of the notice unless you maintain the AMB/AQB.
To maintain balance in your HDFC Savings Max Account, follow the below tips –
- Do HDFC Savings Max Account review to see whether the balance is near the minimum limit. Because if it is, deposit some money into it. You don’t have to do anything to review your account as HDFC sends free email statements each month. Open the mail and check out your account details.
- A Joint HDFC Savings Max Account account helps you take care of the minimum balance. Instead of one account holder, there will be two. It means taking more care of the account. So, if one holder forgets to maintain the account balance, there will be another one who will take care of this.
- Keep your SMS and email alert on. HDFC Bank provides an SMS and email alert service by which you can find out your savings account details without making any hassle. Earlier HDFC charged INR 3 per quarter for the InstaAlert SMS service, but now you need to pay only INR 20 paise + GST per SMS. However, the email alert will remain free of cost.
Fees & Charges for HDFC Savings Max Account
You should check out the list of the following charges before opening an HDFC Savings Max Account.
HDFC Savings Max Account FAQs
Let’s check out the common questions of HDFC Savings Max Account.
1. What is HDFC Savings Max Account Interest Rate?
For Domestic, NRO and NRE customers 3.00% for deposits less than INR 50 Lakh and 3.50% for more than 50 Lakh. HDFC Savings Bank interest is computed on the daily balance. You’ll receive the interest at quarterly intervals. RFC Savings i.e, for Returning NRIs, the interest rate is shown below:
- GBP – 0.01%
- USD – 0.01%
- Euro – NA
- JPY – NA
2. What is the HDFC Savings Max Account Eligibility Criteria?
You can open an HDFC Savings Max Account solely or jointly if you’re an Indian resident or a foreign national living in India. Minors more than 10 can also open this account and get their debit card as well.
3. How to Open an HDFC Savings Max Account?
You can open an HDFC Savings Max Account online by following the below steps –
- Visit the bank’s official website
- Click on the ‘Open Account’ button
- Now, you’ll be redirected to the online application
- Enter your mobile number, date of birth/PAN number, captcha
- Agree to the terms and conditions
- Click on the ‘Continue’ button