HDFC Bank’s Savings Max account is one such great option, which not only keeps your money safe but also gives you a lot of benefits and high interest rates. This account has been specially for those who want to increase their savings as well as take full advantage of banking services. Whether you are a job seeker, a businessperson or a student, this account is perfect for you. Let’s know why HDFC Savings Max Account is the best for you and how to open it.
What is an HDFC Savings Max Account?
HDFC Savings Max Account is a premium savings bank account, which gives you many additional features along with savings. The biggest feature of this account is its Money Maximizer feature, which automatically transfers your excess funds to fixed deposits (FDs) so that you get more interest on your savings.
Also, if the balance in your account is low, it meets your need by making a money sweep-in from the FD. Apart from this, you also get a free platinum debit card, unlimited ATM transactions, and an insurance cover of up to Rs. 3.29 crore. This account is best for those who want to increase their savings smartly.
The advantages of HDFC Savings Max Account
The HDFC Savings Max account comes with many great benefits, which make it different from the rest of the savings accounts. First, you get a free Platinum Debit Card with this account, on which you get a cashback of Rs 1 for every Rs 200 spent. Apart from this, you can take advantage of unlimited ATM transactions, which are applicable to both HDFC and non-HDFC ATMs.
You also get offers like free demand drafts of up to Rs 1 lakh, a 50% discount on locker rental, and a discount on processing fees on auto loans or two-wheeler loans. Not only this, if you load a Forex Plus card or Gift Plus card from this account, you get a 50% discount on the issue charge.
The biggest attraction of this account is its insurance cover. You get accidental hospitalization cover of up to Rs 1 lakh and a daily cash allowance of Rs 1000 per day (up to 15 days). Also, if you buy an air ticket with your debit card, you get an international air death cover of up to Rs 3 crore. This account not only increases your savings but also gives financial security to you and your family.
Who can open an account?
To open an HDFC Savings Max account, you need to fulfil some basic eligibility conditions. You must be over 18 years of age and reside in India. If you are a foreign national, you need to stay in India for more than 180 days and need a valid passport, visa, and residence permit.
For this account, you will have to maintain an average monthly balance (AMB) of Rs 25,000 or a fixed deposit of Rs 1.5 lakh in metro and urban areas. In semi-urban and rural areas, the AMB is Rs 25,000, and FD is Rs 1 lakh. If you are not able to maintain the AMB, then there may be a non-maintenance charge of Rs 300 to Rs 600. Moreover, minors above the age of 10 years can also open this account in self-operated mode.
How to open an online HDFC Savings Max account
Opening an HDFC Savings Max account is now easier than ever, especially because of its digital process. You can open the account through the official website of HDFC Bank or the mobile app. Just follow these steps: First, go to the HDFC Bank website or app and select the “Open Instantly” option.
After choosing an option, a new window will open then enter your mobile number and date of birth and verify it with OTP. Then, enter your name, Aadhaar card, and other KYC details such as email and address. With the video KYC facility, you will not need to visit the branch. Once the process is complete, you will get a debit card, chequebook, and other necessary documents in the welcome kit.
The option to open an online account
If you are not comfortable with the online process, you can also open this account by going to your nearest HDFC Bank branch. You have to go to the branch and ask for the account opening form. Fill in your details in the form and submit self-attested copies of documents such as an Aadhaar card, PAN card, passport-size photograph, and address proof.
Take the original documents for verification. Next, you’ll need to deposit cash, checks, or demand drafts for the initial deposit. The branch staff will guide you through the entire process, and your account will be activated in a few days.
Features of this account
The HDFC Savings Max account comes with a number of features that make it different from other savings accounts. Its Money Maximizer feature automatically transfers to FDs if you have a balance of more than Rs 25,000 in your account, giving you an interest rate of up to 6-7%. If the balance in the account is low, money from the FD is swept in so that your AMB is maintained.
Apart from this, you get features like Free Passbook, Lifetime Free BillPay, and InstaAlerts. You can manage your account anytime, anywhere, through net banking, mobile banking, and phone banking. On shopping online with a debit card, you also get exclusive offers and cashback.
Caution and advice
There are a few things to keep in mind before opening an HDFC Savings Max account. Always open an account from the official website or app of HDFC Bank so that you can avoid fake websites. If you can’t maintain the AMB, plan to avoid non-maintenance charges. Also, for insurance claims, you need to make at least one POS transaction every three months, so use your debit card regularly. If you’re opening an online account, make sure to have a good internet connection and a quiet place for video KYC.
Final Conclusion
HDFC Savings Max account not only keeps your savings safe but also gives you a chance to grow it and take advantage of premium banking facilities. With its Money Maximizer feature, free platinum debit card, and hefty insurance cover, this account is for anyone who wants to take their financial growth to the next level.
Disclaimer: This article is for general information. The features, charges, and terms of the HDFC Savings Max Account may change from time to time. Before opening an account, check the latest information from the official website of HDFC Bank or the nearest branch. The bank can make changes according to its policy.
