1. HDFC Bank customer? 10 big steps taken by your bank recently you need to know

HDFC Bank customer? 10 big steps taken by your bank recently you need to know

HDFC Bank has taken many initiatives for the benefit of its customers and general masses, which you need to be aware of for your own benefit.

By: | Updated: December 18, 2017 11:32 AM
HDFC Bank, india premier bank, india bank, financial productions, hdfc bank users, hdfc customers, indias best bank, reserve bank of india, central bank In a first in the country, HDFC Bank this year launched an instant Digital Loan against Securities. (Reuters)

HDFC Bank, one of India’s premier banks providing a wide range of financial products and services to its 37 million customers across India, was not only identified by the Reserve Bank of India recently as a Domestic Systemically Important Bank, but was also able to add many other feathers in its cap during this year. Like, its MD Aditya Puri was featured in Fortune Businessperson of the year list, an annual ranking of the world’s top 20 heads of companies. Besides, HDFC Bank also took many initiatives for the benefit of its customers and general masses, which you need to be aware of for your own benefit.

Here we are taking a look at 10 such big steps and initiatives of the bank during the recent months:

1. Change in norms for premium customers

HDFC Bank has recently changed its norms for premium customers. As per the new norms, effective from 9th December 2017, its ‘Classic’ customers will now have to maintain a minimum average monthly balance of Rs 1 lakh in the savings account/s or a minimum average monthly balance of Rs 5 lakh in a combination of savings accounts and fixed deposits. Earlier they were required to maintain a minimum average quarterly balance of Rs1 lakh in a savings bank account (to be maintained across savings bank accounts held by the customer and his/her immediate family) or a minimum average monthly balance of Rs 5 lakh in a combination of savings sank accounts and term deposits.

2. Cut in interest rate on savings bank accounts

Soon after interest rate on savings account deposits was slashed by SBI, Bank of Baroda and Axis Bank, HDFC Bank Ltd reduced interest rate on savings bank accounts by 50 basis points to 3.5 per cent for deposits up to Rs 50 lakh, effective from August 19, 2017. However, the bank said that it will continue to pay 4 per cent interest on deposits of above Rs 50 lakh. The revised rates are applicable to both resident and non-resident customers.

3. Linking of Aadhaar number to HDFC Bank accounts

HDFC Bank last month advised its customers to link their Aadhaar number to their HDFC Bank account before 31st December 2017 to keep their account active. “As directed by the Government of India, please ensure that you link your Aadhaar to your HDFC Bank account before 31st Dec’17 to keep your account active,” it tweeted in November. According to HDFC Bank, “as per the amendment in PMLA rules by the government, all bank accounts should be linked with Aadhaar by 31st Dec’17, failing which the accounts will become inoperative till the time the Aadhaar number is submitted and linked to the accounts.”

4. Launch of SmartUp Zones for start-ups

HDFC Bank some time back announced the launch of SmartUp Zones in its branches across India. A SmartUp Zone is an exclusive area inside the branch dedicated to start-ups. In the first phase, SmartUp Zones will be launched in over 65 branches in 30 cities across India, including Tier 2 and 3 cities that are emerging as start-up hubs. Through these zones, specially trained bank staff will offer tailor-made banking and advisory solutions to entrepreneurs.

5. Launch of EasyEMI on Debit Cards

HDFC Bank sometime back announced the launch of EasyEMI on Debit Cards. With this, HDFC Bank customers are now able to make payments for items purchased using their debit card in easy installments. Customers will have a pre-approved loan amount available to them 24×7 and the entire process of making a purchase using debit cards in easy installments is completely paperless. Customers can simply swipe their debit card and select the EasyEMI option when making payment at offline as well as online merchants. Eligible customers will be informed by the bank on email as well as SMS.

6. Launch of all-in-one DigiPOS machines

HDFC Bank became the first bank in India in August this year to launch DigiPOS, a Point of Sale (POS) machine that offers a complete suite of digital payment options. DigiPOS offers customers various digital payment options such as UPI, Bharat QR, SMS Pay and PayZapp, in addition to the facility to pay through debit / credit cards. HDFC Bank has plans to convert its entire network of over 4 lakh PoS machines to DigiPOS without any investment by the merchants.

7. Launch of ‘Industry Academia’ for start-ups

HDFC Bank’s Centre of Digital Excellence (CODE) launched ‘Industry Academia’ in September. The initiative, first-of-its-kind in the country, aims at mentoring and hand-holding fintechs and start-ups incubated at country’s top technical and B-schools. In all, over 50 such partnerships with institutes are envisaged in phase one of the initiative beginning with IIT-Bombay, IIT-Roorkee and CIIE at IIM-Ahmedabad. The objective is to identify potential fintech ideas at Incubation and Entrepreneurship cells in these institutes at a nascent stage, and help them evolve into a consumer-ready product.

8. Launch of UPI on Chillr

HDFC Bank this year launched its UPI on Chillr. With this launch, HDFC Bank UPI became available on Chillr, in addition to the bank’s Mobile Banking app. Launch of HDFC Bank UPI on Chillr was aimed at benefiting customers of 44 banks that are now able to conduct digital transactions seamlessly using the Chillr app. These transactions conducted on Chillr go through HDFC Bank’s UPI platform.

9. Launch of Digital Loan against Securities

In a first in the country, HDFC Bank this year launched an instant Digital Loan against Securities (LAS). With this, customers can now avail of a loan against shares in just 3 easy steps on Net Banking. HDFC Bank became the first bank in India to completely automate the entire process of creating an overdraft facility in a separate current account for loan against shares. The bank collaborated with NSDL to create a seamless customer experience.

10. Transforms lives in 750 villages

A tiny hamlet nestled in the north-east of India in November this year became the 750th village under HDFC Bank’s Holistic Rural Development Programme (HRDP). Through this programme, the 550 inhabitants of Umpathaw now have access to potable water and their children, a smart school with clean toilets. The Bank has a board mandate to cover 1,000 such villages by 2019. This initiative has so far impacted the lives of over 10 lakh people in 16 states across the country.

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  1. Xavier Poovannummoottil Chacko
    Dec 18, 2017 at 6:53 pm
    HDFC bank has a withdrawal ceiling of Rs.25000 from other branches whereas SBI and IDBI bank has a ceiling of Rs.50000. For any withdrawal above Rs.25000 a fee is levied. It's stupid to have such unilateral rules by India's no.1 private sector bank. Hope the top management takes note and mend it's ways by amending this draconian rule.
    1. R
      Dec 17, 2017 at 6:07 am
      A centralized and inter-linked biometric database like Aadhaar will lead to profiling and self-censorship. Personal data gathered under the Aadhaar program is prone to misuse and surveillance. Aadhaar project has created a vulnerability to identi-ty fraud, even identi-ty theft. Easy harvesting of biometrics traits and publicly-available Aadhaar numbers increase the risk of impersonation, especially online and banking fraud. BIOMETRICS CAN BE FAKED. High-resolution cameras can capture your fingerprints and iris information from a distance. Every eye hospital will have iris images of its patients. So another person can clone your fingerprints and iris images without your knowledge, and the same can be used for authentication. If the Aadhaar scheme is NOT STOPPED by the Supreme Court, the biometric features of Indians will soon be cloned, misused, and even traded. If the biometric details of a person are COMPROMISED ONCE, then even a new Aadhaar card will not help that person.
      1. R
        Dec 17, 2017 at 6:06 am
        UK’s Biometric ID Database was dismantled. Why the United Kingdom's biometrics-linked National Identi-ty Card project to create a centralized register of sensitive information about residents similar to Aadhaar was scrapped in 2010?? The reasons were the massive threat posed to the privacy of people, the possibility of a surveillance state, the dangers of maintaining such a huge centralized repository of personal information and the purposes it could be used for, the dangers of such a centralized database being hacked, and the unreliability of such large-scale biometric verification processes. The Aadhaar program was designed in 2009 by mainly considering the 'Identi-ty Cards Act 2006' of UK, but the UK stopped that project in 2010, whereas India continued with the biometrics-based program. We must think why the United Kingdom abandoned their project and destroyed the data collected. (Google: 'Identi-ty Cards Act 2006' and 'Identi-ty Documents Act 2010' )
        1. R
          Dec 17, 2017 at 6:06 am
          The US Social Security Number (SSN) card has NO BIOMETRIC DETAILS, no photograph, no physical description and no birth date. All it does is confirm that a particular number has been issued to a particular name. Instead, a driving license or state ID card is used as an identification for adults. The US government DOES NOT collect the biometric details of its own citizens for the purpose of issuing Social Security Number. The US collects the fingerprints of only those citizens who are involved in any criminal activity (it has nothing to do with SSN), and the citizens of other countries who come to the US.
          1. R
            Dec 16, 2017 at 2:41 pm
            Best Wishes from customer.
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