X

HDFC Bank savings account minimum average monthly balance: Norms changed, see how you are affected

Soon after making online transactions through RTGS and NEFT free of cost from November 1, HDFC Bank has now changed its norms for premium customers.

As a Classic customer of HDFC Bank, you and your family are entitled to a host of benefits, including a wide range of preferentially-priced products and specialised investment solutions.

Soon after making online transactions through RTGS and NEFT free of cost from November 1, HDFC Bank has now changed its norms for premium customers. As per the new norms, 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 Rs 1 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 bank accounts and term deposits.

Simply put, HDFC Bank’s ‘Classic’ customers will now have to maintain a minimum average ‘monthly’ balance’ of Rs 1 lakh in a savings account/s as against the earlier norm of maintaining a minimum average ‘quarterly’ balance of Rs 1 lakh in a savings bank account or accounts. The new rule will be effective from 9th December 2017.

Fees, Charges and Benefits for Classic Customers

Product

Charges & Benefits

HSL HSL a/c is being offered at a discounted price of Rs 799, which is a one time Account Opening fee. Benefits for Classic Customers:

# Free Transaction turnover of Rs 2.5 Lakh in delivery segment valid for 6 months from account opening.

# Free Stock recommendations & market updates on Mobile (Insta SMS for 1 month)
Credit Cards Classic Customer are eligible for HDFC Bank Credit Card
Forex Conversion rates on FX transactions can be improved up to 5 paise on card rates for both buy and sell.
Debit Card Free Classic Platinum Chip Debit Card with the following benefits:

(a) 1% CashBack on shopping

(b) No fuel surcharge will be levied on Debit Card fuel transactions on HDFC Bank terminal at IOCL, BPCL & HPCL fuel stations.

(c) Personal Accidental Death Insurance of Upto Rs 10 lacs

(d) Shopping limit of Rs. 2.75 Lacs & Cash withdrawal limit of Rs 1 Lac per day at HDFC Bank ATMs

(e)
Chip Technology

(f) Convenience of modifying International Debit Card limits through NetBanking & PhoneBanking.
Locker 25% waiver on Annual Locker Rent available for first locker at group level
Bill Pay Bill Pay charges of Rs 25 per annum will be waived for the these customers as long as they are part of the Classic portfolio
Insta Alert Insta Alert charges will be waived for these customers as long as they are part of the Classic portfolio.
Service charges (Non maintenance of AMB charges) Charges on non maintenance of Average Quarterly Balance (AQB) will be waived for all a/c’s of the Classic portfolio customer as long as he is a part of the portfolio
DD/MC Classic customers will enjoy the benefit of issuing free DDs up to Rs 1,00,000 per day at HDFC Bank locations.
10. Effective 9th December’17 Cash Transaction Charges for Savings Accounts (cumulative of deposit/withdrawal and home/non-home branch) 5 transactions

OR

Rs 2 Lakh / free per month per account ‘Self/Third party’ inclusive

(Transactions that exceed above limits will be charged as per the existing cash transaction charges as per the standalone Savings Account variant held by the customer)
NEFT Classic customers will be chargeable for NEFT transactions through Net and Branch

It may be noted that as a Classic customer of HDFC Bank, you and your family are entitled to a host of benefits, including a wide range of preferentially-priced products and specialised investment solutions. You will also have a dedicated Personal Banker who will take care of all your financial needs.

You will also get preferential pricing across a wide range of financial products, such as loans, preferential forex rates, Demat / HSL transaction cost and locker, apart from a waiver on the charges of a host of services. Not only this, the value added features that you will enjoy as a Classic customer, will be extended to the members of your family as well.

Outbrain