Will you continue to hold your saving account with HDFC?

December 20, 2011   ·   4 Comments

HDFC Bank, largest private bank of India, is revising its service charges from 1st January, 2012. The new charges will make a serious dent in the pocket of a small retail investor. Here is the list of new charges which will be effective from the coming 1st January,2012.

After such a hefty increase in the service charges, it will be interesting to see how retail customers look towards these charges. Will they continue to keep their accounts open in HDFC bank or will they start searching for new options. New investors will surely maintain a distance with the new bank when other private banks offering better attractive saving interest rates & facilities. This will benefit small private & public sector on the whole.

 

Revision of Service Charges:

Description

Charges effective 1st Jan 2012

Accounts not maintaining Average Monthly Balance (AMB)

Savings Regular Account For Urban / Metro branches:

  • If AMB in the account is between Rs 5,000 to Rs 10,000 – Rs 250/- per month would be levied.
  • If AMB is less than Rs 5,000 – Rs 350/- per month would be levied.

Semi urban / Rural:

  • If AMB in the account is between Rs 2,500 to Rs 5,000 – Rs 250/- per month would be levied.
  • If AMB is less than Rs 2,500 – Rs 350/- per month would be levied.
Savings Max Account
  • If AMB in the account is between Rs 10,000/- to Rs 25,000/ – Rs 350/- per month would be levied.
  • If AMB is less than Rs 10,000 – Rs 500/- per month would be levied.
Savings Plus Account
  • If AMB in the account is between Rs 5,000 to Rs 10,000 – Rs 250/- per month would be levied.
  • If AMB is less than Rs 5,000 – Rs 350/- per month would be levied.
Senior Citizen Account
  • If AMB of Rs 5,000 is not maintained – Rs 100/- per month would be levied.
Kids Advantage Account
  • If AMB of Rs 5,000 is not maintained – Rs 100/- per month would be levied.
Family Savings Account
  • If AMB is between Rs 20,000 and Rs 40,000/- Rs 350/- per month would be levied.
  • If AMB is less than Rs 20,000/- Rs 500/- per month would be levied.

New Service Charges:

Description

Charges effective 1st Jan 2012

Accounts maintaining AMB

Accounts not maintaining AMB

*Option of maintaining:

  • Rs. 50,000 Fixed Deposit in lieu of AQB for Savings Regular//Savings Plus Account & Kids Advantage Account
  • Rs 1,00,000 Fixed Deposit in lieu of AQB for Savings Max Account
This facility will be discontinued and AMB non-maintenance charges as defined under the respective product would be levied.
Cheques deposited returned unpaid
  • Charge of Rs 100/- per instance would be levied
ECS (Debit) Return Charges
  • Rs 350/- would be levied on first instance of ECS return in a quarter.
  • Rs 750/- would be levied, second instance onwards in the same quarter.
*Branch transactions (Includes only Cheque deposit/Cheque issuance/Funds Transfer Debit/NEFT/RTGS)
  • In case the AMB in the account is above Rs 50,000/- No charges would be levied
  • In case the AMB is between the requisite product AMB and Rs 50,000/- 15 txn free/month would be permitted and charge of Rs 75/- per txn would be levied 16th transaction onwards.
  • 3 free transactions in a month would be permitted and Rs 75/- per txn would be levied 4th transaction onwards.
  •  3 free transactions in a month would be permitted and Rs 75/- per txn would be levied 4th transaction onwards.
*Cash transactions (Cash deposits & withdrawals)
  • 5 free cash transactions per month would be permitted and Rs 100/- per txn would be levied 6th transaction onwards.
  • 2 free transactions in a month would be permitted and Rs 100/- per txn would be levied 3rd transaction onwards.
  • 2 free transactions in a month would be permitted and Rs 100/- per txn would be levied 3rd transaction onwards.
*Interbranch transactions through teller counters – Cash transactions.
  • Cash transaction value upto Rs. 50,000/ per day – No charge
  • Above Rs. 50,000/- Rs 5/- per 1,000/- on the full amount
  • For any value of cash transaction charge of Rs 5 per 1,000/-, would be levied. (Min charge amount – Rs 100/-).
  •  For any value of cash transaction charge of Rs 5 per 1,000/-, would be levied. (Min charge amount – Rs 100/-).

Description

Charges effective 1st Jan 2012

Issue of duplicate / adhoc statements
  • Branch – Rs 100/-
  • PhoneBanking ( Non IVR) – Rs.75/-
  • NetBanking , Mobile Banking, PhoneBanking – IVR & ATM – Rs 50/-
Account Closure

Tenure

Savings Account

Current Accounts

Regular/Premium/ME Advantage

Trade/Flexi/Plus/ME Advantage Plus

Max/Apex

Upto 14 days

Nil

Nil

Nil

Nil

15 days upto 6 months

Rs 500/-

Rs 500/-

Rs 1,000/-

Rs 2,000/-

6 months upto 12 months

Rs 500/-

Rs 250/-

Rs 500/-

Rs 1,000/-

Pin regeneration Rs 50/- per instance
Photo Attestation Rs 100/- per instance
Signature Attestation Rs 100/- per instance
Address Confirmation Rs 100/- per instance

Description

Charges effective 1st Jan 2012

Inoperative Account – Account with no customer initiated transaction in the account for past 1 year Rs 50/- per month
Any Deliverable returned by courier due to negative reasons (no such consignee/ consignee shifted and no such address) Rs 50/- per instance
TIN/IPIN Regeneration (requests received at the branch for physical dispatch) Rs 50/- per instance
SI rejects Rs 200/- per instance
*Cash Handling for cash deposit at home branch For non-managed customers

  • Cash deposit value upto Rs 1 lakh/day – No charge
  • Above Rs 1 lakh – Rs 25/- per Rs 50,000 or part thereof

 

  • * denotes, charges applicable only to Savings account.
  • Items without * denotes that the charge is applicable across Savings and Current account.

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Rajesh Singla

Rajesh is the founder & CEO of Stockssavvy, Stocks analyst,financial advisor by choice,software engineer by fate,biker,gamer,cricket lover n enthusiastic person. He believes in doing things not just to get by but to get Ahead...

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  • Sachin K Bhutada

    Hi Rajesh,
    Are those changes mentioned on HDFC website?

  • Anonymous
  • Prabhat

    It looks like I’ve been paying hefty charges for last a couple of months. Would you recommend alternate saving account in lieu of HDFC Saving Max account?

  • I closed my personal saving account on 31st December.

    Yes bank is right now offering 7% p.a. on saving account. You can open an account there.

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