MoneyMaximizer (sweep-out) facility puts surplus funds into high earning fixed deposit at the threshold of Rs. 1,25,000. If the balance in SavingsMax Account exceeds/reaches Rs. 1,25,000, the amount in excess of Rs. 1,00,000 will be put in a fixed deposit at a minimum value of Rs. 25,000 for a one year and one-day period.
What are the eligibility criteria for a SavingsMax Account?
Get details on eligibility criteria & documents required for HDFC SavingsMax Account
The following are eligible to open a SavingsMax Account:
- Resident individuals (sole or joint account)
- Hindu undivided families
- Foreign nationals residing in India
- If you are a foreign national residing in India, you may open a Savings Account by temporarily attaching an undertaking (QA 22 form) stating sources of credit and a copy of your residence permit
Minimum Balance Requirement
- If the AMB in the SavingsMax a/c >= 25,000/-, no AMB non-maintenance charges will be levied
- Transaction charges applicable, in case the specified AMB has not been maintained in the previous month
- Effective 1st April 2015, the bank will notify the customer in advance clearly by SMS/ email/ letter etc in the first month of non-maintenance of balance in the account.
- In case the minimum balance is not restored in the next month from the month of notice of shortfall, penal charges would be charged for all months including the month of notice until the AMB/ AQB is maintained
What are the features and benefits of a SavingsMax Account?
Get maximum advantage from your SavingsMax Account. Take a look at the features and benefits listed below:
- Free cash withdrawal and balance inquiries at all HDFC Bank ATMs and non-HDFC Bank domestic ATMs
- Free lifetime Platinum Debit Card for the primary account holder. A Platinum Debit Card for any other account holder will be charged at Rs. 250
- 1 Cash Back point on every Rs.100 spent on PayZapp, Telecom Utilities, Smart Buy
- 1 cash back point on every Rs.200 spent on Groceries, Apparels, Restaurants, Supermarkets & Apparels.
- Free lifetime Woman’s Advantage/International Debit Card for all account holders
- Free Payable-at-Par cheque book without any usage charges
- Free demand drafts on HDFC Bank locations, up to Rs. 1 lakh per day
- Free lifetime BillPay & InstaAlerts for all account holders
- Free passbook facility for all account holders (individuals)
- 50% off on locker rental calculated on a pro-rata basis and applicable only for the year of allotment.
- Free folio maintenance charges on Demat account for the first year
- Transaction linked discount on AMC for Demat accounts
- Free passbook available at home branch for account holders (individuals)
- Free email statements
- Bank conveniently with facilities like NetBanking, PhoneBanking, and MobileBanking – check your account balance, pay utility bills or stop cheque payments all via SMS.