Are you looking for an easy way to manage your banking needs? The HDFC BSBDA Small Savings Account might be just what you need. It’s designed to meet your basic banking requirements, offering a zero-balance account with easy access and various features.
You can benefit from a free debit card, cash deposits and withdrawal facilities, and convenient banking options via mobile and internet banking. All this is possible at affordable and low rates. Let’s explore the eligibility, charges, and other details related to HDFC BSBDA Small Savings Account.
Table of contents
- What is HDFC BSBDA Small Savings Account?
- Benefits of HDFC BSBDA Small Savings Account
- Who can Apply for an HDFC BSBDA Small Savings Account?
- Criteria to Operate HDFC BSBDA Small Savings Account
- Charges on HDFC BSBDA Small Savings Account
- How to Open HDFC BSBDA Small Savings Account?
- Documents Required for HDFC BSBDA Small Savings Account
- FAQs
What is HDFC BSBDA Small Savings Account?
The HDFC BSBDA Small Savings Account is one of the popular zero-balance accounts tailored for individuals who want straightforward banking. With no minimum balance requirement and a range of benefits, it’s perfect for those who are new to banking or looking for a simple option.
Check out some of the key features of HDFC BSBDA Small Savings Account-
Free Rupay Debit Card
With the HDFC BSBDA small savings account, you get a free Rupay debit card to access your funds easily. Use it to make transactions anytime, anywhere.
Free Passbook Facility
Keep track of your transactions with a free passbook. It’s available to all individual account holders.
Free Cash Deposits
Deposit cash at branches and ATMs, all for free within the prescribed limits of the Small account.
4 Free Withdrawals per Month
Enjoy 4 free withdrawals per month within the HDFC cash withdrawal limits, which include NEFT/RTGS transactions, EMI, POS transactions, and more. Additional withdrawals will incur charges.
Free BillPay & eStatements
Pay bills without any extra charges and access your e-statements at no cost.
Convenient Banking Options
Access your account anytime through mobile banking, internet banking, or ATMs, all for free.
Benefits of HDFC BSBDA Small Savings Account
The HDFC BSBDA Small Savings Account is designed to meet the banking needs of low-income individuals and those who prefer a simple, affordable way to manage their finances. Here’s why one should choose to open an HDFC BSBDA Small Savings Account for its benefits-
- Zero-Balance Account: No minimum balance requirements, making it ideal for budget-conscious individuals.
- Ease of Access: Access your money via free ATMs, mobile banking, and internet banking.
- KYC-Friendly: Ideal for individuals who have not yet completed their KYC process.
- Convenient Transactions: No extra charge for services like BillPay, NEFT, or RTGS inward transactions.
Who can Apply for an HDFC BSBDA Small Savings Account?
You are eligible to apply for a Basic Savings Bank Deposit (BSBDA) Small Account with HDFC if you meet the following criteria-
- You don’t have any other banking relationship with HDFC Bank.
- You are a resident individual without complete KYC (Know Your Customer) documents.
However, please note that although you can open this account despite not having complete KYC, you need to submit the same within 24 months of HDFC BDBSA Small Savings account opening.
Also Read: Check here all the major details on HDFC Credit Card Loan Repayment. Know the process, modes and important tips for repayment.
Criteria to Operate HDFC BSBDA Small Savings Account
To operate your HDFC BSBDA Small Savings Account, you must adhere to the BSBDA Account limits and transaction restrictions. These criteria are in place to ensure the smooth operation of your HDFC BSBDA Account and to comply with the account’s guidelines.
- The balance in your account should never exceed INR 50,000 at any given time.
- The total credits in all your accounts combined should not surpass INR 1,00,000 at any point.
- Your total withdrawals and transfers should be limited to INR 10,000 per month.
If these limits are breached:
- If the balance in your account exceeds INR 50,000, further credit transactions will be restricted until the balance falls below this limit.
- If your total credits in the financial year exceed INR 1,00,000, no additional credit transactions will be allowed until the end of the financial year.
- If your withdrawals or transfers exceed INR 10,000 within a calendar month, you won’t be able to make further debit transactions until the month ends.
Charges on HDFC BSBDA Small Savings Account
The HDFC BSBDA Small Savings Account comes with various charges associated with specific services and transactions. These charges are applied based on the account type, usage, and the nature of the service requested. Below is a detailed breakdown of these fees-
| Description of Charges | BSBDA Small Account | Details/Conditions |
| Minimum Average Balance (AMB) | NIL | No AMB requirement for this account type. |
| Charges on Non-maintenance of AMB | NA | Not applicable for Preferred, Corporate Salary, and SuperSaver customers. |
| Cheque Book | Free | 25 cheque leaves per annum (effective from 1st Aug’21). |
| Additional Cheque Book | INR 100 | For 25 leaves (INR 75 for senior citizens). |
| Duplicate/Adhoc Statements | Soft Copy: Free | Current and previous year statements via NetBanking or e-mail. |
| Physical Copy: INR 100 | Branch: INR 100; PhoneBanking (Non-IVR): INR 75; IVR, NetBanking, MobileBanking, ATM: INR 50. | |
| Senior Citizens: Reduced Charges | Branch: INR 50; PhoneBanking (Non-IVR): INR 50; IVR, NetBanking, MobileBanking, ATM: INR 30 (effective from 1st July 13). | |
| Passbook Issuance | Free | Regular passbook issuance. |
| Duplicate Passbook Issuance | INR 100 | For replacing lost or damaged passbooks. |
| Manager’s Cheque/Demand Draft Cancellation/Revalidation | INR 60 | No charge for cancellations/revalidations up to INR 1,000 (effective from 1st Aug’21). |
| Cheque Collection – Local Clearing Zone | Free | No charge for local cheque collections. |
| Outstation Cheque Collection | Charges depend on the cheque amount | INR 25 for amounts up to INR 5,000; INR 50 for amounts between INR 5,001 and INR 10,000; INR 100 for amounts between INR 10,001 and INR 1,00,000; INR 150 for amounts above INR 1,00,000. |
| Cheque Return Charges (Due to Insufficient Funds) | INR 450 (1st Return) | INR 450 for the first return (INR 400 for senior citizens). |
| INR 500 (2nd Return) | INR 500 for the second return (INR 450 for senior citizens). | |
| INR 550 (3rd Return onwards) | INR 550 for subsequent returns (INR 500 for senior citizens). | |
| Balance Enquiry at Branch | Free | No charge for balance inquiry at the branch. |
| Balance Certificate | Free | For the current year; INR 100 for the previous year. |
| Interest Certificate | INR 50 | INR 100 for senior citizens (effective from Aug 1, 2021). |
| Account Closure | Nil (Up to 14 days) | INR 500 for closures between 15 days and 12 months (INR 300 for senior citizens). |
| Nil (Beyond 12 months) | No charges if an account is closed after 12 months. | |
| Stop Payment | INR 100 | INR 200 for a range of cheques (free through NetBanking). |
| Standing Instructions | INR 25 per transaction | Plus remittance charges (effective from 1st July 13). |
| Unarranged Overdraft | INR 100 | Plus 18% interest per annum. |
| ATM/Debit Card Replacement | INR 200 | Replacement charge (effective from 1st Dec’14). |
| Debit Card International ATM Transaction | INR 20 | Charges for non-HDFC Bank international ATM withdrawals. |
| Foreign Currency Transaction (Cross-currency Mark-up) | 3.5% | A 3.5% charge on foreign currency transactions. |
| BillPay | Free | Free since 1st August 2011. |
| InstaPay | INR 10 | Per transaction. |
| Visa Money Transfer | INR 5 | Per transaction. |
| NEFT – Inward | Free | No charge for inward NEFT transactions. |
| RTGS – Inward | Free | No charge for inward RTGS transactions. |
| IMPS – Inward | Free | No charge for inward IMPS transactions. |
| MobileBanking & NetBanking | Free | No charge for using these banking services. |
| Cheque Return – Funds Transfer | INR 350 | INR 315 for senior citizens. |
| Cheque Return – Technical Reasons | INR 50 | INR 45 for senior citizens (e.g., date not mentioned, sign mismatch). |
| Cheque Deposit Returned Unpaid | INR 200 | Per instance. |
| Signature Attestation | INR 100 | INR 90 for senior citizens. |
| ATM Withdrawal Charges | INR 20 | Per transaction (additional charges apply for non-HDFC ATMs). |
| ATM – Non-financial Transaction | INR 8.5 | For non-financial transactions at non-HDFC ATMs. |
| ECS/ACH Return Charges (Debit) | INR 450 (1st Return) | INR 400 for senior citizens (1st Return). |
| INR 500 (2nd Return) | INR 450 for senior citizens (2nd Return). | |
| INR 550 (3rd Return onwards) | INR 500 for senior citizens (3rd Return onwards). | |
| Transaction Fees (Cash Withdrawal) | Free | Unlimited free deposits; maximum of 4 free withdrawals per month. |
| Cash Withdrawal at Home/Non-Home Branch | INR 150 | Per transaction from the 5th withdrawal (plus taxes). |
| Demand Draft Issuance | INR 50 | For amounts up to INR 10,000; INR 5 per 1000 for amounts above INR 10,000. |
| Manager’s Cheque/Demand Draft Issuance through the Branch | INR 50 | Plus charges as per amount and location. |
| Cash Withdrawal through ATMs (Non-HDFC) | INR 20 | Plus taxes per transaction. |
| Cheque Stop Payment Request | INR 100 | INR 200 for a range of cheques (free through NetBanking). |
How to Open HDFC BSBDA Small Savings Account?
Opening an HDFC BSBDA Small Savings Account is a simple process designed to cater to individuals who need a basic, no-frills banking account with minimal requirements. The zero balance minor account opening can be opened either online or by visiting an HDFC Bank branch. Here is a step-by-step guide on how to open the account:
Online Process (via HDFC Bank Website/NetBanking)
- Visit the official HDFC Bank website or log into your NetBanking account.
- Choose the “Open an Account” option under the savings account section.
- Fill in the required details, such as your name, address, contact information, and KYC (Know Your Customer) details.
- Upload necessary documents such as your Aadhar card, PAN card, and proof of address.
- Complete the video KYC (if applicable) for verification.
- Submit your application and receive your account details and debit card by post or at your doorstep.
Offline Process (at HDFC Bank Branch)
- Visit any nearby HDFC Bank branch.
- Fill in the account opening form provided by the bank.
- Provide the required documents (listed below).
- Submit the form, and the bank will complete the KYC process and activate your account.
- You will receive your account details and debit card at your registered address.
Also Read: Learn about HDFC credit card cash withdrawal limits per day and associated charges. Find out how to withdraw cash and maximize your convenience.
Documents Required for HDFC BSBDA Small Savings Account
When opening an HDFC BSBDA Small Savings Account, it is essential to provide the necessary documents to comply with the bank’s KYC (Know Your Customer) norms. The required documents typically include:
Proof of Identity
- Aadhar Card
- Passport
- Voter ID
- PAN Card
- Government-issued photo ID (e.g., Driver’s License)
Proof of Address
- Aadhar Card (if not used as ID)
- Utility Bills (Electricity, Gas, Water)
- Bank Statement/Passbook (not older than 3 months)
- Rent Agreement
- Passport
- Government-issued documents
Photographs:
- Recent passport-size photographs (typically 2 to 3) for the application form.
PAN Card (if applicable)
A PAN card is required for account holders per the Income Tax Act, especially for accounts where annual deposits or withdrawals exceed a certain threshold.
Aadhar Linking (Optional but recommended)
Linking your Aadhar with the account is a recommended process for smoother transactions and KYC updates.
Note: Some documents can be submitted online via the bank’s app or NetBanking portal, depending on the method of account opening.
The HDFC BSBDA Small Savings Account is an excellent option for individuals looking for a simple, no-frills account to manage their finances. It’s easy to use, comes with no minimum balance requirement, and offers essential features like a free debit card, unlimited deposits, and free withdrawals up to 4 times a month.
If you’re looking for a reliable way to save and manage your money, the HDFC BSBDA Small Savings Account is a great choice!
FAQs
A BSBDA Account, also known as Basic Savings Bank Deposit Account is a bank account with zero balance requirements. It gives customers various kinds of free services, including ATM debit cards, cash withdrawals and deposits, and cheque collection.
The HDFC BSBDA (Basic Savings Bank Deposit) Small Account is a zero-balance savings account that provides access to basic banking services. It comes with a free RuPay debit card and features like free passbook issuance, free cheque deposits, and free cash deposits.
Yes, the HDFC BSBDA Small Savings Account earns interest. The interest rate is 3.00% for balances lower than INR 50 lakhs and 3.50% for balances above that amount. The interest is calculated daily and credited quarterly.
Yes, most HDFC savings accounts, including the BSBDA Small Account, can be opened online through HDFC’s Netbanking portal or mobile banking app. You can also apply online through the link provided by HDFC.
The HDFC BSBDA Small Savings Account is a zero-balance account, meaning it does not require you to maintain a minimum average balance.
The HDFC BSBDA Small Savings Account has the following transaction limits-
– A maximum balance of INR 50,000 at any time.
– Total credits should not exceed INR 1 lakh in a year.
– A maximum of four free withdrawals per month, including ATM withdrawals, NEFT/RTGS transactions.
For the HDFC BSBDA Small Account, the interest rate is 3.00% for balances lower than INR 50 lakhs and 3.50% for balances above that amount. The interest is calculated daily and credited quarterly.
The HDFC BSBDA Small Savings Account offers several benefits-
– No minimum balance requirement.
– A free RuPay debit card.
– Free cash deposits at branches and ATMs (within prescribed limits).
– Free passbook facility for individual account holders.
– Access to Netbanking, MobileBanking, and PhoneBanking.
– Access to almost every banking service such as chequebook, NEFT, RTGS, net banking, phone banking, mobile banking, and Demand Drafts.
To be eligible for an HDFC BSBDA Small Savings Account-
– You should not have an existing relationship with HDFC Bank.
– You may open this account without full KYC compliance, but you need to submit the required KYC documents within 24 months of account opening.
To open an HDFC Bank BSBDA Small Account, you need to provide-
– Evidence of having applied for valid KYC documents within 12 months of opening the account
– Actual KYC documents (ID proof, address proof, and photograph) within 24 months of account opening
Banks may impose “Partial Freezing” on the account, allowing credits but restricting debits.
To learn more about education loans, the best bank accounts for students, forex, banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.
Follow Us on Social Media
