Types OF BANK Account Offered BY HDFC BANK PDF

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Types OF BANK Account Offered BY HDFC BANK...

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TYPES OF BANK ACCOUNT OFFERED BY HDFC BANK 1.SAVINGS BANK ACCOUNT: When one starts a banking journey, the most common type of account that can be opted for is a Savings Account. The idea behind a Savings Account is to encourage thrift or the habit of saving a portion of one's income. You can apply online to open a Savings Account with HDFC Bank and benefit from the wide range of features and exclusive deals that come along with the different variants. The online saving account opening process is simple and easy, and can be completed online in just a few steps. Now, with the increased digitalisation in almost every sphere including banking, an account holder can have 24x7 access to one's Savings Account via NetBanking or our mobile app, in addition to HDFC Bank's wide network of branches and ATMs. You also get to make the most of exclusive deals and offers on the Debit Cards, including lifestyle and healthcare benefits among other things. Some variants of HDFC Bank Savings Account also offer features like unlimited cash withdrawals at ATMs and zero-balance maintenance requirement, which further adds to the appeal of a Savings Account. So why wait? It is high time you apply to open a Savings Account with HDFC Bank and kickstart your savings journey.

https://www.hdfcbank.com/personal/save/accounts/savings-accounts

2. CURRENT ACCOUNT HDFC Bank offers a Current Account to meet every kind of requirement from every kind of organisation – be it a large corporate, a small entrepreneur, a charitable trust, a housing society, a hospital or a professional. With HDFC Bank Current Accounts, you can efficiently manage cash, simplify your payments and collections, and benefit from a wide range of free banking services such as fund transfers, local clearing, dynamic limits, cash deposits and withdrawals, etc.

https://www.hdfcbank.com/personal/save/accounts/current-accounts

3.SALARY ACCOUNT Keep your employees happy by extending to them the benefits of modern, customised banking services through HDFC Bank salary accounts. Your employees will enjoy a zero-balance account with features such as Netbanking, Phonebanking, Mobilebanking and InstaQuery for SMS banking. Salary account holders can make their own life simpler by using BillPay to pay utility bills and InstantAlerts to track their transactions.

https://www.hdfcbank.com/personal/save/accounts/salary-accounts 4.RURAL ACCOUNT Farmers have unique banking requirements, and HDFC Bank's rural accounts are designed with just those in mind. With our exclusive rural accounts, we ensure that we are meeting each and every banking requirement you may have. From zero-deposit, basic accounts for small farmers to personalised banking for busy agriculturists, HDFC Bank offers accounts that are perfect for rural India.

https://www.hdfcbank.com/personal/save/accounts/rural-accounts

5.PPF ACCOUNT Public Provident Fund is one of the most popular fixed income products, thanks to its tax benefits and long-term assured returns. HDFC Bank offers easy ways of investing in PPF online. Instantly transfer funds from a linked savings account or set-up standing instructions for automatic debit. Easily view your account statement online anytime.

https://www.hdfcbank.com/personal/save/accounts/public-provident-fund 6. SUKANYA SAMRIDDHI ACCOUNT

The Sukanya Samriddhi Account is designed to provide a bright future for your girl child. It offers a high interest rate of 7.6% and tax benefits under 80c.

https://www.hdfcbank.com/personal/save/accounts/sukanya-samridhi-account

Types Of Bank Accounts Whether you are a housewife or a college student, a business owner or a business house, a retired professional or Indian living abroad, not having a bank account is unimaginable. Based on the purpose, frequency of transaction, and location of the account-holder, banks offer a bouquet of bank accounts to choose from. Here is a list of some of the types of bank accounts in India. 1. Current account A current account is a deposit account for traders, business owners, and entrepreneurs, who need to make and receive payments more often than others. These accounts hold more liquid deposits with no limit on the number of transactions per day. Current accounts allow overdraft facility, that is withdrawing more than what is currently available in the account. Also, unlike savings accounts, where you earn some interest, these are zero-interest bearing accounts. You need to maintain a minimum balance to be able to operate current accounts. 2. Savings account A savings bank account is a regular deposit account, where you earn a minimum rate of interest. Here, the number of transactions you can make each month is capped. Banks offer a variety of Savings Accounts based on the type of depositor, features of the product, age or purpose of holding the account, and so on. .There are regular savings accounts, savings accounts for children, senior citizens or women, institutional savings accounts, family savings accounts, and so many more. You have the option to pick from a range of savings products. There are zero-balance savings accounts and also advanced ones with features like auto sweep, debit cards, bill payments and cross-product benefits. A cross-product benefit is when you have a savings account with a bank and get to avail special offers on opening a second account such as a demat account. Apply for Savings Account here.

3. Salary account Among the different types of bank accounts, your salary account is the one you have opened as per the tie-up between your employer and the bank. This is the account, where salaries of every employee are credited to at the beginning of the pay cycle. Employees can pick their type of salary account based on the features they want. The bank, where you have a salary account, also maintains reimbursement accounts; this is where your allowances and reimbursements are credited to. 4. Fixed deposit account To park your funds and earn a decent rate of interest on it, there are different types of accounts like fixed deposits and recurring deposits. A fixed deposit (FD) account allows you to earn a fixed rate of interest for keeping a certain sum of money locked in for a given time, that is until the FD matures. FDs range between a maturity period of seven days to 10 years. The rate of interest you earn on FDs will vary depending on the tenure of the FD. Generally, you cannot withdraw money from an FD before it matures. Some banks offer a premature withdrawal facility. But in that case, the interest rate you earn is lower. 5. Recurring deposit account A recurring deposit (RD) has a fixed tenure. You need to invest a fixed sum of money in it regularly -- every month or once a quarter -- to earn interest. Unlike FDs, where you need to make a lump sum deposit, the sum you need to invest here is smaller and more frequent. You cannot change the tenure of the RD and the amount to be invested each month or quarter. Even in the case of RDs, you face a penalty in the form of a lower interest rate for premature withdrawal. The maturity period of an RD could range between six months to 10 years.

6. NRI accounts There are different types of bank accounts for Indians or Indian-origin people living overseas. These accounts are called overseas accounts. They include two types of savings accounts and fixed deposits -- NRO or non-resident ordinary and NRE or non-resident external accounts. Banks also offer foreign currency non-resident fixed deposit accounts. Let us quickly see the various types of bank accounts for NRIsa) Non-resident ordinary (NRO) savings accounts or fixed deposit accounts NRO accounts are rupee accounts. When NRIs deposit money in these accounts, usually in foreign currency, it is converted into INR at the prevailing exchange rate. NRIs can park money earned in India or overseas in NRO bank accounts. Payments like rent, maturities, pension, among others, can be sent abroad through NRO accounts. The income earned on these deposit accounts is taxed. b) Non-resident external (NRE) savings accounts or fixed deposit accounts NRE deposit accounts are similar to NRO accounts and the funds in these accounts are maintained in INR. Any money deposited into these accounts is converted into INR at prevailing exchange rates. But, these accounts are only for parking your earnings from abroad. The funds, both principal and interest, are transferable. But, the interest earned on these deposit accounts is not taxed in India. C) Foreign currency non-resident (FCNR) account As the name suggests and unlike the other two types of bank accounts, FCNR accounts are maintained in foreign currency. The principal and interest from these accounts are transferable, but the interest earned is not taxed in India.

2.RECURRING DEPOSIT The Indian market offers a wide range of savings schemes for individuals interested in setting aside a part of their income as savings. One of the most popular and preferred investment schemes is the Recurring Deposit or RD. Monthly salaried people as well as independent professionals can opt for this scheme. Following are the benefits of Recurring Deposits that make it an interesting investment option:  

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Recurring Deposit is the simplest and most convenient investment option available in the market. If you want to open an RD Account in the same bank that you already have a Savings Account with, you would need minimal documentation. However, if you wish to open an RD Account with another bank, you will need to contact the nearest bank branch and submit an application form, along with your basic KYC (Know Your Customer) documents. You may also need to open a Savings or Current Account with them. Unlike Fixed Deposit schemes, where one must invest a lump sum amount, Recurring Deposits do not require a huge amount of money at one go. You can opt for monthly payments, using the online banking or fund transfer feature. According to an RD scheme, one must deposit a fixed amount of money every month over a period of time. This will instil the habit of regular savings in a person. The amount to be deposited and the tenure of the investment will be decided at the time of opening the Recurring Deposit account. However, you must note that the maximum period of this investment is 10 years. Another benefit of recurring deposits is that People of low income can also invest in this scheme as the minimum amount to be invested every month is as low as Rs. 500 (in multiples of rs 100 thereafter). Therefore, it is highly beneficial to people, particularly the set who can partake with little amount from their monthly budget. Unlike Mutual Funds and Stocks, in which one can lose money if the market value goes down, the amount invested in RDs is safe and secure, and will be returned along with the interest at the end of the tenure. Recurring Deposit is the best and safe option to invest, especially, if you’re planning for short term investments. So, now that you know the benefits of a Recurring Deposit, contact your bank’s nearest branch and begin your investment today!

3.FIXED DEPOSIT A Fixed Deposit is not the first instrument that strikes us when we consider investment options. To many, the lack of liquidity and low interest rates are a major reason for staying away from this form of investment. But, the plain and simple FD can be used as a wealth creation option. In times when the stock market takes a beating, or there is uncertainty in returns, the good old FD definitely trumps other forms of investments. If you are wondering how FD is better than any other investment, then this guide is for you. Here are 5 reasons why is FD the best investment option: 

Sweep out facility: This is the best option that banks make available to their Savings Account customers. By enabling this option, excess funds over a particular

limit get converted into a Fixed Deposit. This converts Savings Account funds into higher interest earning funds. Whenever the funds are needed, the bank withdraws that amount from the Fixed Deposit, but the balance continues to earn interest at higher rates. This facility has the chance to create a significant amount of wealth for people putting their funds in Savings Accounts. TDS limit:

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The income earned from a Fixed Deposit will not attract TDS unless it crosses the limit of Rs. 40,000( Rs.50000 for senior citizens ). It is also possible to submit a form 15G for non senior citizens and Form 15H for senior citizens. On submission of this form, the bank will not deduct TDS on the Fixed Deposit income. This puts a greater sum in the hands of the person who makes the FD investment. Flexible period of investment:

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A Fixed Deposit can be opened with a bank for periods from 7 days to 10 years. Depending on the period for which the funds have to be invested, the Fixed Deposit rates vary. However, you can calculate the interest you will earn using the FD calculator that will help you make a formed decision. FDs provide safety of capital even for short term deposits. Auto renewal facility:

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Most banks will auto renew your deposit if standing instructions are given. This makes it an extremely convenient investment option to have. If you’re wondering how FD is better, the convenience of an FD cannot be matched. Loan facility: It is possible to take loans against Fixed Deposits up to a particular limit. If you’re wondering is FD best investment option, then this loan facility trumps other forms of investments available. Want to open a Fixed Deposit? Click here to get started! Want to know more on how a Fixed Deposit works? Click here to know how! ....