HDFC Bank offer women savings account, offers a tailored solution for the modern woman’s banking, investment, and lifestyle needs. In this article we will explain the features, benefits, and eligibility criteria of HDFC bank Women Savings Account.
Benefits of HDFC Women Savings Account
- Accidental Coverage: This account offers women peace of mind with an accidental death cover of Rs. 10 lakhs and accidental hospitalization cover of Rs. 1 lakh. In the unfortunate event of hospitalization due to an accident, a daily cash allowance of Rs. 1,000 per day for a maximum of 10 days per year is provided.
- Special Discounts and Offers: Women can enjoy various perks, including an Annual Maintenance Charge (AMC) waiver on the first year for a Demat Account and preferential rates on loans. Loading a minimum of Rs. 5,000 on the Gift Plus Card through the branch or via NetBanking gets you a 50% discount on issuance.
- Cashback Benefits: With the EasyShop Woman’s Advantage Debit Card, women can avail a daily cash withdrawal limit of Rs. 25,000 and a daily shopping limit of Rs. 2.75 lakhs. Moreover, they can enjoy cashback of Re. 1 for every Rs. 200 spent on the card.
- Vehicle Financing: The HDFC Women Savings Account offers up to 90% finance on the on-road price of a vehicle and a 7-year tenure for auto loans. Additionally, there’s a 3.5% lower interest rate on Two Wheeler Loans and up to 50% discount on processing fees.
- MoneyMaximizer Facility: This feature allows account holders to earn higher interest on idle money. MoneyMaximizer is available on request and can significantly boost your savings.
- Debit Card Benefits: The EasyShop Woman’s Advantage Debit Card comes with personal accident death cover (rail, road, air) of Rs. 5 lakhs and offers cashback on eligible spending. It also provides additional international air coverage on the purchase of air tickets using the Debit Card.
- Insurance Cover: The account includes coverage for fire and burglary for items purchased under the Debit Card, loss of checked baggage, and more. These benefits are available for up to 90 days, providing added security.
- Cross-Product Benefits: Account holders can enjoy an annual maintenance charge waiver on the first year for a Demat Account, free folio maintenance charges on a Demat account for the first year, and lifetime BillPay for all account holders. Preferential rates on loans are also a part of the package.
- Easy Banking: HDFC makes banking convenient with features like free passbook facilities for individual account holders, free e-mail statements, and various online banking options such as NetBanking, PhoneBanking, and MobileBanking. These features make managing finances hassle-free.
Eligibility for HDFC Women Savings Account
To be eligible for the HDFC Women Savings Account, the following conditions apply:
- The first account holder should be a woman.
- Resident individuals (sole or joint account) are eligible.
- Foreign nationals residing in India are eligible, provided they meet specific criteria, including possessing a valid passport, a valid visa, an FRRO (Foreign Region Registration Office) Certificate, and a Residential Permit.
HDFC Women Savings Account Fees and Charges
The HDFC Women Savings Account offers attractive interest rates based on the account balance. For balances less than Rs. 50 lakhs, 3.00% p.a interest rate applies, while balances over Rs. 50 lakhs enjoy a higher rate of 3.50% p.a.
The minimum balance requirements are as follows:
- Metro/Urban areas: Rs. 10,000/-
- Semi-Urban/Rural areas: Rs. 5,000/-
HDFC Account closure charges
Account closure charges vary based on the duration the account has been open. For instance, there are no charges if the account is closed within 14 days, but charges may apply for closures between 15 days and up to 1 year.
FAQ
The HDFC Bank Women Savings Account is available to women of all age groups.
Using the Debit Card abroad may involve foreign transaction fees, so it’s advisable to check with the bank for specific details.
Foreign nationals residing in India should have a valid passport, a valid visa, an FRRO Certificate, and a Residential Permit.
Yes, if you meet the eligibility criteria, you can convert your existing HDFC Savings Account into a Women Savings Account.
To apply for this account, visit your nearest HDFC Bank branch or apply online through the HDFC Bank website.
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