HDFC Bank Salary Account
An HDFC Bank Salary Account is a type of bank account where employers deposit employees' salaries. It offers special benefits like zero balance requirements, easy access to funds, and other banking services for salary account holders.
Overview of HDFC Salary Account
HDFC Salary Account is specially designed for the employees of corporates, defense personnel and employees of other major companies to simplify banking. HDFC Salary Account will offer complete peace of mind for the employers and will provide a range of exclusive services to the employees. HDFC Salary Accounts comes in different variants, each tailored to provide a wide range of advantages including insurance options, internet & mobile banking services and zero balance requirements.
HDFC Salary Account Rate of Interest
HDFC Bank Salary Account | Interest Rate |
Less than Rs.50 lakh | 3.00% p.a. |
Above Rs.50 lakh | 3.50% p.a. |
* Salary accounts are typically solely regarded by banks as a kind of savings account. As a result, they also provide the same interest rate on savings accounts on salary accounts.
Note: Interest rates are current as of 12 August 2024.
Learn more about HDFC Bank Savings Account, HDFC Zero Balance Account, Open HDFC Savings Account
Bank | HDFC |
Category | HDFC Salary Account |
Minimum Balance Requirements (MAB) | Nil |
Interest Rate - SBI Savings Plus Account | 4% per annum |
Debit Card Offered |
|
Types of HDFC Salary Account:
To meet the specific needs of different organizations, HDFC presents 7 types of salary account types. For employees of specific organizations, HDFC offers salary accounts that are tailored to meet their needs. These salary accounts from HDFC offer the best of benefits to the employers and employees.
HDFC Salary Account | A zero balance account offered by HDFC Bank where you will get a free debit card, and easy payment options including insurance coverage in case of injury or death. |
HDFC Premium Salary Account | A premium salary account that is offered for select corporates as priority service. HDFC Premium Salary Account holders get insurance covers and zero balance benefits. |
HDFC Speciale Salary Account | A zero balance account where you will receive cyber insurance coverage of up to Rs.50,000, and various other lifestyle benefits. |
HDFC Premium Salary Account with Millennia Debit Card | A zero balance account where you will be able to receive a Millenia Debit Card for free and various other cashback and discounts on various categories. |
HDFC Regular Salary Account | This is an unique salary account with comprehensive benefits that will offer utmost convenience to the customers. Get 5% savings, insurance cover and higher transaction limits with this card. |
HDFC 3-in-1 SmartInvest | The HDFC Bank 3-in-1 Account is an option if you wish to trade equities without having to manage your Demat Account, Trading Account, and Savings Account separately. Investing can be made easier by opening a single account with three functionalities: savings, trading, and demat. |
HDFC Veer Account | Specially crafted for defense personnel, this salary account offers countless benefits like savings on loans & credit cards, zero balance requirements, and total banking convenience. Also, with the HDFC Debit card, you will get access to a wide network of ATMs across the country. |
HDFC Salary Family Account | If you are looking for a salary account that will cater to the banking needs of your entire family, this account from HDFC is the right choice. With benefits like debit card cash, personal accident death cover and zero balance requirements, this account will make banking very convenient. |
HDFC Government Salary Account | If you are a government employee, you can open this zero-balance bank account with various cashback and offers on various categories. |
Services Offered with HDFC Salary Account:
HDFC salary accounts come with a wide range of services that are designed to offer immaculate banking experience. Here are some of the services offered with HDFC salary accounts that will help you save more and also help you manage the Savings Account with ease.
Cheque Book | Free 25 cheque leaves per half year Additional chequebook of 25 leaves will be charged Rs. 75 per cheque book |
Passbook and e-Statements | Passbook is provided at no extra cost. Free statement of account is also provided. |
Internet Banking | Yes |
SMS Alerts | Yes |
Cash Withdrawal | For HDFC ATMs, the first 5 transaction is free across all cities. In other bank ATMs. first 6 transactions are free in top 6 cities and in all other locations, first 5 transactions free. A transaction includes both financial and non-financial transactions. Above the free limit, Rs. 20 will be charged per cash withdrawal and Rs. 8.5 will be charges for non cash transaction. |
Features of HDFC Salary Account:
No minimum balance requirements | All HDFC Savings accounts are zero balance accounts. |
Personal Accident Death Cover | Select HDFC Salary accounts come with a personal accident death cover of Rs. 5 lakhs. |
Free Air Accidental Death Cover | Select HDFC Salary Accounts comes with air accidental death cover of Rs. 25 lakhs. |
Account for the family | Select HDFC Salary Accounts offers the advantage of free zero balance family account for family members with same benefits. |
Cash Back Offers | HDFC Titanium Royale Debit card holders enjoy cash backs up to Rs. 750 a month with an array of other features. |
Access to other ATMs | Enjoy absolute banking comfort with HDFC Salary accounts and debit cards - customers can use the card at any ATM across India. |
Preferential Product Pricing | HDFC Salary account holders get preferential pricing offers on loans and related products from HDFC. |
Free Demand Drafts | HDFC Salary account holders get free demand drafts payable at all HDFC locations across India. |
Easy account management | Salary account customers can manage their account with ease with mobile banking and internet banking services. |
Free InstaAlert Facility | Customers get email and sms alerts for free whenever a transaction is made. |
Easy Fund Transfer | HDFC Salary Account holders can use the NEFT and RTGS facility to transfer funds easily. |
Anywhere Banking | With HDFC's wide banking & ATM network, customers can access their accounts from any location. |
Free Chequebook | Payable at Par chequebook is offered for free. |
Reimbursement Account | HDFC Salary Account holders can open a reimbursement account for easy management of funds. |
Documents Required
Every HDFC salary account is made to give the account holder flawless banking experience. The following documentation details are needed in order to open an account:
- A properly completed application
- Valid PAN cards, Aadhaar cards, voter IDs, driver's licenses, passports, ID cards from the federal or state governments, Public Sector Units (PSUs), and NREGA Job Cards are examples of identification and address proof.
- most recent passport-size photos
- Evidence of employment
- You must give the bank the details of your debit card and salary account in order to establish a reimbursement account.
Fees and Charges for HDFC Salary Account:
The fees and charges given below correspond to the general HDFC Salary Accounts. For HDFC Basic Savings Bank Deposit Account for Salary and Family Salary account, the charges for some transactions might vary. Do enquire with HDFC Bank about the fees & charges as they are subject to frequent revisions.
Charges on non-maintenance thereof | NIL | ||||||||||||||||||||
Payable At Par Cheque book | Free 25 cheque leaves per half year Additional chequebook of 25 leaves will be charged Rs 75/- per chequebook | ||||||||||||||||||||
Issue of duplicate / ad hoc statements | Branch - Rs 100/- Phone Banking (Non IVR) - Rs.75/- NetBanking, Mobile Banking, Phone Banking - IVR & ATM - Rs 50/- | ||||||||||||||||||||
Minimum Balance (Average Monthly Balance) | NIL | ||||||||||||||||||||
PAP Cheque book usage charges | No Charges | ||||||||||||||||||||
Duplicate passbook issuance | Rs 100 | ||||||||||||||||||||
Demand Drafts - Cancellation and Revalidation | Rs 100/- (Nil cancellation / revalidation charges for Managers Cheque / DD value upto Rs.1000/-) | ||||||||||||||||||||
Passbook issuance | Free | ||||||||||||||||||||
Hold Statement | Rs. 400 per year | ||||||||||||||||||||
Managers Cheques / Demand Drafts - Issuance / Re-issuance - On HDFC Bank Locations |
| DD request through Branch | Free upto Rs.25,000 Above Rs. 25,000 Rs.5 per 1000 (min Rs 75/- & max Rs. 10,000) | DD request through Netbanking | Upto Rs. 1 Lakh | Rs .50+(Corr. Bank charges if applicable) | Third party DD upto Rs. 1,00,000 | Rs .50+(Corr. Bank charges if applicable) | |||||||||||||
DD request through Branch | |||||||||||||||||||||
Free upto Rs.25,000 Above Rs. 25,000 Rs.5 per 1000 (min Rs 75/- & max Rs. 10,000) | |||||||||||||||||||||
DD request through Netbanking | |||||||||||||||||||||
Upto Rs. 1 Lakh | Rs .50+(Corr. Bank charges if applicable) | ||||||||||||||||||||
Third party DD upto Rs. 1,00,000 | Rs .50+(Corr. Bank charges if applicable) | ||||||||||||||||||||
Cheque Collection - Local Clearing Zone | Free | ||||||||||||||||||||
Collection of outstation cheques - our bank locations | Rs. 25 to Rs. 150 for branch locations and Rs. 140 for non branch locations. | ||||||||||||||||||||
Balance Enquiry at Branch | Free | ||||||||||||||||||||
Cheque return charges drawn on us - Local |
| Due to Insufficient funds - First cheque return in a quarter - Rs 350/- | From second cheque return in the same quarter - Rs 750/- per return | Charges due to funds transfer cheque return - Rs. 350/- | Due to Technical reasons -Rs.50/ per instance will be charged | ||||||||||||||||
Due to Insufficient funds - First cheque return in a quarter - Rs 350/- | |||||||||||||||||||||
From second cheque return in the same quarter - Rs 750/- per return | |||||||||||||||||||||
Charges due to funds transfer cheque return - Rs. 350/- | |||||||||||||||||||||
Due to Technical reasons -Rs.50/ per instance will be charged | |||||||||||||||||||||
Cheques deposited returned unpaid | Charge of Rs 100/- per instance would be levied | ||||||||||||||||||||
Stop Payment Charges | Particular cheque - Rs. 100/- Range of cheques - Rs. 200/- Free if done through NetBanking | ||||||||||||||||||||
Balance Certificate | Current year - Free, Previous year - Rs. 50 | ||||||||||||||||||||
Signature Attestation Charges | NIL | ||||||||||||||||||||
Interest Certificate | Rs. 50 | ||||||||||||||||||||
Account Closure | Up to 14 days - No Charge 15 days up to 12 months - Rs 500/- Beyond 12 months - No Charge | ||||||||||||||||||||
Number of cash transactions (Self at home and non-home branches) | 5 free cash transactions per month would be permitted and Rs 100/- per transaction would be levied 6th transaction onwards. | ||||||||||||||||||||
TDS Certificate | Free | ||||||||||||||||||||
Standing Instructions | Setting up Charges - NIL | ||||||||||||||||||||
Activation of dormant account | No charges | ||||||||||||||||||||
Debit Card - Replacement charges | Replacement of a damaged card - No charges & Replacement of a lost card - Rs. 200 excluding taxes. | ||||||||||||||||||||
Local Cheque deposited for outstation accounts | Free | ||||||||||||||||||||
Phone banking - IVR and non IVR | Free | ||||||||||||||||||||
Debit Card - Transaction Charge - Non HDFC Bank International ATMs | Rs. 25 per balance enquiry & Rs. 125 per cash withdrawal plus taxes | ||||||||||||||||||||
ATM Card - Replacement charges | Rs. 200 (plus taxes and cess) | ||||||||||||||||||||
Debit Card - Annual Fee - Regular / Rewards | Free | ||||||||||||||||||||
ATM Card | Free | ||||||||||||||||||||
ATM / Debit Card Card - Transaction Charge |
| HDFC BANK ATMs | Other Bank ATMs | First 5 Transactions Free across all Cities | In Top 6 cities : First 3 Transactions Free and in Non Top 6 cities : First 5 Transactions Free | ||||||||||||||||
HDFC BANK ATMs | Other Bank ATMs | ||||||||||||||||||||
First 5 Transactions Free across all Cities | In Top 6 cities : First 3 Transactions Free and in Non Top 6 cities : First 5 Transactions Free | ||||||||||||||||||||
InstaAlert | Email - Free SMS - Rs. 15/- per quarter | ||||||||||||||||||||
PIN regeneration charge | Rs. 50 plus taxes and cess | ||||||||||||||||||||
Visa Money Transfer | Rs. 5 (plus taxes and cess) per transaction | ||||||||||||||||||||
InstaPay | Rs. 10 (plus taxes and cess) per transaction | ||||||||||||||||||||
IMPS (Immediate Payment Service) - Inward | NIL | ||||||||||||||||||||
Mobile banking | Free | ||||||||||||||||||||
Net banking | Free | ||||||||||||||||||||
RTGS - Inward | NIL | ||||||||||||||||||||
BillPay | Free | ||||||||||||||||||||
NEFT Charges - Inward | NIL | ||||||||||||||||||||
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FAQs
- Is an HDFC salary account a good fit?
What makes opening a salary account with HDFC Bank recommended? With so many advantages, HDFC Bank is one of the best institutions to do business with when it comes to salary accounts. It guarantees improved banking experience for each and every Salary Account holder in addition to offering all standard perks.
- What are the incentives available to HDFC salary account holders?
You can add your family members as add-ons to your salary account. Such accounts offer free zero-balance accounts, with corresponding advantages for the Salary Account holder's family. Fuel Surcharge: Use debit cards to avoid paying the fuel surcharge. Offers with cash back and discounts. For any help, a personal relationship manager is appointed.
- What is the HDFC salary account minimum monthly balance?
A salary account does, however, have a few standard advantages, such as no minimum balance requirements, free chequebooks, passbooks, and e-statements, debit cards, phone banking, net banking, online fund transfers, demat account and services, credit card offers, loan conveniences, and utility bill payments.
- How can an HDFC salary account be closed?
You can only close your HDFC bank account in person at one of its physical branches. To close your account, there isn't an online procedure. To finish the account closing procedure, you will thus need to set aside some time to download the account closure form from HDFC Bank's website and visit the branch.
- Are salaries exempt from taxes?
Yes, aside from the monthly salary credit, you are able to utilise your salary account for personal purposes including online fund transfers, cash or check deposits, withdrawals, etc. Are salaries exempt from taxes? Salary accounts are not tax-free, sorry.
- What happens if your pay isn't reflected in your pay account?
An employee's regular salary account gets converted to a regular savings account if their salary is not credited to it for three consecutive months. As a result, all the features and advantages of having the same account are changed to those of a standard savings account.
- Can I take money out of my salary account?
In addition, the workers receive branded chequebooks and a debit card that may be used to withdraw cash. Debit cards can be used for both in-person and online transactions.
- Can I use my salary account to use UPI?
The functionality of UPI for Current Account users is identical to that of Savings Account users. The holders of current accounts only need to make sure that there are no limitations on registering a current account using UPI at the bank where they currently have an account.
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