HDFC Institutional Savings Account
This savings account variant, as offered by HDFC bank, is a zero-balance account that is specially designed to make your payments easy and to offer simple solutions to collect your donations, fees etc.
Highlights of HDFC Institutional Savings Account:
Bank | HDFC |
Category | Institutional Savings Account |
Minimum Balance Requirement | Zero Average Monthly Balance Requirement |
Features of HDFC Institutional Savings Account:
Demand Drafts | Free and unlimited DD at all HDFC Bank Locations |
Cheque Collection | Free outstation cheque collection at all HDFC bank locations across India |
Online Payments | Salary and vendor payments will be enabled through HDFC's corporate payment software, Enet |
Net Banking, Phone Banking and Mobile Banking | Offered to all institutional account holders |
Collection of fees, donation etc. | Will be facilitated by linking institutional savings account with POS terminals, payment gateway and payment kiosk |
Eligibility for HDFC Institutional Savings Account:
Institutional Savings account can be opened by the following classes of applicants:
- Agriculture produce market committees
- Village industries and khadi board
- Primary co-operative credit society which the bank is financing
- Farmer's clubs and Vikas Volunteer Vahini (VVV)
- Registered or unregistered self-help groups (SHGs) which promote savings habits among people
- Development of Women and Children in Rural Areas (DWCRA)
- Government bodies, departments, agencies in respect of grants or subsidies granted for implementation of different schemes approved and sponsored by central or state government
- Trust, association, club, charitable hospital. NGO and section 25 companies eligible to open a savings account as per RBI guidelines
For a more comprehensive list of eligible institutions, do enquire with HDFC Bank.
Fees and Charges on HDFC Institutional Savings Account:
Minimum Average Monthly Balance | Zero |
Cheque Book | Free |
Issuance of adhoc/duplicate statements | |
Hold Statement | Rs.400 per year |
Cancellation or revalidation of demand drafts/manager's cheque | Nil |
Phone Banking - IVR and Non IVR | Free |
Stop payment Charges | Rs.50 for a particular cheque and Rs.100 for a range of cheques, free when done through Net Banking and Phone Banking |
Mobile Banking and Net Banking | Free |
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
FAQs on HDFC Institutional Savings Account
- What is the HDFC Institutional Savings Account?
It is a zero-balance savings account designed for institutions to simplify payments and collections such as fees, donations, and subsidies.
- Who is eligible to open an HDFC Institutional Savings Account?
Eligible entities include government bodies, trusts, SHGs, NGOs, Section 25 companies, farmer clubs, co-operative societies, and other institutions approved under RBI guidelines.
- What are the key benefits of this account?
The account offers free unlimited demand drafts, free outstation cheque collection, corporate payment support via Enet, and options to collect fees or donations through POS, payment gateways, or kiosks.
- Are there any charges associated with this account?
Most services are free, including cheque books, mobile banking, net banking, and phone banking. Stop payment via branch may incur charges, and hold statements cost Rs.400 per year.
- Is there a minimum balance requirement for this account?
No. The HDFC Institutional Savings Account comes with zero average monthly balance requirement.
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