HSBC Bank has a variety of savings accounts designed to meet the needs of different people. These accounts offer basic banking services without any fees. With most of these savings accounts, HSBC provides an international debit card to customers. You can pick the savings account that suits your needs. Let's take a closer look at the different HSBC savings accounts.
| Account Balance | Rate of Interest (p.a.) |
|---|---|
| For Balances up to Rs. 10 Crore | 2.00% |
| For Balances above Rs. 10 Crore | 2.50% |
HSBC Bank provides three types of savings accounts for its customers. These are:
1. HSBC Savings Account
2. HSBC Smart Money Account
3. Basic Savings Account
The HSBC savings account allows account holders to deposit their savings and earn decent interest. With the card-to-card transfer feature, customers can easily and quickly transfer funds. The HSBC Bank debit card offers higher purchase limits for added convenience.
Accountholders can transfer their surplus savings to a fixed deposit account through a standing instruction facility, earning higher interest rates. To enjoy these benefits, customers are required to maintain an average quarterly balance of Rs. 1,50,000 or more, which can be a combination of the savings account, current account, and fixed deposit account.
Key Features of the HSBC Savings Account include:
The HSBC savings account provides customers with the opportunity to earn higher returns through an auto sweep-in fixed deposit, which can be initiated with a minimum deposit of Rs. 25,000. Additionally, this account offers an overdraft facility of up to 90%. Here are the features of this HSBC savings account:
The HSBC Basic Savings Account provides customers with convenient banking services without imposing any fees. There is no requirement to maintain a minimum balance in this account, and any changes to the account are communicated to customers with a one-month prior notice. Here are the services offered by the HSBC Basic Savings Account:
| Category | Fees and Charges |
|---|---|
| Issue of duplicate statement | NIL |
| Issue of passbook or statement | NIL |
| Issue of duplicate passbook | Rs. 100 |
| Issue of duplicate physical statement | Rs. 100 per request |
| Issue of duplicate TDS certificate | NIL |
| SMS alerts | NIL |
| Re-order of cheque book | NIL |
| Cash deposit or withdrawal at branch | NIL |
| Account Closure | No charges on closing the account within 30 days. Rs. 500 will be applicable for closing the account from 1 month and within 6 months |
| Per transaction cash withdrawal limit at other bank ATMs in India | Rs. 10,000 |
| Purchase transaction limit per day | Rs. 2,00,000 |
| Overseas per transaction limit at non-chip and PIN enabled POS | USD 1,000 |
| For standing instruction amendment | Rs. 25 |
| Debit card annual fee (First year) | NIL |
| Debit card annual fee (Second year onwards) | Rs. 300 |
| ATM cash withdrawal limit per day | Rs. 2,00,000 |
The following are the eligibility criteria to open a savings account with HSBC Bank.
To open a savings account with HSBC, customer would require to provide the following documents:
You can find out how much money is in your savings account in different ways: use net banking, mobile banking, UPI, get an account statement, use SMS banking, make a missed call, or visit the bank or an ATM.
Any interest you earn on your savings account balance up to Rs. 10,000 is tax-free under Section 80TTA. However, if you earn more interest, there might be Tax Deducted at Source (TDS) applied to the higher amounts.
No, You can open a minor or kids savings account even if you're not 18 years old. However, for a regular, fully-functional savings account, you typically need to be over 18 years old.
all banks provide a cheque facility. However, it's important to note that certain types of savings accounts, like BSBDA (Basic Savings Bank Deposit Account), instant accounts, digital accounts, etc., may not come with a cheque facility.
Yes, having an ATM/debit card usually comes with a yearly fee, which is around Rs.150 plus taxes (this can differ between banks). Some private banks might not charge this fee if you use your debit card to shop for a certain amount during the year, or if you keep a specific amount of money in your account regularly, as per the bank's rules
An Aadhaar card is a useful document that proves who you are and where you live, making it easy to open a bank account. If you want to get government subsidies and benefits like Direct Benefit Transfer (DBT), you'll need to give your Aadhaar card details to confirm your account and connect it with the scheme.
To open a savings account, the rules say you must give your PAN card details. If you don't have a PAN card, your application won't go through. But if you don't have a PAN, you can still apply by providing Form 60. This form explains why you don't have a PAN.
The bank will send your monthly account statement to the email address you've registered. If you want a physical (hard) copy, you can ask the bank for it, but there might be a small fee.
Interest is calculated at regular intervals, and the specific period is determined when you open the account. This could be monthly, quarterly, annually, or another specified timeframe.