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
HSBC 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:
- Free internationally valid HSBC debit card.
- Higher purchase transaction limit of Rs. 1,00,000 per day for resident customers on the HSBC debit card.
- Senior citizens can maintain an average quarterly balance of Rs. 10,000, combining savings account, current account, and fixed deposit. No service charge is applicable on senior citizen accounts if eligibility criteria are not met.
HSBC Smart Money Account
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:
- 24/7 access through ATMs, phone banking, and online banking.
- Free HSBC credit card for account holders.
- Free HSBC international debit card, allowing withdrawals of up to Rs. 25,000 per day, with higher limits for HSBC Advance and Premier customers.
- Convenient online bill payment services at no extra cost.
HSBC Basic 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:
- Free debit card with no annual maintenance charges.
- Daily cash withdrawal limit of Rs. 25,000 and a purchase limit of Rs. 10,000.
- Free access to internet banking and mobile banking.
- Free and unlimited deposits in the 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.
HSBC Savings Account Eligibility Criteria
- Maintain an average quarterly balance of Rs. 1,50,000.
- In the case of holding two accounts with the same name but different modes of operation, ensure the Average Quarterly Balance (AQB) is maintained in both accounts.
HSBC Smart Money Account Eligibility Criteria
- Must be a resident of India.
- Minimum age requirement is 18 years.
- A mandatory minimum deposit of Rs. 25,000 is required.
To open a savings account with HSBC, customer would require to provide the following documents:
- Address proof
- Proof of identity
- Passport size photograph
- Duly filled application form
1. What do I do if I want to withdraw cash beyond a limit from the branch?
If you need to take out more money than your usual limit, you should inform the branch where you want to make the withdrawal at least 24 hours in advance, especially if it's for an amount over Rs. 1,00,000.
2. Can I withdraw cash from the city where I do not have an HSBC savings account?
Yes, With your HSBC debit card, you can withdraw cash in any city or overseas from any HSBC or non-HSBC Visa ATM. HSBC Bank won't charge you for the first five transactions (both financial and non-financial) at other bank ATMs. However, a fee of Rs. 20 will be applied for each transaction beyond these initial five transactions.
3. If I replace my debit card, will I have to generate a new PIN for my new card in HSBC Bank?
No. The current ATM PIN associated with your existing debit card will remain valid for your new debit card issued by HSBC Bank.
4. Are there any charges levied by HSBC Bank on not maintaining average quarterly balance?
If you don't keep enough money in your account, the bank will charge you a service fee of 0.7%, plus any taxes that apply. They will let you know right away if this happens.
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