HDFC Bank: The Best Bank in India‍ 2022

HDFC Bank: Do you want to open a bank account? Do you want to invest your money without worrying about the risks? If yes, then The HDFC Bank is the best option for you.

The financial services provider has many benefits for its customers. In this article, we will talk about some of them and how they can help you achieve your financial goals. The name of this bank might not be familiar to many people.

However, it is one of the top banks in India and has branches in most major cities across the country. It offers a wide range of banking services at competitive rates. We’ll explain more as we go along:

HDFC Bank’s Interest Rate and Fees

The first thing that you should know about this bank is its interest rates. The interest rates offered by HDFC Bank are very competitive. While other banks usually offer lower rates, HDFC Bank has consistently been among the best in the industry.

The standard account offers an interest rate of 7.25%. If you have an account with an ultra high-interest account, it is almost 12%. If you are looking to earn a lot of extra interest and still have a minimum amount in your account, then this bank is for you.

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Another thing that you should know about this financial services provider is its fees. It has a relatively low fee structure, which makes it even more attractive. Here are some fees and charges of this bank:

ATM charge

  • There are no charges for using HDFC Bank’s ATMs.

Internet Banking charges

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  • There is a $10 charge for using internet banking.

Bill payment charges

  • No fees are charged for making payments for utility bills, credit cards, and loans.

Mobile banking charges

  • If you use internet banking on your smartphone, then you will be charged $1 per month.

Paper Statement charges

  • You can choose to not receive paper statements and get them electronically instead. This will cost you $10 per year.

HDFC Bank’s Minimum Balance Requirement

The next thing that you should know about this bank is its minimum balance requirement. The minimum balance requirement is $25 and it is maintained throughout the year.

If you withdraw more money than this amount, then it will be considered a loan repayment and will have to be repaid with interest. However, if you repay the loan before the due date, then you will have a free period of 10 days.

During this period, you can repay the amount by any mode of payment without being charged any fee. The minimum balance requirement can be a little confusing. Some people may assume that it is the amount that is required to open a new account.

However, it is maintained throughout the year and any transaction less than that amount will not be charged any fee. The minimum balance requirement can be increased to $1,000 if you are willing to pay a higher annual fee.

HDFC Bank’s Deposits and Withdrawals

Another great feature that you will come across while using this bank is its depositing and withdrawal options. You don’t have to worry about any minimum amount while depositing money.

You can deposit money of any amount as long as you have it in your account. The same goes for withdrawals. However, the maximum amount that you can withdraw is calculated using a daily withdrawal limit.

You can withdraw the amount between $500 and $2,500 daily. However, it is calculated based on your daily transaction amount. If you make a small transaction, then it will be considered as a larger one and the daily withdrawal limit will be lower. You can also choose to make a monthly or annual subscription for withdrawals.

If you do that, then you will be able to withdraw the amount between $2,500 and $25,000 every month or year.

HDFC Bank’s Loan Offerings

The last thing about this bank that you should know is its loan offerings. In recent times, the Indian banks have started offering loan products that are aimed at helping the customers achieve their financial goals. One such product is the HDFC Bank loan.

The bank offers loans for a range of purposes like home renovation, buying a vehicle, education, marriage and many more. However, it is available only to salaried customers who have a minimum monthly income of Rs 10 lakh.

You can choose to get a loan of any amount between Rs 10 lakh and Rs 60 lakh. The loan repayment period is a maximum of 10 years and it is zero-interest loan. Now, if you are looking to achieve a specific financial goal with this loan, then you can choose a purpose and a repayment period that best suits your needs.

For instance, if you want to buy a house, then you can choose a loan amount of Rs 60 lakh with a repayment period of 10 years and an interest rate of 9.9%.

How to Apply for HDFC Bank Online Banking and More

If you’re interested in linking your bank account to the HDFC Bank app for Android or iOS, read on to learn how.

As an added bonus, you can link your account to the Discover it Card, VISA Debit Card, and other bank accounts so that you can start making payments through the app immediately.

The process of linking your bank account is simple and straightforward. Follow these steps to get started:

Link HDFC Bank Account To Mobile Banking App

First, you’ll need to link your bank account to the HDFC Bank app. To link your HDFC Bank account to the app, head to the “Manage Accounts” section of your account and open the “Link Account” option. Enter the required details on the “Link Account” page and confirm the link.

The link will be activated immediately. After linking your account, you can start using the app immediately to make payments, update your balance and balance details, view transactions in your account, and transfer money to other accounts.

Link your Bank Account to HDFC Bank App

Now that you’ve linked your bank account to the app, you can access your funds in the app. To do this, head to the “Payments” section in the app and follow these steps:

  1. Select the “Link Bank Account” option.
  2. Enter the required details.
  3. Tap “Link Bank Account” to complete the process.

After linking your bank account to the app, you can use the funds in your account to make payments.

Update your Mobile Banking App

Once you’ve linked your bank account to the app, you can also update the app’s settings to reflect the new bank account information.

To update your settings, open the app and head to the “Settings” section. In the “Settings” page of the app, tap the “Update Bank Account Information” button and enter the required details. The app will notify you once the settings are updated.

Register for HDFC Bank Credit Card

Register for the HDFC Bank credit card to open a credit account and start building your credit score. Registering for the card automatically enrolls you in the “Credit Score” section of your account and provides you access to important credit-related information, like your credit score and credit limit.

To register for the card and get access to the “Credit Score” section of your account, enter your contact and billing details in the “Credit Card Information” section of your account and follow these steps:

  1. Tap the “Register for Credit Card” button.
  2. Enter your contact and billing details.
  3. Follow the on-screen instructions.

Your card will be activated within 2 business days. You can expect to receive a credit card bill on your address, or an email that includes your card details. You can also visit the HDFC Bank website to manage your account information.

Register for HDFC Bank Debit Card

Register for the HDFC Bank debit card to access your funds at a variety of merchants. Register for the card and follow these steps:

  • In the “Settings” section of your app, tap the “Register for Debit Card” button.
  • Enter your contact and billing details.
  • Follow the on-screen instructions.

Your card will be activated within 2 business days. You can expect to receive a debit card bill on your address, or an email that includes your card details. You can also visit the HDFC Bank website to manage your account information.

Verify your Mobile Number

Verify your mobile number to protect your account. Entering your mobile number with the correct mobile number format helps the bank detect unauthorized transactions and fraudulent activity on your account.

To protect your account, enter your mobile number in the “Mobile Number” section of your “Settings” page in the app.

Enable Two-factor Authentication

Two-factor authentication (2FA) helps protect your account by requiring you to enter a one-time code along with your password when logging in from a new device or browser. To enable 2FA on your account, open the app and head to the “Settings” section.

  • Tap the “Enable Two-Factor Authentication” button.
  • Enter the one-time code.
  • Confirm the code.

Your account will be protected against unauthorized logins.

Optional: Set up Google Pay or Paytm for Payments

If you have a smartphone or tablet, you can use the Google Pay or Paytm payment services to make mobile payments. To set up Google Pay on your account, open the app and head to the “Settings” section.

  1. Tap the “Enable Google Pay” button.
  2. Enter your card details.
  3. Enter the required security code from Google Pay.

Your account will be protected against unauthorized payments.

Make Payments Through the HDFC Bank App

Once you’ve linked your bank account to the app, you can make payments through the app. To make a payment, follow these steps:

Select the “Payments” option in the app.

Enter the amount you want to pay.

Select the account where you want to make payments from.

Enter the required details.

Select the “Pay” button to make the payment.

Conclusion

The name of this bank might not be familiar to many people. However, it is one of the top banks in India and has branches in most major cities across the country. It offers a wide range of banking services at competitive rates.

We’ll explain more as we go along: The interest rate and fees are very competitive. Another thing that you should know about this financial services provider is its minimum balance requirement. The minimum balance requirement is $25 and it is maintained throughout the year.

If you withdraw more money than this amount, then it will be considered a loan repayment and will have to be repaid with interest. However, if you repay the loan before the due date, then you will have a free period of 10 days.

During this period, you can repay the amount by any mode of payment without being charged any fee. The minimum balance requirement can be a little confusing. If you are looking to achieve a specific financial goal with this loan, then you can choose a purpose and a repayment period that best suits your needs.

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