HSBC Bank Savings Account

⋆ Interest Rate 9.99% ⋆

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      HSBC Bank Savings Account

      Tenure Interest rates for general citizens Interest rates for senior citizens
      Seven days to 14 days 4.45 4.75
      140 days- 200 days 4.75 4.75
      1 – 2 years 4.35 4.75
      3-4 years 4.4 4.75

      HSBC Bank Savings Account

      HSBC Bank savings accounts allow customers to deposit funds, keep them secure, and withdraw them while earning interest. It offers a savings account tailored to the needs of particular consumer groups and meets their needs. For example, it has Premium savings account for its high-end customers and minor savings account for children under 18. The bank provides several services, including online banking and mobile banking, and many of its savings account products have no minimum balance requirements.

      Features and Benefits of HSBC Bank Savings Account

      The following are some of the advantages of having an HSBC Bank savings account:

      • The interest rate on a savings account at HSBC Bank ranges from 3.00 percent to 3.50 percent.
      • For metro Urban branches, a balance of Rs. 10,000 is needed in an HSBC Bank savings account. 5,000 rupees To open an HSBC Bank Savings Account, a deposit of Rs. 2,500 is expected for Semi-Urban branches and Rs. 2,500 for Rural branches.
      • The HSBC Bank savings account can be transferred to any other branch without changing the account number.
      • There is also a safe deposit locker and a nomination service.
      • The HSBC Bank savings account can be linked to a Multi Option Deposit account to earn higher term deposit interest on excess funds.
      • It offers a variety of debit cards to fit the needs of account holders.
      • HSBC Bank provides services such as internet banking and missed call banking. Individuals may also use the mobile banking program, which includes interbank mobile payment services (IMPS), utility bill payments, mobile recharges, inquiry and statement requests, and checkbook requests.
      • Passbook service is free of charge.

      HSBC Bank Savings account Charges

      Product Minimum Balance Interest Rate Non-Balance Maintenance Charges
      Savings Max Account Rs. 25,000 3.00% – 3.50% 6 percent of the Maximum Shortfall in the AMB slab or Rs. 600 whichever is lower
      Regular Savings Account Rs. 10,000 for metro Urban branches Rs. 5,000 For Semi-Urban branches Rs. 2,500 for Rural branches is required to open a Savings Regular Account 3.00% – 3.50% Rs. 150 to Rs. 600
      Women’s Savings Account Rs. 10,000 Metro Urban branches,Rs. 5,000 Semi Urban-Rural branches 3.00% – 3.50% Rs. 150 to Rs. 600
      Kids Advantage Account Rs. 5,000 3.00% – 3.50% Rs. 150 to Rs. 300
      Senior Citizens Account Rs. 5,000 Urban/ semi Urban 3.00% – 3.50% Rs. 150 to Rs. 300
      Family Savings Group Account The combined Average Monthly Balance in all accounts should be Rs. 40,000 3.00% – 3.50% 6 percent of the maximum shortfall in the AMB slab or Rs. 600 whichever is lower
      Basic Savings Bank Deposit Account NIL 3.00% – 3.50% None
      Institutional Savings Account NIL 3.00% – 3.50% None
      BSBDA Small Account NIL 3.00% – 3.50% None
      Savings Farmers Account Rs. 2,500 3.00% – 3.50% Upto Rs. 900

      HSBC Bank Savings Account Products

      Regular Savings Account

      Premium savings account that encourages prudent money management.

      Characteristics:

      • For all your banking needs, use Net Banking, BillPay, Phone Banking, and Mobile Banking.
      • The ability to open a bank account digitally with no paperwork is available.

      Eligibility requirements:

      • The person or joint accounts are available to Indian citizens.
      • Hindu Undivided Family is also qualified to create an account.
      • Minors can open a self-operated account over the age of ten.
      • Foreign nationals who have been in India for more than 180 days can open an account if they have a valid passport, visa, FRRO Certificate, and Residential Permit.

      Women’s Saving Account

      This account helps you fulfill your day-to-day banking needs by providing you with access to your bank 24 hours a day, seven days a week.

      Characteristics:

      • A personal accident death cover of Rs. Ten lakhs are available.
      • Accidental Hospitalization Coverage of Rs. 1 Lac as a Reimbursement Coverage
      • Auto Sweep: account can be connected to a Multi Option Deposit MOD account to gain higher term deposit interest on surplus funds up to a certain limit.
      • Loans for automobiles and two-wheelers are accessible.

      Eligibility requirements:

      This account is only for women over the age of 18 who live in India.

      Kids Advantage Account

      An all-in-one solution for an independent woman’s banking, savings, and lifestyle needs.

      Characteristics:

      • One lakh rupees in free education insurance
      • Building an investment pool is required, with a monthly transfer of Rs. 1,000 for a period of one year.
      • Account may be connected to a Multi Option Deposit MOD account to gain higher term deposit interest on surplus funds, subject to a minimum number.

      Eligibility requirements:

      The child must be under 18 to open this account, and both parents must have a savings account with the bank.

      Senior Citizens Account

      Instill the habit of saving and investing wisely in your minors, who will be able to open and maintain this account on their own.

      Characteristics:

      • Unintentional Hospitalization A yearly cover of Rs. 50,000 is available.
      • Fixed Deposits receive preferential rates.
      • Phone Banking, Net Banking, and Insta Alert are all available for free.
      • Free e-statement service
      • PAP checkbooks are distributed free of charge. Outstation cheques issued by you for clearing will be viewed as local cheques at any bank location with this facility.

      Eligibility requirements:

      This account is for Indian citizens over the age of 60.

      Family Savings Group Account

      Take advantage of health and savings incentives, as well as the convenience of independent banking.

      Characteristics:

      • Locker rental at a 50% discount
      • PAP checkbook free of issuance charge from a savings account sweep into a nominated account
      • Net Banking, Phone Banking, and Mobile Banking are all easy ways to bank. Online Trading Accounts Offers that are exclusive.

      Eligibility requirements:

      Members of a family who already have an HSBC Bank account are entitled to open this account together. A minor cannot be the primary account holder.

      Basic Savings Account

      Get top-of-the-line banking services for your family.

      Characteristics:

      • IVR-based Phone Banking is available for free.
      • Net Banking is completely free.
      • BillPay is a free service that allows you to pay all of your regular utility bills.

      Eligibility requirements:

      This account is for residents of Indian Country who are 18 years of age or older.

      Institutional Savings Account

      A zero-balance account with access to the largest ATM network and other perks.

      Characteristics:

      • There is no fee for using a Par checkbook.
      • Facilitated by the Cash Management Services team, this account can collect donations, fees, etc.
      • Net Banking, Phone Banking, and Mobile Banking can all be used to make online payments such as wage and vendor payments.
      • Services such as Net Banking, Phone Banking, and Mobile Banking are available.

      Eligibility:

      Any Trust, Association, Society, Club, NGO, Charitable Hospital, Educational Institute, or Section 25 company that meets RBI guidelines is qualified to open an account.

      BSBDA Small Account

      This account will be used for easy collection and payment of your company’s bills.

      Characteristics:

      • At any given time, the cumulative balance in your account does not exceed Rs. 50,000.
      • At any given time, the cumulative credits in all of your accounts do not exceed Rs. 1 lac.
      • In a month, your cumulative withdrawals and transfers do not exceed Rs. 10,000.

      Eligibility requirements:

      This account is for residents of Indian Country who are 18 years of age or older.

      Savings Farmers Account

      This account allows and supports residents who do not have a full KYC to take advantage of banking services.

      Characteristics:

      • The bank’s online shopping site provides discounts and exclusive deals.
      • Annual Maintenance Charge for IVR-based Phone Banking is free. For the first year, the AMC for the first new Demat account is waived.
      • For all of your banking needs, use Net Banking, BillPay, Phone Banking, and Mobile Banking.

      Eligibility requirements:

      Farmers can only open a Savings Farmers Account at those branches.

      HSBC Bank Savings Account Welcome Kit

      HSBC Bank Savings Account

      The “Welcome Letter” (containing Account and Customer Identification Numbers) and a separate “Welcome Kit” (containing the International Debit Card, Cheque Book, and passwords to access Net-Banking (IPIN) and Telephone Banking) will be sent out after that (TIN).

      HSBC Bank Documents Required to Open Savings Account

      • Passport, driver’s license, voter’s ID card, and other forms of identification are acceptable.
      • Passport, driver’s license, voter’s ID card, etc., are all acceptable forms of proof of address.
      • Shape 16 of the PAN card (only if PAN card is not available)
      • 2 recent passport-sized photos

      HSBC Bank Savings Account Opening Process 

      • Pay a visit to the bank in your neighborhood.
      • Fill out the registration form for a new account.
      • Records of Know-Your-Customer (KYC) must be submitted (ID and Address proof)
      • Fill out the form and attach your passport pictures.
      • Send a signed check if applicable.

      FAQ’s for HSBC Bank Savings Account

      Can I open an HSBC bank account online?

      Individuals can also open a savings account with HSBC Bank online. Individuals can open both an Insta and a digital savings account.

      What is the minimum balance for an HSBC savings account?

      For HSBC Bank saving account items, the minimum balance requirement varies. The minimum balance needed to open an HSBC Bank Regular Savings Account is Rs. 10,000 for metro urban branches and Rs. 5,000 for rural branches. To open a Savings Regular Account, a deposit of Rs. 2,500 is expected for Semi-Urban branches and Rs. 2,500 for Rural branches.

      Which saving account is best in HSBC?

      HSBC Bank provides a variety of savings accounts. These accounts have been created specifically for a specific group of people. Individuals can compare interest rates, minimum account criteria, and other features to find the right option for them.

      Can I open an HSBC Bank Savings Account with zero balance?

      For metro Urban branches, the minimum balance needed to open an HSBC Bank Savings Account is Rs. 10,000. 5,000 rupees To open an HSBC Bank Savings Regular Account, a deposit of Rs. 2,500 is expected for Semi-Urban branches and Rs. 2,500 for Rural branches. Non-balance maintenance charges are imposed on someone who does not achieve the minimum balance.

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