HDFC Savings Max - Worth It ?

[DEEP_RAY]

Have received "Savings Max Upgrade" Email. I am aware of basic features.


Anyone please help me one following queries ->

1. I have applied for Millennia. Is it chargeable or will be free for Savings Max holder. Branch seems confused.
2. Is it easy to downgrade to Regular Savings account ?
3. Or keeping 10K in normal savings and doing 15K (7%) FD is better option ?

 

[panu24]

View attachment 10119

You are right. I always checked on website link but now checked in mobile browser. This link https://v.hdfcbank.com/amp/personal...nts/savings-max-account/fees-and-charges.html show clearly all are LTF.

 

[TheTrickySid]

Can you share original link, so that i can share with hdfc support and get back issuance charges regarding milennia debit card..which i had earlier

https://www.hdfcbank.com/personal/save/accounts/savings-accounts/savings-max-account/fees-and-charges

 

[ramandeep]

https://www.hdfcbank.com/personal/save/accounts/savings-accounts/savings-max-account/fees-and-charges

Thanks a ton...

 

[ramandeep]

You are right. I always checked on website link but now checked in mobile browser. This link https://v.hdfcbank.com/amp/personal...nts/savings-max-account/fees-and-charges.html show clearly all are LTF.

Thanks a ton

 

[DEEP_RAY]

Did you upgrade or not? If you regularly maintain more than 25k, it is a good option.

I have not. Instead I have done Rs.25000 FD in Senior Citizen account of my parent with 7.75% interest rate 😛

 

[doraemon]

According to me ,


Option 1:
- You keep 25k in a savings max account earning 3% interest per annum.
- This yields an annual return of 750 Rs.
- Additionally, there's a savings of 590 Rs dc charges ( millennia)
- So, the total return for Option 1 is 750 + 590 = 1340 Rs per year.

Option 2:
- You keep 5k in a savings account earning 3% interest per annum.(Regular rural)
- This yields an annual return of 150 Rs.
- You invest 20k in a fixed deposit (FD) earning 8.5% interest for 12 months.(E.g Jana bank)
- The FD generates an interest of 20,000 * 8.5% = 1700 Rs for the year.(I did simple intrest )
- You incur a debit card fee of 590 Rs.
- So, the total return for Option 2 is 150 + 1700 - 590 = 1260 Rs for the year.

Comparing the two options:
- Option 1 offers a total return of 1340 Rs per year.
- Option 2 offers a total return of 1260 Rs for the year.
- Therefore, Option 1 is best

 

[pothi]

According to me ,


Option 1:
- You keep 25k in a savings max account earning 3% interest per annum.
- This yields an annual return of 750 Rs.
- Additionally, there's a savings of 590 Rs dc charges ( millennia)
- So, the total return for Option 1 is 750 + 590 = 1340 Rs per year.

Option 2:
- You keep 5k in a savings account earning 3% interest per annum.(Regular rural)
- This yields an annual return of 150 Rs.
- You invest 20k in a fixed deposit (FD) earning 8.5% interest for 12 months.(E.g Jana bank)
- The FD generates an interest of 20,000 * 8.5% = 1700 Rs for the year.(I did simple intrest )
- You incur a debit card fee of 590 Rs.
- So, the total return for Option 2 is 150 + 1700 - 590 = 1260 Rs for the year.

Comparing the two options:
- Option 1 offers a total return of 1340 Rs per year.
- Option 2 offers a total return of 1260 Rs for the year.
- Therefore, Option 1 is best

Option 1: At the end of the year, you will have added Rs 750 to your bank account.

Option 2: You will have added Rs.1260 to your bank account even after paying the debit card fee.

Which math is correct???