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How much initial funding required for HDFC Savings Max account ?

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Rkr
CreditLife said:
What is the initial funding required to open HDFC Savings Max account ? Bank representative have asked for 5 lakhs initial funding but didn't find anything on the website.

Savings Max Account - Open Savings Max Account for Max Savings with HDFC Bank

HDFC Bank Offers Savings Max Account with Max Savings and high interest rate that helps you save more money. Apply Online to open your savings max account at HDFC Bank.
www.hdfcbank.com www.hdfcbank.com
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You can open the HDFC saving max account with just 25K initial funding.The Average Monthly Balance (AMB) in the SavingsMax Account should be Rs. 25,000 or maintain requisite FD Relationship as per branch location.FD Relationship of Rs 1.50 lakh in Metro/ Urban location snd Rs 1 lakh in Semi Urban / Rural location
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paresh22 said:
about me, I upgraded from saving to savings max offline. What I am interested to know here is, did online account opening gives option to enable/disable that auto sweep in /sweep out feature? Or its by default enabled?
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By default it is the feature of this account.
Thats why account name is saving Max account.
 
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CreditLife said:
Will I get any option to select the Debit card once the account gets activated ?
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Are you asking if you can have something other than the Platinum DC? Yes, you can have any free DC upto the Platinum (e.g. Millennia).

I didn't know that SB Max auto sweep-in is turned on by default! If so, I need to get it turned off. My Imperia account statement specifies my SB variant to be SB Max!
 
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TrustMe said:
Are you asking if you can have something other than the Platinum DC? Yes, you can have any free DC upto the Platinum (e.g. Millennia).

I didn't know that SB Max auto sweep-in is turned on by default! If so, I need to get it turned off. My Imperia account statement specifies my SB variant to be SB Max!
Click to expand...
I need Easy shop platinum card. Is this is the default card that'll be issued ?
 
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TrustMe said:
Are you asking if you can have something other than the Platinum DC? Yes, you can have any free DC upto the Platinum (e.g. Millennia).

I didn't know that SB Max auto sweep-in is turned on by default! If so, I need to get it turned off. My Imperia account statement specifies my SB variant to be SB Max!
Click to expand...
Those who don't like or need sweep-in feature, need to disable it immediately then. But I also heard for that branch visit is necessary.
 
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TrustMe said:
Are you asking if you can have something other than the Platinum DC? Yes, you can have any free DC upto the Platinum (e.g. Millennia).

I didn't know that SB Max auto sweep-in is turned on by default! If so, I need to get it turned off. My Imperia account statement specifies my SB variant to be SB Max!
Click to expand...
The primary purpose of the Auto Sweep facility is to provide customers with the benefit of earning higher interest rates on their idle funds while maintaining the liquidity of their savings accounts.It is highly benificial feature in saving account.After certain thersold the acess fund available will be automatic transferred to FDs and whenever required it will sweep in automatically.

Here is the example for quickly understanding the this feature.

Suppose you have opened a savings bank account with an auto sweep facility, where the minimum balance required is Rs.10,000. You have deposited Rs.40,000 and fixed a threshold limit of Rs.20,000. In this case, the excess amount of Rs.20,000 will now be transferred into your FD and both accounts will accrue interest based on their respective interest rates.

However, if you avail a sweep in of Rs.5,000, only the remaining Rs.15,000 in the FD will receive its rate of interest.
 
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paresh22 said:
Those who don't like or need sweep-in feature, need to disable it immediately then. But I also heard for that branch visit is necessary.
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I actually haven't asked for the SB Max account at all! I didn't know that that's the variant that would be given as default when I upgraded to Imperia! I need to talk to my RM soon.
 
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Is there any way if i close my existing HDFC Savings max account , can i open a new saving max account (online ) with diff acc number obviuously? This i need to do because my HDFC branch and few other branches as well are denying to deactive the Auto Sweep in facility on my max account (stating in built facility once you upgrade to saving max (we know that it is not like this ).
So once i open new one i will specially untick or not select that auto sweep in option .
 
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nik007rock said:
Is there any way if i close my existing HDFC Savings max account , can i open a new saving max account (online ) with diff acc number obviuously? This i need to do because my HDFC branch and few other branches as well are denying to deactive the Auto Sweep in facility on my max account (stating in built facility once you upgrade to saving max (we know that it is not like this ).
So once i open new one i will specially untick or not select that auto sweep in option .
Click to expand...
Why you want to deactivate this feature any draw back of the same ?
 
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Rkr said:
The primary purpose of the Auto Sweep facility is to provide customers with the benefit of earning higher interest rates on their idle funds while maintaining the liquidity of their savings accounts.
Click to expand...
Thanks. Yes, I'm familiar with the concept, but I don't believe it is quite as beneficial as it's hyped up to be. Especially in a low interest scenario it could actually reduce the yield to be even below the SB rate (after application of the typical 1% premature withdrawal penalty)!

I also don't like the idea of not having complete control over my SB balance at all time. I much prefer products like linked flexi deposits (especially if some banks happen to waive the premature withdrawal penalty).

Then there is laddering of FDs according to one's convenience.
 
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TrustMe said:
Thanks. Yes, I'm familiar with the concept, but I don't believe it is quite as beneficial as it's hyped up to be. Especially in a low interest scenario it could actually reduce the yield to be even below the SB rate (after application of the typical 1% premature withdrawal penalty)!

I also don't like the idea of not having complete control over my SB balance at all time. I much prefer products like linked flexi deposits (especially if some banks happen to waive the premature withdrawal penalty).

Then there is laddering of FDs according to one's convenience.
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I have this facility in my SBI Salary account as MOD features.I think its highly benificial for me.After 25K ,all funds are auttomatically transfered fortnightly to linked FD account and am getting higher intetest than SB account without any interference in my account functioning.

Eg.Suppose i am having 40k in my account on 20 june 23.Now after 25k the excess 15k will be transferred to linked fd on 20 june23.Now i have done a transaction of fund transfer of 27k so 25k deducted from 25k and 2k from linked fd .So high liquidable and even interest is little more than SB accounts.
 
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nik007rock said:
Is there any way if i close my existing HDFC Savings max account , can i open a new saving max account (online ) with diff acc number obviuously? This i need to do because my HDFC branch and few other branches as well are denying to deactive the Auto Sweep in facility on my max account (stating in built facility once you upgrade to saving max (we know that it is not like this ).
So once i open new one i will specially untick or not select that auto sweep in option .
Click to expand...
This is the reason when someone says they open Max savings account, I fear whether they got sweep-in enabled? When I did my offline upgrade, I specifically mentioned do not ever enable sweep-in facility.
 
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Rkr said:
Why you want to deactivate this feature any draw back of the same ?
Click to expand...
I want to park more than 1 Lakh (4-5 Lakh) for emergency fund and also i have other plans for FD(maybe manually 1,2) where i could be in control and also the fact i will be able to use the savings acc balance anytime to rotate to and fro in need and dont need extra transactions on my statements (create auto fd then again i am /auto breaking if required.
Moreover can hope for preferred upgrades in future in i park some more amount of money in my HDFC max acc
 
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sauravkumar said:
Just wanted to check whether Sweep in or Linked FD balance are counted/considered in calculation of Monthly Average Balance?🤔🤔
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No.Fd balance is not counted for AMB.For saving max AMB is 25K and thersold for Auto sweep in this account is 1L.

For example- In the event of the balance in SavingsMax account reaching Rs.1,25,000/-, the amount in excess of Rs. 1,00,000/- will be swept out in to a Fixed Deposit
 
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