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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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nik007rock said:
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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If you want to upgrade to preferred by keeping higher AMB then skip saving max account.Why,because anything above will be auto transferred to FD and same will not be counted towards AMB.
 
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Rkr said:
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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I knew about auto sweep.

Just wanted to recheck on MAB calculation.

I guess then it's a big drawback!!😤😤
 
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Rkr said:
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.
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Yes, I understand. But the yield highly depends on the circumstances. Could be better as well as worse than the SB rate.

With full control over the excess funds in my SB account I could always take advantage of better options at other banks, like short term FDs at better rates, or higher SB rates etc. I can bet I can always meet or beat this auto-sweep-in thing by having full control over investing my excess funds myself.
 
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TrustMe said:
Yes, I understand. But the yield highly depends on the circumstances.

With full control over the excess funds in my SB account I could always take advantage of better options at other banks, like short term FDs at better rates, or higher SB rates etc. I can bet I can always meet or beat this auto-sweep-in thing by having full control over investing my excess funds myself.
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Coming on the thread topic.Any Reason behind opting to open HDFC Saving Max account if you donot want to avail the sweep feature.
 
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Rkr said:
Coming on the thread topic.Any Reason behind opting to open HDFC Saving Max account if you donot want to avail the sweep feature.
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As I already have mentioned above, -- I had never opted for SB Max. I wasn't even aware of its existence! I just upgraded my relationship to Imperia, and only found out later from the monthly statement that the account variant assigned to me by default was SB Max! Had I known of this auto sweep-in thing, I'd have opted out right at the beginning.
 
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TrustMe said:
As I already have mentioned above, -- I had never opted for SB Max. I wasn't even aware of its existence! I just upgraded my relationship to Imperia, and only found out later from the monthly statement that the account variant assigned to me by default was SB Max! Had I known of this auto sweep-in thing, I'd have opted out right at the beginning.
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Approach higher officials of HDFC Bank through mail if brench staffs are not cooperating on disabling the Auto Sweep Facility..Most probably you will get response in your favour..

Other option available is to approach Your branch and tell them to set thersold above 5 Lacs so avoid any hiccups.(Means if fund in account goes above 5 lacs then only excess fund is to be transferred for creating FDs)
 
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Rkr said:
If you want to upgrade to preferred by keeping higher AMB then skip saving max account.
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When I had upgraded to Imperia, I never knew Imperia wasn't an SB variant, but rather an umbrella over my entire relationship with HDFC! I was never given a choice to skip SB Max! What is 'Preferred'? Is it an SB variant above SB Max?
 
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Rkr said:
Approach higher officials of HDFC Bank through mail if brench staffs are not cooperating on disabling the Auto Sweep Facility..Most probably you will get response in your favour..

Other option available is to approach Your branch and tell them to set thersold above 5 Lacs so avoid any hiccups.(Means if fund in account goes above 5 lacs then only excess fund is to be transferred for creating FDs)
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Isn't it possible to ask them to change the SB variant instead? Can't even talk to them before Friday, tomorrow being a holiday.

What's the rest period for the money in my SB account before the auto sweep-in kicks in?
 
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TrustMe said:
Isn't it possible to ask them to change the SB variant instead? Can't even talk to them before Friday, tomorrow being a holiday.

What's the rest period for the money in my SB account before the auto sweep-in kicks in?
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it kicks in every monday early morning and you cant even use those excess funds/break fd until next day
 
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Just opened savings max account online. Did vkyc also. But still kyc showing pending. When will it get updated? And why branch name is showing different then what I selected?
 
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