Regarding HDFC Savings Max account

[Hisoka]

Hello everyone
I had a doubt, I have a savings Max account in HDFC bank. So every Sunday if my balance is above 1L, it creates an FD for the same.

Now, my account also has 25k monthly minimum balance restriction otherwise it’ll charge 599 per month as penalty.

My question is that suppose I’ve 1L in FD and 50k as account balance. I spend 1L somewhere. So will my account balance still be above 25k? Or will it be -50k? Like will I be charged penalty for not maintaining balance or my FD balance will be counted towards my 25k minimum balance limitation?

Thanks I’m advance

 

[ramandeep]

Hello everyone
I had a doubt, I have a savings Max account in HDFC bank. So every Sunday if my balance is above 1L, it creates an FD for the same.

Now, my account also has 25k monthly minimum balance restriction otherwise it’ll charge 599 per month as penalty.

My question is that suppose I’ve 1L in FD and 50k as account balance. I spend 1L somewhere. So will my account balance still be above 25k? Or will it be -50k? Like will I be charged penalty for not maintaining balance or my FD balance will be counted towards my 25k minimum balance limitation?

Thanks I’m advance

I would suggest make a manual fd of 1.5 lac and your account would become 0 mab

 

[SiddharthR]

Hello everyone
I had a doubt, I have a savings Max account in HDFC bank. So every Sunday if my balance is above 1L, it creates an FD for the same.

Now, my account also has 25k monthly minimum balance restriction otherwise it’ll charge 599 per month as penalty.

My question is that suppose I’ve 1L in FD and 50k as account balance. I spend 1L somewhere. So will my account balance still be above 25k? Or will it be -50k? Like will I be charged penalty for not maintaining balance or my FD balance will be counted towards my 25k minimum balance limitation?

Thanks I’m advance

Your 1L paid = 50K from Balance+ then 50K from FD (Penalty of 1% i.e. 1% less interest for that particular period)
ACCOUNT balance:0
FD Balance: 50K

Hence you will be charged for non maintenance.
Suggestion : Pay 1,25,000 to another account, then pay 1L and transfer 25K to HDFC Account again

 

[Rahul Gupta]

Hello everyone
I had a doubt, I have a savings Max account in HDFC bank. So every Sunday if my balance is above 1L, it creates an FD for the same.

Now, my account also has 25k monthly minimum balance restriction otherwise it’ll charge 599 per month as penalty.

My question is that suppose I’ve 1L in FD and 50k as account balance. I spend 1L somewhere. So will my account balance still be above 25k? Or will it be -50k? Like will I be charged penalty for not maintaining balance or my FD balance will be counted towards my 25k minimum balance limitation?

Thanks I’m advance

bro i think your auto sweep in is on. you can turn it off by visiting branch.

 

[Hisoka]

Your 1L paid = 50K from Balance+ then 50K from FD (Penalty of 1% i.e. 1% less interest for that particular period)
ACCOUNT balance:0
FD Balance: 50K

Hence you will be charged for non maintenance.
Suggestion : Pay 1,25,000 to another account, then pay 1L and transfer 25K to HDFC Account again

I don't think charges will be detected as my account is auto sweep and FDs can be liquidated in case of protection against insecure funds. Pls correct me if I'm wrong

 

[Hisoka]

bro i think your auto sweep in is on. you can turn it off by visiting branch.

Yes my account is savings max. I'd like to keep my auto sweep turned on
But just in case I make a huge expense. That money should be counted towards my bank balance right?

 

[SiddharthR]

I don't think charges will be detected as my account is auto sweep and FDs can be liquidated in case of protection against insecure funds. Pls correct me if I'm wrong

What is protection against insecure funds?
If it's there, may be no charges then...

 

[Hisoka]

What is protection against insecure funds?
If it's there, may be no charges then...

It’s basically fancy name for auto sweep

 

[napster003]

bro i think your auto sweep in is on. you can turn it off by visiting branch.

Can we turn off auto sweep online itself ??

 

[6ix9ine]

Can we turn off auto sweep online itself ??

Nope, you have to go to the branch and submit a written application.

 

[Wealth is my birth right!]

Can we turn off auto sweep online itself ??

Call RM they can do if u r in good rapport with them
Pls alert they may ask for insurance