Post by: Sinduja Shankar in Banking
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HDFC Bank Current Account
HDFC Current Account
A current account can be opened by business owners and professionals who deal with a number of transactions on a daily basis. In this article, we look at the various types of HDFC bank current account that can be opened by business persons in detail.
Features of HDFC Current Account
The following are some of the main features of opening a current account with the HDFC bank.
- Current account is designed to enable businessmen and self-employed professionals to conduct their business transactions efficiently.
- Current accounts include free cash deposits and free cash withdrawals at home location with a specified limit of Rs. 2 lakhs.
- Current accounts are non-interest bearing accounts and need a higher minimum balance to be maintained as compared to the savings account.
- Current account holders can easily avail overdraft facilities, internet banking and mobile banking.
Eligibility Criteria – HDFC Current Account
In general, the below-specified business entities can open the current account:
- Resident Individual
- Hindu Undivided Family (HUF)
- Sole Proprietorship Firm
- Partnership Firm
- Private or Limited Company
- Limited Liability Partnership
- Trust/Association/Club/Society
Documents Required
To open a current account in HDFC bank, the following are the list of self-attested documents to be submitted:
Resident Individual
- Prescribed Application Form
- Identity Proof: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
- Address Proof: Aadhar Card, Valid Passport, Utility bill, Property tax bill, etc.
- Two passport size colour photographs
- Account opening Cheque from existing Savings/Individual Current Account
Hindu Undivided Family (HUF)
- Id Proof and Address Proof of the Karta
- Deed of declaration of HUF
- Photos of karta.
Sole Proprietorship Firm
- Pan Card of the firm/ID or address proof
- Photos of the partners
- ID proof of the person holding POA
- Partnership deed
- Partnership registration certificate
Public/Private Limited Company
- ID proof of all directors
- Pan card with authorized signatures
- Incorporation Certificate
- Memorandum of Association (MoA)
- Articles of Association (AoA).
- Board Resolution (BR).
Trust, Society, Association & Club (TASC)
- Constitution document of the entity
- The updated directors list to be submitted.
- Identity Proof: PAN Card of the entity
- Address Proof: Aadhar Card of the sole proprietor/ entity, Valid Passport, etc.
Limited Liability Partnership (LLP)
- Registration Certificate issued by Registrar of LLP.
- Identity Proof: PAN Card of the entity
- Address Proof: Aadhar Card of the sole proprietor/ entity, Valid Passport, etc.
- Two passport size colour photographs
- LLP agreement.
- Designated partners updated list.
HDFC Bank Current Account Products
HDFC Bank Current Account products have been customised to provide business banking solutions for different kinds of businesses. Entrepreneurs can select from the current account products from the below list that suits their business requirements. The below following are the some of the HDFC bank current accounts.
- Ultima Current Account
- Supreme Current Account
- Apex Current Account
- EZEE Current Account
- Max Current Account
- Agri Current Account
- Plus Current Account
- Current account for hospitals and nursing homes
- Trade Current Account
- Current Account for Professionals
- Premium Current Account
- Merchant Advantage Plus Current Account
- Regular Current Account
- Merchant Advantage Current Account
- Flexi Current Account
- Government/Institutional Current Account
- Smart up Solution for Start-Ups
- Ascent Current Account
- RFC Domestic Current Account
- Exchange Earners Foreign Currency (EEFC) Account
- E-comm Current Account
- Saksham Current Account
- Activ Current Account
| S.No. | HDFC Bank Current Account | HDFC Bank Current Account minimum average monthly Balance (AMB) | Non-Maintenance Charges | Cash Deposit Requirement |
| 1. | Ultima Current Account | Rs. 20 Lakhs per quarter | Rs. 10,000/- per quarter | Free cash deposit of Rs.200 Lakhs or 8 times the maintained Average Monthly Balance (AMB) |
| 2. | Supreme Current Account | Rs. 1 Lakh per qtr. – Urban/Metro & Rs. 40,000 per qtr. -Semi-Urban/Rural | Rs. 3,000 per quarter | Free cash deposit of Rs.10 Lakhs or 10 times the maintained Average Monthly Balance (AMB) |
| 3. | Apex Current Account | Rs. 10 Lakh per quarter | Rs. 5,000 if AQB is more than Rs. 5 Lakh and Rs. 10,000 if AQB is is less than Rs. 5 Lakhs | Free cash deposit of Rs. 120 Lakhs per month or 10 times the maintained Average Monthly Balance (AMB) |
| 4. | Ezee Current Account | Rs. 50,000 per qtr. – Urban/Metro & Rs. 25,000 per qtr. -Semi-Urban/Rural | Rs. 900 per quarter | Free cash deposit of Rs. 4 Lakhs per month or 6 times the maintained Average Monthly Balance (AMB) |
| 5. | Max Current Account | Rs. 5 Lakhs per quarter | Rs. 3,000 if AQB is more than Rs. 2.5 Lakh and Rs. 8,000 if AQB is is less than Rs. 2.5 Lakh | Free cash deposit of Rs. 60 Lakhs per month or 10 times the maintained Average Monthly Balance (AMB) |
| 6. | Agri Current Account | Rs. 10,000 half-yearly balance | Rs. 1,500 per half year if below Rs. 10,000 | Free cash deposit of Rs. 10 Lakh per month or 25 transactions the maintained Average Monthly Balance (AMB) |
|
Plus Current Account
|
Rs. 1 Lakh per quarter | Rs. 1,500 if AQB is more than Rs. 50,000 and Rs. 6,000 if AQB is less than Rs. 50,000 | Free cash deposit of Rs.10 Lakh per month or 50 transactions the maintained Average Monthly Balance (AMB) | |
| 8. |
Current account for hospitals and nursing homes
|
Rs. 40,000 | Rs. 2,400 per quarter, if AQB below Rs. 40,000 | Rs. 10 Lakhs free per month or 50 transactions of the maintained Average Monthly Balance (AMB) |
| 9. |
Trade Current Account
|
Rs. 40,000 per quarter | Rs. 2,400 per quarter | Rs. 5 Lakhs free per month or 40 transactions of the maintained Average Monthly Balance (AMB) |
| 10. |
Current Account for Professionals
|
Rs. 10,000 | Rs. 1500 per quarter, if AQB below Rs. 10,000 | Up to Rs. 10 lakhs free per month or 25 transactions |
| 11. | Premium Current Account | Rs. 25,000 per quarter | Rs. 1,800 per quarter | Free up to Rs.3 lacs per month or 25 transactions |
| 12. |
Merchant Advantage Plus Current Account
|
Rs. 100,000/- | Rs 1,000 per month | Free up to 4 times current month POS value per month or 50 transactions |
| 13. |
Regular Current Account
|
Rs. 10,000/- | Charge of Rs.1500/- per quarter | Free up to Rs.2 lacs per month or 25 transactions |
| 14. |
Merchant Advantage Current Account
|
Rs. 25,000/- | Rs 600 per month | Free up to 4 times current month POS value per month or 25 transactions |
| 15. |
Flexi Current Account
|
Rs. 75,000 per month | Rs. 1,000 per month | Free up to 10 times the current month AMB or 50 transactions |
| 16. |
Government/Institutional Current Account
|
Nil | Ni006C | Free up to Rs.50 lac per month or 50 transaction |
| 17. |
Smart Up solution for Start-Ups
|
SmartUp Alpha: Zero balance for first year and Rs. 25,000 from year 2. SmartUp Max: Rs. 500,000 |
N/A | N/A |
| 18. |
Ascent Current Account
|
Metro and Urban – Rs. 50,000 per quarter Semi urban and rural – Rs 25,000 per quarter |
Rs.3000 | 10 times of current month AMB (upper cap 50 CR) |
| 19. |
E-comm Current Account
|
Rs. 25,000 per quarter | A charge of Rs. 1800 per quarter | Rs.3 Lacs free per month or 6 times the Average Monthly Balance maintained in the transaction |
| 20. |
Saksham Current Account
|
Rs. 10,000 (Average Half Yearly balance (HAB)) | Rs. 1,500 per Half Year, if HAB is below Rs. 10,000 | N/A |
| 21. |
Activ Current Account Rates
|
Rs. 10,000 per quarter | Rs. 3,000 per quarter, if AQB is below Rs. 10,000 | N/A |
Ultima Current Account
This current account can be opened by the business entities who do business with a high feature-rich current account.
- Free payments and collections via RTGS and NEFT transactions.
- A number of cheque leaves – 1500 free cheque leaves per month.
- Free Cash Withdrawal at home branch – Unlimited Withdrawals
- Free cash withdrawal at any non-home branch – Up to Rs. 75 lacs per month.
Supreme Current Account
This current account can fit the large traders who deal with high transaction costs on a daily basis.
- A Number of cheque leaves – 200 free cheque leaves per month.
- Free Cash Withdrawal at home branch – Unlimited Withdrawals.
- Free cash withdrawal at any non-home branch – Specified Limit.
Apex Current Account
This dynamic current account serves the requirements of fast-growing, large business.
- Free Cash Withdrawal at home branch – Unlimited Withdrawals
- Free cash withdrawal at any non-home branch – 50 lacs per month
- Free payments and collections via RTGS and NEFT transactions.
- A Number of cheque leaves – 200 free cheque leaves per month.
- Free Unlimited demand drafts
EZEE Current Account
The savvy traders can open this current account as it helps with the transaction costs.
- A Number of cheque leaves – 100 free cheque leaves per month.
- Free collections via RTGS and NEFT transactions.
- Free Cash Withdrawal at home branch – Unlimited Withdrawals
Max Current Account
This current account offers with the high, dynamic cash deposit limit at any location for the operation of large businesses across the country.
- A Number of cheque leaves – 500 free cheque leaves per month.
- Free Cash Withdrawal at home branch – Unlimited Withdrawals
- Free cash withdrawal at any non-home branch – 50 lacs per month
- Free payments and collections via RTGS and NEFT transactions.
- Free Unlimited demand drafts
Agri Current Account
This current account fits the businesses of agriculture-related industries. It also ensures with maximum returns.
- A Number of cheque leaves – 50 free cheque leaves per month.
- Free Cash Withdrawal at home branch – Unlimited Withdrawals
- Free payments and collections via RTGS and NEFT transactions.
- The issuance of Pay Orders or Demand Drafts is free for the instruments that value above Rs.50,000/- on any HDFC Bank locations.
Plus Current Account
This current account fits for business people those who deal with suppliers and customers from across the country. It offers higher limits for a wide range of transactions.
- A Number of cheque leaves – 300 free cheque leaves per month.
- Free cash withdrawal at any non-home branch – Rs. 10 lacs per month.
- Free Cash Withdrawal at home branch – Unlimited Withdrawals
- 50 free Demand Drafts and 50 Pay Orders per month payable at HDFC Bank branch locations.
- Free payments and collections via RTGS and NEFT transactions.
Current account for hospitals and nursing homes
This account is mainly for hospitals and nursing homes, offers amenities like higher cash deposit limits.
- Free Cash Withdrawal at home branch – Unlimited Withdrawals.
- Free collections of funds via RTGS and NEFT transactions.
- Up to 30 demand drafts and 30 Pay Orders are free and can be issued per month by the HDFC bank.
- Number of free Payable-at-par cheque leaves – 200 per month
Trade Current Account
The ideal high-end current accounts offer with dynamic cash deposit limits for large businesses and help in the reduction of transaction cost.
- Number of free Payable-at-par cheque leaves – 200 per month
- Free cash withdrawals are up to pre-defined limits.
- Up to 30 demand drafts and 30 free Pay Orders can be issued per month by the HDFC bank.
- Free collections of funds via RTGS and NEFT transactions.
Current Account for Professionals
This current account is ideally suitable for Doctors, Architects, Chartered Accountants, Cost Accountants and Company Secretaries, among others.
- Free cash withdrawals are up to pre-defined limits.
- Free collections of funds via RTGS and NEFT transactions.
- Up to 30 demand drafts and 30 free Pay Orders can be issued per month by the HDFC bank.
- Number of free Payable-at-par cheque leaves – 50 per month
Premium Current Account
- Number of free Payable-at-par cheque leaves – 100 per month
- Demand Drafts are issued free for Rs. 100,000 and above. Demand drafts up to Rs. 50,000 at the flat cost of Rs. 40 and Demand Drafts above Rs. 50,000 and up to Rs.100,000 at a nominal cost of Rs. 25. Demand Drafts can be issued from any HDFC Bank branch.
- Pay Orders are issued free for Rs. 100,000 and above. Pay Orders up to Rs. 50,000 at a flat cost of Rs. 40 and Pay Orders above Rs. 50,000 and up to Rs. 100,000 at a nominal cost of Rs. 25. Pay Orders can be issued from any HDFC Bank branch.
Merchant Advantage Plus Current Account
This account can be beneficial to large retail outlets. This account links cash deposit limits to transaction volumes on card swipe machines.
- A number of free Payable-at-par cheque leaves – 200 per month.
- 50 free Demand Drafts and 50 Pay Orders per month payable at HDFC Bank branch locations.
Regular Current Account
This account can be opened for the businesses with low cost that are operated in a single city.
- Free payments and collections via RTGS and NEFT transactions.
- You can issue free Demand Drafts (DD) and Pay Order for values above Rs.100, 000. For DD’s up to Rs.50, 000 there will be a charge of Rs.40. DD’s above Rs.50, 000 and below Rs.100,000 a charge of Rs.25 will be levied.
- Get a payable-at-par chequebook at a nominal price.
Merchant Advantage Current Account
- Number of free Payable-at-par cheque leaves – 50 per month
- Free collections of funds via RTGS and NEFT transactions.
- You can issue Demand Drafts (DD)/Pay Order for values above Rs 100,000
Flexi Current Account
This account more fits for the businesses with high seasonal requirements.
- Free payments and collections of RTGS and NEFT transactions via net banking.
- Receive up to 40 Pay Orders/Demand Drafts free per month.
- A number of free Payable-at-par cheque leaves – 100 per month.
- Free monthly account statement.
Government/Institutional Current Account
This current account specially designed for Trusts, Associations, Societies, Clubs, Non-Profit Organisations and Government Departments.
- A number of free Payable-at-par cheque leaves – 500 per month.
- Free payments and collections via NEFT.
- Free cash withdrawals are up to pre-defined limits.
Smart up Solution for Start-Ups
This account serves with two options that you have to choose between the SmartUp Alpha (zero balance for a year) and SmartUp Max (preferred account).
SmartUp Alpha (zero balance for a year)
- Account to be maintained with Zero Balance in 1st Year.
- Annual Fee Waiver on Debit Cards
SmartUp Max (preferred account)
- Dedicated Relationship Manager
- Relationship pricing on a range of products
- Exclusive lifestyle privileges
- Priority service
Ascent Current Account
- Free Cash Withdrawal at home branch – Unlimited Withdrawals.
- Cash Withdrawal at the Non-Home branch – 10 times of current month AMB
- DD / PO (bank location) – 50 DD/PO per Lac of current month AMB
- Cheque Leaves – 100 cheque leaves per Lac of current month AMB
- Bulk Transaction – 150 per Lac of current month AMB
- Free payment and collection through RTGS and NEFT.
RFC Domestic Current Account
- This RFC Domestic current account can be opened in three different currencies namely USD / Euro / GBP.
- You can retain foreign exchange savings in the currency you receive as the funds.
- You can keep track of your funds via net banking.
Exchange Earners Foreign Currency (EEFC) Account
- Preferential rates at the time of conversion, for more savings on costs
- Track funds through monthly statements.
- You can retain foreign exchange savings in the currency you receive as the funds.
- EEFC account is a non-interest bearing current account
E-comm Current Account
- Flexibility to deposit or withdraw cash across any of the HDFC Bank Branches for free.
- Free local or anywhere cheque collection and payment.
- Free RTGS / NEFT / Fund Transfer payment.
Saksham Current Account
- Free Cash Withdrawal at home branch – Unlimited Withdrawals.
- Cash Withdrawal at Non-Home Branch – Free for Rs.1,00,000/- per day
- DD/ PO (Bank Location) – Unlimited free
- Cheque Leaves – Free 500 cheque leaves per month
- Free payments and collections via RTGS and NEFT transactions.
Activ Current Account
- Free payments and collections via RTGS and NEFT transactions.
- Cash Withdrawal at Non-Home Branch – 10 times of current account AMB ( Upper cap of Rs. 50 Cr )
- DD/ PO (Bank Location) – 30 DD/PO free for every Rs. 1 lac of balance maintained
- Cheque Leaves – Free 100 cheque leaves for every Rs. 1 lac of balance maintained
Tags: Banking Current Account
