The HDFC bank one of India’s premium banks offers various products and services to its customers. The bank operation commenced in 1995 from its headquarters in Mumbai. To date, the bank has established 5,130 branches spread across 2,764 cities. The HDFC bank provides various banking and financial services. Through this article, I will highlight all these services offered by the bank. Once, every reader is aware of these, they could avail of the services by the HDFC bank. The services offered are as follows:
Services Provided By HDFC Bank
1. Payment Facilities
- Money transfer.
- Debit and Credit cards.
- Bill payment system.
- Savings accounts.
- Savings deposits
- Safe deposit locker
- High Network Banking
3. Investment Facilities
- Mutual funds
- Bonds and Securities
4. Borrowing Facilities
- Loans against assets.
- Other loans.
- Credit cards.
5. Insurance Facilities
- Health and accident
- Social Security Schemes
This is the most basic account available in the HDFC bank that enables its customers to park their funds in return for a modest interest rate. The savings account is highly preferred by the masses as it promotes a flexible and user-friendly banking experience. Cheque payment is available under these accounts. The money parked in this account can be easily used towards net banking and mobile banking. Moreover, customers can also open joint accounts with their families.
The fixed deposit is an investment tool that locks the funds of depositors for a fixed period. These deposits generate a higher interest rate as compared to a savings account. the lock-in period is flexible and determined by the applicants. The returns on the fixed deposit investment are guaranteed. The funds are risk-free as the RBI assures a compensation of Rs.5 lakh to the banks in case of liquidation. Loans can be availed against fixed deposits. The loan amount issued is 90% of the amount deposited in the fixed deposits. Credit cards are also issued against FDs whose limit is as much as the FD amount. Thereby making the card transactions secure.
The HDFC home loans are a viable option for those seeking to purchase a new house. These loans are offered at an interest rate that goes as low as 6.90% p.a. The borrowers have the opportunity to apply for concession in the interest rate. The tenure for repayment extends up to 30 years. Various schemes are suitable for every customer requirement. The home loan facilities by the HDFC bank are easy to avail of with instant documentation processing.
The personal loan by HDFC bank assists individuals during financial crises. The application for the personal loan is minimum and thus enables instant documentation. The loan amount sanctioned to the individual ranges from Rs.50,000 to Rs.40 lakh. The loan repayment process is flexible and the tenure for repayment can be selected by the borrower himself. These loans are sanctioned at an interest rate starting from 11.25% to 21.50%.
Loan Against Property
The loan against property enables the borrowers to mortgage their residential or commercial properties to disburse cash. The properties can be fully constructed, and the loan can be availed singly or jointly. These loans are sanctioned at an interest rate of 8.75% onwards. The interest rate varies for different types of properties mortgaged. The amount of loan offered for the existing customers is at the rate of 60% of the entity value. For new customers, the amount is brought down to 50%. The tenure for repayment should not exceed 15 years.
The car loans by the HDFC bank are sanctioned on both used and new cars. The loan is offered at an interest of 8.25% to 14.26%. The loan is only endorsed to salaried individuals with a good source of income. Individuals can avail of 100% finances on their new cars. The tenure for repayment is not less than 7 years. The repayment is flexible with low EMIs and very small down payments. There are various categories of car loans available as per the requirement of every customer.
The education loan is a great initiative by the HDFC bank for assisting the higher education of every student. The loan aims to meet the requirement of every young mind who wishes to pursue further studies. Many times, parents cannot afford the high fees charged by educational institutions. Thus, these loans come in handy as they are sanctioned at a modest interest rate.
The gold loan by HDFC bank is availed by using the gold jewelry as collateral with the bank. The loan amount can go up to 80% of the market value of gold after a thorough inspection of the ornaments. The interest rate starts from 9.90% and the tenure for repayment ranges from 3 to 24 months. The loan procession fees are as low as 1.5% with the addition of GST charges. The loan can be availed instantly as the documentation is simple.
The business loans by the HDFC bank are specifically designed for individuals owning a business for a minimum of 3 years with a maximum experience of 5 years in business. The interest rate charged on this loan starts from 13%. The maximum loan amount sanctioned is Rs.75 lakh that should be repaid within 12 to 48 months. There are various charges associated with this loan. Hence, the applicants are advised to inquire about the same with the nearest HDFC bank branch.
The HDFC bank issues a wide variety of credit cards. These cards are suitable for various lifestyle needs of every individual. To make the right choice among these cards with different functionality is confusing. The top best credit card is tabulated as follows.
The debit cards by HDFC bank cater to easy and smart transactions of every individual. The debit cards are personalized according to the requirement of every individual. These cards can be used at shopping centers, box-office, bill payment, and every other payment center. There are various perks and benefits associated with debit cards. Cash withdrawals from the HDFC ATMs are free for the first 5 times. However, cash withdrawals from ATMs other than HDFC permit only 3 free cash withdrawals. The MasterCare SecureCode verified by Visa facilitates online shopping.
The HDFC bank had also launched the net banking facilities to ease the access of the customer’s account. Through net banking, individuals can now transfer their funds online and performing all the banking operations via the internet. This is the most convenient method as the account holders can now avail of banking services by the click of a button. The registration for this service is simple and can be completed online. Netbanking has improvised the way we transfer funds. The fixed deposit or the recurring deposit has to be opened to avail of these services. The NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement), and IMPS (Immediate Payment Services) are the wireless payment modes.
To inquire about the balance in the account, the HDFC bank has made various provisions listed below.
i. Missed Call Banking
The missed call can be given on the no. 1800-270-3355 using the registered mobile number. If an unregistered mobile number is used then the account statement will not be generated.
ii. Bank SMS Banking
For balance inquiry through SMS, an SMS should be sent through your registered mobile number. The message should be drafted as “bal” to 5676712.
iii. Bank Net Banking
Net Banking allows account holders to check their account summary online. Thus, the account holders can inquire about their balance on the same platform.
iv. Mobile Banking
The account holders should download the HDFC Bank Mobile Banking App to keep a track of their accounts. The mobile app will also provide an account summary.
Account-holders can also visit the nearest ATM to inquire about their balance.
The Passbook should be regularly updated to check the balance in the account. To do so, visit the nearest HDFC bank branch.
vii. Customer Care No.
The HDFC bank has a toll-free customer care number. The number is 022-61606161.
The mini statement by HDFC bank is a service that enables the customers to check the last 3 debits or credits made to the account. The HDFC bank mini statement can be generated through any one of the following ways.
i. Missed call banking
This is the most sought-after method for generating the balance inquiry and mini statement. Due to the non-requirement of the internet and a smartphone, customers prefer this route to place the inquiry. The missed call should be provided only from the registered mobile number. The toll-free HDFC bank number is 18000-270-3355
ii. SMS banking
The SMS can be drafted as follows, “txn” to 567672. The customers should register themselves before sending the SMS. This is also another convenient method to generate a mini statement.
iii. Mobile banking
The HDFC bank has its mobile application. Through this mobile app, the customers can keep a constant track of their balance, credits, and debits. The app is available for both Android and iOS devices. After logging into the app with the username and the password, customers can go to account details and check their transactions.
iv. Toll-free number
The HDFC bank has a toll-free number for customer care. After dialing the toll-free number, the customer executive will tend to customer needs. The toll-free number is 1800-270-3377.
Some of the customer care numbers in various Indian cities are tabulated below.
These are some of the services provided by the HDFC bank. Apart from these are several other products and services that the HDFC bank has to offer. I hope you have had a brief exposure to some of the services by the bank. This will enable you to avail of these services and use them to your benefit. Make sure that you make the right choices and perfectly suit your lifestyle and personality. Have a great time starting a relationship with the HDFC bank. I’m sure it will be worth your time and money.