Review: HDFC Bank

HDFC Bank is one of the leading private sector banks in India. It has a national network of 1,506 branches and 3,573 ATMs in 635 cities and towns in India. As all these branches are networked, you can gain access to your account from any branch.

HDFC was one of the first few corporations who got approval from RBI to start a bank in private sector. It was in 1994 when RBI started liberalization of the Indian banking industry. Then in August 1994 HDFC Bank was incorporated.

HDFC NetBanking

The internet banking service of HDFC bank is called NetBanking. Using this service, you can access your account anytime and from anywhere. Besides you can do many things like -

• View the statements and balances of your account.
• Open a fixed deposit online.
• Transfer money from one account to another.
• Pay bills online.
• Order a cheque book.
• Request a demand draft.

Fixed Deposit at HDFC Bank

The procedure of creating a fixed deposit is very simple. And by using NetBanking service you can create a fixed deposit online at any time. The details you will need are amount, type of fixed deposit, duration and branch. As soon as you fill these details, the fixed deposit is created immediately. You will get the receipt of your fixed deposit by post later.

While you can create fixed deposit online, to break it you will have to go to the branch of HDFC bank. And all you have to do is to submit the copy of the fixed deposit signed by you.

When you break your fixed deposit, the interest income you earn is taxable. So TDS of 10% will be deducted from it. While interest income is calculated separately at each branch, around Rupees 10,000 is exempted from tax. So to avoid paying TDS it is suggested to create fixed deposits at different branches.

Checking Status of Your Cheque

The status of cheque issued by you can be checked online. The outstation cheque might take 10 – 15 days or even more to get deposited. When the outstation cheque is actually credited to your account then only it will show the status. Until then it is hard to trace that cheque.

If your cheque is not credited for long time, you should file a complaint. In such cases if you have deposited the cheque at the counter, you will have acknowledgement with you for registering complaint. You can register your complaint on the phone banking number. But then you will not get any complaint number. Moreover you will have to again contact them after some days to find out about your complaint.

Charges for Depositing and Clearing Cheque

A local cheque can be deposited at any branch of HDFC bank. But the charges for this non base branch transaction are minimum Rupees 50. This is also called as inter branch transfer if your account is not at that branch. So the transfer charges will be applicable. But the better part is that amount will be credited on that day only. But the branch where you deposited the cheque can be in same city of your account. Then no transfer charges will be applied.

An outstation cheque can be drawn with delayed credit for current accounts. For such cheque, HDFC provides free clearance while some other banks charge Rupees 100. If cheque is drawn from such a location where HDFC bank does not have a branch, then the cheque might take more than 20 days to credit. The charges for such transaction are Rupees 50 plus service tax.

Charges for Rejected Cheque

If the cheque is rejected due to insufficient funds, then the bank will charge you Rupees 50. On the contrary, if the cheque is rejected due to technical problems then no charges are applied.

The rejected cheque will be sent to you by post or courier.

Exchange Rates and Bank Charges

You can find exchange rates through phone banking. The exchange rates are required for telegraphic transfers and foreign currency cheques.

Generally the bank charges are modified from time to time. The modified charges are published in quarterly bulletin. The account holders also get the copy of quarterly bulletin.

Buy Gold at HDFC Bank

As gold remains to be one asset, HDFC bank has started selling gold. Mudra is the name given to the gold bar sold by HDFC bank. It is a 24 carat and 99.99% pure gold. You can purchase it for investment or for gifting.

Mudra gold bars are available in various weights like 2.5g, 5g, 10g, 20g and 50g. The price of gold is decided by the daily price in international bullion market. It also consists of custom duty and other charges.

Some Useful HDFC Bank Links:

To locate the branch of HDFC Bank: Visit HDFC bank branch locations

To locate the ATM of HDFC Bank: Visit HDFC bank ATM locations

HDFC bank is a nationwide banking network who offers great number of products and services to customers and has won many best bank awards in last few years.