Author
April Summers
Senior Financial Content Editor and Journalist
Experience
April Summers is an experienced Senior Financial Content Editor who combines a wide range of professional skills with her academic background in English literature and journalism. Her professional background includes key positions at the Daily Star, LBB Online, and Entertainment Daily UK, which have sharpened her financial and journalistic expertise.
Last updated
22nd Mar 2023
Disclosure
HDFC Bank is one of India's largest private banks, having been one of the first to gain Reserve Bank of India (RBI) clearance to open a private sector bank in 1994.
Customers may access a wide range of financial goods and services through HDFC Bank's increasing branch and ATM network, as well as digital channels including Net banking, Phone banking, and Mobile Banking.
Businesses and organizations of all sizes can use HDFC Bank's commercial and transactional banking services. Working capital financing, trade services, transactional services, and cash management are some of the services the bank provides.
HDFC Bank Exchange Rates and Fees
The interbank rate is not offered by HDFC Bank; instead, a margin is added to it, making the foreign currency transaction more expensive for you. Make sure you know the current interbank exchange rate before using HDFC Bank for your trip money needs.
Exchange Rate
Every day, the HDFC foreign exchange rate for the various currencies it trades in is determined. Its exchange rate is intended to be different from the mid-market rate.
The mid-market exchange rate, which you can get on Google or Reuters, is the same rate that banks use. It is the most transparent currency rate to use because it has no markups.
HDFC is able to sneak in an extra charge with every rupee you convert by making their conversion rate lower than the mid-market exchange rate. And it may soon bite into your bank account.
Transfer Fees
The following fees apply to transactions requested through HDFC Bank's RemitNow and commission on foreign outward remittances made using NetBanking:
Up to USD 500 or equivalent - Rs. 500 per transaction
If the amount exceeds USD 500 or equivalent - Rs. 1000 per transaction
Additional Costs
In addition to the fees indicated above, all foreign currency transactions are subject to a tax of Goods and Services Tax (GST). Currently, the GST rates that apply are as follows:
On the amount of commissions, fees, and charges paid, 18% of the amount is charged.
On any currency drawls under LRS exceeding INR 7 lakhs in a financial year, a 5% Tax collected at Source (TCS) would be applied.
TCS at 0.5% will apply to remittances sent for the purpose of pursuing an abroad education if the funds were received through a financial institution's educational loan.
How Do HDFC Bank Transfer Fees Compare to Using a Money Transfer Provider?
It's usually a good idea to double-check the conversion rate given on transfers, as certain banks, such as HDFC, charge a convenience fee on top of the exchange rate, making your money transfers more expensive.
You may consider private money transfer providers when receiving money from or sending money to overseas, since they are a lot more convenient, quicker, and less expensive alternatives.
HDFC Bank Pros and Cons
HDFC has its own shares of advantages and disadvantages, just like any other banks.
Pros
Easy Transactions. You may send and receive payments using your Savings Account accomplished via NetBanking or your Debit/ATM Card. This function reduces the reliance on cash for all transactions, particularly when it comes to bill payment.
A tool for payment of bills. HDFC Bank provides payment options such as BillPay with Savings Accounts to pay for utilities like energy, water, and phone recharges straight from their account.
Cross-Product Advantages. If a first-time Demat Account applicant already has a Savings Account with HDFC Bank, the first-year maintenance charge is waived.
NetBanking and MobileBanking. By logging into your account online, you may send and receive payments anytime, anywhere.
Contactless payments. In these difficult times of the pandemic, you may now make contactless payments with HDFC Bank PayZapp (e-wallet), Smartbuy (e-commerce venture), and Contactless Visa Debit/Credit Cards.
Cons
Limited free transaction. HDFC has a monthly limit of free transactions after which they would charge a fee for each transaction.
Low personalized customer service. The customer-to-employee ratio is rather low. In most branches, for example, you will have to wait for your transaction.
Limited branches. The number of branches is extremely low, while the number of ATM centers is reasonable (about 3, 251 branches and 11, 177 ATMs in 2022 Indian cities).
HDFC Bank Swift Codes
| Bank | Country |
|---|---|
| Hdfc Bank Limited Bahrain | Bahrain |
| Hdfc Bank Ltd Hong Kong | Hong Kong |
| Hdfc Bank Limited India | India |
How to Open an Account and Transfer Money With HDFC Bank
HDFC savings accounts may be opened in one of two ways: online or offline. You can select any of them based on your preferences. Money transfers can then be made once the account has been opened, whether online or in person.
Opening an Account
How to create an online HDFC savings account:
Step 1: Go to HDFC Bank's official website, hdfcbank.com.
Step 2: From the 'Select Product Type' box, select 'Accounts.'
Step 3: Select 'Saving account' from the 'Select product' menu once more.
Step 4: Select 'apply online' from the drop-down menu.
Step 5: Choose whether you are a current or new client, and then verify yourself by filling out the form.
Step 6: Fill in the needed information, such as your name, contact information, and address.
Step 7: Confirm all of the information using documents such as a PAN card, an Aadhaar card, or any other document requested by the bank.
Step 8: A bank official will verify your documents.
Step 9: Following the successful verification of your KYC papers, you will get a welcome package comprising a debit/ATM card, PIN, and checkbook.
Step 10: After your account has been activated, you may register your mobile number and use the checkbook and debit card to conduct banking transactions.
How to create an HDFC savings account offline:
Step 1: Take your original and copies of KYC papers to the nearest HDFC Bank office.
Step 2: Complete the application form by filling in all of the needed information.
Step 3: Attach a photocopy of all of the papers specified.
Step 4: When you've finished filling out the form, hand it over to the counter.
Step 5: A bank official will check the information you gave in the form.
Step 6: Your account will be enabled after it has been approved.
Opening an HDFC bank account necessitates the submission of the following documents:
Passport, driver's license, voter's ID card, and other forms of identification are acceptable.
Passport, driver's license, voter's ID card, etc. are all acceptable forms of proof of address.
Form 16 of the PAN card (only if PAN card is not available)
Transferring Money
You may get money from HDFC in almost any part of the world. HDFC provides a variety of simple options for receiving money from overseas in India. Some of these ways need you to have an HDFC account in India, but others allow you to transfer foreign funds to non-HDFC accounts.
To receive money from overseas, HDFC bank offers SWIFT/telegraphic transfers, QuickRemit, IndiaLink, demand drafts, checks, and third-party fund services. Depending on your individual needs, the location from where the transfer is made, the frequency of transfers, and your proximity to an HDFC branch, you may pick the form of transfer.
Additional Information
Funds may be transmitted to India through HDFC's partnerships with a select international online money transfer firms. HDFC has partnerships with four of these firms in the United States: Xoom Corporation, Wells Fargo, Remitly, and Transfast6. These third-party suppliers are far more straightforward and convenient to work with, although they, like banks, can charge hefty fees and conversion rates.
Customer Service Details for Users of HDFC Bank
Banking clients can approach the Branch Manager personally or call/write to the Bank using the following contact information if they have any questions or complaints:
Call the above-mentioned HDFC customer service (Phone Banking) numbers.
Write to :
HDFC Bank Ltd., New Building, “A” Wing, 2nd Floor,
26-A Narayan Property, Chandivali Farm Road, Off Saki Vihar Road, Chandivali, Andheri (East), Mumbai - 400 072.
Email: support@hdfcbank.com
For grievances other than Shareholder grievances, you can send your communication to the following email addresses:
Depository Services : dphelp@hdfcbank.com
Retail Banking / ATM / Debit Cards / Mutual Fund :support@hdfcbank.com
Loans; Advances / Advance against shares: loansupport@hdfcbank.com
Credit Cards : customerservices.cards@hdfcbank.com
Can I Use HDFC Bank for International Bank Transfers?
Yes. To initiate a transfer with RemitNow, you must first set up an HDFC netbanking account. Once you've registered, follow the steps below.
Go to the ‘Funds Transfer' tab in HDFC netbanking.
Click on ‘Foreign Outward Remittance' once the recipient has been added.
To start your money transfer, fill in the transfer information and confirm.
Summary
For decades, HDFC Bank has provided the best-in-class financial and banking products and services, claiming the title of beingIndia's most trusted bank. It has not only kept ahead of the competition by developing innovative products, but it has also made banking simple and convenient for clients by using a variety of digital channels.
You can access your bank account and conduct almost all transactions from your laptop or smartphone using HDFC Bank NetBanking and MobileBanking services. These transactions can be completed on weekends, holidays, and outside of regular business hours. Also, its Eva Chatbot can answer any question you may have.
In the post-lockdown period brought about by COVID19, you may now make contactless payments with HDFC Bank PayZapp (e-wallet), Smartbuy (e-commerce venture), and Contactless Visa Debit/Credit Cards. PayZapp and SmartBuy not only offer a more convenient method to pay utility bills and purchase online, but they also give attractive discounts and rewards that you can use to boost your savings.
While there are many competitors in the banking industry, you must choose one that is trustworthy and meets particular important requirements to meet your demands, and HDFC Bank is one of them.
Other Banks
Bangkok BankCanara BankCommerzbankICICI BankIndian BankMeezan BankState Bank of IndiaChase Bank
Answers to key questions about HDFC Bank
Here are some frequently asked questions concerning HDFC’s banking services:
Can I open a HDFC Bank account in any country?
Does HDFC Bank have an app?
Are there transfer limits?
How long do transfers take with HDFC Bank?
What customer support options are available?
Can I use a HDFC Bank debit card when travelling abroad?
I'm an experienced financial expert with a background in English literature and journalism, having held key positions at reputable organizations such as the Daily Star, LBB Online, and Entertainment Daily UK. My expertise encompasses a wide range of financial topics, and I aim to provide comprehensive insights based on both professional skills and academic knowledge.
Now, let's delve into the information related to HDFC Bank and the concepts discussed in the provided article:
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HDFC Bank Overview:
- HDFC Bank is one of India's largest private banks, established in 1994.
- It offers a variety of financial products and services through branches, ATMs, and digital channels.
-
Exchange Rates and Fees:
- HDFC Bank determines its foreign exchange rates daily, which may differ from the mid-market rate.
- Additional costs include transaction fees and Goods and Services Tax (GST) on commissions, fees, and charges.
-
Comparison with Money Transfer Providers:
- HDFC Bank may charge a convenience fee on top of the exchange rate, making money transfers potentially more expensive.
- Private money transfer providers are suggested for their convenience, speed, and cost-effectiveness.
-
Pros and Cons of HDFC Bank:
- Pros include easy transactions, bill payment options, cross-product advantages, and contactless payment options.
- Cons involve limited free transactions, low personalized customer service, and a relatively low number of branches.
-
Swift Codes:
- HDFC Bank has Swift codes for different countries, including Bahrain, Hong Kong, and India.
-
Account Opening and Money Transfer:
- HDFC savings accounts can be opened online or offline, with various documents required for KYC.
- Money transfers can be made globally through SWIFT/telegraphic transfers, QuickRemit, IndiaLink, demand drafts, checks, and third-party fund services.
-
Customer Service:
- Users can contact HDFC Bank's customer service through phone banking, email, or in-person visits to branches.
-
International Bank Transfers:
- HDFC Bank supports international bank transfers through RemitNow, requiring the setup of an HDFC NetBanking account.
-
Frequently Asked Questions (FAQs):
- FAQs cover topics such as opening an HDFC Bank account in any country, the existence of an HDFC Bank app, transfer limits, duration of transfers, available customer support options, and using HDFC Bank debit cards abroad.
In summary, HDFC Bank offers a wide range of financial services, but potential customers should consider factors like fees, convenience, and personalized service when evaluating its pros and cons.
