Commerce project

Project1: Consumer protection

1.What is the Consumer

Protection Act?
The Consumer Protection Act, implemented in
1986, gives easy and fast compensation to
consumer grievances. It safeguards and
encourages consumers to speak against
insufficiency and flaws in goods and services.
If traders and manufacturers practice any
illegal trade, this act protects their rights as a
consumer. The primary motivation of this
forum is to bestow aid to both the parties and
eliminate lengthy lawsuits.
This Protection Act covers all goods and
services of all public, private, or cooperative
sectors, except those exempted by the central
government. The act provides a platform for a
consumer where they can file their complaint,
and the forum takes action against the
concerned supplier and compensation is
granted to the consumer for the hassle he/she
has encountered.

2.Consumer Rights and

Responsibilities:
The Rights of the Consumer
  Right to Safety- Before buying, a
consumer can insist on the quality and
guarantee of the goods. They should
ideally purchase a certified product like ISI
or AGMARK.
 Right to Choose- Consumer should have
the right to choose from a variety of goods
and in a competitive price.
 Right to be informed- The buyers should
be informed with all the necessary details
of the product, make her/him act wise,
and change the buying decision.
 Right to Consumer
Education- Consumer should be aware of
his/her rights and avoid exploitation.
Ignorance can cost them more.
 Right to be heard- This means the
consumer will get due attention to express
their grievances at a suitable forum.
 Right to seek compensation- The
defines that the consumer has the right to
seek redress against unfair and inhumane
practices or exploitation of the consumer.
The Responsibilities of the Consumer
 Responsibility to be aware – A
consumer has to be mindful of the safety
and quality of products and services
before purchasing.
 Responsibility to think independently–
Consumer should be well concerned
about what they want and need and
therefore make independent choices.
  Responsibility to speak out- Buyer
should be fearless to speak out their
grievances and tell traders what they
exactly want
 Responsibility to complain- It is the
consumer’s responsibility to express and
file a complaint about their dissatisfaction
with goods or services in a sincere and
fair manner.
 Responsibility to be an Ethical
Consumer- They should be fair and not
engage themselves with any deceptive
practice.

3.How to File a Complaint?

 Within two years of purchasing the
product or services, the complaint should
be filled.
 In the complaint, the consumer should
mention the details of the problem. This
can be an exchange or replacement of the
product, compensation for mental or
physical torture. However, the declaration
needs to be reasonable.
 All the relevant receipts, bills should be
kept and attached to the complaint letter.
 A written complaint should be then sent to
the consumer forum via email, registered
post, fax or hand-delivered.
Acknowledgement is important and should
not be forgotten to receive.
  The complaint can be in any preferred
language.
 The hiring of a lawyer not required.
 All the documents sent and received
should be kept.

4.The consumer protection act

he Consumer Protection Bill, 1986 seeks
to provide for better protection of the
interests of consumers and for the
purpose, to make provision for the
establishment of Consumer councils and
other authorities for the settlement
of consumer disputes and for matter
connected therewith. (f) right to
consumer education.
5.Need for protection act
The Consumer Protection Bill, 1986
seeks to provide for better protection of
the interests of consumers and for the
purpose, to make provision for the
establishment of Consumer councils and
other authorities for the settlement
of consumer disputes and for matter
connected therewith.
Case study
Study
1. Manjeet Singh Vs. National Insurance Company Ltd. &
Anr: In this case, the appellant had purchased a second -
hand truck under a Hire Purchase agreement. The vehicle
was insured by the respondent insurance company. One day
when he was driving the truck, a passenger asked him to
stop the truck and give him a lift. When he stopped the truck,
the passenger brutally assaulted the driver and fled with the
vehicle. An FIR was lodged and the respondent finance
company was intimated about the theft. However, the
insurance company rejected the claim on the ground of
breach of terms of the policy. The complainant approached
District Consumer Disputes Forum, State Commission and
National Commission to compensate him for the loss. All of
them had rejected the case. So, finally he approached the
Supreme Court.

Judgment: The Supreme Court held that the appellant was

not at all in fault. It can be considered as a breach of the
policy, but not a fundamental breach to bring the insurance
policy to an end and terminate the insurance policy. The two
- judge bench of Supreme Court directed the respondent
insurance company to pay 75% of the insured amount along
with 9% interest p.a. from the date of filing the claim. The
court also directed the insurance company to pay sum of Rs.
1, 00, 000 as compensation.

2.  National Insurance Company Ltd. Vs. Hindustan

Safety Glass Works Ltd. & Anr.

In this case, the insurance company had refused to

compensate the respondent because of damage caused due
to heavy rain during a mentioned period. The Insurance
Company admittedly denied relief to the insured on the basis
of one of the conditions of the policy which stated that
National Insurance would not be liable for any loss or
damage 12 months after the event of the loss or damage to
the insured.  The insured filed a complaint with the National
Commission under the provisions of the Consumer
Protection Act, 1986.

Judgment: The National Commission held that the claim

made by the insured is actionable. It also observed that the
goods were insured at the time of incident and he asked for
the claim next day. It rejected all the contentions urged by
National Insurance and ordered the insurance company to
award an amount of Rs. 21, 05,803.89 with interest at 9%
per annum.

3. Karnataka Power Transmission Corporation (KPTC) Vs. Ashok Iron

Works Private Limited
Ashok Iron Works, a private company which manufactures
iron had applied for obtaining electricity from the state’s
power generation company - the Karnataka Power
Transmission Corporation (hereinafter KTPC) for
commencing its iron production. Inspite of paying charges
and obtaining confirmation for the supply of 1500 KVA
energy in February 1991, the actual supply did not begin
until ten months later, in November 1991.  This delay
incurred a huge loss for Ashok Iron Works. This company
had filed a complaint to the Belgaum Consumer Dispute
Forum and later Karnataka High Court. The legal argument
by KTPC was that the complaint was not maintainable as the
consumer Protection Act 1986 excludes commercial supply
of goods. It also made an argument that the company in
engaged in manufacturing iron and intended to use it for
commercial consumption which is excluded under the Act. 
He also said that, the complainant is not a `person’
under Section 2(1)(m) of the Act, 1986.

Judgment: In this case, Supreme Court gave his rulings.

The Supreme Court mentioned the General Clause Act that
includes a private company within the purview of the
definition of a “Person.” It was also held that the supply of
electricity by the KPTC to a consumer would be covered
under Section 2(1)(o) being ‘service.’ Also, if the electrical
energy consumer is not provided to a consumer in time as is
agreed upon, then under Section (2)(1)(g), then there can be
a case for deficiency in service. Therefore, the clause stating
“supply” of goods for commercial purpose would not be
applied. The Supreme Court sent this case back to District
Forum for retrial on these grounds. 
4. Indian Medical Association Vs. V.P. Shantha and others: A writ petition
was filed by the Indian Medical Association seeking Supreme Court
to declare that the Consumer Protection Act doesn’t apply to the
medical profession. Indian Medical Association validated that
medical professionals are governed by a separate Code of Ethics.
Thus medical negligence can be dealt with by medical experts in their
own jurisdiction; the Consumer Protection Act shouldn’t be applied.
The writ petition involved two questions as given below:

 Whether a medical practitioner can be regarded as

rendering ‘service’ under the Consumer Protection
Act 1986?

  If medical services are rendered free, then would it

be considered under the Act?

Judgment: The Court held that District, State and National

Consumer Forums can summon experts in the field of
medicine, examine evidence and protect the interest of
consumers. Doctors and hospitals who render service
without any charge would not fall within the ambit of
“service”. In a government hospital, where services are
provided free of charge - the Consumer Protection Act would
not be applied. However, if customers are being provided for
free to the poor, then it shall be covered as a service under
the act. In case the insurance policy company pays for the
treatment on behalf of the customer, then it will be covered
under the Act.
5. Sehgal School of Competition Vs. Dalbir Singh: In is one of the
landmark consumer protection act cases and judgments. A student was
asked to deposit lump sum fees of Rs. 18,734 for coaching of medical
entrance examination for the next two years. This amount was
deposited by the student in two complete instalments. However, the
student realized that the quality of the coaching institute was not
upto the mark and therefore sought a refund for the remaining period
which was further refused by the coaching institute. The appellant
lodged a case against Sehgal School of Competition before National
Commission. While Sehgal School of Competition submitted records
that showed good results of the institute and alleged that it was
wrong to observe that the coaching services are substandard. 
Judgment: National Commission stated that fees once paid shall not
be refunded is an unfair trade practice. It quoted UGC guidelines
declaring that even if a student has not attended a single class, an
amount of ?1000 can get deducted and proportionate charges for
hostel fees, etc, and the balance amount could be refunded. State
Consumer Forum, mentioned that not just the balance amount of fee,
but also a higher compensation for legal costs as well as the pain
that the student had to undertake, could be availed in such cases. 
6. Sapient Corporation Employees Provident Fund Trust Vs. HDFC &
Ors: It is one of the remarkable consumer protection act cases.
This consumer protection act case happened when a wrongful debit
happened from a bank account. The complainant trust - Sapient
Corporation Employees Provident Fund Trust maintained an account
with the respondent HDFC Bank. The bank received instructions from
the Employee Provident Fund Organisation (EPFO) that mentioned
order of payment of ?1.47 crores against the trust, and that no other
payments from the trust’s account be made until EPFO’s liability has
not been settled by the trust. However, the trust issued an instruction
to the HDFC bank not to debit any amount until further
communication as they wanted to seek a stay order. However, in
payment of the statutory due to EPFO, the bank, after giving due
time, debit the account with an amount of ?1.47 crores. The
challenged this transaction as a deficiency in service and demanded
the amount debited along with interest, damages, and legal
expenses. Trust lodged the complaint against the HDFC before the
National Commission on the ground that bank committed default by
paying an amount payable as a statutory due.
Judgment: The National Commission dismissed the
argument of the complainant saying that bank informed the
trust as its customer and gave them due time. So, it cannot
be said that EPFO conducted deficiency in services. For this
false litigation, the National Commission had imposed a
penalty of Rs. 25,000 on the complainant trust to be paid to
the HDFC Bank.
7. Delhi Development Authority Vs. D.C. Sharma: In this consumer
protection act case, DC Sharma (respondent) a Government servant
had paid an initial amount for the allotment of a DDA plot of Rs. 5
Lakhs in 1997. He requested for the extra time to pay instalments as
he wanted to avail loan facility from his office. Meanwhile, he realized
that the plot allotted to him through a draw of lots has already been
allotted to another person two years ago. Due to this negligence of
the DDA, the respondent approached the District forum that
dismissed this case. Subsequently, the state Consumer forum was
approached that passed an order in favor of the respondent.
Judgment: National Commission stated that when the plot
was already allotted to someone else back in 1995, then why
DDA took no steps in correcting its own error in the
allotment. It directed DDA to pay an alternate plot of same
kind or pay escalate price of Rs. 30 Lakhs. 

 8. V.N. Shrikhande Vs. Anita Sena Fernandes

The petitioner - Anita Sena, who was a nurse by profession
underwent a stone removal surgery from her gall bladder but
claimed that she continued to experience pain. After 9 years,
it was detected that the reason behind this was that a gauge
was left in her abdomen by the surgeon who operated her.
This required a second surgery. Therefore, she filed the
charges for negligence and compensation of Rs.50 Lakhs
was demanded by the petitioner. She filed the case against
the doctor for his negligence before Supreme Court.

Judgment: Supreme Court rejected the case on limitation

and evidentiary grounds. The court held that when nurse
was working in the same hospital where the surgery
happened. Then, in the past nine years, why did not she
contact the doctor. During the discovery of gauge in the
abdomen, appropriate action could have been taken on an
immediate basis without requiring the respondent to pay. But
she chose to consume pain killers. Her long silence
dismissed the complaint and she was entitled to no
compensation.

9.  Nizam Institute of Medical Sciences v Prasanth S. Dhananka & Ors

This consumer protect act case arises out of a complaint of
medical negligence where a 20-year-old engineering student
was admitted to the Nizam Institute of Medical Sciences
(NIMS) after he complaint about the acute chest pain. After
several tests and x - rays, a tumor was revealed.  Though, it
could not be diagnosed whether the tumor was malignant or
not, therefore, the patient was advised to undergo surgical
removal of the same. After the surgery, the patient
developed paralysis. There was a complete loss of control
over the lower limbs and other related complications also
raised leading to urinary tract infections, bedsores, etc. The
family of the patient held NIMS and the State of Andhra
Pradesh statutorily liable (being a government hospital) liable
for this utmost negligence. Family also claimed that no pre-
operative tests conducted, no neurosurgeon was present
during operation. Consent was only taken for the tumor
excision, but the doctors also removed ribs, tumor mass and
destroyed blood vessels leading to condition of paralysis. 

Judgment: Based on the evidence, Supreme Court held that

a huge negligence was made out on the part of doctors and
the hospital. Hence, the court awarded damages worth Rs. 1
crore to compensate present and prospective medical
expenses and suffering of life.

FAQs:

Q1. What is Consumer Protection Act?

Ans. The Consumer Protection Act safeguards and

encourages consumers to speak against insufficiency and
flaws in goods and services. It also provides easy and fast
compensation to consumer grievances. 

Q2. When was Consumer Protection Act passed?

Ans. The Consumer Protection Act was passed in 1986.

After amendment, the Consumer Protection Act 2019 came
into force. It was passed by the Lok Sabha on July 30, 2019
and Rajya Sabha on August 6, 2019. 

Q3. Who is consumer under Consumer Protection Act?

Ans. ‘Consumer’ is any person who buys goods or avail

services for its consumption. It includes any person except
for the person avail such goods or services for the purpose
of commercial or resale use. 

Q4. Who can file a complaint under Consumer

Protection Act?

Ans. A consumer complaint can be filed by one or more

consumers, the Central or State Government, any registered
voluntary consumer association and legal representative of
the consumer. In case, the consumer is minor. Then, the
complaint can be filed by his legal guardian or parents. 

Bibliography
https://www.legitquest.com

project 2 :opening a saveings account

What Is a Bank?
A bank is a financial institution that is licensed to
accept checking and savings deposits and make
loans. Banks also provide related services such as
individual retirement accounts (IRAs), certificates of
deposit (CDs), currency exchange, and safe deposit
boxes.

There are several types of banks including retail

banks, commercial or corporate banks, and
investment banks.

In the U.S., banks are regulated by the national

government and by the individual states.
KEY TAKEAWAYS

 A bank is a financial institution licensed to

receive deposits and make loans.
 There are several types of banks including retail,
commercial, and investment banks.
 In most countries, banks are regulated by the
national government or central bank.

Understanding Banks
Banks have existed since at least the 14th century.
They provide a safe place for consumers and
business owners to stow their cash and a source of
loans for personal purchases and business ventures.
In turn, the banks use the cash that is deposited to
make loans and collect interest on them.

The basic business plan hasn't changed much since

the Medici family started dabbling in banking during
the Renaissance, but the range of products that banks
offer has grown.
Basic Bank Services
Banks offer various ways to stash your cash and
various ways to borrow money.

Checking Accounts

Checking accounts are deposits used by consumers

and businesses to pay their bills and make cash
withdrawals. They pay little or no interest and typically
come with monthly fees, usage fees, or both.

Today's consumers generally have their paychecks

and any other regular payments automatically
deposited in one of these accounts.

Savings Accounts

Savings accounts pay interest to the depositor.

Depending on how long account holders hope to keep
their money in the bank, they can open a regular
savings account that pays a little interest or a
certificate of deposit (CD) that pays a little more
interest. The CDs can earn interest for as little as a
few months or as long as five years or more.

It is important to note that the money in checking

accounts, savings accounts, and CDs is insured up to
a maximum of $250,000 by the federal government
through the Federal Deposit Insurance Corp. (FDIC).1

Loan Services

Banks make loans to consumers and businesses. The

cash that is deposited by their customers is lent out to
other customers at a higher rate of interest than the
depositor is paid.

At the highest level, this is the process that keeps the

economy humming. People deposit their money in
banks; the bank lends the money out in car loans,
credit cards, mortgages, and business loans. The loan
recipients spend the money they borrow, the bank
earns interest on the loans, and the process keeps
money moving through the system.

Just like any other business, the goal of a bank is to

earn a profit for its owners. For most banks, the
owners are their shareholders. Banks do this by
charging more interest on the loans and other debt
they issue to borrowers than they pay to people who
use their savings vehicles.

For example, a bank may pay 1% interest on savings

accounts and charge 6% interest for its mortgage
loans, earning a gross profit of 5% for its owners.

 
Banks make a profit by charging more interest for
loans than they pay on savings accounts.
Brick-and-Mortar and Online Banks
Banks range in size from small, community-based
institutions to global commercial banks.

According to the FDIC, there were just over 4,200

FDIC-insured commercial banks in the United States
as of 2021.2
 This number includes national banks, state-chartered banks, commercial banks,
and other financial institutions.

Traditional banks now offer both brick-and-

mortar branch locations and online services. Online-
only banks began emerging in early 2010s.
Consumers choose a bank based on its interest rates,
the fees it charges, and the convenience of its
locations, among other factors.
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1:33
Bank

How Are Banks Regulated?

U.S. banks came under intense scrutiny after the
global financial crisis of 2008. The regulatory
environment for banks was tightened considerably as
a result.

Depending on their business structures, U.S. banks

may be regulated at the state or national level, or
both. State banks are regulated by each state's
department of banking or department of financial
institutions. This agency is generally responsible for
issues such as permitted practices, how much interest
a bank can charge, and auditing and inspecting
banks.

National banks are regulated by the Office of the

Comptroller of the Currency (OCC). OCC regulations
primarily cover bank capital levels, asset quality, and
liquidity. As noted above, banks with FDIC insurance
are also regulated by the FDIC.

The Dodd-Frank Wall Street Reform and Consumer

Protection Act was passed in 2010 following the
financial crisis with the intention of reducing risks in
the U.S. financial system. Under this act, large banks
now have to submit to regular tests that measure
whether they have sufficient capital to continue
operating under challenging economic conditions. This
annual assessment is referred to as a stress test.3

Types of Banks
Most banks can be categorized as retail, commercial
or corporate, or investment banks. The big global
banks often operate separate arms for each of these
categories.
Retail Banks
Retail banks offer their services to the general public
and usually have branch offices as well as main
offices for the convenience of their customers.

They provide a range of services such as checking

and savings accounts, loan and mortgage services,
financing for automobiles, and short-term loans such
as overdraft protection. Many also offer credit cards.

They also offer access to investments in CDs, mutual

funds, and individual retirement accounts (IRAs). The
larger retail banks also cater to high-net-worth
individuals with specialty services such as private
banking and wealth management services.

Examples of retail banks include TD Bank and

Citibank.
Commercial or Corporate Banks
Commercial or corporate banks tailor their services to
business clients, from small business owners to large,
corporate entities. Along with day-to-day business
banking, these banks also offer credit services, cash
management, commercial real estate services,
employer services, and trade finance,

JPMorgan Chase and Bank of America are examples

of commercial banks, though both have large retail
banking divisions as well.
Investment Banks
Investment banks focus on providing corporate clients
with complex services and financial transactions such
as underwriting and assisting with merger and
acquisition (M&A) activity. They are primarily financial
intermediaries in these transactions.
Their clients include large corporations, other financial
institutions, pension funds, governments, and hedge
funds.

Morgan Stanley and Goldman Sachs are among the

biggest U.S. investment banks.
Central Banks
Unlike the banks above, central banks does not deal
directly with the public. A central bank is an
independent institution authorized by a government to
oversee the nation's money supply and its monetary
policy.

As such, central banks are responsible for the stability

of the currency and of the economic system as a
whole. They also have a role in regulating the capital
and reserve requirements of the nation's banks.

The U.S. Federal Reserve Bank is the central bank of

the U.S. The European Central Bank, the Bank of
England, the Bank of Japan, the Swiss National Bank,
and the People’s Bank of China are among its
counterparts in other nations.

Bank vs. Credit Union

Credit unions offer banking services but, unlike banks,
they are not-for-profit institutions created for and
managed by their members or customers. Credit
unions provide routine banking services to their
clients, who are generally called members.

Credit unions are created, owned, and operated by

their clients, and are generally tax-exempt. Members
purchase shares in the co-op, and that money is
pooled together to fund the credit union's loans.

They tend to provide a limited range of services

compared to banks. They also have fewer locations
and automated teller machines (ATMs).
 How Do I Know My Money Is Safe in a
Bank?
The Federal Deposit Insurance Corporation (FDIC) is
an independent agency created by Congress to
maintain stability and public confidence in the U.S.
financial system. The FDIC supervises and examines
banks to ensure that the money they handle is safe.

Moreover, it insures your money. The insurance

maximum is $250,000 per depositor, per insured
bank, for each account ownership category.

You don't have to purchase this insurance. If you open

a deposit in an FDIC-insured bank, you are
automatically covered.

The agency's BankFind site can help you identify

FDIC-insured banks and branches.

Bank name : HDFC

HDFC Bank
Financial services company

hdfcbank.com

Description
HDFC Bank Limited is an Indian banking and financial services
company headquartered in Mumbai. It is India's largest private sector
bank by assets and world's 10th largest bank by market capitalisation
as of April 2021. Wikipedia

Customer service: 1800 202 6161

Stock price: HDFCBANK (NSE)  ₹1,628.95  +31.30 (+1.96%)

26 Dec, 3:30 pm IST - Disclaimer

CEO: Sashidhar Jagdishan (27 Oct 2020–)

Subsidiaries: HDFC securities, Next Gen Publishing, MORE

Founded: August 1994, Mumbai

Headquarters: Mumbai

Number of employees: 1,41,579 (2022)

 Owner: Housing Development Finance Corporation (25.7%)

Savings Account FAQs

1. What is a Savings Account?

A Savings Account is a deposit account opted for by many who wish to
save a certain part of their earnings. It is a type of bank account wherein
you can park your funds, earn interest on the same and also withdraw
money at any time. It provides the convenience of liquid funds.

2. How can one open a Savings Account online?

The online Savings Account opening process is a simple and fairly easy
one. Click here to begin your online bank account opening process, right
from the comfort of your home. At HDFC Bank, you can also opt for the
Video KYC (Know Your Customer) facility to avoid an in-person visit to
the bank branch.

3. What are the different types of Savings Account?

There are different types of Savings Account one can opt for at HDFC
Bank- , Regular Savings Account, DigiSave Youth Account, Women's
Savings Account and Senior Citizens Savings Account, to name a few. The
saving bank account variants are designed keeping in mind the needs of our
varying customer groups.

4. What is the minimum balance requirement in a Savings Account?

The minimum balance requirement or average monthly balance (AMB)
requirement varies with the type of Savings Account chosen by the
customer as well as the location of the account holder. For instance, a
minimum initial deposit of Rs 7500 for metro/urban branches, Rs 5,000 for
semi-urban branches and Rs 2,500 for rural branches is required to open an
HDFC Bank Regular Savings Account.

5. What is the interest rate on a Savings Account?

Usually, banks in India offer interest rates of anywhere between 3.5% to
7% on Savings Accounts. Take a look at the table below to get an idea of
the interest rates on offer on an HDFC Bank Savings Account.

Savings Bank balance Revised Rate w.e.f 11th June, 2020

Rs. 50 lakh and above 3.50%
Below Rs 50 lakh 3.00%

Note:
 Savings Account interest will be calculated on the daily balances maintained in
your account.
 Savings Account interest will be paid at quarterly intervals

6. How can one transfer money from a Savings Account?

There are couple of ways to transfer money from your saving bank account.
Firstly, you can use a banking mobile app to transfer funds almost instantly,
from your Savings Account to that of another individual. Then there is the
option of using NetBanking facility to transfer money quickly and easily
via the digital mode. You also have the option of visiting a bank branch in
 person and transferring funds from your bank account.

7. How can one choose the best savings bank account?

Choosing a Savings Account that suits your individual needs is extremely
important. At HDFC Bank, you can compare different saving bank account
variants available to our customers and pick the one that best suits your
requirements. The main things to take a look at are the interest rates on
offer, the minimum monthly balance requirements and various
requirements pertaining to cash withdrawal.

8. What are the documents required to open a Savings Account online?

Listed below are the documents one must keep handy when applying for an
HDFC Bank Savings Account:

 Identity Proof (driver’s license, passport etc.)

 Address Proof (driver’s license, passport etc.)
 PAN card
 Form 16, which is a certificate issued by the applicant’s employer, asserting that
TDS has been deducted from your salary. This is needed here if the applicant
does not have a PAN card.
 Two recent passport-sized photographs

Here is a list of acceptable identity/address proof documents.

 Valid Passport
 Voter's Identity Card issued by the Election Commission of India
 Valid Permanent Driving license
 Aadhaar
 Job card issued by NREGA duly signed by an officer of the State Government
 Letter issued by the National Population Register containing details of name and
address

Online account opening can be easily done through AADHAAR, Pan Card
and operational mobile number.
7 steps to take to open a savings account
1. Choose how to apply
Depending on the institution, you could apply online, by
phone, in person or even by mailing an application. If you
apply online, the process can take 10 to 20 minutes.
2. Gather your identification
For the application, you will likely need to provide your Social
Security number (or tax ID number) and information from a
government-issued ID, such as a driver’s license or passport
number.
3. Provide contact details
Along with your ID number, expect to enter your contact
information, including your first and last name, phone
number and address — typically, you must be based in the
United States. You may also be asked for information
including your email address and date of birth.
4. Select a single or joint account
Let the institution know if you will be opening the account by
yourself or with someone else. You’ll need the information
from the previous steps for anyone else whose name will be
on the account.
5. Accept the terms and conditions
This is where the bank asks you to confirm that you read
disclosure documentation describing fees, liabilities and how
account interest is calculated. Ideally, you have selected an
account that earns high rates and has no or low monthly
service charges. This is your chance to double check.
» Need to compare accounts? Read NerdWallet’s list of best
savings rates.
6. Submit your application
You may get an acknowledgement within minutes when you
apply online, but it can take between two and five business
days for the bank to verify your information, open the
account and give you access.
7. Fund your new account
Many banks require a minimum initial deposit, often from
$25 to $100, but others have no minimum deposit
requirement. Even if you don’t have to fund your account
when you first open it, you’re better off depositing money
sooner rather than later. That way, you’ll be able to start
earning interest sooner.
You can typically transfer funds from an existing account at
another bank or deposit via cash or check. You may also be
able to schedule a wire transfer from another institution. Once
you funded your account, consider setting up a direct deposit
and scheduling automatic transfers from checking to savings,
which will help your balance grow over time without much
conscious effort on your part.
Note : 

Application form comes

here::::::::::::::; pdf

 Service/Transaction charges will be applied in the current month based

on the AMB maintained in the account in the previous month
 Service/Transaction charges based on non - maintainence of AMB (as
specified above) do not apply to Preferred , Corporate Salary &
SuperSaver customers
 All fees and charges are exclusive of taxes. The charges mentioned in
the tariff will attract Goods & Services Tax as applicable
 From Effective 1st July 2022, all the Insta Limited KYC accounts will be
charged as per the Regular Savings accounts charge structure.
The HDFC Bank Regular Savings Account Rates & Fees are as follows:

Description of
Regular Savings Account
Charges
Metro / Urban branches: AMB Rs.10,000/-,  or Fixed Deposit of Rs 1 Lakh for mi
1 day period (w.e.f 1st July’22),
Semi-Urban Branches: AMB Rs.5,000/- , or Fixed Deposit of Rs 50,000 for minim
Minimum Average day period (w.e.f 1st July’22),
Balance Rural Branches: AQB Rs.2,500/- or Fixed deposit of Rs 25,000 for minimum 1 ye
Requirements period (w.e.f 1st July’22)
Note: FD should be linked to the Regular Savings account and of primary Regular
Account holder

Charges applicable Balance Non-Maintenance Charges*

on non-maintenance
Metro & Urban Semi Urban
AMB Slabs 
(in Rs.) AMB Requirement -Rs AMB Requirement –Rs.
10,000/- 5,000/-
>=7,500 to <
Rs. 150/- NA
10,000
>=5,000 to < 7,500 Rs. 300/- NA
>=2,500 to < 5,000 Rs. 450/- Rs. 150/-
0 to < 2,500 Rs. 600/- Rs. 300/-

AMB – Average Monthly Balance

 AQB Slabs (in Balance Non-Maintenance Charges* (per quarter) - Rural
Rs.) Branches
>= 1000 < 2,500 Rs. 270/-
0 - <1000 Rs. 450/-

AQB – Average Quarterly Balance

(w.e.f 1st Aug'21)Free - 25 cheque leaves p.a. 

Cheque book
Additional. chequebook of 25 leaves @ Rs 100/- (Rs.75 for senior citizen)

DD/MC Issuance Charges Through Branch

Above Rs.10,000 - Rs.5 per 1000 on entire amount
Upto Rs. 10,000 - Rs. 50/-
Rs.75/- & max Rs.10,000)
For Senior Citizens ( w.e.f 1st Mar'21 )

Above Rs. 10,000 - Rs.5/- per 1000 or part thereof

Managers Upto Rs. 10,000 – Rs. 45/-
& max Rs. 10,000)
cheques/demand
drafts- Issuance/re-
DD request through Netbanking
issuance - At HDFC
Bank locations Rs. 50/- + corr. bank charges if applicable (effectiv
Upto Rs. 10 Lakhs
Dec'2014)
Third party DD* uptoRs. 1 Rs. 50/- + corr. bank charges if applicable (effectiv
Lakhs Dec'2014)
*Third Party Registration required (customers registered for third party transfers
maximum limit of 10 lakh per customer id and hence can issue multiple DDs of 1
10 lakh and send it to the beneficiary address).

Number of Cash
transactions
(Cumulative of
Deposit and
Withdrawal by 4 free cash transactions / month, thereafter Rs 150/- per transactions
Self / Third party) -
Any branch  (With
effect from  01st
April, 2020)
Value of Cash <= Rs. 2,00,000/ per month - No charge
transactions > Rs.2,00,000,
(Cumulative of
Deposit and Above free limit - Rs. 5 per thousand or part thereof, subject to a minimum of Rs.
Withdrawal by applicable taxes
Self / Third Party) - * Third party Cash transactions - Maximum allowed limit per day is Rs. 25,000
Any branch
Cash Handling
Withdrawn effective 01st March, 2017
charges
PhoneBanking -
Free
Non IVR
ATM card Free
ATM card -
Replacement Rs. 200  (w.e.f 1st Dec'14)
charges
Debit Card Charges 
All fees will attract taxes as applicable
Debit Card Variant Issuance Fee Annual/Renewal Fee Replacement Cha
Regular Card Rs. 150 Rs. 150 Replacement/Reis
Charges for Debit
MoneyBack Rs. 200 Rs. 200  200 + applicable t
EasyShop Women's Rs. 200 (w.e.f 1st Rs. 200 (w.e.f 1st 1st Dec’16)
Advantage Mar'18) Mar'18)
EasyShop Titanium Rs. 250 Rs. 250
EasyShop Titanium Royale Rs. 400 Rs. 400
Rewards Card Rs. 500 Rs. 500
EasyShop Platinum Rs. 750 Rs. 750

HDFC BANK ATMs Other Bank ATMs

Financial Transactions - First 5 (a) In Top 6 cities** : First 3 Transaction
free per month across all Cities per month (Financial + Non Financial) 
Non Financial Transactions - No (b) Non Top 6 cities : First 5 Transaction
charge per month (Financial + Non Financial) 

ATM / Debit Card **Top 6 Cities - Transactions done in Mumbai, New Delhi, Chennai, Kolkata, Be
Card - Transaction and Hyderabad ATMs
Charge (Effective
1st Sep'19)
Transactions over and above free limit will be charges as under:
 Cash withdrawal - Rs. 20 plus taxes per transaction
Rs 21/- plus taxes per transaction(w.e.f 1st Jan'22)
 Non-Financial Transaction - Rs. 8.5 plus taxes per transaction at Non HDFC B
ATMs

Bibliography
https://www.hdfcbank.com