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HDFC - Classic Banking ?

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Critic
Budhe-Baba

I just noticed that I have a classic banking account with HDFC.

Can anyone tell me what are the key advantages of Classic Banking or is it just another money (annual fee) charging feature?

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Deal Major Deal Major
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which account had u opened have they converted yours to classic

Critic Critic
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I dont know, it was a normal account only.

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Cool Cool
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cancel that service, or else you vl b charge some 500+.. for your account one relationship office will be assigned.. thats it..

Critic Critic
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But I read there are some advantages like no NEFT charges, etc?

Thats what I wanted to know. What useful benefits does it provide?

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Deal Subedar Deal Subedar
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I have a salary account with HDFC. On keeping an AMB of 1+ lac they enabled Classic Banking on my account.Don’t see any benefits in addition to what is already offered to me on my Salary account (Free Money Transfers, Unlimited free ATM withdrawals even at 3rd party ATM, choose any CC/DC variant with LifeTime Free) only addition is a personal banker who calls me about every 1-2 months selling HDFC loans/CC and asks me to save the number as she is my personal banker.

Deal Cadet Deal Cadet
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If you keep 1 lacs in saving or total 5 lacs in FD+SBA for continuous 6 month minimum then your account will be conveted to classic . there are 2 other upper account varient than classic . Preffered and imperia . No AMC ,free platinum DC ( 1% cb) . No ATM charges . Discount on locker,demat account . No charge for NEFT/RTGS etc . It is good thing you have classic account . You get a RM . But most of RM do not try to give you any benfits rather they try to sell some bank products . that is the reason did not try to contact my RM . smile I am prime account holder though . Which a level down than classic

Deal Major Deal Major
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suppose we open a normal basic savings account ie 0 balance with HDFC and later on put money in HDFC FD which totals upto 5 lakhs or more ie not in single FD but a break up so would that also be taken into account and converted to classic account

are there any charge of 500 or something for this account

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Generous Generous
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Even my Prime account was converted to CLassic around a year bank and as yet, i have not been charged extra. I dunno the reason they converted as I never maintained AMB of more than 30k. As others have mentioned, the only benefit (irritant) is personal RM who keeps calling and I have never attended even one call but keep getting message/email that my RM tried to get in touch.

Since there has been no change, am maintaining as it is.

Deal Newbie Deal Newbie
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HDFC Classic banking is Excellent Service by HDFC Bank

Deal Major Deal Major
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You can avail of these privileges as an HDFC Bank Classic customer if you maintain an account with us

Classic Banking Eligibility Criteria*

Effective 15th Aug 2018 the Eligibility for programme is given below:

A minimum Average Monthly Balance of Rs. 1 Lac in the Savings account

OR

A minimum Average Quarterly Balance of Rs. 2 Lac in a Current Account

OR

A minimum Average Monthly Balance of Rs. 5 Lac in a combination of Savings Accounts, Current Account and Fixed Deposit

  • Balance is measured as a combined balance across account/s linked to your Customer ID or over the account/s of other customers linked to your “Group” (as defined in the HDFC Bank Programme Terms and conditions). The tenor of the Fixed Deposits should be at least six months. HDFC Bank Programme Terms and Conditions Apply

https://www.hdfcbank.com/personal/hnw/classic-b...

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Vanguard Vanguard
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Some dimers have mentioned that their account had become a zero balance one after being upgraded to classic. How is that possible?

Pro Entertainer Pro Entertainer
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I don’t think that’s the case with HDFC. Maybe with Kotak.

Helpful Helpful
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8+ years old salary account got converted into Classic account 2 years ago.
My salary doesn’t credit into this account since 8 months.
No charges as of now, everything is free which came with salary account.

Deal Lieutenant Deal Lieutenant
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There used to be annual/quarterly fee for classic & preferred banking. HDFC stopped charging these fees in 2018 or so. I am 100% sure that annual fee isn’t there for preferred accounts at present. (Not so sure about classic banking)

The benefits of being a preferred or classic customer is that we will get premium credit card offers, higher loan amount offers at lower interest rate. I was a classic customer 2 years back → opted out of classic programme due to fees → and now i am preferred customer. I went to HDFC and asked them to convert my account to preferred.

Also, maintaining balance isn’t necessary. You can open a preferred account with 2 lakh balance and then stop maintaining that balance. If you don’t maintain the balance, It will be your relationship manager’s decision whether he keeps you as preferred or downgrades your account.

Deal Cadet Deal Cadet
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Preferred customers get pre approved Regalia

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Deal Legend Deal Legend
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Even prime members get a relationship manager, no?

Vanguard Vanguard
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@arunrush680 How is it that some are required to maintain the 1lak while some are not. Under the classic programme. 2 members on this thread haven’t been charged

Deal Subedar Deal Subedar
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You won’t be be charged any money as AMB/AQB maintenance charges. But your account may be downgraded to lower level account. That’s the case with Axis and ICICI bank. (I have preferred account with Axis and wealth management account with ICICI bank).

Deal Lieutenant Deal Lieutenant
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@TEMPER Have you been charged for enrolling for classic banking? Please confirm.

Deal Lieutenant Deal Lieutenant
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@TEMPER Have you been charged for enrolling for classic banking? Please confirm.

Cool Cool
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last time no charges.. they automatically upgraded to classic.. i asked them to cancel.. today again i requested and they made my account classic .. having savings and savings max accounts.. If i maintain zero bal in all accounts will they charge any thing or automatically they will downgrade from classic ?

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Deal Cadet Deal Cadet
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In the mobile app it says AQB of 1Lakh needs to be maintained and on site it says AMB of 1Lakh. Any idea what is the actual eligibility?

Helpful Helpful
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Sorry for digging an old thread…I am using a Savings Max account from last 2 years which has an AMB requirement of 25k & comes with EasyShop Platinum card free for lifetime…I am also using a LTF Moneyback card from last 1.5 years…Currently the card has 3L limit on it…

I have two questions :

1) If I keep 1L & upgrade to Classic, will they charge me that 500+ GST every year ?? I called my branch & they told me that I will need to visit the branch & fill-up a consent form to upgrade to Classic…But since I’m not so sure about this 500+ charges every year, I still have not visited the branch but keeping 1L balance on my account…

2) If I don’t maintain the AMB/AQB of 1L after upgrading to Classic, will they start charging non-maintenance charges ?? I read that several dimers here managed to get their Classic account as a zero balance account…How to achieve that after my account gets upgraded ??

My ONLY intention is gettng high-end CCs like Regalia, DCB etc…They had offered me an upgrade to Regalia (not the Regalia First) via netbanking when I was only maintaining like 30-40k but since HDFC didn’t send me any email or SMS regarding the upgrade offer, I missed the chance to get a free upgrade to Regalia…Now I don’t know when that upgrade offer will show again in the netbanking…Will converting my Savings Max account to Classic can get me Regalia quicker ??

I would ONLY upgrade to Classic if that 500+ charges every year is no longer there…

Anybody who’s account got upgraded from Standard/Savings Max to Classic can Please shade some light on this Please ??

Any help would be highly appreciated…Thank You…

Deal Subedar Deal Subedar
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Any updates bro?

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Deal Subedar Deal Subedar
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Thanks bro, did you get the benefits of cc upgrade?

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Deal Newbie Deal Newbie
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@Puchka Hi, Is there any way to reduce this duration of 6 months to maintain AMB of 1 lac in Savings and 5 lac in FD?

Deal Cadet Deal Cadet
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Does anyone know the eligibility criteria for Prime? I know about Classic and Preferred, but criteria for Prime is not mentioned on their website.

Deal Subedar Deal Subedar
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Internal policy

Deal Cadet Deal Cadet
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That is not knowing the criteria. wink

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