Hotness HDFC - Classic Banking ?

Hot Deal HDFC - Classic Banking ?

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Deal Subedar
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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?

37 Comments  |  
17 Dimers
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Deal Lieutenant
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which account had u opened have they converted yours to classic

4onrgc1
Deal Subedar
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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..

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Deal Subedar
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TEMPER wrote:

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

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
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desiman wrote:

which account had u opened have they converted yours to classic

I dont know, it was a normal account only.

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Deal Cadet
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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.

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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

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Deal Lieutenant
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Budhe-Baba wrote:

I dont know, it was a normal account only.

so have they converted your normal account to classic did u get any email or sms regarding this

also check with @Cody he might help u with this

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Puchka wrote:

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

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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desiman wrote:

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

Every Zero balance with any bank have a maximum limit which is very low like 50k or 1 lacs limit . Transaction or deposit above that will surely convert your account type .  Zero account to a normal saving account  . Zero account have several limitations on cash deposit , transaction limit , lower varient atm card etc . If you are too much interesrted in HDFC account then try to open an account with a semi urban branch which is in my case they ask for 5000 rs  minimum AMB.

Dual survival cody lundin 2
Deal Captain
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desiman wrote:

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

If it gets auto upgrade to Classic they would charge 500+ GST per year. And if u don’t want their classic service u can opt out of it by visiting branch and also give them warning that never again try to upgrade it to classic or else u would break the relation with them.

Saikcw
Deal Lieutenant
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Budhe-Baba wrote:

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

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

dedicated Classic Personal Banker for all your banking needs
HDFC Bank Classic Platinum Chip Debit Card with nil annual fees
Up to 5 paise better rates on card rates for forex transactions on select currencies
Locker with 25% discount on annual rental charge available for one locker per group
Nil issuance charges on DD/MC up to Rs.1 Lakh per day per customer

In gist : For me it meant nothing, but still keeping, as they said they wud not charge anything.

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Saikcw wrote:

dedicated Classic Personal Banker for all your banking needs
HDFC Bank Classic Platinum Chip Debit Card with nil annual fees
Up to 5 paise better rates on card rates for forex transactions on select currencies
Locker with 25% discount on annual rental charge available for one locker per group
Nil issuance charges on DD/MC up to Rs.1 Lakh per day per customer

In gist : For me it meant nothing, but still keeping, as they said they wud not charge anything.

any 500 rupees charge as stated by cody bro above

rolleyes
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desiman wrote:

any 500 rupees charge as stated by cody bro above

rolleyes

no 500 annual charge .

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Deal Subedar
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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.

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Deal Subedar
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Saikcw wrote:

dedicated Classic Personal Banker for all your banking needs
HDFC Bank Classic Platinum Chip Debit Card with nil annual fees
Up to 5 paise better rates on card rates for forex transactions on select currencies
Locker with 25% discount on annual rental charge available for one locker per group
Nil issuance charges on DD/MC up to Rs.1 Lakh per day per customer

In gist : For me it meant nothing, but still keeping, as they said they wud not charge anything.

So for non-Classic customers, debit card will have annual fees? How much?

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Deal Newbie
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HDFC Classic banking is Excellent Service by HDFC Bank

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Deal Lieutenant
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schumacher wrote:

Are we required to maintain a monthly average balance of 1 lakh as a part of the classic programme?
https://www.hdfcbank.com/personal/hnw/classic-b... mentions this eligibility
I am being offered this but not sure what the terms are. @Puchka @Budhe @cashif

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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Deal Cadet
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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?

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schumacher wrote:

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

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

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Deal Cadet
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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.

Myavatar
Deal Subedar
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schumacher wrote:

Are we required to maintain a monthly average balance of 1 lakh as a part of the classic programme?
https://www.hdfcbank.com/personal/hnw/classic-b... mentions this eligibility
I am being offered this but not sure what the terms are. @Puchka @Budhe @cashif

TBH I dunno. I was converted to one without me consenting and have been in Classic account since last 14 months. I don’t maintain balance of 1 Lac but since I pay EB of my company, there is generally transaction of around 4-5 Lacs every month, if that matters.

I maintain balance of around 25-30k as per my original account and that’s about it.


PS: Irrelevant but based on my transactions, my CC limit has been increased to 10 Lacs/month!!

Film festival 9828
Deal Subedar
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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.

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micke wrote:

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.

Preferred customers get pre approved Regalia

75pe
Deal Subedar
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cashif wrote:

TBH I dunno. I was converted to one without me consenting and have been in Classic account since last 14 months. I don’t maintain balance of 1 Lac but since I pay EB of my company, there is generally transaction of around 4-5 Lacs every month, if that matters.

I maintain balance of around 25-30k as per my original account and that’s about it.

PS: Irrelevant but based on my transactions, my CC limit has been increased to 10 Lacs/month!!

How to know which kind of account I have?

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

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arunrush680 wrote:

Preferred customers get pre approved Regalia

Yes, HDFC is giving “Regalia First” nowadays

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Deal Cadet
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micke wrote:

Yes, HDFC is giving “Regalia First” nowadays

Classic – regalia first
Preferred – regalia

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Simbha3 wrote:

How to know which kind of account I have?

Just check your mobile banking app, standard – normal, classic, preferred, Imperia is mentioned.

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