When choosing a savings account, it is essential to consider various factors like minimum balance requirements, fees, interest rates, and additional features. Two of India’s leading private banks, ICICI Bank and HDFC Bank, offer competitive savings account options. This blog post provides a detailed comparison of their savings accounts, helping you make an informed decision.
Table of Contents
Comparison Table
| Feature | ICICI Bank | HDFC Bank |
| Minimum Balance Requirement | Metro/Urban: ₹10,000 Semi-Urban: ₹5,000 Rural: ₹2,000 | Metro/Urban: ₹10,000 or ₹1,00,000 FD Semi-Urban: ₹5,000 or ₹50,000 FD Rural: ₹2,500 or ₹25,000 FD |
| Penalty for Non-Maintenance | 6% + GST | 6% of the shortfall amount or ₹600, whichever is lower |
| Interest Rate on Savings | 3% – 3.5% | 3% – 3.5% |
| Cash Transactions (Home Branch) | Free for first 3 transactions per month | Free for first 4 transactions per month |
| ATM Transactions (Own Bank) | Free first few transactions | Free first 5 transactions |
| ATM Transactions (Other Banks) | 5 free transactions (3 in metro), ₹21 per transaction after limit | 3 free metro transactions, 5 non-metro transactions, ₹21 per financial transaction after limit |
| Online Banking | Free and 24/7 access | Free and 24/7 access |
| Debit Card Fees | ₹200 + GST (annual maintenance) | Varies by card type (₹300 – ₹2,500) |
| Cheque Book Charges | ₹4 per additional cheque leaf beyond 25 free pages | 25 free cheques annually if balance < ₹50,000; 50 free cheques if balance > ₹50,000 |
| Fund Transfer Fees (RTGS, NEFT, IMPS) | Free NEFT/RTGS | Free online NEFT/RTGS, IMPS ₹3.50 – ₹15 |
| Account Closure Charges | Not specified | Free if closed within 14 days; ₹500 + GST if closed within a year |
This comparison is for regular saving account of both banks. If you are looking a comparison of HDFC and ICICI bank current account then you can check here.
ICICI Bank Savings Account – Key Highlights
- Strong online and mobile banking with 4.6-rated mobile app.
- Lower minimum balance requirement in rural areas (₹2,000).
- Free cash transactions limited to 3 per month.
- Higher penalties for non-maintenance of balance.
- Debit card issuance is free, but annual maintenance is ₹200 + GST.
- Charges on cash transactions beyond limits can be costly.
HDFC Bank Savings Account – Key Highlights
- Free passbook and a structured cheque book policy based on balance.
- Higher free transaction limits at the home branch.
- More flexible minimum balance requirement (can be waived with an FD).
- Debit card charges vary, with premium cards being expensive.
- Free NEFT/RTGS transactions online.
- IMPS transfers carry small charges.
Conclusion: Which is Better?
If you are looking for a bank with lower minimum balance requirements and a strong online banking experience, ICICI Bank may be the right choice. However, HDFC Bank offers better flexibility with its minimum balance waiver through fixed deposits and a slightly better cheque book and cash transaction policy.
For individuals who frequently withdraw cash and require more free transactions, HDFC Bank is preferable. On the other hand, if you prioritize online banking and want a lower rural-area minimum balance, ICICI Bank is a strong contender.
Ultimately, your choice should depend on your banking habits, balance maintenance capability, and the kind of services you need the most. Both banks provide excellent digital banking experiences, so pick the one that aligns best with your financial requirements.