HDFC Savings Max Account

[Jonas]

I've opened a Savings Max Account for a family member with HDFC.

I understand that it has a Money Maximizer feature, but I am not sure how to use it.

This is what the website says:

Do I need to simply maintain the funds and it will start creating FDs automatically or do I have to do something?

Also, would it better to opt for a Women’s Savings Account, because this account is for a woman.

 

[Sushubh]

damn. i miss the time this was a common feature with most bank accounts. i could enable this on icici back in 2000s. and it worked out so well. and it did not even require keeping so high balance amount iirc.

 

[Deleted member 14251]

It automatically created a FD in my case, excess of 1.25L is moved to FD.

 

[mikrotik]

On the intervening night of Sunday and Monday the FDs are created with lein. Lein is by your savings account and that lein makes them easily breakable when funds are needed in savings account. These FDs won't be considered when applying for IPO. Under very rare circumstances, you may have to break FDs manually from net banking when using NEFT or RTGS. Have only faced this once when trying to do RTGS but it automatically corrected itself in 30mins to 1 hours time.