Current Context: On 3 August 2026, HDFC Bank introduced two specialised savings accounts designed for senior citizens and women.
Key Points:
- Max for Seniors: Designed to meet the banking, healthcare and security needs of senior citizens.
- It offers complimentary doorstep banking, making transactions easier for elderly customers.
- Customers receive cyber-insurance cover of up to ₹25,000, subject to applicable terms.
- The account provides an automatic sweep facility, through which surplus savings can be transferred to fixed deposits for potentially higher returns.
- It also includes discounts and offers on healthcare, shopping, food delivery and entertainment.
- Max for Her: Designed specifically for women by combining banking, financial security and lifestyle benefits.
- It provides cyber-insurance protection, doorstep banking and an automatic fixed-deposit sweep facility.
- Women customers can access benefits related to health, shopping, dining and entertainment.
- The accounts reflect HDFC Bank’s strategy of offering personalised banking products for different customer groups.
Question:
Q1.Which facility in HDFC Bank’s new specialised savings accounts automatically transfers surplus money into fixed deposits?a) Digital Vault
b) Auto-sweep facility
c) Overdraft facility
d) Standing instruction
Answer: b) The auto-sweep facility transfers surplus funds from the savings account into a fixed deposit. This allows customers to earn potentially higher returns while maintaining access to funds when required.
