Family Savings Account-Club your family bank accounts into one group.

Suppose you and your family members have savings account under one bank then you can easily club all the accounts under one family account and reap the benefits using “Family Savings Account” option. It includes a lot of advantages when it comes to operating, as whole group is assigned with one customer id. So let us look at it’s features.


1) All individuals are eligible to open this account, except no-frill accounts and HUF accounts. In HDFC bank even Non resident can also open this account.

2) Only savings account are eligible to club under family savings account.

3) Minimum 2 members and maximum 6 members accounts are allowed. But in HDFC bank maximum limit is 4 members.

4) Family includes-Spouse, parents, children, grand parents, grand children, in-laws and siblings.

5) Family need to decide to whom they will appoint as head of the family. This person will be designated as Primary Cust ID”.


1) Major benefit of clubbing your family accounts will be maintaining of minimum balance in individual accounts. Suppose for each individual account you need to maintain Rs.50,000 then for same type of family account you need to maintain Rs.1,00,000. Advantage is, suppose you have four accounts in your family then including all the four accounts you just need to maintain Rs.1,00,000. Even if each family member maintain Rs.25,000 then it will suffice the family minimum balance requirement.

2) As I told above you will find flexibility in maintaining the minimum balance either from all account or by just one account.

3) All your banking needs are created under one family account.

4) In HDFC bank, sweep in from one account to another family account is provided.

Few points to note

  • Charges for not maintaining minimum balance will be collected from family head’s account. If found insufficient balance in family head account then it will be collected from members account.
  • Even if you have salary accounts where minimum balance will be zero, these minimum balance requirement applies.
  • You can leave the group at any time by intimating the bank. But in case family head wishes to leave the group then consent of all members is required. In this case family account will get dissolved.
  • You can add any new at any time after opening this family account.
  • Eventhough you are operating under one family but still privacy of each account holder will be maintained.

This facility actually come in handy for maintaining minimum balance for each member, transferring money within family account will be easy and few banks offer some incentive for other products. Like in HDFC bank, 50% off on on the Locker rental calculated on a pro-rata basis and applicable only for the year of allotment. Hence instead of operating individually it is better to operate in  group and reap the above said benefits.

Note-This overview is not exhaustive. Hence for detailed information you need to contact your respective banks.


10 Responses

  1. How do a add a new person to the family group account ? Is there a written consent required or can RM just add someone.. the reason why I am asking is that because an unknown person was added to our family group account. I am raised this with the BM and RM, however none of them are aware who added this person.. I have now raised a complaint.. hoping to get some answers..

    1. Dear Priya,
      It is a dangerous thing which happened. Immediately complain against the branch and request for removal.

  2. Be careful of HDFC Bank. They put unwanted charges and keep repeating them without notification to their customers. As Aditya Puri said in his interviews on TV… HDFC Bank is a ‘kanjoos’ bank. In my opinion, it cut corners by saving on printing notice about extra charges or changes to your banking account. They said they put ad in newspapers to notify their customers, including those who have special relationships.

    1. Geetu-Good sharing. But targeting only one bank and saying all negative things may not be wise. Also whenever you are opting for any new service then it is the responsibility of account holder to check for the charges.

  3. I find this confusing and redundant, instead keep the individual accounts as it is. In case of a family conflict within members this model will be more problematic.

    1. Kranti-In case of family conflict any member who want to out of this account can easily go out with just intimating the bank. Also if the whole family account need to closed then also all the member can close this account but continue with their respective individual accounts. Hence I dont feel future family conflict may be the reason to stay away from this account.

  4. Rajagopal-Big benefit is minimum balance requirement. Having individual account with minimum balance requirement of Rs.50,000 and instead of this family account of four persons with just mantaining Rs.50,000 from all four accounts is not an advantage?

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