Let us first accept the fact that there is no free lunch. Everybody is in business to make money and so is this bank. First of all if it is a salaried account then fine, you do not have to worry about maintaining a minimum balance etc. You can make the best use of this account. But if you are an individual account holder then you better watch out. There will be lots of hidden charges on transactions and you will be offered a free demat account for the first year, but then they start deducting money from your account from the second year without your consent.
The penalty for not maintaining a minimum average balance of 5000 in your account is exorbitant.
What are the alternatives. I guess a savings bank account with State Bank of India is a better bet. They have more ATMs and you can use the ATM of any STate bank associate bank without any extra charges. They have all the services that the banks like HDFC have to offer.
HDFC has now introduced a lot of levies on transactions, so watch out very soon you will also end up paying for stepping into their bank.
If you can stay away from this bank keep off otherwise handle with extreme care.