Federal Bank is a pioneer in the banking sector in India by being the first bank to digitise all it branches in the country. It is private sector, scheduled commercial bank in India, headquartered in Aluva, Kochi. With a customer base of 8 million, including 1.2 million NRI customers and a large network of remittance partners across the world, Federal Bank claims to handle more than 15% of India’s inward remittances. The Bank has remittance arrangements with more than 110 Banks/Exchange Companies across the world. The Bank is also listed in the BSE, NSE and London Stock Exchange and has a branch in India’s first International Financial Services Centre (IFSC) at GIFT City in Gujarat. Federal Bank offers its customers from a variety of saving accounts to choose from with a host of features and benefits.
Following are the features and benefits of a Federal Bank savings account:
Online Account Opening
The process of online saving account opening is a simple, hassle free involving three basic steps. The first step of online account opening is to click on the ‘apply online’ option and submit the required details through the online application. On doing so, an email containing the account opening from and checklist of the required KYC (Know Your Customer) documents will be sent by Federal Bank to the customer’s email address. The customer is then required to print the application form, sign it and affix a photograph to the form, which is the second step to the online saving account opening process. The third step requires the customer to submit the signed and photo attached account opening form to the branch along with the required KYC documents and collect their account opening kit.
The following documents are required to open bank account at Federal Bank:
The Fed Book Selfie is one of its kind accounts and probable the first in India. It is a mobile based Savings account opening facility. The app facilitates customers to open bank accounts on their own by using their Aadhar and PAN Card. Only residents of India are eligible to open the Fed Book Selfie Account as of now. In order to open this savings account, customers are required to download the FedBook app on their phones and then choose the bank branch most convenient to them. The customers then must upload a scanned copy of their Aadhar card, PAN card and two recent passport sized photographs of themselves. The FedBook Selfie Account offers a savings account interest rate of 3.5% p.a. for a balance less than Rs. 50 lakhs, an interest rate of 6.3% p.a. for a balance of more than Rs. 10 crores.
The Bespoke Savings Account is not just a regular saving account as along with saving their money, account holders can also earn an interest of up to 6.25% while a savings account interest rate of up to 6.75% can be earned by senior citizens. The Bespoke Savings Account takes the hassle out of everyday banking through exciting new facilities such as Platinum Debit Card and new age banking channels. Account holders can avail of 20 free cheque leaves per quarter with free daily cash withdrawal of up to Rs. 1,00,000 and a free daily POS spend limit of Rs. 1000000. Furthermore, the first ATM card is free, and the first monthly charge is waived off. Free internet banking and mobile banking without transaction charges is provided to account holders along with free email and mobile alerts.
The Freedom SB Account (which is a savings account) provides its customers with free internet banking and free mobile banking. Account holders of the Freedom SB Account also receive free email alerts which will help them stay up to date on their bank account. The RTGS/NEFT facility is available for all Freedom SB Account holders. Account holders of the Freedom SB Account are allowed free daily POS transactions of up to Rs. 50,000. A Visa International Shop n Save Debit Card/ MasterCard Classic is given to the account holders. Federal Bank gives its customers around 20 free cheque leaves per half a year. If the customer hasn’t opted for a passbook, then they can collect one monthly free account statement from the branch. Account holders using the Shop n Save Debit Card are permitted free daily cash withdrawal of Rs. 50,000 and account holders of MasterCard Classic are also permitted free daily cash withdrawal worth Rs. 50000 Resident individuals can apply to the Freedom SB Account either singly or jointly. Hindu undivided families can also apply to the Freedom SB Account. Trusts, Associations, Clube, Societies can apply to the Freedom SB Account. The Federal Bank also allows foreign nationals residing in India (as permitted by the Foreign Exchange Management Act) and others specifically permitted by the RBI to open a bank account. The Freedom SB Account requires that account holders maintain a monthly balance of Rs. 1000
The Federal Bank, keeping in mind the need to encourage the young to save and to help them become more financially independent has come up with a saving account for kids called the Young Champ Account. This is one of the best savings accounts for kids as it has a low minimum opening deposit, a specially designed debit card with a daily POS /ATM limit of Rs. 2500 each, charges waived on DD up to Rs. 50000 per month for educational purposes and reward points for opening Recurring Deposit along with the Young Champ Account. Account holders will also receive free mobile and email alerts alongside free standing instruction facility from the account of parent to children.
The Fed Excel savings account is an exclusive account for budding entrepreneurs and professionals and registered members of reputed organisations such as JCI, FICCI and the Chamber of Commerce. This saving account does not require account holders to maintain a minimum balance and account holders receive a 100 % reimbursement on any charges that may be levied on RTGS and NEFT Fund Transfer. Account holders receive one anywhere chequebook with 20 leaves every half year free along with free mobile and email alerts; free demand drafts of up to Rs. 2,00,000 per month and a free VISA International Gold Debit card with daily cash withdrawal limit of Rs. 1,00,000. Those opting for International Debit cards receive EMV chip cards.
The SB Plus Savings Account is designed for the dynamic consumer and has facilities such as debit cards, new age banking channels and free monthly demand draft issuance. Account holders can avail of 40 free cheque leaves per half-year and one monthly account statement which is to be collected from the bank branch if the account holder has not opted for a pass book. Account holders receive a 25 concession on service charges on collection of outstation cheques; free RTGS and NEFT transactions; free monthly demand draft limit of Rs.10000; free daily cash withdrawal of Rs. 100000 through ATMs and/or POS; free internet banking; free mobile banking; free mobile alerts and email alerts.
The Fed Power + savings account is considered to be one of the best savings accounts owing to the high power facilities and privileges enjoyed by Fed Power + Savings Account. Account holders of this bank account can enjoy the best of the banking world through facilities and features such as International Gold Debit Card, high ATM daily withdrawal limits, free demand draft issuance and a host of concessions on retail loan products. Free Rupay Platinum Debit Card privileges with airport lounge access and other lifestyle privileges are awarded to account holders of this bank account.
The Mahilamitra Account of the Federal Bank is a savings bank account designed specifically for women and tailored to suit their specific needs. Account holders of the Mahilamitra account are empowered with a host of features offered by the savings bank account like the International Gold Debit Card; free demand draft facility; free mobile and internet banking; free NEFT and RTGS features; and a temporary overdraft facility through ATM’s up to Rs. 25000 with a free monthly demand draft limit of Rs. 50000. Along with this, the savings bank offers account holders two free zero balance accounts in the name of minor children and free remittance to these accounts wherein a Shop n Save card can be given to the minor above the age of twelve years.
Interest Rates for Savings Bank Accounts
The Federal Bank calculates bank interest rates based on end of the day balance. For a balance of less than Rs. 50 lakhs, Federal Bank offers a savings account interest rate of 3.5% as a uniform rate for the entire balance. For up to Rs. 50 lakh balance at the end of day, Federal Bank offers an interest rate of 3.5 % and an interest rate of 4.00% for a balance above Rs. 50 lakh and less than Rs. 10 crores.
These rates are calculated based on the daily End of the Day balances maintained in the savings account and the same will be accredited to the respective accounts quarterly.
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