Federal Bank is a fast growing private sector bank. Established as the Travancore Federal Bank in 1931, Federal Bank now has over 1000 branches, 1000 ATMs all over the country. It offers a bouquet of banking products and services such as internet banking, mobile banking, online fee collection, cash management services, depository facilities, etc. Savings Account is a necessary financial product and Federal Bank offers a host of different savings account to their customers.
Here are the different aspects of Federal Bank savings account such as interest rate, different types of savings account, account opening process, minimum average balance.
Interest Rates on Federal Bank Savings Account
The Federal Bank base their interest rates on savings account on the RBI’s repo rate. Bank calculate the interest rate on the end of day balance.
The current RBI repo rate is 4.40%.
End of the Day Balance
Rates of Interest (p.a)
Less than ₹5 Crores
1.65% below RBI’s Repo Rate
₹5 Crores and above
1.65% below RBI’s Repo Rate for an amount up to and including ₹1Lakh 0.10% above RBI’s Repo Rate for the remaining balance above ₹1Lakh
Federal Bank Savings Account Opening Process
Customers can open FedBook Selfie by downloading the mobile banking app.
Customers can open Federal Savings Account in both online and offline methods.
Online Method
Fill the Account Opening Form (AOF) online and submit the required details. Click here to start the process.
You will get an email containing the account opening form and checklist of KYC documents. Take the printout of the form. Sign it and affix a photograph.
Submit the signed and photo affixed account opening form with the required KYC documents at the bank branch and collect your account opening kit.
Offline Method:
If you want to open account offline, you can download the Account Opening Form (AOF) and fill up the form manually. Click here to download the account opening form.
Submit your application along with your recent passport photograph and KYC documents at the branch.
You will receive your Welcome Kit, Debit Card and FedNet PINmailer at your doorstep.
Documents needed to open Federal Bank Savings Accounts
KYC documents: You will need one address proof and identity proof. Here is the table of KYC documents that can identify proof and address proof.
Type of document
Identify proof
Address proof
Passport
Yes
Yes
Driving Licence
Yes
Yes
Voter’s Identity Card
Yes
Yes
Aadhaar
Yes
Yes
Permanent Account Number (PAN) card
Yes
No
2 copies of your recent passport size photographs.
PAN card or Form 60, in case you do not have PAN.
Form DA-1 is needed if you wish to make a nomination.
Different Types of Federal Bank Savings Account
Savings account is the most common type of financial product. To cater to the different sections of the society such as students, women, etc. Federal Bank offers different types of savings account.
Here are some of the features of the popular types Federal Bank Savings Account:
Customers can open FedBook Selfie account instantly by downloading the Federal Bank mobile app. You will receive the account details immediately after the account is opened.
There are two ways to open the account: through Aadhaar OTP or visiting the nearest bank branch to activate the account.
FedBook Selfie is a zero balance account.
Bespoke Savings Account
Bespoke Savings Account is a savings account with a monthly minimum average balance of Rs.2 lakhs.
You can earn interest up to 4.65%. Balances up to Rs. 3 lakhs will earn interest of 3.50% and any balance above Rs.3 lakh will earn interest rate as per the current repo rate.
Customers get Master Premium (Imperio) Debit Card.
Avail free 20 Cheque leaves per half-year.
The first ATM card is free and the annual maintenance charge is waived off.
Free internet and mobile banking.
Young Champ
Young Champ is a youth savings account that seeks to inculcate young minds with the concept of savings and investment.
You can open account can be opened with low minimum initial deposit.
Children up to age of 18 years can apply for this account.
For minors below 10 years of age, the account needs to be opened with parents/guardians as Authorized Signatory.
Children above 10 years of age can open the account in their name and operate the account independently.
Customers get a VISA Young Champ Debit Card that comes with a daily ATM and POS transaction limit of Rs.2500 each.
No charged on DD up to Rs.50,000 per month for paying educational fees and other educational purposes.
Customers can view their account through internet banking.
Free Mobile alerts and E-mail alerts are available.
Free standing instruction facility can be availed to transfer money from the parent’s account to the Young Champ account.
Fed Excel
Fed Excel is savings account exclusively meant for professionals, budding entrepreneurs and registered members of reputed organizations.
Who can open Fed Excel Savings account?
Professionals who hold government approved degree or above, and are qualified as one of the following from the below list can open Fed Excel Account:
A Doctor in any branch of medicine
An Engineer in any branch of engineering
CA/ACCA/ICWA/CFA/CS/CFM
MCA/MBA/PGDBA/PGDBM and Advocates
Self employed with any of the qualifications mentioned above
Registered members of JCI, FICCI and Chambers of commerce.
Promoters of business units in any Government approved/sponsored/ promoted start up villages/IT villages.
Here are the features of this savings account:
Account holders get free 20 cheque leaves per half-year.
Customers are given Master Crown Debit Card.
Demand Drafts of up to Rs. 2 lakhs per month is free.
The charges incurred for RTGS and NEFT fund transfer are reimbursed.
Minimum balance is not required after an initial remittance of Rs. 10,000. Entrepreneurs below 35 years of age are exempted from initial remittance stipulation.
SB Plus
SB Plus Savings Bank account is designed with a host of features such as debit card, new age banking channels and free monthly Demand Draft issuance.
Customers get free 40-Cheque leaves per half-year
Master Crown Debit Card is available for account holders
2 folios are free per quarter
Free monthly Demand Draft limit is Rs. 10,000
FedPower+
FedPower+ offers various banking facilities such as international gold debit card, high daily withdrawal limits from ATM, free Demand Draft issuance, and attractive concessions on loan products.
Customers get free 40 cheque leaves every six months.
Bank account holders are offered RuPay Platinum Debit Card.
3 folios are free per quarter.
Customers get free monthly Demand Draft limit of Rs. 50,000.
50% concession on fees for all retail loan products
Mahilamitra
Mahilamitra is a women savings account that comes with various features.
Any resident woman above 18 years can open Mahilamitra account.
Customers get free 40 cheque leaves every six months.
Customers can avail Master Crown Debit Card
The free monthly Demand Draft limit is Rs. 50,000.
Women account holders can get 50% concession on processing fee, administration fee for all retail loan products.
Mothers can open two Young Champ accounts for her minor children. The minimum average is waived off.
Students who have completed their matriculation, pursuing professional degree/diploma holders can also open the account.
10 cheque leaves are free for account holders per annum
1 folio is free per quarter
Customers get RuPay Classic Debit Card
Fed Smart
Fed Smart savings account is a premium account with features like New-Age banking channels, high daily cash withdrawal limits, anywhere banking, international debit card etc.
Account holders get free 60 cheque leaves for six months
RuPay Platinum Debit Card is available for customers.
Customers get free unlimited demand drafts.
Account holders get 50% concession in processing fees for all retail loan products.
There are no folio charges.
Basic Savings Bank Deposit Account (BSBDA)
Basic Savings Bank Deposit Account (BSBDA) is a basic savings account aimed at bringing the unbanked sections of the society to the formal banking scenario.
It is a zero balance account. This means that there is no minimum balance requirement.
Customers get a free RuPay Classic Debit Card.
Account holders get 20 free cheque leaves per annum.
Individuals can view their account through internet banking.
Customers can only withdrawals four times in a month including through branch, ATM, cheque clearing, etc.
Aadhaar based credit of subsidy/government benefits can be assessed by account holders through their savings account.
Shreni Savings Account
Shreni Savings Account is a savings account made for Trusts, Associations, Clubs, Societies and Housing cooperative Societies, and Non-Governmental organisations (NGOs) that are trading or providing professional services for profit or fee.
Customers don’t have to keep any average balance.
Account holders don’t have to pay any cash withdrawal charges
Customers get free cheque book and unlimited Issue of demand draft
50 transactions are free every quarter
RTGS charges are waived if customers have maintained a monthly average balance that is greater than Rs. 1 lakh in the previous month.
Club Savings Account
Club Savings Account is a savings account for individuals and non-individuals residing in metro areas. Only metro branches can open this savings account.
Customers get free 20 cheque leaves every six months.
RuPay Platinum Debit Card is available for account holders.
Account holders get 1 folio free per quarter.
Alerts on mobile are available at 50 paise per SMS.
Delite Savings Account
Delite Savings Account is a bank account for individuals and non-individuals residing in semi-urban and urban areas.
Account holders receive free 20 cheque leaves per half year.
Master Crown Debit Card is available for Delite savings account customers.
1 folio is free per quarter
Customers can access internet banking and mobile banking free of cost.
Mobile alert facility is available at 50 paise per SMS
Pride Savings Account
Pride Savings Account is a bank account created for individuals and non-individuals residing in rural areas of the country.
Customers get free 20 cheque leaves every six months.
Account holders get Master Crown Debit Card.
1 folio is free every quarter.
RTGS, NEFT and IMPS facilities are available to customers.
Customers can get account related alerts on their mobile at 50 paise per SMS.
Minimum average balance requirements of Federal Bank Savings Account
Different types of savings account of Federal Bank comes with different minimum average balance requirements.
Type of savings account
Monthly Minimum average balance
FedBook Selfie
Nil
Bespoke Savings Account
Rs.2 lakhs
Young Champ
Nil
Fed Excel
No minimum balance if inward remittance of Rs.10,000 is carried.
