Federal Bank Savings Account

K.P. Hormis founded Travancore Federal Bank in 1931, giving a 4% annual interest rate on all Federal Bank savings accounts. This private commercial bank, headquartered in Aluva, Kerala, changed its name to Federal Bank in 1947 and now has over 1250 branches and 1500 ATMs throughout India.

The Federal Bank Savings Account Interest Rate is up to 2.50%. There are various savings accounts available, and you can easily open your Federal Bank account online.

Here we will talk about the different types of Savings Account, current interest rates on them, their characteristics and the eligibility criteria for opening a savings account. 

Federal Bank Savings Account Interest Rate 2024

Federal Bank saving account interest rates are mentioned in the table below-

Balances

Interest Rate

Less than Rs. 5 crores

1.50% below RBI Repo Rate

More than Rs. 5 crores

0.20% below RBI Repo Rate

At the end of the day, the interest rates will be determined depending on the balance in the Savings Bank Account. Interest will be credited to savings bank accounts on a quarterly basis.

Characteristics of the Federal Bank Savings Account

The following are the key characteristics and advantages of opening a savings account with Federal  Bank-

  • Since there is no market risk, your money is safe.
  • There are numerous ways to access your account.
  • You can create several accounts for different purposes.

Federal Bank Savings Account Opening

It is now easier to open a Savings Account because of the possibility of online filing. Customers must take a few simple steps to begin saving through the bank's various Savings Accounts.

Step 1: To start an online savings account, go to the bank's website and select the 'Open an Account option. He or she will next be asked to select a customer category, such as personal banking, NRI banking, or business banking.

Step 2: The next step is to update the customer's full name, email address, and mobile number on the online form and submit it.

Step 3: The customer will receive an email including the Account Opening Form (AOF) as well as a checklist of the papers that must be supplied.

Step 4: The consumer must print the application form and submit it, along with all KYC documents and a photograph, to his or her nearest bank branch.

Step 5: At the bank location, the consumer will be given an account opening Ready Kit.

Eligibility Criteria to Open a Savings Account with Federal Bank

Unless otherwise noted, Hindu Undivided Families and Indian citizens are eligible to open a savings account with Federal Bank.

The following are the eligibility requirements for most savings accounts-

  • Individuals over the age of 18 (either single or joint accounts.)
  • Minors (via a guardian or parent) (through a guardian or parent.)
  • Clubs, organisations, societies, and trusts.

Documents Required

When opening a savings account with Federal Bank, the following documents are required-

  • Two passport-sized photos
  • Form DA-1 for nominations. Permanent Account Number (PAN) card, or Form 60 when the applicant does not have a PAN.

Charges of the Federal Bank Savings Account

Minimum Balance

Rs. 0 - Rs. 2 lakhs

Note: The minimum balance required for the savings account varies from one to another.

Types of Savings Accounts Offered by Federal Bank

Following are the various types of Savings Accounts that can be opened at Federal Bank-

1) Basic Savings Account

This is a basic zero-balance account with free amenities like an ATM card, a cheque book, and the ability to deposit government subsidies using an Aadhar card.

If the account user decides to create another savings account with Federal Bank, the account must be closed within 30 days.

2) Young Champ Account

This account is designed for children to help them develop saving habits and includes benefits such as free access to FedBook, free email alerts, a waiver on charges for demand drafts up to Rs. 50000 for educational purposes, a minimum monthly balance of Rs. 1000, and reward points equal to 10% of the RD installment for new recurring deposits opened with this account.

If this account is opened in conjunction with a Fed Power+, Mahila Mitra, Fed Select, Fed Smart, or Fed NRI Privilege account, the minimum balance requirement is waived.

3) Freedom Savings Account

Individuals, foreign nationals living in India, associations, clubs, and trusts can all open this account.

The account offers features such as an international debit card, free mobile and online banking, an average monthly balance of Rs. 1000, and a POS limit of Rs. 30000 per day.

4) SB Plus Savings Account

This account has perks such as 40 free cheque leaves for six months, an overseas debit card, a free monthly DD limit of Rs. 10000, a minimum monthly balance of Rs. 5000, and a 25% savings on service charges for collecting outstation cheques.

5) Yuvamitra Savings Account

This account is intended for students and has no minimum balance requirement. The main advantages of this account are an international debit card, 20 free cheque leaves per year, email alerts, and a daily POS limit of Rs. 30000.

6) Federal Institutional Savings Account

This account is designed specifically for clubs, associations, trusts, committees, and the like and requires an average minimum balance of Rs. 5000 in the account.

This account's features and perks include free email account statements, 100 free quarterly transactions, free mobile banking, and email alerts.

7) Mahila Mitra Savings Account

This savings account is specifically created for women, with a monthly balance of Rs. 5000 required.

If the account holder creates two 'Young Champ' accounts in the name of minor children, the minimum balance will be waived. With this account, the account holder can enjoy features such as free NEFT and RTGS, demand drafts up to Rs. 50000 per month with no service charge, an international gold debit card with ATM withdrawals limited to Rs. 75000 per day, and so on.

8) Smart Savings Account

This account is built with a lot of features, and an average monthly balance of Rs. one lakh is required.

This account offers internet banking, mobile banking, and a free collection of outstation cheques, email statements, free limitless demand drafts, and ATM cash withdrawals limited to Rs. 75000 per day.

9) FedBook Selfie Zero Balance Account

This zero-balance account can be started with the help of technology, specifically a smartphone. The customer must snap a selfie after downloading the FedBook app on their smartphone.

To open the account, you must upload a selfie as well as scanned copies of your Aadhar card and PAN card. Each account holder receives a free worldwide gold debit card and ten cheque leaves per year.

10) Fed Excel Savings Account

This zero balance account for working professionals and entrepreneurs includes free perks such as an international gold debit card with a daily POS limit of Rs. 75000, as well as internet and mobile banking. Account holders under the age of 35 are eligible for an Rs. 10,000 first payment.

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