Federal Bank Savings Account

The Federal Bank offering an interest rate of 4% per annum on all the savings accounts was started in the year 1931 as Travencore Federal Bank by K.P. Hormis. This private commercial bank with headquarters at Aluva, Kerala changed to the name Federal Bank in 1947 & has over 1250 branches & 1500 ATMs across India.

Individuals, residents & Hindu undivided families above 18 years of age are eligible to open account either singly or jointly with the bank. Clubs, Associations, Societies, Trusts and minors through parent or guardian can also open savings account

Customers desiring to open an account have to submit KYC documents for identity & address proof along with 2 passport sized photographs, PAN card (or form 60 for applicant without PAN card) & form DA-1 for nomination. The list of required KYC documents is mentioned in the application form.

Types of Federal Bank Savings Accounts:

1. Freedom SB Savings Account:

This account can be opened by individuals, foreign nationals living in India, associations, clubs & trusts. Features like international debit card, free mobile & internet banking, maintenance of average monthly balance of Rs. 1000 & POS limit of Rs. 30000 per day are the main benefits offered in the account.

2. Young Champ Savings Account:

This account designed for children to help them gain saving habits has benefits such as free access to FedBook, free e-mail alerts, waiver on charges for demand drafts imited to Rs. 50000 for educational purpose, maintenance of average monthly balance of Rs. 1000 & reward points for new recurring deposits opened with this account, which shall be equal to 10% of the RD instalment.

There is a waiver on the minimum balance requirement, if this account is opened with Fed Power+, Mahila Mitra, and Fed NRI Eve, Fed select, Fed Smart or Fed NRI Privilege accounts.

3. SB Plus Savings Account:

This account is featured with benefits such as 40 free cheque leaves for six months, international debit card, free monthly DD limited to Rs. 10000, maintenance of average monthly balance of Rs. 5000 & discount of 25% on service charge for collection of outstation cheques.

4. Yuvamitra Savings Account:

This account is meant for students, in which there is no minimum balance requirement. International debit card, 20 free cheques leaves per year, e-mail alerts & daily POS limit of Rs. 30000 are the major benefits of this account.

5. Basic Savings Bank Deposit Account (BSBDA):

This is a zero balance basic account with free features such as ATM card, cheque book & deposit of government subsidies through Aadhar card. The account holder has to close this account within 30 days, if the account holder wishes to open any other savings account with Federal Bank.

6. Federal Institutional Savings Account (FISA):

Required to maintain an average minimum balance of Rs. 5000 in the account, this account is designed especially for clubs, associations, trusts, committees, etc. This features & benefits associated with this account include free account statements in e-mail, 100 free quarterly transactions, free mobile banking & e-mail alerts.

7. Fed Smart Savings Account:

This account is designed with a number of facilities, in which the average monthly balance of Rs. one lakh is to be maintained. The benefits with this account include internet banking facility, mobile banking facility, and free collection of outstation cheques, e-mail statements, free unlimited demand drafts & ATM cash withdrawals limited to Rs. 75000 per day.

8. Mahilamitra Savings Account:

This savings account is designed especially for women, in which the average monthly balance to be maintained is Rs. 5000. The minimum balance shall be waived off, if the account holder opens 2 'Young Champ' accounts in the name of minor children. The account holder can avail benefits such as free NEFT & RTGS facilities, demand draft up to Rs. 50000 per month with no service charge, international gold debit card with ATM withdrawals limited to Rs. 75000 per day, etc. with this account.

9. Fed Excel Savings Account:

This zero balance account designed for working professionals & entrepreneurs provides free benefits such as international gold debit card with daily POS limit of Rs. 75000, internet & mobile banking. Account holders below 35 years get the benefit of an initial remittance of Rs. 10000.

10. FedBook Selfie Zero Balance Account:

This zero balance account can be opened using technology, from a smart phone. After downloading FedBook app on the smart phone, the customer is required to take a selfie. The selfie, along with Aadhar card & PAN card scanned copies are to be uploaded to open the account. The account holder is provided with free international gold debit card & 10 cheque leaves per year.

Other Banks Savings Accounts