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About Federal Bank Savings Account
A savings bank account is an account opened with a bank where you can park your money until you need it, and earn a small interest on the amount. The savings you deposit are freely available for withdrawal as and when you need them. Different banks have different variants of savings accounts.
Because of its flexibility and ease of operation, it is the most common type of account with banks. Banks charge fees for various services provided with savings bank accounts. Features such as minimum required balance, interest rate and the number of withdrawals per month vary from bank to bank.
Since the interest on these accounts is not very lucrative, they are used by investors as a stop-gap to park their money while they decide upon other more lucrative investment options. These accounts are also used to hold money for day to day expenses and utility payments.
The following are the important features and benefits of a Federal Bank savings account -
Federal Bank FedBook Selfie Account
The following are the features of FedBook Selfie Account.
About the account -
Federal Bank is the first bank to introduce this type of account in India. A selfie account is a purely mobile based account. It is opened and operated through FedBook Selfie - the Federal Bank mobile app. You can open the account yourself using your Aadhar and PAN cards. The account is currently not available to NRIs NREs, and NROs.
The main features of this type of account include paperless process, zero minimum balance, and e-KYC validation.
How to open a FedBook Selfie Account
1. Download the FedBook Selfie app from Google or App store.
2. Open up the app and click open an new account
3. Choose proceed with selfie account.
4. You can now select from two options -
a) Visit a branch and have your account activated
b) Proceed with E-KYC.
5. For the E-KYC you will be given an Aadhar based OTP to create your account.
6. Select your parent branch - a branch which is close to your residence or place of work.
7. Your account number will be generated and your selfie app will be transformed into your e-passbook.
It is advisable to keep your PAN card, Aadhar Card, and other KYC documents handy when opening the account.
Bespoke Savings Account
All residents of India including NRIs, NREs, and NROs can apply for bespoke savings account with Federal Bank. Associates, co-operative societies, clubs, trusts, and other institutions specifically permitted by the RBI can also apply. This type of account requires the depositor to maintain a minimum balance of Rs. 2,00,000 or more. All facilities such as mobile banking, net banking, ATM, credit and debit cards are available with this account.
Daily cash withdrawals from this account are limited to 1,00,000 as are POS spending. No charges will apply for services such as net banking, email and mobile alerts, ATM cards, check leaf printing and so on.
The following are the features of the Freedom SB
Young Champ Account
Looking at the extent of digitization in India Federal Bank offers its customers a one of its kind Young Champ savings account. This account is meant exclusively for children and has some exciting features. Here are some of them -
Fed Excel account is specially focused on professionals. This means that only professionals can open this account. The eligibility for opening a Fed Excel account is as follows -
1. Professionals who hold a government degree and are qualified as one of the following -
2. Registered members of JCI, FICCI and Chambers of commerce.
3. Promoters of business units in any Government approved/sponsored/ promoted start up villages/IT villages.
Here are the features of the Fed Excel account -
SB Plus Savings Account
SB Plus Savings Account is for the dynamic customer. Here are the main features of this account -
Fed Power +
Features of the Fed Power + account are -
This savings bank account is meant exclusively for women and has features to match -
This account is specially for students and has an age limit of 15 years to 25 years and the features are designed to meet the needs of students pursuing higher studies -
Federal Bank has a few other types of savings bank accounts with more or less similar features and varying limits under each scheme.
While some accounts like the FedBook Selfie Account, Fed Excel require no minimum balance some other accounts require maintaining an average monthly balance. Here are the limits for the various Federal Bank SB accounts -
The current interest rate effective from 1st October 2020 are tabled below
Less than ₹5,00,00,000
2.50% - uniform rate for entire balance
₹5,00,00,000 and above
2.50% for an amount up to and including ₹1,00,000
3.80% for the remaining balance above ₹1,00,000
The interest is computed daily based on the balance in the account. The same rates apply to residents, NRI, NRE, and NROs. Though interest is computed daily, the same will be credited every quarter.
There are two ways to open a Federal Bank savings account.
Note: Selfie account is an exception as it can be opened using e-KYC.
If you want to use offline method, you can either download the application form from the website or ask for it at the nearest branch. The rest of the process remains the same.
Federal Bank savings account provides you with a variety of benefits such as credit card facility, online account management, privileged banking, and Demat facility and so on. Here are the details.
1. What is the best interest rate on a Federal Bank saving account?
Federal Bank offers interest rates ranging from 2.50% to 3.80% depending on end of day balance in account.
2. How is interest calculated on Federal Bank savings account?
Interest is computed on a daily basis based on the amount in the account at the end of the day. The accumulated interest is credited to the account every quarter.
3. How can I upgrade my Savings Account from one kind to the other?
You can choose to change the type of savings account by contacting your nearest Federal Bank branch.
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