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Federal Bank Savings Account

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.

What is a Savings Account?

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 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.

Features and Benefits of Federal Bank Savings Account

The following are the important features and benefits of a Federal Bank savings account -

  • Your money remains safe since there is no market risk involved.
  • There are many channels to access your account.
  • You can open multiple accounts for various purposes.
  • Federal Bank savings account offers a host of facilities which include
    • Net banking
    • Mobile Banking
    • E-wallet
    • Credit card
    • ATM facility
    • Demat linking
    • Bill payment via net banking
    • Bill payment via ECS (Electronic Clearance Service).

Types of Federal Bank Savings Accounts

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

Federal Bank’s Bespoke Savings Account is more than just a regular savings account. These accounts earn a higher rate of interest – currently, it is 6.5% on your savings along with a number of other features like Platinum Debit Card.

All residents of India including NRIs, NREs, and NROs can apply for a 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. 3,00,000 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.

Freedom SB

The following are the features of the Freedom SB

  • 20 Free cheque leaves twice a year
  • You will get one monthly statement from the parent branch if you do not opt for a pass book. You will have to collect this from the bank branch.
  • Debit cards - Visa International Shop n Save Debit Card / MasterCard Classic
  • The daily cash withdrawal limit under this account is 50000. You can also conduct transactions of up to 50000 using debit or credit cards.
  • No charges will be applied for internet banking, mobile banking and E-mail alerts
  • RTGS / NEFT facility available

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 -

  • The minimum initial deposit is low
  • ATM / debit / and credit cards are specially designed keeping children in mind.
  • No charges will be applied for demand drafts of up to 50,000 per month if the DD is for an educational purpose.
  • If the young champ opens a recurring deposit along with the YCA, he can earn a few reward points.
  • Only account viewing is possible in internet banking.
  • No charges for mobile and email alerts
  • Parents can issue standing instruction to transfer a fixed amount from their account to the child’s account.

Fed Excel

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 -

  • A doctor in any branch of medicine
  • An Engineer in any branch of engineering
  • CA/ACCA/ICWA/CFA/CS/CFM
  • MBA/PGDBA/PGDBM and
  • Self-employed with any of the qualifications mentioned above

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 -

  • No minimum balance is required to be maintained
  • No folio charges are applied to this account.
  • The daily withdrawal and POS purchase limit under this account is 1,00,000.
  • 20 check leaves every 6 months.
  • No charges for internet banking, mobile banking, and email alerts.
  • No charges for Demand Drafts up to Rs. 2,00,000/- per month
  • Full reimbursement on RTGS / NEFT Fund Transfer
  • Nomination facility available

SB Plus Savings Account

SB Plus Savings Account is for the dynamic customer. Here are the main features of this account -

  • No charges for up to 40 cheque leaflets once in every 6 months
  • No charges for one monthly account statement in lieu of passbook. The statement must be collected form the bank.
  • Rupay Platinum debit card available
  • No charges for daily cash withdrawals up to Rs. 1,00,000/- through ATMs.
  • No charges for daily POS transactions up to Rs. 1,00,000/-
  • No charges for Internet banking
  • No charges for Mobile banking and Mobile alerts
  • No charges for E-mail alerts
  • No charges for monthly Demand Draft limit of Rs. 10,000/-
  • RTGS / NEFT facility available
  • 25% rebate on collection charges for outstation checks.

Fed Power +

Features of the Fed Power + account are -

  • No charges for up to 40 cheque leaflets once in every 6 months
  • No charges for one monthly account statement in lieu of passbook. The statement must be collected form the bank.
  • RuPay Platinum debit card available
  • No charges for daily cash withdrawals up to Rs. 1,00,000/- through ATMs.
  • No charges for daily POS transactions up to Rs. 1,00,000/-
  • No charges for Internet banking
  • No charges for Mobile banking and Mobile alerts
  • No charges for E-mail alerts
  • No charges for monthly Demand Draft limit of Rs. 10,000/-
  • RTGS / NEFT facility available
  • 75% rebate on collection charges for outstation checks.
  • 50% rebate on processing fee for retail loans.

Mahilamitra Account

This savings bank account is meant exclusively for women and has features to match -

  • 40 Free Cheque leaves once every 6 months
  • One free monthly account statement in lieu of pass book.
  • Visa International Gold Debit Card 
  • Daily cash withdrawals up to Rs. 1,00,000 /- through ATM at no cost
  • Daily POS transactions up to Rs. 1,00,000/-  at no cost
  • Temporary overdraft through ATM's up to Rs. 25,000/- 
  • No charges for net banking, mobile banking, mobile alerts, and email alerts.
  • Monthly Demand Draft limit of Rs. 50,000/- at no cost
  • 50% rebate on service charges for collection of out-station checks 
  • 50% rebate on Processing Fee for retail loan 
  • No charges for RTGS / Free NEFT facility
  • Two Young Champ accounts in the name of minor children

Yuvamitra Account

This account is specially for students and the features are designed to meet the needs of students pursuing higher studies -

  • Only 20 cheque leaves per year
  • Visa International Shop ‘n’ Save Debit Card MasterCard Classic available.
  • Daily cash withdrawals limit of Rs. 50,000 /- (using Shop ‘n' Save) & Rs. 50,000/- (using MasterCard Classic)
  • Daily POS transactions up to Rs. 50,000/-
  • Internet banking, mobile banking, mobile alerts, and E-mail alerts, facilities available.

Federal Bank has a few other types of savings bank accounts with more or less similar features and varying limits under each scheme.

Federal Bank Savings Account Minimum Balance

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 -

Type of Savings AccountBalance Required
FedBook Selfie Account Nil
Fed Smart Savings accountRs. 1,00,000
Federal Bank Freedom SBRs.1000
Mahilamitra savings bank accountRs. 5000

Federal Bank Savings Account Interest Rate

SlabEnd of the Day Balance Rates of Interest (p.a.)
1Less than ₹50 Lakhs3.50% - uniform rate for entire balance
2₹50 Lakh - ₹10 Cr

3.50% for amount up to ₹50 Lakh

4.00% for the remaining balance above 50 lakh

3₹10 Cr - ₹25 Cr

3.50% for amount up to and including ₹1 Lakh

6.30% for the remaining balance above ₹1 Lakh

4₹25 Cr - ₹250 Cr

3.50% for amount up to and including ₹1 Lakh

6.51% for the remaining balance above ₹1 Lakh

5₹250 Cr and above

3.50% for amount up to and including ₹1 Lakh

7.20% for the remaining balance above ₹1 Lakh

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.

How to open a Federal Bank Savings Account

There are two ways to open a Federal Bank savings account.

Online Method

  • Visit the official website of the bank and click on “Apply Online”.
  • Fill in and submit the required details.
  • You will receive an email containing the form to be filled out and a list of documents required.
  • Print and fill out the form, affix your photograph, collect the documents and submit them at the nearest branch of Federal Bank.

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 FAQS

1. What is the best interest rate on a Federal Bank saving account?

Federal Bank offers interest rates ranging from 3% to 6.5% 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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