Federal Bank Account Open Online | Federal Bank Account Opening Form | Savings Account Interest Rates at Federal Bank | Federal Bank Account Opening Minimum Balance |
Federal Bank offers a variety of savings accounts with interest rates as high as 4.00 percent. You can start a savings account online with a variety of options. The article will provide you with details related to the Federal Bank Account Opening Process and other related topics.
Table of Contents
Savings Account Interest Rates at Federal Bank
Federal Bank’s Savings Bank (SB) Accounts have competitive interest rates. The following table shows the interest rates that will be in effect on October 1, 2020:
| Balance at the end of the day | Interest rate (per annum) |
| Below Rs.5 crore | 1.50% below RBI Repo Rate |
| Rs.5 crore and above | Up to Rs.1 lakh – 1.50% below RBI Repo Rate |
| For remaining balance above Rs.1 lakh – 0.20% below RBI Repo Rate |
The interest rates will be determined at the end of each day with the balance in the Savings Bank Account (Resident/ONR/NRE). Quarterly, the interest will be credited to the savings bank accounts.
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Federal Bank Account Opening Process
It is now easier to open a Savings Account with the bank through the online submission option. Customers must complete a few simple steps to begin saving through the bank’s various Savings Accounts.
- To start an online savings account, go to the bank’s website and click on the ‘Open an Account’ option. He or she must next choose a customer type, such as personal banking, NRI banking, or business banking.
- The next step is to update the customer’s full name, email address, and mobile number on the online form and submit it.
- The Account Opening Form (AOF) and a checklist of the documents that must be provided will be sent to the customer via email.
- The consumer must print the application form and present it to his or her nearest bank branch, along with necessary KYC documents and a photograph.
- At the bank location, the consumer will receive an account opening Ready Kit.
If the customer wants to open an account in the offline mode, he or she must complete the steps below:
- Fill out the Account Opening Form manually after downloading it.
- This form, along with the KYC documents and a photograph, must be submitted to the nearest bank branch.
- At his or her home address, the consumer will get the Welcome Kit, debit card, and FedNet PIN.
Types of Federal Bank Savings Accounts
- Young Champ Savings Account:
- This account, which is aimed at children, encourages them to save and offers a variety of benefits. The following are some of the account’s primary features:
- Account users would be eligible for a monthly DD charge remission of up to Rs.50,000 for educational reasons.
- There are also rewards points available for new recurring deposits made with this account.
- The starting deposit is really minimal.
- The debit card has a limit of Rs.2,500 for both POS and ATM transactions.
- Internet banking (view only), smartphone alerts, email alerts, and FedBook are all free services available.
- SB Plus Savings Account:
- This account is tailored to the needs of the active consumer. The following are some of its important features:
- Every six months, 40 free cheque leaves are available.
- If the consumer does not want a passbook, he or she can get a free monthly account statement at the bank branch.
- A Rupay Platinum debit card is given to the consumer.
- ATM withdrawals of up to Rs.1 lakh are allowed for free on a daily basis.
- Customers are granted up to Rs.1 lakh in free daily POS purchases.
- Internet banking, mobile banking, and email notifications are some of the other fee-based services available.
- Yuvamitra Savings Account:
- Designed specifically for students, the Yuvamitra Savings Account offers a number of advantages, including:
- Every year, 20 complimentary cheque leaves are offered.
- A Visa International Shop ‘n’ Save debit card or a MasterCard Classic debit card is given to the customer.
- ATM withdrawals of up to Rs.50,000 are allowed for free on a daily basis.
- Customers are permitted up to Rs.50,000 in free daily POS purchases.
- Internet banking, mobile banking, and email notifications are some of the other fee-based services available.
- Basic Savings Bank Deposit Account (BSBDA):
- This account is for those who want to keep their account balance at zero and take advantage of basic banking services. The following are some of the account’s primary features:
- Each financial year, 20 free cheque leaves are available.
- There are no requirements for a minimum balance.
- An ATM card is given to the consumer.
- Fednet, i.e., internet banking, has an account view feature.
- A consumer may withdraw up to four times a month through ATM, branch, or check clearing.
- This account is for those who want to keep their account balance at zero and take advantage of basic banking services. The following are some of the account’s primary features:
- FedSmart Savings Account:
- Customers who open a FedSmart savings account receive a variety of benefits, including:
- Every six months, 60 “Anywhere” cheque leaves are available for free.
- Monthly account statements can be post to the customer for no charge.
- Daily email statements are provided to the customer’s mailbox at no cost.
- A Visa International Gold debit card is given to the consumer.
- ATM withdrawals of up to Rs.1 lakh are allowed for free on a daily basis.
- Customers are granted up to Rs.1 lakh in free daily POS purchases.
- Internet banking, mobile banking, and email notifications are some of the other fee-based services available.
- Mahilamitra Savings Account (Mahilamitra):
- This savings account is designed specifically for women and includes features such as:
- Every six months, 40 free cheque leaves are available.
- If the consumer does not want a passbook, he or she can get one free monthly account statement at the bank branch.
- The maximum amount of free monthly demand draft is Rs.50,000.
- A Visa International Gold debit card is given to the consumer.
- ATM withdrawals of up to Rs.1 lakh are allowed for free on a daily basis.
- Customers are granted up to Rs.1 lakh in free daily POS purchases.
- Internet banking, mobile banking, and email notifications are some of the other fee-based services available.
- Fed Excel Savings Account:
- This savings account offers a variety of benefits to working professionals and entrepreneurs, including:
- Every six months, 20 free cheque leaves are available.
- The limit for a free monthly demand draft is Rs.2 lakh.
- A Visa International Gold debit card is given to the consumer.
- ATM withdrawals of up to Rs.1 lakh are allowed for free on a daily basis.
- Customers are granted up to Rs.1 lakh in free daily POS purchases.
- Internet banking, mobile banking, and email notifications are some of the other fee-based services available.
- FedBook Selfie Zero Balance Account:
- This zero-balance account, which can be opened from a smartphone by downloading the FedBook app and uploading a photo, is a first in the savings account industry. To begin saving, simply submit the selfie as well as scanned copies of your Aadhaar and PAN Cards. The following are some of the account’s noteworthy features:
- The account opening procedure is simple and quick.
- The account number is instantaneously generated.
- The programme is extremely safe, as it does online KYC document checking.
- This savings account provides free email alerts and account statements via email.
- Free services include internet banking, Fedbook, and Fedmobile.
- Bespoke Savings Account:
- The Bespoke Savings Account comes with a variety of fascinating features, including those listed below:
- When the account amount exceeds Rs.3 lakh, the interest rate can rise to 6.50 percent.
- Every quarter, 20 free cheque leaves are available.
- A Rupay Platinum debit card is given to the consumer.
- ATM withdrawals of up to Rs.1 lakh are allowed for free on a daily basis.
- Customers are granted up to Rs.1 lakh in free daily POS purchases.
- Internet banking, mobile banking, and email notifications are some of the other fee-based services available.
- Fed Power+ Savings Account:
- This account provides customers with a number of benefits, including:
- Every six months, 40 free cheque leaves are available.
- If the consumer does not want a passbook, he or she can get a free monthly account statement at the bank branch.
- The consumer obtains a Rupay Platinum debit card with benefits such as lifestyle benefits and access to airport lounges.
- ATM withdrawals of up to Rs.1 lakh are allowed for free on a daily basis.
- Customers are granted up to Rs.1 lakh in free daily POS purchases.
- Internet banking, mobile banking, and email notifications are some of the other fee-based services available.
- HRENI: The following are some of the account’s primary features:
- Professional services, NGOs, Housing Cooperative Societies, Societies, Clubs, Associations, and Trusts are all eligible to register an account.
- NEFT is provided at no extra charge.
- There are no fees for cash withdrawals.
- Email alerts, cellphone alerts, mobile banking, and online banking are all available for free.
- Club Savings Account:
- The following are the account’s primary features:
- The account can be opened at any Metro branch.
- Mobile banking is completely free.
- Internet banking is completely free.
- Email alerts are available for free.
- A RuPay Platinum Debit Card is included in the package.
- The following are the major characteristics of the Delite Savings Account:
- Only the Urban and Semi-Urban branches offer the account.
- Email alerts are available for free.
- Mobile alerts are completely free.
- A Master Crown Debit Card is available for use.
- Every half-year, 20 cheque leaves are delivered at no additional cost.
- Pride Savings Account:
- The following are the major characteristics of the Pride Savings Account:
- The account is only available at Rural locations.
- Mobile alerts are completely free.
- Mobile banking is completely free.
- Internet banking is completely free.
- A Master Crown Debit Card is included in the package.
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Minimum Balance Requirements for Federal Bank Account Opening
The minimum balance requirements for each account frequently vary, depending on a variety of circumstances. The following are the prerequisites for the Average Monthly Balance:
| Savings Account | Minimum average monthly balance to be maintained |
| FedBook Selfie | Nil |
| Bespoke | Rs.2 lakh |
| Young Champ | Contact the bank |
| Fed Excel | Nil |
| SB Plus | Rs.5,000 |
| Fed Power+ | Rs.25,000 |
| Mahilamitra | Rs.5,000 |
| Yuvamitra | Nil |
| FedSmart | Rs.1 lakh |
| BSBDA | Nil |
| SHRENI | Nil |
| Club Savings account | Rs.5,000 |
| Delite Saving Account | Rs.3,000 |
| Pride Savings Account | Rs.2,000 |
Eligibility for Federal Bank Account Opening
Unless otherwise stated, Hindu Undivided Families and Indian citizens are eligible to open Federal Bank Savings accounts. The following is a list of the eligibility requirements for Federal Bank Account Opening:
- Individuals over the age of 18 (either single or joint accounts)
- Minors (through a guardian or parent)
- Clubs, associations, societies, and trusts.