Federal Bank Savings Account – Interest Rates, Types & Benefits

Note: The interest rates will be calculated at the end of the day based on the balance in the Savings Bank Account (Resident/ ONR/NRE). The interests will credited to the savings bank accounts at a quarterly frequency.

How to Open a Federal Bank Savings Account

With the option of online submission, it is now easier to open a Savings Account with the bank. Customers have to follow a few simple steps to begin saving through the various Savings Accounts offered by the bank.

• To open a savings account online, the customer has to click on 'Open an Account' option at the bank website. He/she will then have to select the type of customer, i.e., personal banking customer, NRI banking customer, or business banking customer.
• The next step is updating the full name, email ID, and mobile number of the customer on the online form and submit it.
• The customer will receive an email with the Account Opening Form (AOF) and a checklist of the documents that will have to be submitted.
• The customer is required to take a printout of the application form and submit it along with all the KYC documents and photograph at his/her nearest bank branch.
• The customer will be provided with the account opening Ready Kit at the bank branch.

In case the customer is looking to open an account through the offline mode, he/she will have to proceed in the following manner:

• Download the Account Opening Form and fill it up manually.
• This form will have to be submitted along with the KYC documents and photograph at the nearest bank branch.
• The customer will receive a mail with the Welcome Kit, debit card, and FedNet PIN at his/her residential address.

Types of Federal Bank Savings Accounts

1. Young Champ Savings Account: This account, targeted at children, inculcates a habit of saving and comes with several perks. Some of the key features of the account are as follows:

1. Account holders will receive a waiver towards educational purposes of up to Rs.50,000 per month on DD charges.

1. Other benefits include rewards points for new recurring deposits that are opened with this account.

1. The minimum opening deposit is very low.

1. The debit card is specially designed with POS and ATM limit of Rs.2,500 each.

1. Other free facilities include internet banking (view only option), mobile alerts, email alerts, and FedBook.

2. SB Plus Savings Account: This account is specifically designed for the dynamic customer. Some of its key features include:

1. 40 cheque leaves are available free of cost every 6 months.

1. If the customer has not opted for a passbook, he/she can collect one monthly account statement free of cost from the bank branch.

1. The customer receives a Rupay Platinum debit card.

1. Free cash withdrawals are allowed on a daily basis up to Rs.1 lakh through ATMs.

1. Customers are allowed free daily POS transactions up to the limit of Rs.1 lakh.

1. Other fee facilities include internet banking, mobile banking, and email alerts.

3. Yuvamitra Savings Account: Designed as a Savings Account for students, the Yuvamitra Savings Account comes with several benefits such as:

1. 20 cheque leaves are available free of cost every year.

1. The customer receives a Visa International Shop 'n' Save debit card or a MasterCard Classic debit card.

1. Free cash withdrawals are allowed on a daily basis up to Rs.50,000 through ATMs.

1. Customers are allowed free daily POS transactions up to the limit of Rs.50,000.

1. Other fee facilities include internet banking, mobile banking, and email alerts.

4. Basic Savings Bank Deposit Account (BSBDA): This offering from Federal Bank is designed for those who wish to maintain a zero balance account and avail of basic banking services. The key features of the account include:

1. 20 cheque leaves are available free of cost each financial year.

1. There are no minimum balance requirements.

1. The customer receives an ATM card.

1. Account view facility is available on Fednet, i.e., internet banking.

1. The customer is allowed to make 4 withdrawals per month through ATM, branch, or cheque clearing.

5. FedSmart Savings Account: With the FedSmart savings account, the customer receives a range of services such as:

1. 60 "Anywhere" cheque leaves are available free of cost every 6 months.

1. The customer can receive monthly account statements free of cost through post.

1. Daily email statements are sent free of cost to the inbox of the customer.

1. The customer receives a Visa International Gold debit card.

1. Free cash withdrawals are allowed on a daily basis up to Rs.1 lakh through ATMs.

1. Customers are allowed free daily POS transactions up to the limit of Rs.1 lakh.

1. Other fee facilities include internet banking, mobile banking, and email alerts.

6. Mahilamitra Savings Account: A Savings Account specially for women, this account is endowed with special features such as:

1. 40 cheque leaves are available free of cost every 6 months.

1. The customer can receive one monthly account statement free of cost from the bank branch if he/she has not opted for a passbook.

1. The free monthly demand draft limit is Rs.50,000.

1. The customer receives a Visa International Gold debit card.

1. Free cash withdrawals are allowed on a daily basis up to Rs.1 lakh through ATMs.

1. Customers are allowed free daily POS transactions up to the limit of Rs.1 lakh.

1. Other fee facilities include internet banking, mobile banking, and email alerts.

7. Fed Excel Savings Account: This savings account provides working professionals and entrepreneurs with a host of features such as:

1. 20 cheque leaves are available free of cost every 6 months.

1. The free monthly demand draft limit is Rs.2 lakh.

1. The customer receives a Visa International Gold debit card.

1. Free cash withdrawals are allowed on a daily basis up to Rs.1 lakh through ATMs.

1. Customers are allowed free daily POS transactions up to the limit of Rs.1 lakh.

1. Other fee facilities include internet banking, mobile banking, and email alerts.

8. FedBook Selfie Zero Balance Account: An innovation in Savings Accounts, this zero balance account can be opened from a smartphone, by downloading the FedBook app and taking a selfie. After that simply upload the selfie and scanned copies of Aadhaar and PAN cards to begin saving. Some of the significant features of the account are as follows:

1. The account opening process is quick and hassle-free.

1. The account number is generated instantly.

1. The app is highly secure and it performs online validation of the KYC documents.

1. Free email alerts and email account statements are offered under this savings account.

1. Internet banking, Fedbook, and Fedmobile are available free of cost.

9. Bespoke Savings Account: The Bespoke Savings Account offers several exciting features such as the ones highlighted below:

1. Interest rate can go up to 6.50% when the account balance is more than Rs.3 lakh.

1. 20 cheque leaves are available free of cost every quarter.

1. The customer receives a Rupay Platinum debit card.

1. Free cash withdrawals are allowed on a daily basis up to Rs.1 lakh through ATMs.

1. Customers are allowed free daily POS transactions up to the limit of Rs.1 lakh.

1. Other fee facilities include internet banking, mobile banking, and email alerts.

10. Fed Power+ Savings Account: This account offers a host of features to the customer such as:

1. 40 cheque leaves are available free of cost every 6 months.

1. If the customer has not opted for a passbook, he/she can collect one monthly account statement free of cost from the bank branch.

1. The customer receives a Rupay Platinum debit card with access to facilities such as lifestyle privileges and airport lounge access.

1. Free cash withdrawals are allowed on a daily basis up to Rs.1 lakh through ATMs.

1. Customers are allowed free daily POS transactions up to the limit of Rs.1 lakh.

1. Other fee facilities include internet banking, mobile banking, and email alerts.

11. HRENI: Some of the main features of the account are mentioned below:

1. The account can be opened by rendering or trading professional services, NGOs, Housing Cooperative Societies, Societies, Clubs, Associations, and Trusts.

1. NEFT is available at no additional cost.

1. No charges are levied for cash withdrawal.

1. Free email alerts, mobile alerts, mobile banking, and internet banking.

12. Club Savings Account: The main features of the account are mentioned below:

1. The account is available at Metro branches.

1. Free mobile banking.

1. Free internet banking.

1. Free email alerts.

1. A RuPay Platinum Debit Card is provided.

13. Delite Savings Account: The main features of the account are mentioned below:

1. The account is available only at Urban and Semi-Urban branches.

1. Free email alerts.

1. Free mobile alerts.

1. Master Crown Debit Card is provided.

1. 20 cheque leaves are provided every half year at no additional cost.

14. Pride Savings Account: The main features of the account are mentioned below:

1. The account is available only at Rural branches.

1. Free mobile alerts.

1. Free mobile banking.

1. Free internet banking.

1. A Master Crown Debit Card is provided.

Minimum Balance Requirements for Federal Bank Savings Accounts:

Every account usually has different minimum balance requirements based on certain factors. Given below are the Average Monthly Balance requirements:

Eligibility for Federal Bank Savings Accounts:

Hindu Undivided Families and Indian citizens can apply for Federal Bank Savings accounts, unless specified. The list below details the eligibility criteria for most savings accounts:

1. Individuals above 18 years (either single or joint accounts)
2. Minors (through a guardian or parent)
3. Clubs, associations, societies, trusts.

Documentation Required for Federal Bank Savings Accounts:

The below documents are required when opening a Federal Bank Savings Account:

1. 2 passport sized photographs
2. In case of nominations, Form DA-1.
3. Permanent Account Number (PAN) card, or Form 60, in case applicant does not possess a PAN card.
4. KYC Documents for proof of identity and proof of address, as listed in the Account Opening Form:
   1. Proof of identity-
      1. Passport
      2. Valid Driver's License
      3. Aadhaar Card
      4. PAN Card
      5. NREGA job card, signed by a Government official
   2. Proof of address:
      1. Aadhaar Card
      2. Voter's ID card
      3. Valid driving license
      4. Passport
      5. NREGA job card, signed by a Government official

For joint account holders, both the applicants would be required to furnish the above mentioned set of documents.

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.