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Savings Account

Federal Bank was known as Travancore Federal Bank when it was established initially in the year 1931. It is currently one of the leading private commercial banks in the country and has its head office in Aluva, Kerala. The bank has been at the forefront of the banking sector by offering its customers numerous financial and banking products and services. Federal Bank now has a nationwide presence with more than 1,250 branches and over 1,510 ATM networks in 24 states across the country.

Federal Bank offers a wide-range of Savings Accounts as it understands that needs of each customer are different. Smart features offered by Federal Bank are- Internet banking, electronic fund transfers, online payment etc. which makes your banking experience trouble-free & fast. Let us have a look on different types of Federal Bank savings account:
 

1. Freedom SB

  1. This savings account from Federal Bank not only acts as a normal savings bank account but also comes with a variety of features like a debit card which is acceptable across the world, paperless banking, free mobile banking, internet banking, etc.

Salient features-

  • This savings bank account can be opened and maintained with just an average monthly balance of Rs. 1000/-.
  • Free 20 cheque leaves are offered after every 6 months with this Federal Bank savings account.
  • If you have not opted for passbook, you can collect your free account statement from branch once in a month.
  • Free Life time Visa Shop n Save Debit card / Free Life time master card classic.
  • Free daily cash withdrawals. Maximum withdrawal limit for Shop n save debit card is Rs. 20,000/- & for master card classic is Rs. 30,000/-.
  • Savings with Federal Bank is preferred as you can make daily free POS transaction up to Rs. 30,000/-.
  • A savings account with Federal Bank provides bank RTGS/NEFT facility to its customers.
  • Free SMS alerts on every transaction for prompt security of your savings accounts.
  • Free Email alerts will be sent on customers email id.
  • Also you can do banking from your mobile. Federal Bank offers you free mobile banking for hassle free and fast transactions.
  • You can access you savings bank account from different channels as per your convenience like- tele banking, internet banking, mobile banking or ATM.
  •  Federal Bank offers free Internet banking for lifetime. Now it’s very easy and convenient to do personal banking from your home or office. Now no more time will be wasted in long queues. Online portal provided by federal bank is very easy to operate and very safe and secure to use.
  • You can open your Freedom SB account either online or offline.

Eligibility- Mentioned below are the Federal Bank savings account eligibility criteria to open a Freedom savings bank account:

  • Any Resident Individual
  • HUF (Hindu Undivided Family)
  • Trusts
  • Association
  • Clubs/societies
  • Foreign Nationals residing in India
    (permitted by foreign Exchange management act)
  • Others
    (permitted by RBI)
 

 

  1. FedBook Selfie: Welcome to the world of next generation digital banking. Open a Fedbook Selfie account is as easy as taking the Selfie. You just need to download an app – Fedbook on your mobile. Take a selfie using this app. Scan your Aadhaar or PAN card and upload using this app. And instantly you will get your account number.

Salient Features-

  • This facility is available on Federal Bank savings account for any resident individual who is using Android phone or Apple smart phone.
  • It’s a Zero balance saving bank account.
  • If a customer has their PAN card and Aadhaar card they are able to open their own savings accounts.
  • You just need to download the Fedbook app from Google Playstore or IOStore. Take your selfie by using this app, upload the scanned image of your PAN / Aadhaar card on this app and submit. You will be provided with a real time saving bank account. You can also select branch location of your choice.
  • After opening your account this Fedbook will be converted into your digital passbook.
  • For activation of your account you will receive an SMS for confirmation or a call from executive of Federal Bank. They will give you proper guidance for further usage and activation of your account.
  • You can also visit your branch to complete remaining formalities.
  • At the outset even before activation of your account you can remit up to Rs. 10,000/- through NEFT or cheque.
  • 24*7 contact centres would be available to help you out.
  • Federal Bank offers free lifetime Debit card.
  • Extremely safe & secure application.
  1. Young Champ: This savings bank account is exclusively for children.

Salient features:

  • Young Champ savings bank account can be open with the minimum average monthly balance of only Rs. 1,000/-.
  • If parents are also opening a Federal Bank Savings account such as a joint savings account, along with a Young Champ account for their children, requirement to maintain Average monthly balance will be waived off.
  • A debit card specially designed for children will also be issued with an ATM / POS limit of Rs. 2,500/- on daily basis for this type of savings account.
  • If making a DD up to Rs. 50,000/- for educational purpose, then there would be no Federal Bank savings account charges. This facility will be provided on monthly basis.
  • If you also open a recurring deposit account along with Young Champ account you will earn reward points. These reward points will be equivalent to 10% of your instalment amount. Maximum reward points of Rs. 1,000/- will be awarded. These reward points will be credited on annual basis. If the tenure of the RD is more than one year loyalty point will also be credited after the date of anniversary.
  • To earn the reward points minimum monthly instalment amount should be of Rs. 1,000/- for the minimum period of 12 months. All the instalments should be paid on time. The debit card should be issued on young champ account.
  • Free Internet banking facility with view only facility will be provided.
  • Free SMS alerts on every transaction for prompt security of your account.
  • Free Email alerts will be sent on customers email id.
  • Free standing instruction facility will be provided from the accounts of parents to their child’s account.
  • Free FedBook will be provided on opening young camp savings account.
  • To open young champ SB account you can visit your nearest Federal Bank branch.
  • The Federal Bank minimum balance requirements of Rs. 1,000 have to be maintained. However, this would be waived of if the savings accounts are opened with schemes listed below:
    • Mahilamitra
    • Fed Power+
    • Feb NRI Eve
    • Fed Smart
    • Fed Select
    • Fed NRI Privilege

Eligibility- Anybody whether resident or NRI whose age is below 18 years is eligible to open Young Champ savings account with Federal Bank. If the child is 10 years or more he / she can open the account on their own name and are able to operate their account independently. But if the child age is below 10 years authorised signatory will be child’s parent or guardian.

  1. Fed Excel: This saving bank account is specially made for professionals, promising entrepreneur, registered members of FICCI, JCI, & Chamber of commerce.

Salient features:

  • It is a Zero balance account.
  • Minimum initial remittance of Rs. 10,000/- is essential to open the savings account. But budding entrepreneur of age below 35 years are not liable for initial remittance clause.
  •  There are no requirements for Federal Bank savings account maintenance charges or folio charges will be charged.
  • Free Life time Visa International Gold debit card will be issued on which daily ATM/POS withdrawal limit up to Rs. 75,000/- will be provided.
  • To those who are opting for International debit card an EMV chip card will be provided with limit & charges as per the card scheme.
  • A free 20 leaves multicity cheque book can be issued half yearly.
  • Free Email alerts will be sent on customers email id.
  • Free SMS alerts on every transaction for prompt security of your savings accounts.
  • Now you can do banking from your mobile. Federal Bank offers you with free mobile banking for hassle free and fast transactions.
  • Free Internet banking for lifetime. Now it’s very easy and convenient to do personal banking from your home or office. Now no more time will be wasted in long queues. Online portal provided by federal bank is very easy to operate and very safe and secure to use.
  • Free Fedbook facility will be provided with all savings accounts.
  • Every month for demand drafts up to Rs. 2,00,000/-, no fees will be charged.
  • 100% charges will be reimbursed for NEFT/RTGS fund transfers.
  • Facility for nomination is also available.
  • You can access you savings bank account from different channels as per your convenience like- tele banking, internet banking, mobile banking or ATM.
  • You can open your Freedom SB account either online or offline.

        Eligibility- Below mentioned are eligible to open a Fed Excel saving bank account with Federal Bank:

  • A Doctor (any medicine branch)
  • An Engineer (any engineering branch)
  • CA / ICWA /ACCA / CS / CFA / CFM
  • MBA / PGDBM / PGDBA
  • Self Employed
  • Registered member of chamber of commerce / FICCI / JCI
  • Business promoters in govt approved or govt sponsored projects/ promoted start-up villages / IT villages
 

 

  1. SB Plus: It is specially intended for the dynamic customers. This Federal Bank savings account comes with lots of attractive features like- Internet banking, internationally accepted debit card, free of cost Demand drafts every month and so on.

Salient features:

  • SB plus savings bank account can be opened with an average monthly balance of Rs. 5,000/-.
  • Free 40 cheque leaves are offered after every 6 months with every Federal Bank savings accounts.
  • If you have not opted for passbook, you can collect your free account statement from branch once in a month.
  • Free Life time Visa Shop n Save Debit card / Free Life time master card classic is also offered with these savings accounts.
  • Free daily cash withdrawals. Maximum withdrawal limit for Shop n save debit card is Rs. 20,000/- & for master card classic is Rs. 30,000/-.
  • You can make daily free POS transaction up to Rs. 30,000/-.
  • RTGS/NEFT facility will be provided.
  • For issuing of Demand Draft up to Rs. 10,000/- no charges will be deducted.
  • For collection outstation cheques you will get 25% rebate on service charges.
  • Free SMS alerts on every transaction for prompt security of your account.
  • Free Email alerts will be sent on customers email id.
  • You can open your SB Plus saving bank account either online or offline.
  • You can access you saving bank account from different channels as per your convenience like- tele banking, internet banking, mobile banking or ATM.

Eligibility- Below mentioned are eligible to open a Freedom saving bank account with Federal Bank:

  • Any Resident Individual
  • HUF (Hindu Undivided Family)
  • Trusts
  • Association
  • Clubs/societies
  • Foreign Nationals residing in India
    (permitted by foreign Exchange management act)
  • Others
    (permitted by RBI)
 
  1. Mahilamitra: This Federal Bank women’s savings bank account is exclusively designed for Women. Mahilamitra SB account comes with variety of attractive features.

Salient features:

  • Mahilamitra saving bank account can be open with the average monthly balance of Rs. 5,000/-.
  • Free 40 cheque leaves every 6 month is granted with this Federal Bank saving account.
  • If you have not opted for passbook, you can collect your free account statement from branch once in a month.
  • Free Life time Visa International Gold Debit Card.
  • Free daily ATM cash withdrawals up to Rs. 75,000/-.
  • You can make daily free POS transaction up to Rs. 75,000/-.
  • A temporary overdraft facility of Rs. 25,000/- will be provided through ATM.
  • RTGS/NEFT facility will be provided.
  • For issuing Demand Drafts up to Rs. 50,000/- no charges will be deducted.
  • For all the retail loan rebate of 50% will be provided on Administration fee/processing fee.
  • For collection outstation cheques you will get 50% rebate on service charges.
  • Free SMS alerts on every transaction for prompt security of your savings accounts.
  • Free Email alerts.
  • Federal bank offers you with free mobile banking for hassle free and fast transactions.
  • Free Internet banking for lifetime.
  • You can open your Mahilamitra saving bank account either online or offline.
  • You can access you saving bank account from different channels as per your convenience like- tele banking, internet banking, mobile banking or ATM.
  • Two young Champs account can be opened in the name of your minor children without any AQB prerequisite.

Eligibility- Any Resident women who is 18 years or more is eligible to open Mahilamitra SB account.

  1. Yuvamitra: This account is designed especially for the need of students.

Salient features:

  • A Zero balance account.
  • Free 20 cheque leaves every year.
  • Free Life time Visa Shop n Save Debit card / Free Life time master card classic.
  • Free daily cash withdrawals. Maximum withdrawal limit for Shop n Save debit card is Rs. 20,000/- and for Master Card Classic, it is Rs. 30,000/-.
  • You can make daily free POS transaction up to Rs. 30,000/-.
  • Free SMS alerts.
  • Free Email alerts.
  • Federal bank offers you with free mobile banking for hassle free and fast transactions.
  • You can access you saving bank account from different channels as per your convenience like - tele banking, internet banking, mobile banking or ATM.
  • Free Internet banking for lifetime.
  • You can open your Freedom SB account either online or offline.

Eligibility- Any student ahead of matriculation level is eligible to open this account.

  1. Fed Smart: This accounts comes with all the features of new age banking.

Salient features:

  • This savings bank account can be opened by maintaining just the average monthly balance of Rs. 1,00,000/-.
  • Free 60 multicity cheque leaves every 6 month.
  • Free monthly account statement at your doorstep.
  • Free Life time Visa International Gold Debit card.
  • Free daily ATM cash withdrawals up to Rs. 75,000/-.
  • You can make daily free POS transaction up to Rs. 75,000/-.
  • Temporary overdraft facility of Rs. 25,000/- will be provided through ATM.
  • RTGS / NEFT facility will be provided free of cost.
  • Free SMS alerts on every transaction.
  • Free email alerts
  • Federal bank offers you with free mobile banking for hassle free and fast transactions.
  • You can access you saving bank account from different channels as per your convenience like - tele banking, internet banking, mobile banking or ATM.
  • Free Internet banking for lifetime.
  • No charges for collecting outstation cheques.
  • You can open your Fed Smart SB account either online or offline.
  • For all the retail loan rebate of 50% will be provided on Administration fee/processing fee.
  • Above free limit no account maintenance charges will be deducted.

Eligibility- Below mentioned are eligible to open a Freedom saving bank account with Federal Bank:

  • Any Resident Individual
  • HUF (Hindu Undivided Family)
  • Trusts
  • Association
  • Clubs/societies
  • Foreign Nationals residing in India
    (permitted by foreign Exchange management act)
  • Others
    (permitted by RBI)
 

 

  1. Basic Savings Bank Deposit Account: This is basic Federal Bank savings account to suffice for your banking needs.

Salient features:

  • A Zero Balance account.
  • Free 20 leaves cheque book every year.
  • If you have not opted for passbook, you can collect your free account statement from branch once in a month.
  • ATM Card.
  • Four withdrawals per month is allowed.
  • You can view your account through internet banking portal.
  • No charges for Aadhar based subsidy credit or government benefits
  • After opening this account customer will not be able to open other SB accounts with Federal bank, if already opened it need to be closed within 30 days from opening of BSBD account.

Eligibility: Any resident (joint or individual) who is 18 yrs or more can open and operate this account. In case of minor they can open their account jointly with guardian or parent and should be operated by their guardian or parent only.

  1. FISA: This account is exclusively designed for Association, clubs, trust, committees, and also governing bodies which are not into business, trading or are providing services for profit making.

Salient features:

  • This account can be opened with the average monthly balance of Rs. 5,000/-.
  • Free 40 leaves multicity chequebook every 6 month.
  • Hundred transactions are free on quarterly basis.
  • No charges will be deducted on receipt of donation from Federal bank account holder.
  • RTGS/NEFT facility will be provided.
  • For issuing of Demand Draft up to Rs. 20,000/- no charges will be deducted.
  • For collection of outstation cheques you will get 50% rebate on service charges.
  • Bank will issue a free certified certificated for audit purpose.
  • If you are running a school or college Fee collection facility will be provided.
  • Free Email alerts.
  • Federal bank offers you free mobile banking for hassle free and fast transactions.
  • Free Internet banking to view your account.
  • You can open savings bank account either online or offline.
  • You can access you saving bank account from different channels as per your convenience like - tele banking, internet banking, mobile banking or ATM.

Eligibility: Any Association, clubs, trust, committees, and also governing bodies which are not into business, trading or providing services for profit making are eligible.

Interest Rates:

The bank understand the customer’s preference  and expectation for safety, liquidity and returns while choosing a bank and therefore Federal Bank remains committed to ensure that your savings with bank earns a handsome interest. Federal Bank savings account interest rate is - 4% on daily basis and an additional interest rate of 0.50% is available for deposits of senior citizens for all tenors.

Documentation for Federal Bank savings account:-

For the ease of the customers, the bank has provided a list of all documents that will be required at the time of opening a Federal Bank savings account. The originals of all the documents listed below with self-attested photocopies of the same must be produced for bank verification. The original documents can be taken back while the certified copies are kept for bank records.

  • KYC Documents (identity proof and address proof) - Passport, Driving license, Voters ID, Aadhaar card, Job card of state govt, PAN card.
  • Electricity bill / telephone bill
  • Bank account statement
  • Letter from any recognised public authority
  • Rent agreement indicating the address of the customer accordingly registered with state government or similar registration authority
  • Ration card
  • 2 passport size photographs.
  • In case of minor DOB proof & photographs of child is required.

Apply for Federal Bank savings accounts:

  • Applying online for savings accounts:

The bank facilitates simple procedures for opening savings accounts by providing the online avenue of applying for Federal Bank savings account online .The process is simple -

Visit the PaisaBazaar website and check your eligibility using the eligibility calculator tool. Enter a few personal details and you will be redirected to a different page. You can then select a suitable savings account of Federal Bank according to your requirements. The concerned bank official may then contact you to proceed further.  

Applying via branch:

If you are not comfortable applying online or for some reason you do not feel satisfied with the online procedure of opening savings accounts, you can always visit the nearest Federal Bank branch and apply for the same. The banks designated officer will guide you through all the steps to open a savings account with Federal Bank. You can also seek their guidance in case of any further inquiries or complaints.