Federal Bank is one of India’s major commercial banks. It was incorporated as the Travancore Federal Bank Limited in Kerala in 1931. The name of the bank had been changed to Federal Bank in 1949. Since its establishment, the bank has grown at a noticeable pace and now has branches in almost every state in the country and has been listed in the London Stock Exchange, BSE, and NSE.
The vision of the bank is to become the ‘Most Admired Bank’ and to do so through digitally enabled services that are focused on Medium, Micro, and Middle market enterprises. One of the ways that the bank has plans to achieve this vision is by offering its customers a wide range of financial products and services.
One of the products that Federal Bank offers its customers is the current account. A current account is a type of bank account that provides account holders with high liquidity. Account holders are given high limits on the number of withdrawals and deposits made to the account in a single day. These accounts are often held by individuals who run businesses.
Federal Bank has a wide range of current accounts that it offers its customers. Each of these accounts varies based on the requirements of the prospective account holder. One of these accounts is the Current Plus Account.
Features and benefits
The following are the features and benefits of the Federal Bank Current Plus Account:
- The average monthly balance to be maintained in this account is Rs.10,000. Account holders are charged a penalty fee of Rs.200 for non-maintenance of the average monthly balance.
- Account holders receive 20 free cheque leaves from the bank every month.
- The bank provides its Current Plus Account holders with free monthly email statements for transactions against their account.
- Account holders can use the bank’s internet banking and mobile banking facilities to carry out their business transactions.
- The bank issues account holders with 1 free Demand Draft every month.
- Account holders can use the bank’s NEFT and RTGS facilities to carry out their business transactions.
- The bank provides account holders with the benefit of availing a 25% discount on the service charges for the bank’s outstation cheque collection facility.
- Current Plus account holders receive free email alerts from the bank.
- Account holders receive a Visa Fast Biz Silver debit card on opening their account. The bank permits account holders to make cash withdrawals up to Rs.50,000 and e-commerce transactions up to Rs.50,000.
To be eligible to open the Current Plus account, applicants should fall under one of the following categories:
- Sole proprietary concerns
- Joint stock companies
- Other business entities
The Current Plus Account offered by Federal Bank gives account holders the privilege of keeping their focus entirely on the growth and development of their business without the added stress of banking.
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