Federal Bank Fed Trade 50 Current Account
The history of Federal Bank's banking transactions dates all the way back to the pre-independence era. The bank paved the way for technological advances made in the banking industry for other traditional banks. The aim of the bank is to exceed the expectations of their customers and stakeholders alike and to become the country's 'Most Admired Bank'.
Since one of Federal Bank's goals is to exceed customer expectations, the bank has diversified the number of financial products and services that it offers. One of these products is the current account. A current account is a type of bank account that offers the account holder high liquidity. The limits set on the amount and number of withdrawal and deposit transactions are significantly higher than other deposits.
The current account offered by Federal Bank comes in a number of variants. Each of these has been designed by anticipating the requirements of the customer in question. One of these is the Fed Trade 50 Current Account.
Features and benefits
The following are the features and benefits of the Fed Trade 50 Current Account offered by Federal Bank:
- Fed Trade 50 Current Account holders are expected to maintain an average monthly balance of Rs.50,000.
- Non-maintenance of the monthly average balance attracts a fee of Rs.175 per month.
- The bank provides account holders with 20 free cheque leaves every month.
- Fed Trade 50 Current Account holders are entitled to receive 5 free Demand Drafts each day.
- The bank provides its internet banking, mobile banking, and SMS banking services to the Fed Trade 50 Current Account holders free of charge.
- Federal Bank provides its Fed Trade 50 Current Account holders with a 50% concession on the collection of outstation cheques.
- Additionally, the bank issues free monthly account statements, mobile alerts, and email alerts free of charge.
- Account holders receive a Visa Fast Biz Silver debit card on opening their account. The card comes with a Rs.50,000 withdrawal limit.
Eligibility criteria
To be eligible to open a Fed Trade 50 Current Account with Federal Bank, the applicant should fall under one of the following categories:
- Firms
- Individuals
- Joint stock companies
- Sole proprietary concerns
- Business entity
Federal Bank Fed Trade 50 Current Account gives corporate account holders flexible and comprehensive banking solutions. It provides account holders with exclusive benefits and features, and the option of banking through a variety of channels.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
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