Federal Bank is one of India’s major commercial banks that was established in the 1930s. The bank has grown at an accelerated pace since then and has made several technological advances in its banking services. Federal Bank has a wide range of financial products that it offers its customers and one of them is the current account.
A current account is a type of bank account that provides account holders with high liquidity. The account has comparatively higher limits on deposits and withdrawals made against the account. A current account is most often used by individuals who run businesses.
Federal Bank has a number of current accounts that it offers and each of them has been developed keeping in mind the specific needs of their customers. One of the many current accounts that the bank offers is the Fed Vanijya Current Account.
Features and benefits
The following are the features and benefits of Federal Bank’s Fed Vanijya Current Account:
- The monthly average balance to be maintained in a Fed Vanijya Current Account is Rs.5 lakh. Non-maintenance of the minimum monthly balance results in a penalty fee of Rs.75 per month.
- Federal Bank issues 150 free cheque leaves per month for customers who hold the Fed Vanijya Current Account.
- The bank provides account holders with its internet banking, mobile banking, and NEFT and RTGS facilities free of charge.
- Account holders receive free monthly account statements and SMS alert facilities.
- The bank provides account holders with 25 free Demand Drafts per day.
- Account holders have the privilege of free collection of outstation cheques.
- Fed Vanijya Current Account holders who avail the bank’s retail loans receive a 50% discount on the loan processing fees.
- Account holders receive a Visa Fast Biz Platinum debit card that comes with a Rs.2 lakh withdrawal limit and a Rs.3 lakh Point of Sale (POS) and E-commerce transactions.
To be eligible to open a Fed Vanijya Current Account with Federal Bank, the applicant will have to fall under one of the following categories:
- Joint stock companies
- Sole proprietorships
The Fed Vanijya Current Account offers account holders a number of perks on opening their account. The flexible and comprehensive solutions offered by the bank give customers a convenient and efficient banking experience.
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