Federal Bank Fed Vanijya Plus Current Account
Federal Bank is one of India's major private sector banks. The history of the bank pre-dates the country's independence. It was originally called the Travancore Federal Bank Limited but was renamed as Federal Bank Limited post independence.
The bank's vision is to become the nation's 'Most Admired Bank' by exceeding the expectations of their customers. The bank has branches spread across 25 states and has been listed in the NSE, BSE, and the London Stock Exchange.
The bank has expanded the scope of the products and services that it offers its customers. One of these is the current account. A current account is a type of bank account that provides account holders with high liquidity. The account permits account holders to make unlimited withdrawals from their account and has higher limits on the number of deposits that can be made towards the account on a daily basis. These accounts are often used by individuals who run businesses and require a regular flow of cash.
Federal Bank offers customers a number of variants of the current account. One variant of the current account is the Fed Vanijya Plus Current Account.
Features and benefits
The following are the features and benefits of the Fed Vanijya Plus Current Account:
- Account holders are required to maintain a monthly average balance of Rs.10 lakh. Non-maintenance of the monthly average balance attracts a penalty fee of Rs.75 per month.
- The bank issues account holders with free unlimited cheque leaves for their transactions.
- Federal Bank provides account holders with free monthly statements through email.
- The bank also provides its Fed Vanijya Plus Current Account holders with its internet banking and mobile banking facilities free of charge.
- Account holders can transfer funds using the bank's NEFT and RTGS facilities.
- The bank provides Fed Vanijya Plus Current Account holders with free unlimited demand drafts.
- Account holders have the benefit of availing a 50% waiver on the processing fees for all of the retail loan products offered by the bank.
- The bank provides Fed Vanijya Plus Current Account holders with a Visa Fast Biz Platinum debit card on opening their account. The account comes with a cash withdrawal limit of Rs.2 lakh and a Rs.3 lakh limit for E-commerce transactions.
Eligibility Criteria
To be eligible to open a current account with Federal Bank, applicants should fall under one of the following categories:
- Individual
- Sole proprietor
- Joint stock company
- Business entity
- Firm
Federal Bank provides account holders with all the facilities that they require to run a successful business. The Fed Vanijya Plus Current Account is one such account that meets these needs.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
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