Federal Bank Freedom Current Account
Federal Bank is one of India's major commercial banks. Originally founded as the Travancore Federal Bank in the 1930s, the bank only started to become a nationwide financial institution towards the 1940s. Federal Bank now has branches spread all across the country and is listed on the NSE, BSE, and London Stock Exchange.
The bank has expanded the scope of its operations exponentially and offers its customers a wider 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 where the account holder can withdraw and deposit funds to their account at any time, providing the account holder with high liquidity. The limits set for these transactions are significantly higher than those set for regular savings accounts. A current account is usually held by firms, businesses, and retailers among others.
Federal Bank has a variety of current account for customers to choose from. Each of these accounts have features and benefits that have been developed keeping in mind the specific needs and requirements of the account holder. One of the current accounts offered by Federal Bank is the Freedom Current Account.
Features and benefits
The following are the features and benefits of the Freedom Current Account offered by Federal Bank:
- The Freedom Current Account requires the account holder to maintain a monthly average balance of Rs.5,000. The bank levies a penalty of Rs.200 for non-maintenance of the monthly average balance.
- Account holders can withdraw up to 15 times the amount of their minimum average balance of the previous month.
- Federal Bank charges nominal rates for the Payable-at-par cheque books issued to the Freedom Current Account holders.
- Account holders receive a free email statement of their account on a monthly basis.
- Federal Bank Freedom Current Account holders have the benefit of carrying out their transactions using the bank's internet banking and mobile banking facilities.
- Account holders receive free email alerts for transactions carried out against their account.
- Federal Bank Freedom Current Account holders receive a Visa Fast Biz Silver debit card on opening their account. The card comes with a cash withdrawal limit of Rs.50,000.
- Retail loans availed by account holders do not attract any documentation charges if the loan amount is less than Rs.2 lakh.
Eligibility Criteria
To open a Freedom Current Account with Federal Bank, the applicant should fall under one of the following categories:
- Individuals
- Proprietary concerns
- Joint stock companies
- Firms
- Other Business entities
Federal Bank's goal is to be the nation's most admired bank. The bank plans to achieve this goal by providing products and services that exceed customer expectations. The digitally enabled services of the bank and its focus on market enterprises of all sizes makes it ideal for individuals looking to open a current account.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
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