Founded by Mr. Kulangara Paulo Hormis as Travancore Federal Bank, Federal Bank was christened in the year 1947. With headquarters on the banks of river Periyar, in Aluva, Kerala, Federal now boasts of more than 2000 branches and ATM centres across India.
Federal Bank is a major Indian commercial bank in the private sector with its target customer band being SME, retail and NRI categories. Federal Bank’s paramount aim of customer satisfaction led it to become the pioneers in various banking arenas in India over the last few decades.
Federal Bank has many feathers in its cap, including being the first to bring in various innovative services to the Indian banking industry. To name a few, electronic telephone bill payment, e-shopping payment gateway, implementing express remittance facility from abroad, RTGS facilities in all bank branches, providing customers with virtual accounting system, IMPS facility, etc. Federal Bank also claims being the first to offer its clients a mobile-based electronic passbook, colloquially known as the FedBook.
About Federal Bank’s Fixed Deposit
Federal Bank’s fixed deposit scheme is called the ‘Federal Fixed Deposit Scheme’.
For depositors looking for a healthy combination of safety, liquidity and returns, Federal Fixed Deposit Scheme is the perfect solution. Federal Bank’s fixed deposit account is the best place to invest your savings as well as your surplus. With an assurance of satisfactory profit, Federal Fixed Deposit Scheme is the right place to invest your hard earned money and be stress free about the safety and returns on your vested assets. Federal Bank’s fixed deposit account promises its depositors with periodical income through regularly accrued interest.
Features of the Federal Fixed Deposit Scheme
Following are the key features of the Federal Fixed Deposit Scheme which insure your investments are invested in the right place:
- Flexible deposit durations suit various depositor preferences
- High rate of return on investment
- Interest and principal credited to the depositor’s account at regular intervals
- Nomination facility available
- Automatic renewals of fixed deposit accounts
Payout Options for Federal Fixed Deposit Schemes
A depositor holding a fixed deposit account with Federal Bank can opt for the following payout options-
- Half yearly
Eligibility for Opening an Account under the Federal Fixed Deposit Scheme
Following are the entities that are eligible to open an account under the Federal Fixed Deposit Scheme-
- Guardians on behalf of minor individuals
- Sole proprietors
- Joint stock companies
- Hindu undivided families
What Is the Minimum / Maximum Amount Required to Open a Fixed Deposit Account with Federal Bank?
The minimum amount required to open an account under the Federal Fixed Deposit Scheme is Rs.1,000. There is no maximum cap on the amount a depositor can invest in a fixed deposit account with Federal Bank.
What Is the Minimum / Maximum Duration of a Fixed Deposit Account with Federal Bank?
The minimum duration for a fixed deposit account with Federal Bank is 7 days and the maximum duration that a depositor can invest in a fixed deposit account with Federal Bank is 10 years.
Rates of Interest Offered on the Federal Fixed Deposit Scheme
Federal Bank’s fixed deposit scheme, Federal Fixed Deposit offers its customers high returns on the investments with assured safety of their vested assets. Federal Fixed Deposit Scheme provides rates of interest in the range of 5.00%-8.75%.
What Is the Procedure for Opening a Fixed Deposit Account with Federal Bank?
In order to open a fixed deposit account under the Federal Fixed Deposit Scheme, a customer can download the application form from the BankBazaar website. Upon completion of filling of the form, it can be submitted with all the required supporting documents.
Are Loans Provided Against a Fixed Deposit Account with Federal Bank?
Yes, Federal Fixed Deposit Scheme offers its customers with an overdraft facility of up to 90% of the amount they have deposit into a Federal Bank fixed deposit account.
What Are the Benefits Offered to Senior Citizens under the Federal Fixed Deposit Scheme?
Senior citizens are provided with an added 0.50% on the existing standard rack rates of interest.