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  • Federal Savings Fund

    FEDERAL BANK RECURRING DEPOSIT
     5.0 / 5.0   by 5 users
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    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Federal Savings Fund is a type of recurring deposit scheme that helps people save a certain sum of money every month and earn interest on the same. People can choose to deposit money in the account for a maximum of 10 years.

    Eligibility Criteria:

    • Individuals are eligible to open this account.
    • In case of minors, the parents/guardians can open the account.
    • HUF, proprietorship, associations, clubs, firms, joint stock companies and any other entity that is not forbidden by the RBI can open this account.

    Features of Federal Savings Fund:

    • The minimum amount of deposit for Federal Savings Fund is Rs.50. The additional contributions have to be made in multiples of Rs.10.
    • The minimum tenure for which people can deposit money in this account is 6 months and the maximum tenure is 10 years.
    • People can choose to open a joint account.
    • This scheme does not have a limit on the maximum deposit amount.
    • Depositors can choose to activate the Standing Instruction facility for this scheme. It will allow the installment amount to be transferred automatically from your savings account to this account by the due date.
    • The interest that depositors earn will be paid to them on maturity of the account.
    • Depositors can choose to avail a loan against this recurring deposit account.

    Interest Rates for Federal Savings Fund Scheme:

    Tenure Rates
    6 months - below 1 year 7% p.a.
    1 year - 3 years 7.5% p.a.
    Over 3 years 7.25% p.a.

    Additional 0.5% interest rate is offered by the scheme to senior citizens.

    The rates may be changed at any time at the bank’s discretion.

    Fees and Charges:

    Type Amount
    Delay in installments (if it is not paid by the due date and 10 days grace period) Rs.1 for each Rs.100 per month (subjected to a minimum of Rs.10)
    Premature account closure (if you close your RD account within 1 year) Rs.150

    The fees and charges may be changed at any time at the bank’s discretion.

    Application Process for Federal Savings Fund Account:

    Customers can choose to open a Federal Savings Fund Deposit account online and offline. To apply for this account online, they need to have a FedNet- Internet Banking Account. If they do not have the interest banking service activated for their account, then they have to visit the bank’s branch and apply in person.

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    Federal Savings Fund Reviews

  • Page 1 of 1
    • Federal Bank Recurring Deposit
      "Good for investment purposes"
      FEDERAL BANK
      0.5 5.0/5 "Blown Away!"
      I have a Recurring Deposit with Federal Bank. Since my salary account was with them, the customer service and responsiveness is very good. They offer preferential rates for women. Their online banking is user friendly. The tenure is for 10 years and I pay around Rs.5000 monthly.
      Was this review helpful? 5
      , new delhi
      Reviewed on Mar 28, 2016
    • Federal Bank Recurring Deposit
      "Highly Recommendable"
      FEDERAL BANK
      0.5 5.0/5 "Blown Away!"
      I took the recurring deposit by visiting the federal bank directly. The response was good for the application . I took the plan for 10 year we can withdraw the money any time without any charges. There is no activation fee. The minim amount to activate the deposit is Rs.500.
      Was this review helpful? 2
      , bangalore
      Reviewed on Feb 11, 2016
    • Federal Bank Recurring Deposit
      "Best"
      FEDERAL BANK
      0.5 5.0/5 "Blown Away!"
      I am having the recurring deposit with federal bank of india.The rate of interest as 6%.The minimum locking period is one year.The services are really made me happy.The customer service and the responsiveness are really best.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Jun 27, 2015
    • Federal Bank Recurring Deposit
      "Good "
      FEDERAL BANK
      0.5 4.0/5 "Great!"
      Federal bank Recurring Deposit is good. Manager is my friend because of which I have opened this deposit. I do have on-line access for this account. This account was opened at the Branch and all submitted was 2 photos, id and address proof. They took hardly 2 days of time to open this account.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Feb 13, 2015
    • Federal Bank Recurring Deposit
      "MILLIONAIR IN JUST 10 YEAR"
      FEDERAL BANK
      0.5 5.0/5 "Blown Away!"
      THIS SCHEME IS OUTSTANDING THEY HAVE LAUNCHED MILLIONAIR IN JUST 10 YEAR 5250 FOR 10 YEARS AND YOU WILL GET 1 MILLION RS WOW THIS IS PROMISED SCHEME AND I SHOULD SAY ALL SHOULD HAVE TAKE THIS BENEFIT OF RD THIS RD WILL GIVE YOU MUCH AMOUNT OF RS IN JUST SHORT TIME
      Was this review helpful? 1
      , rajkot
      Reviewed on Dec 02, 2014
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