Federal Bank is one of the major commercial banks in India with a mission of efficiently serving the interests of its stakeholders, customers, and employees. It offers customers a wide variety of services including online banking, mutual fund and insurance products and aims to be a financial supermarket of sorts.
Federal Bank offers its customers is the range of savings accounts. One of these savings account includes the FedClassic Premium Savings Account. The account is best suited for individuals whose annual salary above Rs.6 lakh.
Features and benefits
- To be eligible to open a FedClassic account, the applicant should be a salaried individual with a net monthly salary of Rs.50,000 and above.
- The interest rates for accounts with an ‘End of the Day Balance’ of Rs.50 lakh or less is 3.50% p.a.
- The account does not have a minimum balance requirement.
- FedClassic Premium account holders are entitled to access at select airport lounges and many other lifestyle privileges.
- Account holders receive a RuPay Platinum debit card that can be used at ATMs all across the country.
- During the first year, the charges levied for opening the account, annual maintenance charges, and Demat Account and Trading Account charges are waived.
- Account holders are eligible to receive a 25% discount on locker rentals. However, this is based on the availability of the locker.
- One of the notable features of this account is the availability of the salary overdraft facility for unplanned expenditure. The overdraft facility allows customers to use up to 80% of their monthly salary. The overdraft facility, however, is limited to a maximum amount of Rs.1 lakh.
- Internet banking, mobile banking, and alerts sent by the bank are all services that are provided free of charge.
- Holding a FedClassic Premium account enables customers to transfer loans from other banks seamlessly through the bank’s balance transfer scheme.
- The account holder’s family members have the privilege of opening a zero balance account through the bank’s Free Family Account.
- Federal Bank’s credit cards are co-branded with the State Bank of India (SBI) and can be used for purchases internationally.
- Account holders also have the benefit of availing personal loans, car loans, and home loans at attractive interest rates.
- Some of the other benefits of the FedClassic account include cash pick up facility, cheque collection, and doorstep banking.
The following documents are required for opening a FedClassic Savings Account:
Proof of Identity
- Documents such as driving licence, voter’s ID, passport, along with the PAN Card can be submitted as proof of identification. Additionally, the applicant should also submit a letter of confirmation from their employer, and a letter verifying proof of identity and residential address from a public officer or public authority.
Proof of address
- The applicant’s voter’s ID, driving licence, Aadhaar card, telephone bill, electricity bill, passport, and bank statement can be submitted as proof of address.
- Apart from the above-mentioned documents, the applicant should also submit two passport size photographs.
Once the account has been opened, the account holder can access his/her FedClassic account through the bank’s internet banking, mobile banking, telebanking, and ATM services.