FedClassic Premium Savings Bank Account

1. 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.
2. The account does not have a minimum balance requirement.
3. FedClassic Premium account holders are entitled to access at selected airport lounges and many other lifestyle privileges.
4. Account holders receive a RuPay Platinum debit card that can be used at ATMs all across the country.
5. During the first year, the charges levied for opening the account, annual maintenance charges, and Demat Account and Trading Account charges are waived.
6. Account holders are eligible to receive a 25% discount on locker rentals. However, this is based on the availability of the locker.
7. One of the notable features of this account is the availability of the salary overdraft facility for unplanned expenditures. 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.
8. Internet banking, mobile banking, and alerts sent by the bank are all services that are provided free of charge.
9. Holding a FedClassic Premium account enables customers to transfer loans from other banks seamlessly through the bank's balance transfer scheme.
10. The account holder's family members have the privilege of opening a zero-balance account through the bank's Free Family Account.
11. Federal Bank's credit cards are co-branded with the State Bank of India (SBI) and can be used for purchases internationally.
12. Account holders also have the benefit of availing of personal loans, car loans, and home loans at attractive interest rates.
13. Some of the other benefits of the FedClassic account include a cash pick-up facility, cheque collection, and doorstep banking.

Documentation:

The following documents are required for opening a FedClassic Savings Account:

Proof of Identity

1. Documents such as a 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

1. 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.
2. 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.

Eligibility to Open a Federal Bank Savings Account: 

1. Resident Individuals (sole account or joint account) 
2. Hindu Undivided Families (HUF) 
3. Associations 
4. Trusts 
5. Societies or Clubs  
6. Foreign Nationals residing in India (as permitted by the Foreign Exchange Management Act) 
7. Others explicitly permitted by the RBI 
8. Parent or guardian of a Minor on behalf of any individual below 18 years 

Anyone meeting the above criteria and providing the required KYC documents can open a Federal Bank Savings Account. Opening a Federal Bank Savings Account is made convenient for customers, with the bank offering 24 x 7 customer service to assist with account opening or management through net banking.

Opening a Federal Bank Savings Account:

Federal Bank offers its customers the convenience of opening a savings account online or through offline channels. Here's how you can proceed: 

Online Option: 

To initiate the process of opening a Federal Bank savings account online, follow these steps: 

1. Step 1: Navigate to the official website of Federal Bank and select the 'Open an Account' option. 
2. Step 2: Choose the appropriate category from the dropdown menu based on your banking needs: Personal Banking Customer, NRI Banking Customer, or Business Banking Customer. 
3. Step 3: Enter personal information in the online Account Opening Form (AOF), including full name, email ID, and valid mobile number. 
4. Step 4: Ensure accuracy in all provided details before clicking 'Submit'. 
5. Step 5: Upon submission, the bank will email the AOF along with a list of required documents to the customer. 
6. Step 6: Print out the AOF and submit it, along with KYC documents and two passport-sized photographs, to the nearest Federal Bank branch. 
7. Step 7: Upon receipt, the bank will furnish the customer with an account opening-ready kit. 

Offline Option: 

1. Step 1: Visit the nearest Federal Bank branch to obtain the Savings Bank Account Opening Form (AOF) or download it from the bank's portal. 
2. Step 2: Enquire about required documents and forms or research online. 
3. Step 3: Gather the essential documents and two passport-sized photographs. 
4. Step 4: Submit the filled-out AOF to the nearest Federal Bank branch, along with the required documents, to satisfy KYC requirements. 
5. Step 5: The bank will process the request and send a welcome kit to your residential address, as mentioned in the AOF, containing a debit card or credit card and the FedNet PIN. 

Video-Based Account Opening (VAO) Option: 

Individuals can promptly commence the process of opening a Federal Bank savings account via a video call, eliminating the necessity to physically visit the bank for submitting required documents for the KYC procedure. 

Customers have the flexibility to open either a joint or single account, with the added option of operating their joint account under the 'Either or Survivor' mode, allowing any account holder to initiate transactions. Alternatively, account holders may opt for a 'joint by all' holding, necessitating authorisation from all holders before executing any transactions. In such instances, a Federal Bank savings account can accommodate a maximum of three joint holders. 

Preparations for Video-based Account Opening (VAO) include ensuring the availability of the following prerequisites prior to initiating the VAO process: 

1. Virtual ID or Aadhar card Number 
2. PAN card