FedSalary Account
FedSalary is a zero-balance salary account specifically tailored for salaried individuals. It is designed to meet the banking needs of modern-day professionals by offering a range of convenient facilities.
One of the key advantages of FedSalary is that it does not require a minimum balance to be maintained in the account. This feature provides flexibility and ease of use for individuals managing their finances. In addition, FedSalary provides a free debit card to account holders, enabling them to make transactions conveniently. The debit card can be used for cash withdrawals at ATMs, online purchases, and point-of-sale transactions.
To enhance accessibility and convenience, FedSalary offers free Internet banking services. This allows account holders to securely access their accounts online, check balances, view transaction history, transfer funds, and pay bills from the comfort of their own homes or offices.
FedSalary also provides free mobile banking facilities, enabling account holders to perform banking transactions using their smartphones or tablets. With the mobile banking app, users can check account balances, transfer funds, make utility bill payments, and more, while on the go.
Features and Benefits of FedSalary Account
- 20 Cheque leaves free for every 6 months
- Complementary Mastercard crown Debit card with Nil AMC
- Convenient zero balance account
- Credit card facility
- Free Debit Card, AWB, and New Age banking Channels
- Free monthly account statement to be collected from Branch, if you have not opted for a passbook facility
- Mobile Banking for quick fund transfers, mobile/DTH top-up, and utility bill payments
- Special rates for Housing, Auto and Personal loans
- Tap to pay facility
- Transfer funds online to any bank across the country through NEFT / RTGS
- Unlimited Federal bank ATM transactions
- Complimentary Personal Accidental Cover of Rs.10 lakh
- Free Mobile and Internet Banking, NEFT/RTGS using FedMobile
Eligibility Criteria
- Salaried individuals with a net salary of Rs.10,000 and above are eligible to open a FedSalary account.
- Customers in the age group of 18 to 65 years.
How to apply for a Federal Bank Account through a video call
Make sure you have all the required documents ready, including your Aadhaar Card and PAN Card. Ensure you have a smartphone or computer with a stable internet connection and a working camera. To open a Federal Bank account through a video call, you can follow these steps:
- Step 1: Visit the Federal Bank website or download the Federal Bank mobile app.
- Step 2: Look for the option to open an account online or through video KYC (Know Your Customer) process.
- Step 3: Click on the relevant link or button to start the process.
- Step 4: Provide the necessary details and follow the instructions to initiate the video call.
- During the video call, you will be connected to a bank representative who will guide you through the account opening process.
- Step 5: Show your Aadhaar Card and PAN Card to the representative for verification. They may ask you to hold the documents close to the camera for better visibility.
- Step 6: Answer any questions or provide additional information as requested by the representative.
- Step 7: Once your identity and documents are verified, the bank representative will guide you through the remaining steps to complete the account opening process.
- Step 8: After the video call, you will receive the account details and confirmation via email or SMS.
Documents Required
- Identity Proof: Driving Licence, Passport, Voter's Identity Card, Job card by NREGA duly signed by an officer of the State Government, Aadhaar, and Permanent Account Number (PAN) card.
- Address Proof: Voter's Identity Card, Passport, Driving Licence, Job card by NREGA duly signed by an officer of the State Government, and Aadhaar
- Two copies of a recent passport-size photograph
- Employer Introduction letter/ Employee ID Card (for identification and verification purposes)
FAQs on FedSalary Account
- Can the FedSalary account be converted into a Normal Savings Account?
Yes, if the monthly salary is not credited into the account for more than 3 consecutive months, the special features of the FedSalary account will be withdrawn, and it will be treated as a Normal Savings Account with applicable charges and maintenance of the Average Monthly Balance (AMB).
- When does insurance coverage become active for the customer?
Insurance coverage becomes live from the 60th day of customer onboarding (account opening/ scheme change) and remains valid for the next 12 months.
- What is the age group eligible for insurance coverage?
Customers in the age group of 18 to 65 are eligible for insurance coverage.
- Is an insurance facility provided for all accounts opened in the FedSalary scheme?
Insurance facility is provided only for accounts opened in the FedSalary scheme after 1 November 2021.
- Will the insurance coverage be automatically renewed?
Yes, the insurance coverage will be automatically renewed every year if the customer maintains the FedSalary eligibility criteria.
- What are the conditions for coverage validity?
Coverage will be valid only if the customer maintains salary credits for the last three months from the claim date.
- What transactions are considered for base cover?
Conducting one ATM/POS/e-commerce transaction up to 50 days prior to the date of loss provides a base cover of Rs.300,000 per card.
- Are Passbook Entry, ATM, and Micro ATM POS transactions covered under the insurance policy?
No, Passbook Entry, ATM, and Micro ATM POS transactions (Cash Withdrawal) are excluded from the scope of the policy.
- Are complimentary services offered to all account holders?
No, only the primary account holder is eligible for the complimentary services offered in the FedSalary scheme.
- How long is the insurance coverage valid?
The insurance coverage is valid for the next 12 months from the date it becomes active.
- Is there additional coverage available?
Yes, there is accelerated cover up to Rs.700,000 (Total Base plus Accelerated cover to be Rs.1,000,000 max) for every additional POS or e-commerce transaction carried out through the Primary Debit Card up to a year prior to the date of loss. Each transaction increases the sum insured by Rs.100,000.
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