The Federal Bank, established as the Travancore Federal Bank in the year 1931, is a private commercial bank with its head office located in Aluva, Kerala. The bank was set up by Mr. K P Hormis, and since its establishment, has been at the forefront of the banking sector. Officially known as the Federal Bank in the 1947, the bank now boasts over 1250 branches in over 24 states in the country, as well as an ATM network of over 1500, with its network growing with each passing year.
Interest Rates on Federal Bank Savings Account
Federal Bank offers a competitive interest rate of 4% per annum for their Savings Accounts.
Opening a Federal Bank Savings Account
With the option of online submission, it is now easier to open a Savings Account with the bank. Customers have to follow just three simple steps to begin saving through the myriad Savings Accounts on offer.
For those looking at applying online, they would have to fill up the Account Opening Form online by clicking on the “Apply Online” tab in the “Open An Account” section on the website. After submitting the form online, they will receive the list of documents to be submitted along with the form. They would have to print the filled in application form and submit the same along with a passport sized photograph and their KYC (Know Your Customer) documents at their branch. On verification of the form and documents, the customer would be given their Ready Kit so they can begin saving.
For those who wish to apply offline, they would have to download and fill in the Account Opening Form, or get a copy from their nearest bank branch. They would have to submit the filled in form along with their photograph and KYC documents to the branch, after which they would receive their Ready Kit from the branch.
Types of Federal Bank Savings Accounts
Freedom SB Savings Account: With the Freedom SB Savings Account, customers can avail a range of premium services at a negligible cost. This Savings Account allows account holders to enjoy services such as an international Debit Card, daily POS limit of Rs. 30, 000 as well as free mobile banking and internet banking. Open to individuals, foreign nationals currently living in India as well as trusts, associations and clubs, this account makes banking convenient.
Young Champ Savings Account: This account, targeted at children, inculcates a habit of saving and comes with perks such as free email alerts and free FedBook access. Account holders will also receive a waiver towards educational purposes of up to Rs. 50, 000 per month on DD charges. Additional benefits include rewards points for new recurring deposits that are opened with this account amounting to 10% of the RD instalment amount. While a minimum balance of Rs. 1000 has to be maintained, this would be waived off if the account is opened with the schemes listed below:
- Fed Power+
- Mahila Mitra
- Fed NRI Eve
- Fed Select
- Fed Smart
- Fed NRI Privilege
SB Plus Savings Account: This account comes with benefits such as international debit card, free Demand Drafts up to Rs. 10, 000 every month and a service charge discount of 25% on outstation cheque collecting. Additional benefits include 40 cheque leaves every 6 months at no charge.
Yuvamitra Savings Account: Designed as a Savings Account for students, the Yuvamitra Savings Account comes with benefits like 20 free cheque leaves every year and an International debit card. Account holders can also avail of POS limits up to Rs. 30, 000 per day and receive email alerts, with no minimum balance requirement.
Basic Savings Bank Deposit Account (BSBDA): This offering from Federal Bank is designed for those who wish to maintain a zero balance account and avail of basic banking services. The account comes with a cheque book and ATM card free of charge. Government benefits or subsidies through the Aadhaar card will also be credited at no cost. However account holders are not permitted to open any other savings accounts with the bank, and if they do, the same has to be closed within 30 days.
Federal Institutional Savings Account (FISA): Aimed at Clubs, Committees, Trusts, Associations, this account provides a number of benefits such as free account statements by mail or email, 100 transactions every quarter free of charge as well as free mobile baking and email alerts.
Fed Smart Savings Account: With the Fed Smart account, receive a range of services like daily email statements, internet banking, mobile banking and outstation cheque collection free of cost. Also enjoy cash withdrawals up to Rs. 75, 000 a day through ATMs and unlimited Demand Drafts at no charge.
Mahilamitra Savings Account: A Savings Account specially for women, enjoy an International Gold Debit Card, free NEFT and RTGS services and 2 Young Champ accounts in the name of minor children without the need to maintain the average quarterly balance. Holders will also receive a monthly Demand Draft limit of Rs. 50, 000 free of charge, and enjoy ATM cash withdrawals up to Rs. 75, 000 per day.
Fed Excel Savings Account: This zero balance account provides working professionals and entrepreneurs with features such as a free international Gold Debit Card that comes with a POS limit of Rs. 75, 000 per day. Holders will also enjoy access to FedBook as well as free internet and mobile banking.
FedBook Selfie Zero Balance Account: An innovation in Savings Accounts, this zero balance account can be opened from a smartphone, by downloading the FedBook app and taking a selfie. After that simply upload the selfie and scanned copies of Aadhaar and PAN cards to begin saving. Account holders will receive 10 cheque leaves a year and a free International Gold Debit Card.
Minimum Balance Requirements for Federal Bank Savings Accounts
Every account usually has different minimum balance requirements based on certain factors. Given below are the Average Monthly Balance requirements:Type of Account Average Monthly Balance Freedom SB Rs. 1, 000 Young Champ Rs. 1, 000, waived if opened with Mahila Mitra, Fed Power, Fed Smart+, Fed NRI Eve, Fed NRI Privilege or Fed Select account SB Plus Rs. 5, 000 Yuvamitra Nil Basic Savings Bank Deposit Account Nil Federal Institutional Savings Account (FISA) Rs. 5 000 Fed Smart Rs, 1, 00, 000 Mahilamitra Rs. 5, 000 Fed Excel Rs. 10, 000 initial remittance. Nil for those below 35 years. FedBook Selfie- Zero Balance Account Nil
Eligibility for Federal Bank Savings Accounts
Hindu Undivided Families and Indian citizens can apply for Federal Bank Savings accounts, unless specified. The list below details the eligibility criteria for most savings accounts:
- Individuals above 18 years (either single or joint accounts)
- Minors (through a guardian or parent)
- Clubs, associations, societies, trusts.
Documentation Required for Federal Bank Savings Accounts
The below documents are required when opening a Federal Bank Savings Account:
- 2 passport sized photographs
- In case of nominations, Form DA-1.
- Permanent Account Number (PAN) card, or Form 60, in case applicant does not possess a PAN card.
- KYC Documents for proof of identity and proof of address, as listed in the Account Opening Form:
- Proof of identity-
- Valid Driver’s License
- Aadhaar Card
- PAN Card
- NREGA job card, signed by Government official
- Proof of address:
- Aadhaar Card
- Voter’s ID card
- Valid driving license
- NREGA job card by Government official
For joint account holders, both the applicants would be required to furnish the above mentioned set of documents.