Fed Excel Savings Bank Account
Federal Bank offers a unique savings bank account developed especially for professionals, upcoming entrepreneurs, and other individuals who are registered members with organizations of repute like the Chamber of Commerce, JCI, FICCI, etc.
The Fed Excel SB Account is accompanied by a host of exciting and beneficial features like zero minimum balance requirement, the facility of a Federal Bank Debit Card for ease of shopping and cash withdrawal, and timely email and mobile alerts to help you keep track of all account activity and transactions, speedy money transfer via RTGS / NEFT and also the facility of nomination, among other features.
Bank | Federal Bank |
Category | Fed Excel SB Account |
Minimum Balance Requirement | Customers are not required to maintain any minimum balance in this account i.e. this is a Zero Minimum Balance Account |
Interest | Interest at the rate of 4% will be provided on this account which is calculated on a daily basis |
Visa Signet Platinum Debit Card. EMV Chip Cards will be provided to customers who are taking International Debit Cards. |
Key Features of Fed Excel Savings Bank Account:
Electronic Fund Transfer Facility | Customers can carry out quick and convenient electronic fund transfers via NEFT or RTGS |
Cheque Book Facility | Customers will be provided with one cheque book of 20 leaves every half year, free of charge. |
Internet Banking Facility | Internet banking facility is provided free of charge |
Mobile Banking Facility | Mobile banking facility is provided free of charge |
Email Alerts | Account holders will receive timely email alerts for all account related transactions they carry out |
Mobile Alerts | Account holders will receive alerts on their registered mobile number for any transaction which they have done from their account |
Demand Draft Facility | Account holders are allowed to avail the Demand Draft facility up to the value of Rs.2 lakh Account holders are allowed to avail the Demand Draft facility up to the value of Rs.2 lakh each month |
Nomination Facility | Nomination facility is allowed with this account. |
Daily ATM Cash withdrawal Limit | Account holders are permitted to withdraw up to Rs 75,000 on a daily basis from their Debit Card. |
Daily POS Transaction Limit | Account holders are permitted a daily Point Of Sale transaction limit of Rs.75,000. |
Minimum Initial Remittance | Account holders must make a minimum initial remittance of Rs.10,000. This initial remittance is waived off for entrepreneurs who are below the age of 35 years. |
FedBook Facility | Account Holders can avail the FedBook Facility |
Folio Charges | There are no folio charges levied with this account. |
Fees & Charges Associated with Fed Excel Account:
ATM Charges (Federal Bank ATMs) | No charges levied for financial and non-financial transactions carried out at Federal Bank ATMs. |
ATM Charges at non-bank ATMs | Beyond the free limit, customers will be charged Rs.20 for financial transactions and Rs.10 for non- financial transactions. |
Charges for Non-maintenance of Average minimum Balance | Rural & Senior citizens Other customers |
Debit Card Issuance Fee | Free of Charge |
Add-on / Duplicate Card | Normal Card - Rs.50; Chip Card - Rs.200 |
Debit Card Annual Fee | Rs.200 per year. |
Account Maintenance Fee | Rs.60 for every 50 transactions |
Issue of Duplicate Passbook | Rs.100 per passbook |
Issue of Duplicate Statement | Rs.100 + Rs.100 for each page, with a maximum of Rs.500 per instance |
Issue of Additional Cheque Leaves | Rs.1.50 per leaf (Rural branches); Rs.2 per leaf (senior citizens and other users) |
Account Closure | Within 6 months - Rs.100; After 6 months & before 12 months - Rs.50 (senior citizens & rural branches) / Rs.100 (for other users) |
Eligibility Criteria to Apply for Fed Excel SB Account:
The following resident individuals can open a Fed Excel Savings account:
- Professionals with a degree from a government-approved institution who are qualified as a doctor in any field or an engineer in any field of engineering
- Registered members of JCI, FICCI and Chambers of commerce
- Promoters of business units in any IT or start-up villages that have received government approval, sponsorship, or promotion
- Self-employed individuals, advocates, and CA/ACCA/ICWA/CFA/CS/CFM/MCA/MBA/PGDBA/PGDBM
Documents Required to Apply for Fed Excel SB Account:
In order to apply for this Federal savings account, customers will be required to provide one document each as Proof of Residence and Proof of Identity, along with 2 copies of their passport-sized photograph.
- Identity Proof - Passport, Driving Licence, Voter ID Card, Aadhaar Card, Job Card (issued by NREGA and duly signed by a State Govt. officer) or PAN Card.
- Address Proof - Passport, Driving Licence, Voter ID Card, Aadhaar Card, and Job Card (issued by NREGA and duly signed by a State Govt. officer).
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
FAQs on Fed Excel Savings Bank Account
- What is the minimum balance required to open a Fed Excel Savings Bank Account?
There is no minimum balance required to open a Fed Excel Savings Bank Account.
- Can I open a Fed Excel Savings Bank Account online?
Yes, you can open a Fed Excel Savings Bank Account online.
- How soon will I receive my account number?
A welcome kit will be sent to the address you provided in the account opening form. Your cheque book will also be included in the kit.
- Is an Aadhaar card sufficient to open a Fed Excel Savings Bank Account?
Yes, Aadhaar cards are now recognised as valid forms of identification and address verification.
- Will I receive a debit card after opening a Fed Excel Savings Bank Account?
Yes, you will receive a Visa Signet Platinum Debit Card.
- How many cheque leaves will be issued with a Fed Excel Savings Bank Account?
Every half-year, 20 free cheque leaves will be issued.
- Who can use the FedNet Banking facility?
All individuals holding an account with Federal Bank are eligible to use the FedNet Banking facility.
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