Fed Smart Savings Account
Fed Smart Savings Account is truly one of its kind and one of Federal Bank's most feature-loaded savings accounts. Benefit from high daily cash withdrawal limits, New-Age banking channels, anywhere banking, International Debit Cards, and many more free services.
Bank | Federal Bank |
Category | Savings Account |
Balance Requirement | Average monthly balance of Rs. 1,00,000/- is required |
Eligibility | The following people can apply for this savings account: Resident Individuals (sole or joint account) Clubs or Societies Trusts Others specifically permitted by RBI Associations Foreign Nationals residing in India (as permitted by Foreign Exchange Management Act) Hindu Undivided Families |
Debit Card Offered | Visa International Gold Debit Card |
Interest Rate | 4% (Daily Basis) |
Services Offered with Fed Smart Savings Account:
The following services are offered with a Fed Smart Savings Account:
Passbook | FedBook is available with this account. FedBook is a secure mobile app that allows you to get your Account passbook on your smartphone. |
NEFT/RTGS | Customer inward transactions for NEFT/RTGS are free. Customer outward transactions will be charged. |
Issue of cheque book | Issue Charges plus applicable postal Charges. Every six months get 60 free "Anywhere" Cheque leaves. |
Cash Withdrawal | Free ATM and bank withdrawals. Up to Rs. 75,000/- per day. |
Internet Banking | Free facility |
POS transaction limit | Rs. 75,000/- per day |
Demand Drafts | Free, unlimited. |
Features of Fed Smart Savings Account:
Some of the important features of Fed Savings Account have been listed below.
KYC Compliance | For Individuals: identity roof, address proof, recent photograph, customer profile. For Companies: Certificate of incorporation, resolution from the Board of Directors and power of attorney, Financial statements (P/L and Balance Sheet) for past three years, etc. For sole proprietorship: Any two documents in the name of the proprietary firm, issued by Government authorities. For partnership firms: Registration certificate, Partnership deed, etc. |
Debit Card | Customers will receive Visa International Gold Debit Card which can be used for cash withdrawal and for payment at merchant outlets. |
NEFT/RTGS | Free funds transfer through Internet Banking |
Outstation cheque | Free collection |
Monthly Account Statement | Issued free of charge through e-mail and post |
Daily email statements | Free of charge |
Accounts Maintenance Charge above Free limit | Free |
Temporary overdraft facility through ATM's | Up to Rs. 25,000/- |
Free | |
Mobile Banking | Available for free of charge |
Fees and Charges for Fed Smart Savings Account:
For the Fed Smart Savings Account, the important fees and charges applicable are listed below.
Service / Product | Fees & Charges |
NEFT/RTGS inward | Nil |
Minimum Balance Shortfall Penalty | Nil |
Federal Bank Debit Card Transaction charges | Nil |
Account Maintenance | Rs. 60 for every 50 transactions or part thereof above the free limit. |
Debit card replacement | If it is customer's fault, replacing a card will be charged between Rs. 50 and Rs. 500. |
Administration Fee/ Processing Fee | Get 50% allowance for all Retail Loan Products you will |
Account closure | Closure within 6 months - Rs. 100 Closure after 12 months - Rs.125 |
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
FAQs on Fed Smart Savings Account
- What is the minimum balance requirement for a Fed Smart Savings Account?
You need to maintain an average monthly balance of Rs. 1,00,000 in this account.
- What type of debit card do I get with this account?
You’ll receive a Visa International Gold Debit Card that can be used for cash withdrawals and payments at merchant outlets worldwide.
- Are there any free services included with the account?
Yes, you get free internet banking, mobile banking, FedBook app (digital passbook), unlimited free demand drafts, free outstation cheque collection, and free daily/monthly email statements.
- What are the withdrawal and transaction limits?
You can withdraw up to Rs. 75,000 per day at ATMs or bank counters, and the POS transaction limit is also Rs. 75,000 per day.
- Are there any charges if I don’t maintain the minimum balance?
No, there is no penalty for minimum balance shortfall in this account. However, other charges like account maintenance (after the free limit) or debit card replacement fees may apply.
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