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  • Fed Smart Savings Account

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    Savings Account
    • Instant money transfer
    • 24x7 ATM withdrawals
    • Attractive rate of interest

    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 Card 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/-
    Email alerts 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

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

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