The Freedom SB Account is a savings account offered by Federal Bank but with added benefits. It not only helps you save your money like a regular savings account but also gives you access to a broad range of other services. The Freedom SB Account comes with exciting features such as free account statements, International Debit Card, free daily cash withdrawals (up to Rs.50,000), and new-age banking channels.
With the Freedom SB Account you can enjoy the benefits of the RTGS/NEFT facility, free internet and mobile banking, free E-mail alerts, and also avail free POS transactions (up to Rs.50,000) daily.
| Bank | Federal Bank |
| Category | Freedom SB Account |
| Minimum Balance Requirement | A minimum Average Monthly Balance of Rs.1,000 must be maintained in this account |
| ATM/Debit Card | Visa International Shop and Save Debit Card/MasterCard Classic |
Interest Rates on Savings Bank (SB) Accounts
| Slab | Balance at the end of the day | Interest rate (p.a) |
| 1 | Below Rs.50 lakh | 3.5% - same rates will apply for entire balance |
| 2 | Rs.50 lakh to Rs.10 crore | 3.5% for amount up to Rs.50 lakh and 4% for the rest of the balance (of Rs.50 and above) |
| 3 | Rs.10 crore to Rs.25 crore | 3.5% for amount equivalent to Rs.1 lakh and above. For the remaining balance over Rs.1 lakh interest rates will be 6.3% |
| 4 | Rs.25 crore and above | 3.5% equivalent to Rs.1 lakh and above and 6.51% for the remaining balance over Rs.1 lakh |
Features of Freedom SB Account
| Monthly Account Statement | Customers who have not opted for a passbook can collect one free monthly account statement from the bank’s branch. |
| Online Fund Transfer Facility | Convenient and quick online fund transfers can be done via NEFT and RTGS |
| Chequebook Facility | Customers will be provided with 20 cheque leaves, free of charge, for every half year |
| Internet Banking Facility | Internet banking facility is available free of charge for ease of carrying out transactions online |
| Mobile Banking Facility | Mobile banking facility is available free of charge for anytime access to a range of banking facilities on-the-go |
| Email Alerts | Customers will be sent timely email alerts for all transactions which are done under their account |
| Tele banking Facility | Facility is available |
| Daily Cash Withdrawal Limit | Account holders can make free daily cash withdrawals up to Rs.50,000 (using Shop n Save Cards) and Rs.50,000 (using MasterCard Classic) |
| ATM Transactions | Customers are allowed to carry out financial & non-financial transactions free of charge at Federal Bank ATMs. At non-bank ATMs, customers will be allowed 5 transactions, free of charge. |
| Daily Point of Sale Limit | Account holders will be allowed a per day Point of Sale transactions of up to Rs.50,000 |
Charges Associated with Federal Bank Freedom SB Account
| Non-maintenance of Average Minimum Balance (AMB) | Rural & Senior citizens - Charges begin from Rs.27 per month up to Rs.135 per month. Other customers – Charges start from Rs.30 per month and go up to Rs.150 per month. |
| ATM Charges at non-bank ATMs | Beyond the free limit (5 transactions per month), customers will be charged Rs.20 for financial transactions and Rs.10 for non-financial transactions. |
| Debit Card Annual Fee | Rs.150 per year (MasterCard Classic & VISA Shop n Save) Rs.150 per year for Mastercard Classic, Visa Shop n Save, and Rupay; Rs.200 per year for Visa Gold, Visa Fast Biz Silver, and Rupay Platinum; Rs.300 per year for Mastercard Premium and Visa EMV Gold; Rs.400 per year for Visa Platinum; Rs.500 per year for Visa Fast Biz Platinum |
| Account Maintenance Fee | Rs 60 for every 50 transactions |
| Issue of Additional Cheque leaves | Rs.1.50 per leaf (Rural branches) and Rs.2 per leaf (senior citizens and other users), beyond free limit |
| Issue of Duplicate Passbook / statement | Rs.100 + Rs.100 for every 40 last transactions |
| Account Closure | Within 6 months – Rs.100; After 6 months & before 12 months – Rs.50 (senior citizens & rural branches) / Rs.100 (other users) |
Documentation Required for Freedom SB Account
To open a Freedom SB Account, you need to submit the following:
- Recent photograph
- Identity Proof
- Proof of Residence
The documents that can be submitted as proof of identity are - Passport, Driving License, Voter’s ID, Aadhaar, job card issued by NREGA duly signed by a State Government officer, and PAN Card. For proof of residence, you can submit any of the documents mentioned above except for the PAN card.
How to Open a Freedom SB Account?
There are 2 ways by which you can open a Freedom SB Account. The first way is the conventional way or the offline way. To open an account using the offline way, you need to download the account opening form available on the website of Federal Bank. After you have downloaded the form, you need to take a print, fill up the form, and submit it to the nearest branch of Federal Bank along with the proof of residence, identity proof, and your recent photograph.
Another way of opening a Freedom SB Account is online. To do this, you can fill the account opening form online and print it. You can then submit the filled application form along with the KYC (Know Your Customer) documents and your recent photograph, at the nearest Federal Bank branch. The bank will then provide you with an Account Opening Pre-opened Kit.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
