- Instant money transfer
- 24x7 ATM withdrawals
- Attractive rate of interest
Overview of Federal Bank Freedom SB Account
Federal Bank presents the Freedom Savings Bank Account which is much more than a regular savings account. With the Freedom SB account, you get to do much more. For instance, not only do you get to accumulate and maximize your savings, but can also benefit from a wide range of services which accompany this account. The Fed savings account completely rids you of all hassles with multiple features that it offers like facility of advanced banking channels like mobile / internet banking facilities, free email alerts and account statements to help you keep track of all account activity, free International Debit Card for convenience of shopping and anytime access to cash, high daily shopping and cash withdrawal limits, speedy online fund transfers via NEFT or RTGS, among plenty of other features.
| 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 |
| Interest | Interest at the rate of 4% will be provided on this account which is calculated n a daily basis |
| ATM/Debit Card | Visa International Shop n Save Debit Card / MasterCard Classic |
Features of Freedom SB Account
| Monthly Account Statement | Customers can obtain one monthly account statement Get monthly account e-statement to keep track of your account activity |
| Online Fund Transfer facility | Convenient and quick online fund transfers can be done via NEFT and RTGS |
| Cheque book 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 daily cash withdrawals up to Rs 20,000 (using Shop n Save Cards) or Rs 30,000 (using MasterCard Classic) |
| ATM Transactions | Customers are allowed to carry out financial & non-financial transactions free of charge at Federal Bank debit card. 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 spending limit of up to Rs 30,000 |
Charges Associated with Federal Bank Freedom SB Account
| Non-maintenance of Average minimum Balance | Rural & Senior citizens - Charges begin from Rs 27 per month up to Rs 150 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, 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) |
| Account Maintenance Fee | Rs 60 for every 50 transactions |
| Issue of Additional Cheque leaves | Rs 1.50 per leaf (Rural branches); Rs 2 per leaf (senior citizens and other users) |
| 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 (or other users) |
Documentation Required for Freedom SB Account
Customers will be required to provide one document each as Proof of Residence and Proof of Identity respectively.
- Address Proof – Passport, Driving Licence, Voter ID Card, Aadhaar Card, and Job Card (issued by NREGA and duly signed by a State Govt. officer).
- 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.
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GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
