• Federal Institutional Savings Account (FISA) : Federal Bank

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

    Federal Bank has introduced FISA exclusively for clubs, trust, committees, associations and governing bodies. The account’s features are customised to meet the requirements of the above group of applicants.

    Bank Federal Bank
    Account Name Federal Institutional Savings Account
    Category Savings Account
    Eligibility Criteria
    • Eligible applicants are clubs, trusts, committees, associations and governing bodies who are not involved in business trading or professional services, either for profit or free.
    • Societies applying for the account must be registered under the Societies Registration Act of 1860 or a relevant law body at that time.
    • The income of the applicant should be tax exempted
    Average Monthly Balance A minimum balance of Rs. 5,000 to be maintained
    Interest Interest is calculated at the rate of 4% which is computed on a daily basis.

    Services Offered in Federal Institutional Savings Account (FISA)

    The following services can be availed in this account:

    Internet Banking Available, Only viewing
    RTGS and NEFT Facility Available
    Mobile Banking Available
    E-mail Alerts Available
    Cheque Book/Leaves Available, 40 cheque leaves for free half-yearly
    Monthly Statement of Account Available, Monthly by post or email

    Features of Federal Bank Federal Institutional Savings Account

    Some of the main features of FISA are:

    • The monthly demand draft limit on this Federal Bank savings account is Rs. 20,000.
    • Account holders of the Federal Institutional Savings Account can avail 25% discount on service charges levied on outstation cheque collection.
    • Remittance of donations made by customers of the bank to the account, is free of charge.
    • Federal Bank also provides 40 cheque leaves per half-year to the account holders.
    • A certified statement for the purpose of auditing is also granted.
    • The bank also offers fee collection facilities to be used in schools or colleges run by FISA account holders.

    Fees and Charges of Federal Institutional Savings Account

    The following charges and fees are levied on account holders of the Federal Institutional Savings Account:

    Non-maintenance of Average Minimum Balance (Monthly) Rural & Senior citizens:
    • Upto 20% - Rs. 27
    • Above 20% up to 40% - Rs. 54
    • Above 40% up to 60% - Rs. 81
    • Above 60% up to 80% - Rs. 108
    • Above 80% up to 100% - Rs. 135
    Other customers:
    • Upto 20% - Rs.30
    • Above 20% up to 40% - Rs. 60
    • Above 40% up to 60% - Rs. 90
    • Above 60% up to 80% - Rs. 120
    • Above 80% upto 100% - Rs. 150
    ATM Transactions at Federal Bank ATMs Free (Both financial and non-financial transactions)
    Federal Bank Debit Card Transactions at other Bank ATMs Five transactions are provided free of charge per month, post which, the following charges apply:
    • Financial transaction - Rs. 20/transaction
    • Non-financial transaction – Rs. 10/transaction
    NEFT Charges Inward – Free Outward fee charges per transaction:
    • Upto Rs. 10,000 – Rs. 2.50
    • Rs. 10,001 to Rs. 1,00,000 – Rs. 5
    • Rs. 1,00,001 to Rs. 2,00,000 – Rs. 15
    • Above Rs. 2,00,000 – Rs. 25
    RTGS Charges Inward – Free Outward fee charges per transaction:
    • Rs. 2 lakh to Rs. 5 lakh – Rs. 25
    • Above Rs. 5 lakh – Rs. 50
    Cheque Book/Leaves Free ( 40 every six months)
    Cash Remittance at non-home Branch (Anywhere Banking Charges)
    • Rs. 50 is charged per transaction or 50 paise per Rs. 1000, whichever is higher.
    • First 4 remittances lower than Rs. 10,000 are allowed for free.
    • If AMB is maintained at Rs. 50,000 in the previous month, AWB charges are waived off.
    Charges for Account Closure
    • Within 6 months – Rs. 100
    • After 6 and before 12 months
      • Rural – Rs. 50
      • Senior Citizens – Rs. 50
      • Other – Rs. 100

    Account holders can carry out 100 transactions for free, every quarter.

    Documents Required for Federal Bank’s FISA

    When applying for, any one of the following documents are required as identity proof and address proof:

    • PAN (Permanent Account Number) Card
    • Passport
    • Driving License
    • Aadhar Card
    • Voter’s ID
    • NREGA’s job card, validated by a State Government Officer

    The Federal Institutional Savings Account can be opened online as well as offline. You can download the application form, fill it and submit at the nearest Federal Bank branch, along with the required documents.

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

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