Overview of Federal Bank Mahilamitra Savings Bank Account
With a vision to empower the women of our country, Federal Bank has introduced a savings bank account designed specially to address the financial needs of women. The Federal Bank Mahilamitra is a savings bank account, specially designed for women, which comes loaded with a host of beneficial and exciting features like a Federal Bank Debit Card for easy access to cash and convenience of shopping, free internet banking and mobile banking for carrying out transactions anytime you may need, high transactions limits not only for cash withdrawals but also for shopping transactions, convenience of making quick and easy fund transfers electronically via NEFT or RTGS, attractive discounts on retail loan products, free email and mobile alerts to keep track of account activity and numerous other similar features.
| Bank | Federal Bank |
| Category | Mahilamitra SB Account |
| Minimum Balance Requirement | A minimum Average Monthly Balance of Rs 5,000 must be maintained in this account |
| Interest | Interest at the rate of 4% will be provided on this account which is calculated on a daily basis |
| ATM/Debit Card | Visa International Gold Debit Card |
Features of Mahilamitra SB Account
| Monthly Account Statement | Customers can obtain one monthly account statement from the branch in case they have not opted for a passbook |
| Cheque book facility | Customers will be provided with 40 cheque leaves, per half year, free of charge |
| Daily Cash Withdrawal Limit | With this account, customers will be allowed a daily ATM cash withdrawal limit of Rs.1 lakh |
| Daily POS Transaction Limit | Customers will be permitted to carry out POS transactions on a daily basis, upto a limit of Rs.1 lakh |
| Email Alerts | Customers will be sent timely email alerts for all transactions which are done under their account |
| Passbook Facility | Available |
| Mobile banking Facility | Mobile banking facility is available free of charge for anytime access to a range of banking facilities on-the-go along with mobile alerts |
| Internet Banking Facility | Internet banking facility is available free of charge for ease of carrying out transactions digitally |
| Demand Draft Facility | Account holders can avail a monthly demand draft facility of up to Rs.50,000 |
| Temporary Overdraft Facility Via ATMs | Customers will be provided temporary Overdraft facility via ATMs for up to Rs.25,000 |
| Collection of Outstation Cheques | This facility is available. Customers will be provided a concession of 50% on service charges for collection of outstation cheques |
| Loan Products | Account holders will be allowed a 50% concession on processing fee / Administration Fee for all loan products |
| Electronic Fund Transfer | Customers can conveniently transfer funds online with the help of NEFT or RTGS facility |
| Additional Advantage | Account holders can open two Young Champ Accounts in the name of minor children. These account will not have any average Quarterly Balance requirements |
The following documents are required to open an account:
- Passport (either identity proof or address proof)
- Driving license (either identity proof or address proof)
- Voter’s identity card (either identity proof or address proof)
- Aadhaar card (either identity proof or address proof)
- Job card by NREGA duly signed by a State Government officer (either as identity proof or address proof)
- Permanent Account Number (only as identity proof)
- Two copies of recently taken passport size photographs
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GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
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.
