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 which comes loaded with a host of beneficial and exciting features like an Federal Bank Debit Card for anytime 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.
|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 n 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 75,000.|
|Daily POS Transaction Limit||Customers will be permitted to carry out POS transactions on a daily basis, not exceeding Rs 75,000.|
|Email Alerts||Customers will be sent timely email alerts for all transactions which are done under their account|
|Mobile banking Facility||Mobile banking facility is available free of charge for anytime access to a range of banking facilities on-the-go|
|Internet Banking Facility||Internet banking facility is available free of charge for ease of carrying out transactions online|
|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 Out-station Cheques||Facility available. Customers will be provided a concession of 50% on service charges for collection of out-station 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.|
Charges Associated with Mahilamitra SB Account
|ATM Charges (Federal Bank ATMs)||No charges levied for financial and non-financial transaction carried out at Federal Bank ATMs.|
|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.|
|Charges for Non-maintenance of Average minimum Balance||Rural & Senior citizens - Charges begin from Rs 27 per month and go up to up to Rs 150 per month, depending on the percentage of shortfall in the AMB. Other customers – Charges start from Rs 30 per month and go up to Rs 150 per month, depending on the percentage of shortfall in the AMB.|
|Debit Card Annual Fee||Rs 200 per year|
|Account Maintenance Fee||Rs 60 for every 50 transactions|
|Issue of Duplicate Passbook / statement||Rs 100 + Rs 100 for every 40 last transactions|
|Issue of Additional Cheque leaves||Rs 1.50 per leaf (Rural branches); Rs 2 per leaf (senior citizens and other users)|
|Account Closure||Within 6 months – Rs 100; After 6 months & before 12 months – Rs 50 (senior citizens & rural branches) / Rs 100 (or other users)|
Documents Required for Mahilamitra SB Account
For this Fed savings account, customers will be required to provide one document each as Proof of Residence and Proof of Identity respectively. They must also submit 2 copies of their passport sized photograph.
- 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.
- Address Proof – Passport, Driving Licence, Voter ID Card, Aadhaar Card, Job Card (issued by NREGA and duly signed by a State Govt. officer).
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.