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  • Federal Bank SB Plus Savings Account

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

    Federal Bank Limited is one of our country’s strongest and most stable commercial banks. Headquartered in Kerala, Federal Bank is spread all over India with thousands of branches and ATMs in different states. The SB Plus Savings Account has been introduced by the bank for their dynamic customers. The SB Plus attractive features such as modern banking channels, free Demand Draft every month and Federal Debit Card availability.

    Bank Federal Bank
    Account Name SB Plus
    Category Savings Account
    Eligibility Resident individuals with independent or joint account, HUFs, trusts, clubs, societies, and associations are eligible to avail this account. Foreign nationals living in India, as per the Foreign Exchange Management Act as well as some other individuals permitted by RBI, are also eligible.
    Average Monthly Balance A minimum balance of Rs 5,000 to be maintained every month
    Interest Interest is calculated at the rate of 4% which is computed on a daily basis.
    Debit Card Available
    Type of Debit Card MasterCard Classic or Maestro or Visa International Shop ‘n’ Save

    Interest Rates for Federal Bank SB Plus Savings Account

    Account Balance at the End of the Day Applicable Rates of Interest
    For less than Rs.50 lakh 3.50% p.a. at an uniform rate for entire balance
    Between Rs.50 lakh and Rs.10 crore 3.50% p.a. for amount up to Rs.50 lakh and 4.00% p.a. for the remaining balance
    Between Rs.10 crore and Rs.25 crore 3.50% p.a. for amount up to Rs.1 lakh and 6.30% p.a. for the remaining balance
    For Rs.25 crore and above 3.50% p.a. for amount up to Rs.1 lakh and 6.51% p.a. for the remaining balance

    Services Offered by SB Plus Savings Account

    The following services can be availed in this Fed savings account:

    Internet Banking Available
    RTGS and NEFT Facility Available
    Mobile Banking and Alerts Available
    Email Alerts Available
    Cheque Book/Leaves Available, 40 cheque leaves for free half-yearly
    Monthly Statement of Account Available, Monthly Can be collected from the bank’s branch, if passbook not availed

    Features of Federal Bank SB Plus Savings Account Some of the main features of the SB Plus Savings Account are:

    Daily Cash Withdrawal Limit Through ATMs Rs.1 lakh
    Daily POS Transaction Limit Rs.1 lakh
    Monthly Demand Draft Limit Rs.10,000
    Outstation Cheque Collection 25% Discount on Service Charges

    Charges for the Services Availed in the SB Plus Savings Account

    The following charges and fees are levied on the account holders of the SB Plus:

    Non-maintenance of Average Minimum Balance (Monthly) Shortfall in AMB and applicable charges for rural and senior citizens:
    • Upto 20% - Rs.27 per month
    • Above 20% to 40% - Rs.54 per month
    • Above 40% to 60% - Rs.81 per month
    • Above 60% to 80% - Rs.108 per month
    • Above 80% to 100% - Rs.135 per month
    Shortfall in AMB and applicable charges for other customers:
    • Upto 20% - Rs.30 per month
    • Above 20% to 40% - Rs.60 per month
    • Above 40% to 60% - Rs.90 per month
    • Above 60% to 80% - Rs.120 per month
    • Above 80% to 100% - Rs.150 per month
    ATM Transactions at Federal Bank ATM Free (Both financial and non-financial transactions)
    ATM 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
    Transaction Alerts - SMS
    • Rs.0.50 per SMS for resident SB
    • Free for SB NRE/ONR
    Card Renewal Fee Free of charge
    Card Registration Fee Free of charge
    Cash Remittance at Non Home Branch (Anywhere Banking Charges)
    • Rs.50 is charged per transaction or 50 paise per Rs.1,000, whichever is higher.
    • First 4 remittances for lower than or equal to Rs.10,000 is allowed for free.
    • If AMB is maintained at Rs.50,000 in the previous month, AWB charges are waived off.
    NEFT Charges
    • Inward transactions - Free
    • Charges per outward 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 transactions – Free
    • Charges per outward transaction:
      • Rs.2 lakh to Rs.5 lakh – Rs.25
      • Above Rs.5 lakh – Rs.50
    Charges for Account Closure
    • Within 6 months – Rs.100
    • Between 6 months and 12 months:
      • Rural – Rs.50
      • Senior Citizens – Rs.50
      • Other – Rs.100

    Documents Required for SB Plus Savings Account

    When applying for Federal Bank SB Plus Savings Account, 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 SB Plus 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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