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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.

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.

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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.

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