Overview of Young Champ Savings Bank Account
India is developing at a rapid pace and the youth of the nation are nowhere behind. They are the strength and the future of our country who hold high aspirations. For the youth of today, Federal Bank has introduced a special savings bank product, known as the Federal Bank Young Champ. With this account, not only can the younger generation get to learn about the fundamental basics of banking but also get to take their first steps to get become familiar with the concepts of investing and saving. The Young Champs account offers several convenient features like low minimum opening deposit, free mobile / internet banking, email alerts for Fed debit card transactions carried out and many other similar features.
|Category||Young Champ SB Account|
|Minimum Balance Requirement||A minimum Average Monthly Balance of Rs 1,000 to be maintained. The AMB may be waived if the Young Champ account is opened along with the parent’s account under any of the schemes specified.|
|Interest||Interest will be provided at the rate of 4% which will be calculated on a daily basis.|
|ATM/Debit Card||Debit Card provided only for domestic use|
Features of Young Champ Savings Bank Account
|E-mail Alerts||Facility provided free of charge|
|Internet Banking Facility||Account holders are provided with internet banking facility for viewing purposes only|
|Mobile Alerts Facility||Account holders will receive free mobile alerts for all account related transactions|
|Demand Draft Facility||Facility is provided with a waiver on charges for DDs up to s 50,000 per month for educational purposes|
|Standing Instruction Facility||Standing instructions facility provided free of charge from the parent’s account to the child’s account.|
|Reward Points||Account holders have the chance of earning reward points by opening a Recurring Deposit along with their account|
|Daily Transaction Limits||Young Champ account holders are allowed a per day ATM cash withdrawal / POS transaction limit of Rs 2500 each.|
Charges Associated with Young Champ SB Account
|Non-maintenance of Average minimum Balance||Rural & Senior citizens - Charges begin from Rs 27 per month up to Rs 150 per month. Other customers – Charges start from Rs 30 per month and go up to Rs 150 per month.|
|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.|
|ATM Debit Card Renewal Fee||Free of charge|
|Account Maintenance Fee||Rs 60 for every 50 transactions|
|Issue of Duplicate PIN for ATM Card||Rs 50 per instance|
|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 Young Champ SB Account
If this federal savings account is being opened for children below the age of 10 years, the parent / guardian of the child will be the authorized signatory. The documents to be submitted in this case would include:
- Photograph of the child and his/her parent or guardian.
- Proof of the minor’s date of birth
- KYC of the parents’ guardian of the minor
In case the account if being opened for minors who are above the age of 10 years, the account can be opened and operated in the name of the minor. For this, the documents required would be:
- Photograph of the minor opening the account
- Proof of the minor’s date of birth
- (i) Address proof of the child / either of the parent’s, OR (ii) An introduction by the Headmaster, Principal, HOD of the school attended by the child, on the school’s letterhead. The introduction must clearly mention the child’s date of birth and address, along with his/her photograph attached, OR (iii) An ID Card issued by the academic institution or school attended by the child, along with the child’s address, date of birth and photo.
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GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.