The Yuvamitra Savings Account by Federal Bank is an account exclusively designed to meet the needs of students. It includes almost all modern banking features such as mobile and internet banking.
|Account Name||Yuvamitra Savings Account|
|Eligibility||All students who have crossed matriculation are eligible. Diploma or Professional degree holders can also apply.|
|Average Monthly Balance||Nil|
|Type of Debit Card||MasterCard Classic or Visa International Shop ‘n Save|
Interest Rates for the Federal Bank Yuvamitra Savings Bank Account
The following interest rates are applicable for Yuvamitra Savings Bank Account, with effect from 3 March 2018:
|Slab||Balance at the end of day||Interest rates per annum (p.a.)|
|1||Less than Rs.50 lakh||
|2||Rs.50 lakh or more but less than Rs.10 crore||
|3||Rs.10 crore or more but less than Rs.25 crore||
|4||Rs.25 crore or above||
Services Offered by Yuvamitra Savings Account
The following services can be availed in this account:
|Cheque Book/Leaves||Available, 20 cheque leaves per year|
Features of Yuvamitra Savings Account
Some of the main features of the Yuvamitra Savings Account are:
|Daily Cash Withdrawal Limit||
|Daily POS Transaction Limit||Rs.50,000|
Charges for the Services Availed in the Yuvamitra Savings Account
Yuvamitra Savings Account holders are charged the following fees:
|Non-maintenance of Average Minimum Balance (Monthly)||Rural & Senior citizens:
|Card Renewal Fee||Free of charge|
|Card Registration Fee||Free of charge|
|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:
|Transaction Alerts - SMS||Rs.50 paise per SMS|
|NEFT Charges||Inward – Free Outward fee charges per transaction:
|RTGS Charges||Inward – Free Outward fee charges per transaction:
|Cash Remittance at Non-Home Branch (Anywhere Banking Charges)||
|Account Closure Charges||
Documents Required for Yuvamitra Savings Account
When applying for Yuvamitra Savings Account at Federal Bank, any one of the following documents are required as identity proof and address proof:
- NREGA’s job card, validated by a State Government Officer
- Driving License
- Aadhar Card
- Voter’s ID
- PAN (Permanent Account Number) Card
Students applying for the Federal Bank Yuvamitra Savings Account will have to submit the following documents, compulsorily:
- Recent passport size photographs of the applicant - 2 copies
- A bonafide letter from the institution of study (School/College) with an attested photo or introduction from the institution’s head.
- Proof/Certificate of Matriculation.
The Yuvamitra Savings 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.GST of 18% is applicable to all banking products and services from 1 July 2017 onwards.
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GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.