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  • Federal Bank Yuvamitra Savings Account

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

    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.

    Bank Federal Bank
    Account Name Yuvamitra Savings Account
    Category Savings Account
    Eligibility All students who have crossed matriculation are eligible. Diploma or Professional degree holders can also apply.
    Average Monthly Balance Nil
    Debit Card Available
    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
    • 3.5% for the entire balance
    2 Rs.50 lakh or more but less than Rs.10 crore
    • 3.5% for balance up to Rs.50 lakh
    • 4% for the residual balance (over and above Rs.50 lakh)
    3 Rs.10 crore or more but less than Rs.25 crore
    • 3.5% for balance up to Rs.1 lakh
    • 6.3% for the residual balance (over and above Rs.1 lakh)
    4 Rs.25 crore or above
    • 3.5% for balance up to Rs.1 lakh
    • 6.51% for the residual balance (over and above Rs.1 lakh)

    Services Offered by Yuvamitra Savings Account

    The following services can be availed in this account:

    Internet Banking Available
    Mobile Banking Available
    Tele Banking Available
    E-mail Alerts Available
    ATM Services Available
    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
    • Rs.50,000 – Shop ‘n Save
    • Rs.50,000 – MasterCard Classic
    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:
    • Up to 20% - Rs.27
    • Above 20% to 40% - Rs.54
    • Above 40% to 60% - Rs.81
    • Above 60% to 80% - Rs.108
    • Above 80% to 100% - Rs.135
    Other customers:
    • Up to 20% - Rs.30
    • Above 20% to 40% - Rs.60
    • Above 40% to 60% - Rs.90
    • Above 60% to 80% - Rs.120
    • Above 80% to 100% - Rs.150
    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:
    • Financial transaction - Rs.20/transaction
    • Non-financial transaction – Rs.10/transaction
    Transaction Alerts - SMS Rs.50 paise per SMS
    NEFT Charges Inward – Free Outward fee charges per transaction:
    • Up to 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 – Free Outward fee charges per transaction:
    • Rs.2 lakh to Rs.5 lakh – Rs.25
    • Above Rs.5 lakh – Rs.50
    Cash Remittance at Non-Home Branch (Anywhere Banking Charges)
    • Rs.50 is charged per transaction or 50 paise per Rs.1000, whichever is higher.
    • First 4 remittances lower than or equal to Rs.10,000, is allowed for free every month.
    • If AMB is maintained at Rs.50,000 in the previous month, AWB charges are waived off.
    Account Closure Charges
    • Between 0 – 6 months – Rs.100
    • After 6 months up to 12 months
      • Rural – Rs.50
      • Senior Citizens – Rs.50
      • Other – Rs.100

    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
    • Passport

    Mandatory Documents:

    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.

    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.

    GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

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