Federal Bank Savings Account Interest Rates
Federal Bank is Indian private sector bank which provides various banking facilities to its customers. The bank has 1,336 branches spread across different states in India. It also has representative offices abroad in Abu Dhabi, Kuwait, Oman, and Dubai.
| Name | Federal Bank[1] |
| Headquarters | Kochi, Kerala, India |
| Type | Public |
| Industry | Banking Financial Services |
| Founded | 23 April, 1931 |
| Founder | K.P. Hormis |
| Website | Federalbank.co.in |
Federal Bank Savings Account Interest Rates
A savings account is a type of account where you can save your money for your further use and earn a small interest on the amount. Today in this article we are going to discuss in details about Federal Bank Savings Account, its interest rates, types of savings account and many more.
Federal Bank offers various savings account facilities for its customers, where one can earn interest up to 2.50%. Customers can open their savings account with Federal Bank for managing their finances[1].
Also Read: Axis Bank Savings Account
Features and Benefits of Federal Bank Savings Account
Mentioned below are the features and benefits of Federal Bank savings account
- Your money remains safe because there is no market risk
- One can open a multiple account
- NET Banking and Mobile Banking facilities are available
- Credit card facility
- ATM facility etc.
Types of Federal Bank Savings Account
1. Young Champ Account
Federal Bank offers a young champ account for children. This account is mainly targeted for children’s and comes with various features such as no charges for mobile and email alerts, account holders will receive a waiver towards educational purposes of up to Rs 50,000 per month, the minimum opening deposit is low, debit card and ATM card is specially designed keeping kid’s in mind etc.
2. SB Plus Savings Account
This savings account is specially designed for dynamic customers. This account gives you prime benefits such as a customer will receive a RuPay Platinum debit card, free cash withdrawals are allowed daily up to Rs 1 lakh through ATMs, no charges for daily POS transactions up to Rs 1 lakh, other facilities such as internet banking, mobile banking are also available.
3. Basic Savings Bank Deposit Account
This basic account is designed for the one who wish to maintain zero balance account and avail a basic banking services. The benefits of this account includes ATM facility, the customer is allowed to make 4 withdrawals per month through ATM, branch, or cheque, internet banking facility is available, no minimum balance requirement etc.
4. Fed Smart Savings Account
With the FedSmart savings account, the customers receives a wide range of banking services such debit card facility, ATM facility, email statement are sent free of cost, customers will receive Visa International Gold debit card, free cash withdrawals and many more.
5. Mahilamitra Savings Account
This savings account is specially designed for women to maintain their savings. Unlike the other savings account this account also provides all the banking facilities.
6. Fed Excel Savings Account
Fed Excel account is specially designed and focuses on working professionals and entrepreneurs. This means that only professionals can open this account. No minimum balance is required to maintain in this account, no folio charges are applied to this account, no charges for internet or mobile banking, nomination facility are available The eligibility to open a Fed Excel account are as follows-
- A doctor
- An Engineer
- Self employed with any qualifications etc.
7. Fed Book Selfie Zero Balance Account
Fed Book Selfie account is a purely mobile based account. It is opened and operated through Fed Book Selfie – the Federal Bank mobile app. Federal Bank is the first bank to introduce this type of account in India. You can open this account by your own using your Aadhar and PAN card. This account is currently not available to NRIs. To open this account, you need to follow certain steps –
- Download the Feed Book app from Google or App store
- Open the app and click on the open new account
- Choose proceed with selfie account
- Now visit the branch and have your account activated or proceed with E-KYC
- For the E-KYC you will be given an Aadhar based OTP to create your account
- Select your parent branch
- Your account number will be generated and your selfie app will be transformed into your e-passbook
8. Bespoke Savings Account
This savings account is for anyone. All residents of India including NRIs, NREs, and NROs can open this account. This account requires minimum balance to be maintain. One needs to maintain a minimum balance of Rs 2 lakhs or more. All facilities are available in this account such as mobile banking facilities, net banking facilities, ATM facility, debit facility etc.
Federal Bank Savings Account Interest Rate
| Balance of the End of the Day | Interest Rate Per Annum |
| Below Rs 5 crore | 2.50% – uniform rate of entire balance 1.50% below RBI Repo Rate |
| Rs 5 crore and above | 2.50% for an amount up to and including Rs 1 lakh 3.80% for the remaining balance above Rs 1 lakh – 0.20% below RBI Repo Rate |
Federal Bank Savings Account Minimum Balance
| Types of Savings Account | Minimum Balance Required |
| Fed Book Selfie Account | NIL |
| Fed Smart Savings Account | Rs 1 lakh |
| Bespoke | Rs 2 lakh |
| Mahilamitra | Rs 5,000 |
| Fed Excel | NIL |
| SB Plus | Rs 5,000 |
| Fed Smart | Rs 1 lakh |
| Yuvamitra | NIL |
How to Open Federal Bank Savings Account
One can open savings account through both online and offline method.
The procedure to open online method are as follows
- Visit the official website of the bank
- Submit the required details
- You will receive an email containing the form to be filled out and a list of documents required
- Submit all your documents such as Aadhar card number, PAN card number etc.
- Fill out the form affix your photographs, enter all your personal details, and submit the form
- Your savings account will be opened
The procedure to open savings account through offline method
- Download the form and fill up the form
- This form will be submitted along with the KYC documents and photographs at the nearest bank
- The customer will receive a mail and will receive a debit card, at his/her own residents
Eligibility Criteria
- Indian citizens
- Hindu undivided families
- Individuals above 18 years
- Minors (through a guardian or parent)
Documents Required
Following documents are required for opening a savings account –
- ID proof (Aadhar card, PAN card, Passport etc.)
- Address proof (Voter ID, driving license etc.)
- 2 passport sized photographs
- In case of nominations, Form DA-1
FAQs
1. How is interest calculated in Federal Bank Savings Account?
Ans: Interest is computed on the daily basis based on the amount in your account at the end of the day. The interest is credited to your account every quarterly.
2. Who is eligible to open savings account at Federal Bank?
Ans: Any Indian citizen and Hindu undivided family can open a savings account with Federal Bank.
3. What is the rate of interest on a Federal Bank savings account?
Ans: Federal Bank interest rates ranges from 2.50% to 3.80%.
4. How can I get my account statement in Federal Bank?
Ans: You can view your account statement in ‘FedBook’. You can also download/email the statement by tapping on ‘view full statement’ and selecting the ‘get statement’ option in the menu.
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