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Federal Bank Savings Account | Interest Rate, Types and How To Open

January 22, 2018 / Leave a comment

The Federal Bank is a private sector commercial bank in India. The bank has its headquarters in Aluva, Kerala. The bank was founded in the year 1931 and was nationalized in the year 1947. As per the current record, the Federal Bank has a wide network of 1252 branches, 1680 ATMs and 212 Cash Deposit Machines across the country.

The bank provides a number of products and services for the benefit of the customers. Out of which, one of the most important services is the Savings Account. In this article, we will provide you the complete details of the Federal Bank Savings Account.

Interest Rates of the Federal Bank Savings Account

The Federal Bank offers an attractive interest of 4% per annum of the savings account.

How to Open a Federal Bank Savings Account

For opening a Federal Bank savings account, the applicants can either choose an online mode or offline mode of application.

For Online mode of application, the applicants have to fill in the account opening form by clicking it on the “Apply Online” tab in the “Open an Account” option. Submit the form online. After the submission of the application form, the candidates will receive the list of the KYC Documents that needs to be submitted along with the form. Take the print out of the application form and submit it along with the KYC Documents at the nearest Bank Branch. After the verification of the form and the documents, the applicants will be given the banking kit and the account will be activated and you can start saving.

For Offline mode of application, you will have to visit the nearest bank branch and collect the account opening form. The applicant has to fill in the application form and submit it along with the mentioned KYC Documents. The bank officials will then verify the form and the documents are your account will be activated and you can soon start saving.

Types of the Federal Bank Savings Account

The Federal Bank offers different types of savings account as per the needs of the customer. The types of Federal Bank Savings Account are:

Freedom SB Savings Account

In this savings account, the customers can avail premium services at negligible cost. The account holders of this account can enjoy the services such as the International Debit Card, Daily POS Limit of Rs 30, 000 along with free mobile banking and Internet Banking. This account can be opened by any individuals, foreign nationals currently living in India as well as the Trusts, Associations, Welfare, Clubs etc.

Young Champ Savings Account

This savings account is exclusively for the children to improve the habit of the savings. This includes features such as e-mail alerts, free Fed Book access etc. The account holder will receive a waiver of Rs 50, 000 per month on DD Charges. It also offers additional benefits like reward points for new recurring deposits. The minimum balance for this account is Rs 1000. The minimum balance can be waived off if the account is opened with the following schemes:

Fed Power+
Mahila Mitra
Fed NRI Eve
Fed Select
Fed Smart
Fed NRI Privilege

SB Plus Savings Account

This account includes the benefits such as International Debit Card, free Debit Card up to Rs 10, 000 every month along with a service charge discount of 25% on outstation cheque. The account holder receives 40 cheque leaves every month free of cost.

Yuva Mitra Savings Account

This account is specially designed for the students. This account provides 20 free cheque leaves every year along with an International Debit Card. The account holders can avail POS Limits up to Rs 30, 000 per day with no minimum balance requirement.

Basic Savings Bank Deposit Account (BSBDA)

This is a zero balance account and it offers various banking services. The account comes along with a chequebook and an ATM free of cost. The Government subsidies or the benefits through the Aadhaar card will also be transferred for free. The account holders are not allowed to open any other savings account with the bank, and if in case they have one already, then they have to close it within 30 days.

Federal Institutional Savings Account (FISA)

This account is specially designed for the Clubs, Committees, Trusts, Associations etc. Through this account the account holder will receive free e-mails on the account statements, 100 transactions for every quarter free of charge as well as the free mobile banking and e-mail alerts.

Fed Smart Savings Account

This account provides services such as daily e-mail statements, Internet banking, mobile banking, outstation cheque collection for free. The account holder can also enjoy the cash withdrawals up to Rs 75, 000 per day through ATMs and unlimited Demand Drafts with no charge.

Mahila Mitra Savings Account

This account is specially designed for the women, the account holder is provided with an International Gold Debit Card, Free NEFT and RTGS transactions, 2 Young Champ account for the minor children. Offers Demand Draft limit of Rs 50, 000 for free and allows cash withdrawals up to Rs 75, 000 per day.

Fed Excel Savings Account

This is a zero balance account for the working professionals and the entrepreneurs. The account provides an International Gold Debit Card with a POS Limit of Rs 75, 000 per day. Also provides free Internet Banking and Mobile Banking.

Fed Book Selfie Zero Balance Account

This is a zero balance account and can be opened from a smartphone. The account has its own personal app and can be downloaded by taking a selfie. All you have to do is just upload a selfie and upload the scanned copies of the Aadhaar and PAN card. The bank provides 10 cheque leaves a year and a free International Gold Debit Card.

Minimum Balance Requirements of the Savings Account

Every Savings Account of the Federal Bank has different minimum balance requirements based on the certain factors. Below listed are the list of the Savings account with Average Monthly Balance Requirements:

Types of Savings Account	Minimum Balance Requirements
Freedom SB Savings Account	Rs 1000
Young Champ	Rs 1000 waived if opened with Mahila Mitra, Fed Power etc.
SB Plus	Rs 5000
Yuva Mitra	Rs 0
Federal Institutional Savings Account (FISA)	Rs 5000
Fed Smart	Rs 1, 00, 000
Mahila Mitra	Rs 5000
Fed Excel	Rs 10, 000 and Nil for those who are below 35 years.
Fed Book Selfie	Rs 0

Eligibility Criteria for Federal Bank Savings Account

The eligibility conditions for opening a Federal Bank savings account are as follows:

for opening the account, the account holder must be an Indian Citizen or Hindu Undivided Families (HUF).
Individuals above 18 years (single or joint accounts)
Minors (through parents or guardians).
Clubs, associations, societies and trusts.

Documents Required for Opening a Federal Bank Account

Listed below are the documents that are required while opening a savings account in Federal Bank:

2 Passport size photographs
In case of Nominations, Form DA-1
PAN Card, if not then Form 60
KYC Documents for Identity Proof and Address Proof.

List of Proof of Identity Documents (any one)

Passport
Driving License
PAN Card
Aadhaar card
NREGA Job Card, signed by the Government Official.

List of Address Proof Documents (any one)

Aadhaar card
Voter ID
Driving License
Passport
NREGA Job Card, signed by the Government Official.

How to Link Aadhaar With Federal Bank

September 11, 2017 / Leave a comment

The Aadhaar is a 12-digit unique number provided to every Indian citizen by the Unique Identification Authority of India. The Aadhaar scheme aims at providing a universal identification to every citizen. It must be noted that the Aadhaar does not replace all the other identification cards like PAN, Voter’s id, Ration card etc and nor does it ensure citizenship of a person. The significance of Aadhaar lies in the fact that unlike other cards, the Aadhaar card comprises of both the demographic as well as the biometric details of an individual. Further, the Badhwar card is important not only because it is backed by the government but also because the details contained in the Aadhaar card are thoroughly verified at the time of enrollment. The Aadhaar data is stored in the UIDAI database which only the authorities can access.

Benefits of Linking Aadhaar With Bank Account

This year the government has made it mandatory to link Aadhaar with the bank account. This step was taken in order to eradicate poverty and to ensure that even the poor section of the society have access to the fruits of development. It has been observed that in spite of several schemes initiated by the government for the upliftment of the weaker section of the society, there has not been much improvement in their condition. This is mainly because of the presence of “ghost workers”, corrupt officials and middlemen who scrap all the government benefits leaving the poor people with minimal of whatever is left. Some of the benefits of seeding Aadhaar with the bank account are

The most important reason why Aadhaar should be seeded with a bank account is that according to a recent decision by the cabinet all the payments of government schemes will be directly sent to the beneficiary’s account. For example payments of MNREGA, pension, scholarships etc all will be directly deposited to the account.
The Aadhaar card is also one of the mandatory KYC document which is a person is required to present at the time of opening a bank account. The Aadhaar is used as a KYC by all the banks in India while opening a bank account.
The payments of government subsidies will also be credited directly to Aadhaar linked bank accounts. Like subsidies of LPG, Kerosene, sugar etc.

How to Link Aadhaar With Federal Bank Account

The Federal Bank is a private bank whose headquarters are located at Kochi, Aluva, and Kerela. The establishment of the bank dates back to the pre-independence era when the Pattamukkil brothers drafted a blue print of the bank. The bank was established on 7 April 1931. Since its inception, the bank has introduced several unique technological and digital facilities to ensure that their customers and clients have easy access to the bank. For example, it was the first bank in India to introduce the electronic passbook. It was also the first bank to introduce the first of its kind, automated chat facility. Further, the Federal bank is also the first bank to launch the first mobile application to open a bank account.

In order to link Aadhaar with the federal Bank account the following points must be kept in mind:

Steps to be taken by Existing Customers

The customers are required to carry a photocopy and the original Aadhaar card and bank’s passbook.
Fill the Application form to link Aadhaar with the bank account available at all bank branch. All the details must be correctly filled.
After filling the form, it must be submitted to the branch officers
The bank might ask for the documents for verification. After the verification is completed the bank will hand over the documents to the account holder.
Once the verification is completed the account will be linked with Aadhaar manually by the bank officers.
After the linking process is done a confirmation email or SMS will be sent to the account holder.

In case of a new customer, the original, as well as a copy of the Aadhaar card, must be produced at the bank to open a bank account.