Federal Bank was established in 1945. It is a private commercial bank. It is based in Kochi, Kerala. The Federal bank has nearly than 1300 branches in India. Federal Bank offers co-branded SBI Credit Card to its customers but the bank is known for its variety of savings account.
Types of Federal Bank Savings Accounts
- Freedom SB Savings Account: Customers of this account get access to a range of premium services at negligible costs. This Savings Account enables account holders to enjoy amazing services such as an international Debit Card with daily POS limit of Rs. 30000, free mobile banking and internet banking facilities, etc. This type of account is open to resident Indians, foreign nationals currently residing in India. It is also available to registered institutions, trusts, associations and clubs.
- Young Champ Savings Account: This account is targeted at children in order to inculcate a habit of saving money. It comes with a variety of perks such as free FedBook access and free email alerts. The account holders also receive a waiver on demand draft charges for the payment of educational fees of up to Rs. 50000 per month. There are additional benefits such as rewards points and cashback for RD installments. A minimum balance of Rs. 1000 must be maintained in this account unless it is opened with the schemes like Fed Power+ or Mahila Mitra or Fed NRI Eve or Fed Select or Fed Smart or Fed NRI Privilege.
- SB Plus Savings Account: This account comes an international debit card, free DDs of up to Rs. 10000 a month and a 25% discount on the service charge of outstation cheque collection. Account holders also get 40 free cheque leaves every 6 months.
- Yuvamitra Savings Account: This Savings Account is for students. It offers benefits such as an International debit card POS limits up to Rs. 30, 000 per day, 20 free cheque leaves each year, free SMS and email alerts and no minimum balance requirement.
- Basic Savings Bank Deposit Account: The BSBDA account from the Federal Bank is specially designed for people who wish to avail of basic banking services with the benefits of a zero balance account. The account has a free cheque-book and ATM card. Government subsidies and benefits through the Aadhaar card are credited to this account at no extra cost. However, account holders are not allowed to open any other savings accounts in the same bank.
- Federal Institutional Savings Account: This account is mainly for Clubs, Trusts, Associations, Committees, etc. It provides numerous benefits such as free account statements by e-mail or postal mail, free 100 transactions every quarter as well as free mobile banking and SMS alerts.
- Fed Smart Savings Account: Account holders can receive a range of services such as internet banking, mobile banking, daily email statements and outstation cheque collection at no extra cost. They can also withdraw up to Rs. 75000 per day through ATMs for at no additional charges.
- Mahilamitra Savings Account: This is a Savings Account that has been especially for women. The women customers get an International Gold Debit Card with ATM cash withdrawals up to Rs. 75000 per day. NEFT and RTGS services are free with this account. Two Young Champ accounts can be created in the name of minor children through this type of account without the need to maintain the minimum average quarterly balance.
- Fed Excel Savings Account: This is also a zero balance account which provides great features to working professionals and entrepreneurs. Account holders receive a free international Gold Debit Card which has a POS limit of Rs. 75000 per day. Account holders also get access to FedBook, besides free internet and mobile banking facilities.
- FedBook Selfie Zero Balance Account: This is an innovative Savings Accounts. It is a zero balance account that can be opened from a smartphone. The customer must download the FedBook app and then upload a selfie along with scanned copies of the required KYC documents in order to open this type of account. The account holders receive ten cheque leaves in a year and also a free International Gold Debit Card.
Minimum Balance Requirements for Federal Bank Savings Accounts
Type of Account
Average Monthly Balance
Rs.1000 (waived if opened with Mahila Mitra, Fed Power, Fed Smart+, Fed NRI Eve, Fed NRI Privilege or Fed Select account)
Basic Savings Bank Deposit Account
Federal Institutional Savings Account (FISA
Rs.10000 initial remittance
FedBook Selfie- Zero Balance Account
Documents Required to Open a Savings Account
- Identity Proof: Passport, driver’s license with validity, Permanent Account Number (PAN) card, Voter ID card, Aadhaar Card, Government-issued photo identity card, NREGA Card, etc.
- Address Proof: Passport, driver’s license, Passbook of another bank, Electricity or phone bills, Ration card, etc.
- Passport sized photographs
- Application form
- Form DA-1 for nominations
These are the eligibility criteria for a Bandhan Bank Savings Accounts:
- Resident adult Indian
- Minors, through guardians or parents
- Trusts, associations, government bodies, religious institutions, clubs, etc.