Federal Bank Savings Account

Federal Bank has been pivotal in serving the best of financial and banking facilities to its customers with attractive features. It caters to various needs of diverse individuals by providing them with multiple options of Federal Bank Savings Account to choose from.

In this post, we will look at the various types of Federal Bank Savings Account, Federal Bank Savings Account Interest Rates, it’s features, benefits and every other relevant detail to help you make an informed decision. First, let’s take a look at the Federal Bank Savings Account Interest Rate.

Federal Bank Savings Account Interest Rate

Below is the tabular representation of the interest rate offered by Federal Bank on the amount in its savings account.

Slab	End of the Day Balance	Rates of Interest (p.a)
1	Less than ₹5 Lakhs	3.45% below RBI’s Repo Rate
2	₹5Lakhs to less than ₹50 Lakhs	3.45% below RBI’s Repo Rate for balance below ₹5Lakhs
		3.40% below RBI’s Repo Rate for balance of ₹5Lakhs and above
3	₹50 Lakhs to less than ₹2 Crores	3.45% below RBI’s Repo Rate for balance below ₹5Lakhs
		3.40% below RBI’s Repo Rate for balance of ₹5Lakhs to less than ₹50Lakhs
		2.75% below RBI’s Repo Rate for balance of ₹50Lakhs and above
4	₹2 Crores to less than ₹5 Crores	3.45% below RBI’s Repo Rate for balance below ₹5Lakhs
		3.40% below RBI’s Repo Rate for balance of ₹5Lakhs to less than ₹50Lakhs
		2.75% below RBI’s Repo Rate for balance of ₹50Lakhs to less than ₹2Crores
		2.50% below RBI’s Repo Rate for balance of ₹2Crores and above
5	₹5 Crores to less than ₹50 Crores	3.45% below RBI’s Repo Rate for balance up to and including ₹1Lakh
		1.00% below RBI’s Repo Rate for the remaining balance above ₹1Lakh
6	₹50 Crores and above	3.45% below RBI’s Repo Rate for balance up to and including ₹1Lakh
		0.50% below RBI’s Repo Rate for the remaining balance above ₹1Lakh

(Disclaimer: Interest rates are subject to changes. Please check the official bank website for the most recent changes)

Types of Federal Bank Savings Account:

Federal Bank offers various types of Savings Account tailored for the specific needs of specific consumers. These accounts are:

Bespoke Savings Account

• Offers high interest rates
• Free 20 Cheque leaves per half-year
• Comes with a VISA signature Imperio Debit Card
• Provides Free internet banking, Free Mobile banking-No transaction charges
• Provides Free E-mail alerts, Free Mobile alerts
• First ATM card free
• Average Monthly Balance (AMB) is set at Rs. 2,00,000
• Eligibility – Eligibility – Resident Individuals (sole or joint account), Hindu Undivided Families, Trusts, Associations, Clubs or Societies, Foreign Nationals residing in India (as permitted by Foreign Exchange Management Act), Others specifically permitted by RBI

Fed First Savings Account

• Specifically designed for children
• Comes with a contactless debit card
• Provides free mobile alerts and e-mail alerts
• Offers like reward points and seasonal cashback
• Provides recurring deposit facility
• Daily cash withdrawal limit stands at Rs 2,500
• Daily shopping limit Rs 10,000 including daily contactless transaction limit of Rs 5,000
• Eligibility- Children up to age of 18 (both resident and NRIs) can apply

Fed Excel Savings Account

• Specifically designed for budding professionals and entrepreneurs
•  Free 20 Cheque leaves per half-year
• Comes with a Crown (Visa Classic) Debit Card
• Provides Free Email Alerts and Free Mobile Alerts
• Permits free demand drafts up to Rs 2,00,000 per Month
• Free Net banking and Mobile Banking
• No minimum balance required, only initial balance of Rs 10,000 is required
• Eligibility – Professionals holding government approved Degree or above, and qualified as: A Doctor in any branch of medicine / An Engineer in any branch of engineering. CA/ACCA/ICWA/CFA/CS/CFM/MCA/MBA/PGDBA/PGDBM and Advocates and Self-employed with any of these qualifications. Registered members of JCI, FICCI and Chambers of commerce. Promoters of business units in any Government approved/sponsored/ promoted start up villages/IT villages.

SB Plus Savings Account

• Specifically designed for the dynamic consumer
• Comes with free monthly DD of Rs 10,000
• New age banking channels
• Provides free 20 Cheque leaves per half-year
• Comes with a Visa Signet Platinum Card
• Free Net Banking and Mobile Banking
• Free E-Mail and Mobile Alerts
• Eligibility – Resident Individuals (sole or joint account), Hindu Undivided Families, Trusts, Associations, Clubs or Societies, Foreign Nationals residing in India (as permitted by Foreign Exchange Management Act), Others specifically permitted by RBI

Fed Power + Savings Account

• Comes with free 20-cheque leaves per half-year
• High ATM daily withdrawal limits
• Free Demand Draft Issuance limit of Rs. 50,000
• Comes with a VISA Platinum Debit Card
• Free Mobile Alerts and Free E-mail Alerts
• Free Internet Banking and Free Mobile Banking
• Free NEFT/RTGS Facility
• Eligibility – Resident Individuals (sole or joint account), Hindu Undivided Families, Trusts, Associations, Clubs or Societies, Foreign Nationals residing in India (as permitted by Foreign Exchange Management Act), Others specifically permitted by RBI

Mahila Mitra Plus Savings Account

• Designed Specifically for Women
• Can be opened online or offline
• Comes with special features like Complementary insurance, special rate on home loan, free RTGS/NEFT facility and two zero balance kid’s account
• Free 20 Cheque leaves per half year
• Free Monthly Demand Draft limit of Rs 50,000
• Contactless VISA Classic (CROWN) Debit Card with daily ATM limit of 50,000/- and POS/Ecom limit of   1,00,000/-.
• Exciting Debit Card offers on Amazon, bigbasket, MakeMyTrip, Goibibo, Swiggy & INOX 
• Eligibility – Resident Women above 18 years can open Mahilamitra Plus account.

Yuva Mitra Savings Account

• Designed specifically for students
• No minimum balance required
• Provides free 20 cheque leaves per half year
• Free Internet and Mobile Banking Facilities
• Free Mobile and E-Mail Alerts
• Eligibility – Students beyond matriculation level, including professional degree/diploma holders.

Fed Smart Savings Account

• Provides Free 20 Cheque leaves per half year
• Comes with VISA Signature Imperio Debit Card
• Free Internet Banking and Mobile Banking Facilities
• Free Email and Mobile Alerts
• Free unlimited Demand Drafts
• Free RTGS/ NEFT Facility
• Average Monthly Balance is Rs 1,00,000
• Eligibility – Resident Individuals (sole or joint account), Hindu Undivided Families, Trusts, Associations, Clubs or Societies, Foreign Nationals residing in India (as permitted by Foreign Exchange Management Act), Others specifically permitted by RBI

Federal Bank BSBDA Savings Account

• Comes with a free ATM Card
• No minimum balance requirements
• Comes with a Rupay Classic Debit Card
• Provides 20 free cheque leaves per annum
• Provides account view facility of Fednet (Internet Banking)
• Only 4 withdrawals in a month is permitted including branch, ATM, Cheque, Clearing etc.
• Free Internet and Mobile Banking
• Aadhar Based Credit of Subsidy/ Government Benefits are free of charge

SHRENI Savings Account

• Specifically designed for Trusts, Associations, Clubs, Societies, Housing Co-operative Societies, NGOs, Trading, for-profit organisations.
• Free Internet and Mobile Banking, Mobile Alert and E-Mail Alerts.
• Free Cash withdrawal charges, Free Cheque Book and Unlimited Issue of Demand Drafts
• No average monthly balance required
• 50 Transactions free per quarter
• Free NEFT services
• RTGS charges are waived if AMB maintained is greater than Rs. 1,00,000/- in the previous month.

Federal Bank Club Savings Account

• Specifically designed for Resident Individuals/ Non individuals of Metro Branches
• Provides 20 free cheque leaves per half year
• Comes with a CROWN (Visa Classic) Debit card
• Provides Free E-Mail alerts
• Mobile Alert Facility can be availed at 50 paise per SMS
• Provides Free Internet and Mobile Banking
• Average Monthly Balance must be Rs 5,000

Federal Bank Delite Savings Account

• Specifically designed for Resident Individuals / Non Individuals of of Semi – Urban & Urban Branches. 
• Comes with 20 free cheque leaves per half year
• Comes with a CROWN (Visa Classic) Debit card
• 1 folio free per quarter
• RTGS/NEFT/IMPS Facilities are available
• Free Internet and Mobile Banking Facilities are present
• Free E-mail alerts
• SMS alerts at 50 paise per SMS
• Average Monthly Balance limit of Rs 3,000

Federal Bank Pride Savings Account

• Specifically designed for for Resident Individuals / Non Individuals of Rural Branches. Pride Savings Account is eligible for Rural Branches only.
• Free 20 cheque leaves per half year
• Comes with a CROWN (VISA Classic) Debit Card
• 1 folio free per quarter
• RTGS/NEFT/IMPS Facility is available
• Free Internet and Mobile Banking Facility is available
• Free E-Mail alerts
• Mobile alert facility at 50 paise per SMS
• Average Monthly Balance is set at Rs 2,000

Features of Federal Bank Savings Account

• Lucrative Interest Rates: The rate of interest provided by Federal Bank in the sitting amount in its saving accounts. This ensures steady growth of money.
• Hassle free banking: The account opening process is really smooth and user friendly. There are certain savings account that can be opened online which makes the process paperless and easy.
• Flexible Minimum Balance Requirements: There are many savings account types with low or nominal minimum balance restriction and some with zero minimum balance requirement too. This caters to consumers irrespective of their income status.
• ATM/Debit Card Facilities: Every account holder receives an ATM/ Debit Card which can be used to make banking processes easier and in some of the account types, these cards come with attractive features too.
• Mobile Banking and Internet Banking: Federal Bank is in touch with technology which ensures modern banking facilities at the tip of the consumer’s fingers. These facilities can be used to transfer funds, pay bills, check balance and transactions.
• Round the clock customer support: is always provided to ensure that the customers don’t face any difficulties in their banking experience.
• Provides for Sweep-in facilities and overdraft facilities in some of its savings account types, making them flexible and attractive.

How to Open Federal Bank Account Offline?

The Federal Bank offers various kinds of savings accounts that cater to diverse individuals’ requirements. Here’s how to open a Federal Bank Savings Account

STEP 1: Visit your nearest Federal Bank branch

STEP 2: Ask for an application (or you can download the application form from the website and ill it before going to the bank) for opening a savings account and fill it up with all the necessary details

STEP 3: Choose the kind of savings account that fits your need

STEP 4: Carry your identity proof and address proof documents (Aadhar cards, PAN card, voter ID card, Passport size photograph, utility bills etc.)

STEP 7: Submit the application form and depending on the minimum balance requirement, an initial deposit is to be made depending on the account type.

STEP 8: After the documents are verified successfully you will receive your account information and details.

STEP 9: Once the activation of your account is complete, you can start using it for transactions, withdrawals and much more.

How to Open Federal Bank Account Online?

There are certain types of Federal Bank savings account which can be opened online. Understated are the steps to open such an account online:

STEP 1: Visit the Federal Bank’s official website

STEP 2: Visit the Savings Account Section. Click on “Apply Online” option of the account that fits your requirements.

STEP 3: Fill in the details which are asked of you in the form.

STEP 4: Upload all the documents for the verification purposes.

STEP 5: Review all the details and documents before submitting.

STEP 6: Complete the KYC procedure as prescribed.

STEP 7: A bank representative will get in touch with you and guide you through the process of opening an account.

STEP 8: Deposit the initial amount if any. You will receive a message on your phone once the account gets activated.

Documents required for Opening Federal Bank Savings Account:

Here are the documents necessary to open a federal bank savings account

KYC Documents (Any one address proof and identity proof)

Document	Identity Proof	Address Proof
Passport	Yes	Yes
Driving Licence	Yes	Yes
Voter’s Identity Card	Yes	Yes
Aadhaar	Yes	Yes
Job card by NREGA duly signed by an officer of the State Government	Yes	Yes
Permanent Account Number (PAN) card	Yes	No

Two copies of recent passport-sized photograph in colour.

Who can open Federal Savings Bank Account?

1. Qualified NRIs, HUFs, and Indian residents may open savings accounts at Federal Bank.

2. The account holders must be at least 18 years old, or of legal age of majority.

3. People who are under 18 or who are considered minors have the option of creating an account too in specific account types.

4. There is also the opportunity to create accounts with Federal Bank for companies, enterprises, partnerships, estates, sole proprietorships, and other body corporates.

5. The person who wants to open an account must meet the requirements established by the Reserve Bank of India and must present the required address evidence.

6. For several types of savings accounts, the user is required to maintain a minimum account amount, therefore, the user must be fit to maintain the same.

Benefits of Opening Federal Bank Savings Account

There are many advantages of having a Federal Bank Savings Account. Some of them are:

• The bank affirms that they cater to the unique needs of each and every sort of consumer wishing to register a bank account by offering a comprehensive selection of account alternatives.
• It offers tailored savings options and perks for women, older adults, children, and those earning a salary, along with a variety of support options and interest rates based on their needs.
• Opening a Federal Bank savings account relieves the customer’s worry while applying for credit and loans from the bank, including personal loans, mortgages, and business loans.
• Customer service is offered at every stage and is available to customers around-the-clock through a variety of channels, ensuring customer satisfaction and quick response times to their queries.
• Different types of cashback incentives, retail discounts, and healthcare discounts are given to users in particular types of savings accounts for their advantage.
• There are several ways to start a fund transfer, which makes the procedure simple and hassle-free. Some of them include NEFT, RTGS, and IMPS.
• Customers receive personalised services to enhance their overall experience. These include personalised account packages, doorstep banking, etc.
• Flexible minimum balance and no minimum balance accounts help children and people from impoverished backgrounds to create bank accounts and take use of banking services, promoting equality in society.

Federal Bank Savings Account vs. Current Account

The Federal Bank provides both savings account and current account option to its consumers based on their needs. Below are certain differences between the two to help you choose what you want:

• Motive: Both savings account and current account are distinctive type of accounts that serve different purposes. Usually people who want to save money and want to grow the funds over a period time choose savings account while Current accounts on the other hand are designed for businesses and people who make a frequent transactions of higher amounts.
• Minimum Balance Requirement: While savings account usually caters to the common man and salaried individuals, they have lower minimum balance requirements as compared to Current accounts which have a higher minimum balance requirement due to its use in larger transactions.
• Rate of Interest: Usually the rate of interest on savings is higher which helps the people who want to grow their savings however current accounts do not provide any interests on the funds that is held in the account
• Transaction Limit: Usually current accounts are used for more frequent transactions and therefore they do not have any set transaction limit but savings accounts have a limit on transactions as repeated withdrawals deter the savings’ growth
• Overdraft: Current accounts generally provide overdraft privileges, which let people as well as corporations withdraw more money than their available amount which is typically unavailable with savings accounts.

To conclude, it is wise to note that the reasons why savings account and current account are used are quite different from each other. Beneficiaries use the account for various purposes and for their unique features. It is advisable to customers to check which type of account fulfils their requirements and needs and select the type of account based on those parameters.

Tabular Comparison of Federal Bank Savings Account vs. Current Account

FEATURES	SAVINGS	CURRENT
Purpose	PERSONAL	BUSINESS
Interest Rate	Usually Higher	Usually Lower
Minimum Balance	Required (in some)	Required (in some)
Overdraft	Limited	Can be availed with interest
Transaction Fees	Usually low	Usually high
Cheque Book Issuance	Complementary but limited number of leaves	Chargeable
Online Banking	Available	Available

Modes of Transferring Funds from Federal Bank Savings Account

Federal Bank offers a number of options for transferring money from savings accounts. The most well-liked models include:

1. NEFT: One of the most popular electronic fund transfer techniques for moving money supplied by banks is NEFT. One only has to supply the beneficiary’s bank account information and the transfer amount to complete a transfer.

2. RTGS: In a similar vein, RTGS is one of the online funds transfer techniques used to send a sizable sum of money to other bank accounts

3. IMPS: IMPS, which is accessible around-the-clock, is used to send money rapidly. One may employ this technique on holidays as well. Beneficiary’s mobile number, MMID (Mobile Money Identifier), or account number, and IFSC code are required parameters.

4. UPI: With the rise of cashless transactions, UPI use has become extremely popular. Using one’s UPI ID (Unified payment interface) is a simple, safe, and trustworthy method of transferring funds.

5. Cheque: A check is a written instrument that authorises a bank to transfer a certain amount of money from a person’s account to the individual or business listed in the check’s address.

Steps to Transfer Funds from Federal Bank Savings Account

The following steps can be followed for online transactions from your Federal Bank savings account:

STEP 1: Log in to your DCB Bank net banking account by entering your registered ID and password

STEP 2: Find the option of “Fund Transfer” and click it.

STEP 3: Choose the mode such as NEFT or IMPS.

STEP 4: Enter beneficiary details.

STEP 5: Enter the amount you want to transfer.

STEP 6: Review the details and verify them.

STEP 7: Confirm the transaction by entering the transaction password and OTP.

Once the transaction is complete, you will receive an alert on your registered mobile number.

Federal Bank Customer Care

To get your queries fulfilled, you can dial the pan India toll free number 1800 – 425 – 1199 Or 1800 – 420 – 1199 to avail the services of the Contact Centre. Customers from abroad can dial 080-61991199. Executives will be available 24 x 7 to help you.

Email: contact@federalbank.co.in

Federal Bank Savings Account: FAQs