Federal Bank Savings Account

Federal Bank Savings Account

Federal Bank has played a crucial role in delivering exceptional financial and banking services to its customers with appealing features. It meets the diverse needs of individuals by offering a variety of Federal Bank Savings Accounts to choose from.

In this post, we will explore the different types of Federal Bank Savings Accounts, their interest rates, features, benefits, and all other relevant details to help you make an informed decision. First, let's examine the Federal Bank Savings Account Interest Rate.

Federal Bank Savings Account Interest Rate

The table below shows the interest rates offered by Federal Bank on the balances in its savings accounts:

(Disclaimer: Interest rates are subject to change. Please visit the official bank website for the latest updates.)

It provides an array of savings accounts in accordance with the different set of customers and their preferences. Here we detail several of the main types of accounts:

Regular Savings Accounts

• Lock-in Period (Days) Not Applicable Savings Account
• SB Plus: Internet Banking, Mobile banking and Debit card based regular savings account.
• Fed Smart: This is a basic banking account for individuals and comes with online shopping discount features.
• Fed Excel: This account is for salaried people and comes with salary credits, cheque book ethics and customized banking services.
• Fed Salary Premium: An account designed for salaried customers with a high salary and accompanying elite banking services.
• FedFirst Kids Account: The FedFirst Kids Account is a children's savings account to teach the little ones good saving habits.

Special Savings Accounts

• Mahila Mitra Plus: This account is a value-added proposition designed for women with features such as personal accident insurance, preferential interest rates, etc.
• Bank of India Yuva Mitra: This account is meant for professionals who are young and offers facilities like personal accident insurance, debit card, etc.
• Bespoke Savings Account: This account comes with customized banking solutions & exclusive benefits for HNIs.
• Club Savings Account: Created for those who wish to join other individuals in saving money, this account allows each member of the group to deposit funds towards a single purpose.
• Delite Savings Account: It is a simple savings account with fewer features for those who have limited banking transactions.

NRI Savings Accounts

Savings Account offered by Federal Bank for Non-Resident Indians

• NRE Savings Account: These accounts are for Non-Resident Indians who wish to remit their money back home.
• NRO Savings Accounts (NRE): These accounts are only for non-resident Indians who want to save their Indian income in India.

Other Savings Accounts

• Basic Savings Bank Deposit Account (BSBDA): A no-frills account with a zero or very minimum balance to be maintained and this also extends facilities such as ATM card, check book, etc.
• Priority Banking: It is a premium banking service, which offers priority benefits and personalized attention with Priority Relationship Managers.

How to Open a Federal Bank Account Offline

Federal Bank offers a variety of savings accounts to meet the needs of diverse individuals. Here’s how to open a Federal Bank Savings Account offline:

1. Visit your nearest Federal Bank branch.
2. Request an application form (or download it from the website and fill it out before going to the bank) for opening a savings account and complete it with all the necessary details.
3. Choose the type of savings account that suits your needs.
4. Bring your identity and address proof documents (such as Aadhar card, PAN card, voter ID card, passport-size photograph, utility bills, etc.).
5. Submit the application form and, depending on the minimum balance requirement, make an initial deposit as per the account type.
6. After successful verification of your documents, you will receive your account information and details.
7. Once your account is activated, you can start using it for transactions, withdrawals, and more.

How to Open a Federal Bank Account Online

Certain types of Federal Bank savings accounts can be opened online. Here are the steps to open such an account:

1. Visit the Federal Bank’s official website.
2. Navigate to the Savings Account Section and click on the “Apply Online” option for the account that fits your requirements.
3. Fill in the required details in the form.
4. Upload all necessary documents for verification purposes.
5. Review all the details and documents before submitting the form.
6. Complete the KYC procedure as prescribed.
7. A bank representative will contact you and guide you through the process of opening the account.
8. Deposit the initial amount, if required. You will receive a message on your phone once the account is activated.

Documents Required for Opening a Federal Bank Savings Account in 2024

The exact document list for opening a savings account in Federal Bank may slightly vary based on the type of savings account you are creating and at the discretion of branch policies. Well, for the most part, you will indeed need this one thing.

Essential Documents:

• For Identity Proof: Aadhaar card, PAN card, Passport, or Driving License
• Proof of Address: Aadhaar Card, Voter ID card, Passport, Driving License, and Utility Bill
• Photo: Two passport-size photographs.
• Minimum Deposit: You will need to make a minimum initial deposit in pounds for each account type.

Other Documents (if applicable to your kind of account):

• Income Proof: In case you hold some account types, then input the details of salary slips, income tax returns, or any such related stuff in order to ascertain your source of earnings.
• Occupational Proof: Might as well be obligatory for certain account types.
• Nominee Info: You need to fill in the details about your nominee such as Full name, Address, and relationship with you.

Benefits of Opening a Federal Bank Savings Account

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

• Diverse Account Options: The bank provides a wide range of account options to meet the unique needs of every consumer, ensuring a suitable choice for everyone.
• Tailored Savings Options: Special savings options and benefits are available for women, seniors, children, and salaried individuals, along with various support options and interest rates based on their needs.
• Ease of Credit Applications: Having a Federal Bank savings account simplifies the process of applying for credit and loans, including personal loans, mortgages, and business loans.
• 24/7 Customer Service: Customer service is available around the clock through various channels, ensuring customer satisfaction and prompt responses to queries.
• Exclusive Discounts and Incentives: Certain types of savings accounts offer cashback incentives, retail discounts, and healthcare discounts for users.
• Hassle-Free Fund Transfers: The bank offers multiple ways to transfer funds, such as NEFT, RTGS, and IMPS, making the process simple and convenient.
• Personalized Services: Customers enjoy personalized services like custom account packages and doorstep banking to enhance their overall experience.
• Flexible Minimum Balance Requirements: Flexible and no minimum balance accounts allow children and individuals from underprivileged backgrounds to open bank accounts and access banking services, promoting social equality.

Federal Bank Helpline Number 2024

Federal Bank Customer Care Support Requirements:

• Toll-Free Numbers: For all over India: 1800-425-1199 or you can also call on this number.
• For foreign customers: 0484-2630994, 0484-2630995; +91 -080-61991199

Email

We assure you that given any reason for your query, the kind officials at Federal Bank are ready to solve all of them within minutes.

• FedNet Internet Banking: fednetinfo@federalbank.co.in
• Mobile Banking: mobilesupport@federalbank.co.in
• Email id for NRI Account Opening: nridiv@federalbank.co.in
• Credit Cards: creditcards@federalbank.co.in

Other Channels

• FedNet Internet Banking: Online banking services.
• Mobile Banking App: For your banking at the speed of life.
• Visit Federal Bank branch: Customers can visit their nearest Federal Bank Branch.

Social Media

The Federal Bank has an active presence on social media platforms for customer interaction.

Note: Customer care executives are working 24X7 for customer support.