Product Details
Bank Name
Federal Bank
Account Name
Esteem Savings Account
Account Type
Savings Account
Interest Rate
For balance upto 50 Lakhs: 3%.
Free Debit Card
Yes
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
Average monthly balance of Rs. 50,000 or Rs. 25,000 plus term deposit of 10 lakhs.
Debit Card Charges
NIL
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
Esteem Savings Account
Special Features
Users will get 2 complimentary domestic airport lounge access per quarter.
Users will get a health checkup for 50+ parameters worth Rs. 2000+ every year.
Users will get 24 * 7 Unlimited Teleconsultations with a General Physician for any enquiries.
Users will get a Hospital cash benefit of Rs.1000/day for 5 days per year.
Users will get a waiver on the AMC of Demat account for the first year.
Eligibility Criteria
This account can be opened by a resident individual above 55 years of age.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Users will get 2 complimentary domestic airport lounge access per quarter.
Users will get a health checkup for 50+ parameters worth Rs. 2000+ every year.
Users will get 24 * 7 Unlimited Teleconsultations with a General Physician for any enquiries.
Users will get a Hospital cash benefit of Rs.1000/day for 5 days per year.
Users will get a waiver on the AMC of Demat account for the first year.
Users will get a concession of 25% subject to a cap of ₹ 1000 on locker rent.
Cons
Very high average balance requirements.
Low interest rates.
Application Procedure
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Product Review
Account Opening and Procedure
How to open an Account?
You can open a savings account with Federal Bank either online or offline. Here's a breakdown of both methods:
Online Method
Visit the Federal Bank website: Go to the official Federal Bank website and click on the "Open an Account" option.
Select customer category: Choose the appropriate customer category, such as personal banking, NRI banking, or business banking.
Fill in details: Provide your full name, email address, and mobile number in the online form and submit it.
Receive email: You will receive an email with the Account Opening Form (AOF) and a list of required documents.
Submit documents: Print and fill out the form, attach your photograph, and submit it along with the necessary KYC documents at the nearest Federal Bank branch.
Collect welcome kit: Once the KYC verification is complete, you will receive your account opening kit from the bank.
Offline Method
Visit a branch: Visit the nearest Federal Bank branch.
Fill out the form: Obtain and fill out the account opening form.
Submit documents: Submit the form along with self-attested copies of your PAN card and Aadhaar card.
Deposit initial amount: Deposit the required initial amount (if it's not a zero-balance account).
Account confirmation: The bank will open your account and confirm the details via SMS and email.