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Product Details
Bank Name
Federal Bank
Account Name
Fed Basic Savings Bank Deposit Account
Account Type
Saving
Interest Rate
Less than ₹5Lakhs- 3.45% below RBI's Repo Rate
₹5Lakhs to less than ₹50Lakhs- 3.45% below RBI’s Repo Rate for balance below ₹5L
and 3.40% below RBI's Repo Rate for balance of ₹5L and above
Free Debit Card
No
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79.7
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
INR 0
Debit Card Charges
Rupay Classic Debit Card
Joining fee: INR 0, Annual fee: INR 200
NEFT Charges
Free
IMPS Charges
Upto INR 1,000: INR. 0; 1,001 to 1 Lakh: INR.5; 1,00,001 to 2 Lakh: INR 15, above INR 2 Lakh: INR 17
Fees and Charges
Fed Basic Savings Bank Deposit Account
Special Features
Free NEFT and RTGS
Eligibility Criteria
Indian resident above 18.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
No Minimum balance required
Rupay Classic Debit Card available
20 free cheque leaves per annum
Account view facility on Fednet (Internet Banking)
Free internet banking and mobile banking facility available.
Aadhaar based credit of subsidy/government benefits are free of charge.
Cons
Low rate of interest.
Only 4 withdrawals in a month are permitted including branch, ATM, cheque clearing, etc.
No free debit card is provided
Fed Basic Savings Bank Deposit Account Review
The account comes with low interest rate and offers minimal value add features.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Account Opening and Procedure
How to open an Account?
Application Procedure
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