Product Details
Bank Name
Federal Bank
Account Name
Fed Club Saving Account
Account Type
Saving
Interest Rate
For balance upto 3 Lakhs: 3%. For balance above 3 Lakh 3.05%.
Free Debit Card
No
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
INR 5,000
Debit Card Charges
VISA Classic Crown Debit Card
Joining fee: INR 200, Annual fee: INR 250
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
Fed Club Saving Account
Special Features
Eligibility Criteria
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Free 20-cheque leaves per half-year.
1 folio free per quarter.
Free E-mail alerts.
RTGS and NEFT facility is available.
Free Internet banking and Mobile banking.
Cons
Low rate of interest.
Account has very few add-on features
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.