Product Details
Bank Name
Federal Bank
Account Name
Fed Excel Saving Account
Account Type
Saving
Interest Rate
For balance upto 50 Lakhs: 3%.
Free Debit Card
No
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
0
Debit Card Charges
Visa Signet Platinum Debit Card
Joining fee: INR 300, Annual fee: INR 300
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
Fed Excel Saving Account
Special Features
Exclusive savings account product for professionals, budding entrepreneurs and registered members of reputed organizations like JCI, FICCI and Chamber of Commerce.
Free Demand Drafts upto Rs. 2,00,000/- per month.
Eligibility Criteria
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Free NEFT and RTGS transfer.
Free 20-cheque leaves per half-year.
Free mobile alerts services.
No Folio charges.
Free Demand Drafts upto Rs. 2,00,000/- per month.
Free Internet banking and Mobile banking services.
No minimum balance requirements.
Cons
No premium features.
Minimum initial remittance of Rs. 10,000/- is required.
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.