Product Details
Bank Name
Federal Bank
Account Name
Fed Mahila Mitra Plus
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
Metro/Urban Branch – Rs. 10,000
Semi Urban Branch – Rs. 7,500
Rural Branch – Rs. 5,000
Debit Card Charges
Master Card Crown Debit Card
Joining fee: INR 200, Annual fee: INR 250
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
Fed Mahila Mitra Plus
Special Features
Special rates on Home Loan: 0.60% lower than Bank’s card rate.
50% concession on Processing fee/Administration fee for Home Loans.
Complementary insurance up to 80.75 lakhs.
Two free FedFirst SB account in the name of minor children, with no minimum balance stipulation.
Debit Card with daily ATM limit of 50,000/- and POS/Ecom limit of 1,00,000/.
Users will earn reward points on all Debit card spends online /POS/FedNet and FedMobile (1 reward point for every 200/- spent).
Eligibility Criteria
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Free NEFT / RTGS facility.
Free 20-cheque leaves per half-year.
1 folio free per quarter.
Free monthly Demand Draft limit of Rs. 50,000/-.
Special rates on Home Loan: 0.60% lower than Bank’s card rate.
50% concession on Processing fee/Administration fee for Home Loans.
Complementary insurance up to 80.75 lakhs.
Two free FedFirst SB account in the name of minor children, with no minimum balance stipulation.
Debit Card with daily ATM limit of 50,000/- and POS/Ecom limit of 1,00,000/.
Users will earn reward points on all Debit card spends online /POS/FedNet and FedMobile (1 reward point for every 200/- spent).
Cons
Low interest rates.
No zero balance stipulation.
Fed Mahila Mitra Plus
The account comes loaded with a number of value add features. However, the account offers low interest rate. It can be considered by individuals who are looking for a good package of 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?
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.