Product Details
Bank Name
Federal Bank
Account Name
Fed Salary
Account Type
Salary Account
Interest Rate
For balance upto 50 Lakhs: 3%.
Free Debit Card
Mastercard Crown Debit card
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
0
Debit Card Charges
NIL
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
Fed Salary
Special Features
Complimentary personal accidental cover of 10 lakhs.
Eligibility Criteria
Salaried persons with a net salary of Rs 10,000 and above are eligible to open the account.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Unlimited Federal bank ATM transactions.
Complementary Mastercard Crown Debit card with nil AMC.
20-cheque leaves free per half-year.
Preferential rates for Auto/Housing & Personal loans.
Credit card facility is available.
Free Mobile & Internet banking.
Complimentary personal accidental cover of 10 lakhs.
Cons
Low interest rates.
Fed Salary Review
The account comes with low interest rate and offers average 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.