Product Details
Bank Name
Federal Bank
Account Name
Fed Smart Saving Account
Account Type
Saving
Interest Rate
For balance upto 50 Lakhs: 3%.
Free Debit Card
No
Account Opening Fees
0
Debit Card Charges
VISA Imperio Debit Card. Joining fee: INR 500.. Annual Fee INR 599
Annual Maintenance Fees
0
NEFT Charges
Free online
Minimum Account Balance
INR 1,00,000
IMPS Charges
Free online
Fees and Charges of
Fed Smart Saving Account
Fed Smart Saving Account
Special Features
Free unlimited demand drafts.
Eligibility Criteria
Benefits
Features, Eligibility and Benefits of
Fed Smart Saving Account
Pros & Cons of
Pros
Free 20-cheque leaves per half-year.
Free Mobile banking and Mobile alerts.
Free Email alerts.
Free unlimited Demand Drafts.
Free RTGS / NEFT facility.
50% concession in Processing fee/Administration fee for all retail loan products.
No folio charges.
Cons
Low rate of interest.
Average monthly balance of 1,00,000/- is required.
Fed Smart Saving Account
Fed Smart Saving Account
The account offers low interest rate. The account comes with average value add features. Overall the account has limited appeal.
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
Review of
Fed Smart Saving Account
Account Opening and Procedure of
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.