Product Details
Bank Name
Federal Bank
Account Name
Fed Yuvamitra Saving Account
Account Type
Saving
Interest Rate
Less than ₹5Lakhs- 3.45% below RBI's Repo Rate
₹5Lakhs to less than ₹50Lakhs- 3.45% below RBI’s Repo Rate for balance below ₹5L
and 3.40% below RBI's Repo Rate for balance of ₹5L and above
Free Debit Card
No
Account Opening Fees
0
Debit Card Charges
NA
Annual Maintenance Fees
0
NEFT Charges
Free online
Minimum Account Balance
0
IMPS Charges
Free online
Fees and Charges of
Fed Yuvamitra Saving Account
Fed Yuvamitra Saving Account
Special Features
Eligibility Criteria
Benefits
Features, Eligibility and Benefits of
Fed Yuvamitra Saving Account
Pros & Cons of
Pros
No minimum balance is required.
Free 20 cheque leaves per half year.
1 folio free per quarter.
Free Internet banking and mobile banking facility.
Free Mobile alerts and E-mail alerts
Cons
Fed Yuvamitra Saving Account
Fed Yuvamitra Saving Account
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
Review of
Fed Yuvamitra 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.