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
Annual Maintenance Fees
0
Minimum Account Balance
0
Debit Card Charges
NA
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
Fed Yuvamitra Saving Account
Special Features
Eligibility Criteria
Benefits
Features, Eligibility and Benefits
Pros & Cons
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
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.