Product Details
Bank Name
Federal Bank
Account Name
FedFirst
Account Type
Savings Account
Interest Rate
For balance upto 50 Lakhs: 3%.
Free Debit Card
Yes
Account Opening Fees
0
Debit Card Charges
Nil Debit card AMC subject to an annual spend Rs. 10,000/- via POS/ E-com
Annual Maintenance Fees
0
NEFT Charges
Free online
Minimum Account Balance
Average monthly balance of Rs. 1,000
IMPS Charges
Free online
Fees and Charges of
FedFirst
FedFirst
Special Features
Reward points and seasonal cashback on debit card.
Recurring Deposit facility is also available.
Eligibility Criteria
Children up to age of 18 years (both Resident and NRIs) can apply for this account.
In case of minor below 10 years the account shall be opened with parents/guardians as Authorized Signatory.
Minors above 10 years may open account in their sole name and operate savings bank accounts independently.
To open FedFirst savings account, you may please visit your nearest Federal Bank branch.
Benefits
Features, Eligibility and Benefits of
FedFirst
Pros & Cons of
Pros
Free Mobile alerts & Free E-mail alerts.
Reward points and seasonal cashback on debit card.
Recurring Deposit facility is also available.
Daily cash withdrawal limit at ATMs of Rs. 2500.
Cons
Very basic bank account.
Low interest rates.
FedFirst
FedFirst
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
FedFirst
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.