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Product Details
Bank Name

Federal Bank

Account Name

FedSalary Premium

Account Type

Salary Account

Interest Rate

For balance upto 50 Lakhs: 3%.

Free Debit Card

Rupay Platinum Debit card

FedSalary Premium
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

FedSalary Premium

0
Special Features
  • Debit card protection up to Rs. 1 lakhs.

  • Ambulance charges cover up to 5000.

  • Free Rupay Platinum Debit card with higher limits, Airport lounge access, lifestyle privileges.

  • Free Family account for family members.

  • Users can get Car loans, Home loans and Personal loans at competitive rates.

  • Users can get discount of 25% on locker rent subject to maximum cap of Rs.1000.

  • Hospital cash facility is available.

Eligibility Criteria
  • Salaried persons with a net salary of Rs 30,000 and above can open Fed Salary Premium Account.

Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
  • Salary overdraft facility upto 80% of monthly salary.

  • Complimentary insurance cover worth upto 87.55 lakhs.

  • Air accidental death cover of Rs. 50 lakhs.

  • Term Life Insurance coverage available upto Rs.1 lakh.

  • Personal accidental death cover Rs. 35 lakhs.

  • Debit card protection up to Rs. 1 lakhs.

  • Ambulance charges cover up to 5000.

  • Free Rupay Platinum Debit card with higher limits, Airport lounge access, lifestyle privileges.

  • Free Family account for family members.

  • Users can get Car loans, Home loans and Personal loans at competitive rates.

  • Users can get discount of 25% on locker rent subject to maximum cap of Rs.1000.

  • Hospital cash facility is available.

Cons
  • Low interest rates.

Application Procedure

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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

  1. Visit the Federal Bank website: Go to the official Federal Bank website and click on the "Open an Account" option.

  2. Select customer category: Choose the appropriate customer category, such as personal banking, NRI banking, or business banking.

  3. Fill in details: Provide your full name, email address, and mobile number in the online form and submit it.

  4. Receive email: You will receive an email with the Account Opening Form (AOF) and a list of required documents.

  5. 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.

  6. Collect welcome kit: Once the KYC verification is complete, you will receive your account opening kit from the bank.

Offline Method

  1. Visit a branch: Visit the nearest Federal Bank branch.

  2. Fill out the form: Obtain and fill out the account opening form.

  3. Submit documents: Submit the form along with self-attested copies of your PAN card and Aadhaar card.

  4. Deposit initial amount: Deposit the required initial amount (if it's not a zero-balance account).

  5. Account confirmation: The bank will open your account and confirm the details via SMS and email.

Application Procedure
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