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
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
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.
FedSalary Premium
The account comes loaded with a number of value add features. However, the account offers low interest rate. It can be considered by individuals who are looking for a good package of 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.