Product Details
Bank Name
Federal Bank
Account Name
Federal Bank GovEarn
Account Type
Salary Account
Interest Rate
For balance upto 50 Lakhs: 3%.
Free Debit Card
GovEarn 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
Federal Bank GovEarn
Special Features
Users will get complimentary airport lounge access.
Zero Demat account opening and 50% waiver in Demat AMC.
Users will get discount up to 50% on locker rent subject to maximum cap of Rs.1000 pa.
Salary overdraft/Early salary facility available up to 80 % of monthly salary.
Eligibility Criteria
Resident government employee with monthly salary credit of Rs. 25,000 or more.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Zero balance account with unlimited ATM transactions.
Users will get complimentary airport lounge access.
Zero Demat account opening and 50% waiver in Demat AMC.
Users will get discount up to 50% on locker rent subject to maximum cap of Rs.1000 pa.
Users will get 2x Birthday month rewards, max up to 1000 points.
Users can get a complimentary insurance cover worth up to 2.27 crores.
Salary overdraft/Early salary facility available up to 80 % of monthly salary.
Cons
Low interest rates.
Federal Bank GovEarn Review
The account offers an extremely low interest rate. The account is loaded with value add features. The account can be considered by individuals who are looking for a good package of value add benefits.
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.