Product Details
Bank Name
Federal Bank
Account Name
Federal Bank Imperio
Account Type
Savings Account
Interest Rate
For balance upto 50 Lakhs: 3%.
Free Debit Card
Imperio Card
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
Average Monthly Balance of Rs 2 Lakhs.
Debit Card Charges
Not specified by the bank.
NEFT Charges
Free online.
IMPS Charges
Free online
Fees and Charges
Federal Bank Imperio
Special Features
Users will get free subscription to Wealth Management Services.
Users can earn 2X reward points (up to 1000 points) on all eligible transactions during the birthday month.
Users will get a concession of 50% subject to a cap of ₹ 1000 on locker rent.
Users will get 50% concessions in processing fees for retail loans (Housing / Car loan) subject to a cap of ₹ 5,000.
Users will get 50% waiver on the AMC of Demat account.
Eligibility Criteria
Initial funding of Rs 2 Lakhs or more for new customers onboarded to the Bank. Account to be funded within 3 working days from account opening date.
OR
For Resident Salary Customers: Salary credit of Rs. 1 Lakh or more in the SB account.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Customer can include a maximum of 4 members as part of the Family Banking Program. Family is defined as Spouse, Father, Mother, Son, Daughter, Father-in-law, Mother-in-law and Siblings.
Users will get 2 domestic lounge accesses per quarter.
A welcome reward of 2000 bonus reward points will be credited to Federal Reward balance on the first spend (a minimum spend of ₹ 750 or above) on Federal Bank Imperio debit card.
Users will get accidental death cover and air accidental cover of 100 lakhs.
Users will get free subscription to Wealth Management Services.
Users can earn 2X reward points (up to 1000 points) on all eligible transactions during the birthday month.
Users will get a concession of 50% subject to a cap of ₹ 1000 on locker rent.
Users will get 50% concessions in processing fees for retail loans (Housing / Car loan) subject to a cap of ₹ 5,000.
Users will get 50% waiver on the AMC of Demat account.
Cons
Very high average balance requirements.
Low interest rates.
Federal Bank Imperio Review
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.