Product Details
Bank Name
Federal Bank
Account Name
Federal Bank Imperio Salary Account
Account Type
Salary Account
Interest Rate
For balance upto 50 Lakhs: 3%.
Free Debit Card
Imperio Debit card.
Account Opening Fees
Debit Card Charges
NIL
Annual Maintenance Fees
NEFT Charges
Free online
Minimum Account Balance
Initial funding of Rs 2 Lakhs or more for new customers onboarded to the Bank.
IMPS Charges
Free online
Fees and Charges of
Federal Bank Imperio Salary Account
Special Features
- Users will get Airport lounge access.
- Users will get free subscription to Wealth Management services.
- Users will get yearly birthday rewards.
- Users will get concession on locker rent of 50% subject to a cap of ₹ 1000.
- 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 & PIS accounts held by the Imperio customer.
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.
For Resident Salary Customers: Salary credit of Rs. 1 Lakh or more in the SB account.
Benefits
Features, Eligibility and Benefits of
Federal Bank Imperio Salary Account
Pros & Cons of
Pros
- Users will get Airport lounge access.
- Users will get Debit card offers.
- 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 and air accidental cover of Rs 100 lakhs.
- Users will get payment protection package of up to Rs 2 lakhs.
- Users will get Term Life Insurance coverage of up to Rs 1.5 lakhs.
- Users will get daily Hospital cash (Accident & illness)
- Users will get concierge services.
- Users will get free subscription to Wealth Management services.
- Users will get yearly birthday rewards.
- Users will get concession on locker rent of 50% subject to a cap of ₹ 1000.
- 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 & PIS accounts held by the Imperio customer.
Cons
- High average balance requirements.
Federal Bank Imperio Salary Account
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
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
Federal Bank Imperio Salary Account
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.
Application Procedure
Federal Bank Imperio Salary Account
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