Product Details
Bank Name
Federal Bank
Account Name
Federal Bank Infinite Saving Account
Account Type
Saving
Interest Rate
3.00
Free Debit Card
Yes, VISA Platinum Debit Card.
Account Opening Fees
0
Debit Card Charges
Rs. 299 from second year.
Annual Maintenance Fees
0
NEFT Charges
Free if done through net banking/mobile banking
Minimum Account Balance
Average monthly balance of 50,000
IMPS Charges
NIL
Fees and Charges of
Federal Bank Infinite Saving Account
Federal Bank Infinite Saving Account
Special Features
Zero forex charges.
2% cash back on UPI & debit card spends (up to ₹500/month).
Free physical debit card.
Eligibility Criteria
Currently open only to working professionals who reside in India.
Users can upgrade to Plus by maintaining ₹50,000 in their savings account.
Benefits
Features, Eligibility and Benefits of
Federal Bank Infinite Saving Account
Pros & Cons of
Pros
Free NEFT and IMPS transactions.
Zero forex fee.
Free physical debit card.
2% cash back on UPI & debit card spends (up to ₹500/month).
Cons
Average monthly balance of ₹50,000.
Federal Bank Infinite Saving Account
Federal Bank Infinite Saving Account Review
The account comes with low interest rate and offers average 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 Infinite Saving Account
Account Opening and Procedure of
How to open an Account?
You can open a Infinite Savings Account with Fi Bank through their mobile app. Here's a general overview of the process:
Download the Fi Money App: Download the app from the Google Play Store or Apple App Store.
Complete the Registration Process: Follow the on-screen instructions to create an account. You'll likely need to provide your mobile number and other basic details.
KYC Verification: The app will guide you through the Know Your Customer (KYC) verification process. This usually involves:Identity Proof: Submitting a clear image of your Aadhaar card or PAN card.
Address Proof: Submitting a clear image of your Aadhaar card or any other valid address proof (like a driver's license or utility bill).
Video KYC: You might be required to complete a video call with a bank representative for identity verification.
Account Opening: Once your KYC is verified, your account will be opened. You'll receive your account number and other relevant details