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
Annual Maintenance Fees
0
Minimum Account Balance
Average monthly balance of 50,000
Debit Card Charges
Rs. 299 from second year.
NEFT Charges
Free if done through net banking/mobile banking
IMPS Charges
NIL
Fees and Charges
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
Pros & Cons
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 Review
The account comes with low interest rate and offers average 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 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