Federal Bank Limited is a Private sector commercial bank in India. It has its headquarters at Aluva, Kerala. The bank provides basic services to its customers such as mobile banking, internet banking, online fee collection, bill payment, Cash Management Services, depository services, merchant banking services, mutual funds and insurance. It also has an easy and convenient interface for the NRIs, SME and agro-business loan accounts, corporate finance and many others.
The incorporation of the bank took place on 23rd April, 1931 under the Travancore Companies Regulation, 1916 as the Travancore Federal Bank Limited, Nedumpuram. The name of the bank was later changed to The Federal Bank Limited on December 2, 1949 and was licensed under the Banking Regulation Act, 1949, on July 11, 1959. It had emerged as a scheduled commercial bank under the Second Schedule of Reserve Bank of India Act, 1934 on July 20, 1970. The bank is listed in BSE, NSE and London Stock Exchange.
There are several types of accounts that Federal Bank offers. One can open an account by filling out the forms and submitting the KYC documents and collecting the account opening kit either from a branch of the bank or if the account is opened online, the initial account opening kit is delivered to the customer within a week.
The Federal bank offers its customers various types of personal banking accounts apart from the typical savings bank account. One can choose from a variety of options as suited to one’s needs. Freedom SB accounts provide the customer with a wide variety of features apart from acting as a savings bank. Users get Visa International Shop n Save Debit Card which comes with a feature of daily cash withdrawals of up to INR 20,000 or MasterCard Classic which allows the user for daily free cash withdrawals of up to INR 30,000. It also provides the user with 20 free cheque leaves per half-year. The type of accounts is widely preferred by trusts, associations, clubs and societies and foreign nationals residing in India.
The Noor- personal account comes with a pre-requisite of maintaining an average monthly balance of INR 1000 and has a number of features such as free RuPay Platinum Debit Card which has a cash withdrawal limit of up to INR 100,000 from the ATM on a daily basis. What makes the account even more preferred is the facility to use the airport lounges at select airports without any charge. It is restricted to two entries per quarter. One just needs to present the card at select airports to avail the benefits. It also offers a personal accidental death cover for INR 200,000. However, they do not leave the NRIs, NROs or the NREs untouched.
Federal Bank offers the NRI, NRO and NRE customers with savings, current and various gold, car, housing and property loan accounts. This is however restricted to only resident individuals. The personal account also encompasses the basic accounts of demat accounts to manage the customers stocks, fixed deposit and recurring deposit accounts.