Federal Bank offers a wide range of savings accounts as it understands the needs of each customer are different. Smart features offered by Federal Bank savings accounts are internet banking, electronic fund transfers, online payment, etc. which makes banking experience trouble-free and fast for the account holders. Let us discuss in detail about different Federal Bank savings account types.
Federal Bank Savings Account Interest Rates 2024
| Account Balance | Interest Rate |
| Up to and including ₹ 1 Lakh | 3.00% uniform rate |
| Above ₹ 1 Lakh to less than ₹ 50 Crore | 3.00% for balance less than ₹ 50 Lakh |
| 3.75% for balance of ₹ 50 Lakh to less than ₹ 2 Crore | |
| 4.00% for balance of ₹ 2 Crore to less than ₹ 5 Crore | |
| 5.50% for balance of ₹ 5 Crore to less than ₹ 50 Crore | |
| ₹ 50 Crore to less than ₹ 150 Crore | 3.00% for balance up to ₹ 1 Lakh |
| 7.10% for balance above ₹ 1 Lakh to less than ₹ 150 Crore | |
| ₹ 150 Crore and above | 3.00% for balance up to ₹ 1 Lakh |
| 5.75% for balance above ₹ 1 Lakh |
Note: Interest rates are updated as of 12th August 2024 and are with effect from 17th July 2024.
Read more: Savings Account Interest Rates
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Types of Federal Bank Savings Account
Features and Benefits of Federal Bank Savings Accounts
FedBook Selfie Savings Account
FedBook Selfie savings account by Federal Bank is a type of savings account that can be opened through the FedMobile app. Individuals who are above 18 years of age can open this account. This savings account is one of its kind which can be opened through the mobile app just by using Aadhaar and PAN card. The account number is generated instantly in this account. Let us know about the features offered by this savings account by Federal Bank.
- Free mobile banking and internet banking services
- No minimum balance required
- Mastercard Crown debit card is issued
- Free email alerts and account statements
Bespoke Savings Account
Bespoke savings account by Federal Bank is not like any other regular savings account. The account offers features like contactless debit card and new-age banking services like mobile and internet banking. Customers can earn up to 5% of interest rate on this savings account by Federal Bank. Let us know more about the features offered by this Federal Bank savings account.
- Free e-mail and mobile alerts
- Average monthly balance to be maintained is Rs. 2,00,000
- Visa Signature Imperio debit card is issued
- Free mobile and internet banking
- First ATM card is issued for free and there are no annual maintenance charges on the card for the first year
FedFirst Savings Account
FedFirst savings account is specially curated for kids. This account offers multiple benefits for children and helps them understand how to start saving, spending and managing money from an early age only. Children up to the age of 18 years living in India and NRIs both can apply for this savings account. Let us know about the benefits offered on this savings account by Federal Bank.
- Daily cash withdrawal limit at ATMs up to Rs. 2,500
- Daily POS limit is Rs. 10,000 (includes daily contactless transaction limit of Rs. 5,000)
- Free mobile and e-mail alerts
- No charges on standing instruction facility from the account of parents to children
- No annual maintenance charges on debit card if annual spending is Rs. 10,000 through POS/E-com
- Recurring deposit facility is available
- Reward points and seasonal cashbacks on debit card
- No folio charges on this savings account
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Fed Excel Savings Account
Fed Excel savings account by Federal Bank savings account is specially designed for professionals, budding entrepreneurs, etc. There is no minimum balance required to open this savings account, though, initial remittance of Rs. 10,000 is required. Let us discuss about the features offered by this savings account by Federal Bank.
- Free 20-cheque leaves per half-year are issued
- Crown (Visa Classic) debit card is issued
- Free e-mail and mobile alerts
- Free NEFT/RTGS services
- Free demand drafts up to Rs. 2,00,000 per month
SB Plus Savings Account
SB Plus savings account by Federal Bank offers dynamic features to the customers. The account has features like free demand draft limit of Rs. 10,000, free Crown Visa debit card. The account also offers free e-mail and mobile alerts. Below-mentioned are the features provided by this type of savings account:
- Free internet banking and mobile banking
- Free 20-cheque leaves per half-year are issued
- 2 folios are free per quarter
Fed Power + Savings Account
Fed Power + savings account by Federal Bank is a type of savings account that comes with high ATM withdrawal limit and a host of concessions on retail loan products. The customers of this account are offered Visa Platinum debit card. Let us discuss in detail about other features offered by this savings account.
- Free NEFT and RTGS facility
- Free 20 cheque leaves per half-year are offered
- 3 folios free per quarter
- Free monthly demand draft limit of Rs. 50,000
Mahilamitra Plus Savings Account
Mahilamitra Plus savings account by Federal Bank is especially designed for women and offers features like two zero balance accounts for kids, complimentary insurance, offers on debit card, etc. Let us discuss in detail more features offered by this savings account.
- Special rate on home loan
- Free FedDelights debit card offers where you can avail 15%* discount at select restaurants across the country
- Debit card offers on Amazon, BigBasket, MakeMyTrip, Goibibo, Swiggy & INOX
- Free contactless Visa Classic (Crown debit card with daily ATM limit of Rs. 50,000 and POS/E-com limit of Rs. 1,00,000
- 1 folio free per quarter
- Earn 1 reward point for every Rs. 200 spent on all your debit card spends online/POS/FedNet and FedMobile
Yuvamitra Savings Account
Yuvamitra savings account by Federal Bank is designed for students. The age limit to open this savings account is 18-25 years. Since this account is focused on the needs of students, there is no minimum balance required to be maintained in this account. Once the account holder attains the age of 25 years, the Yuvamitra account will be converted to Pride/Delite/Club schemes. Upon conversion, the account holder will be bound to follow schemes as per the new account. Let us discuss the features offered by this savings account.
- Free email and mobile alerts
- Free 20 cheque leaves per half year
- 1 folio free per quarter
- Free internet and mobile banking
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Fed Smart Savings Account
Fed Smart savings account is a smart savings account that offers specialised features like high daily cash withdrawal limits, contactless debit card, internet and mobile banking. Let us know about other features offered by this savings account.
- Average monthly balance of Rs. 1,00,000 needs to be maintained
- Free unlimited demand drafts
- Free Visa signature Imperio debit card
- No folio charges
- 50% concession on processing fee/administration fee for all retail loan products
Basic Savings Bank Deposit Account (BSBDA)
Basic Savings Bank Deposit Account by Federal Bank is a zero-balance savings account. The account doesn’t require you to maintain any minimum balance. It is to be noted that BSBDA accountholders are not eligible to open any other savings account in Federal Bank. If any customer has another existing savings bank account in the bank, he/she will be required to close that account within 30 days from the date of opening a BSBDA account. Let us discuss about the features offered by this savings account.
- 4 withdrawals can be done including branch, ATM, cheque clearing, etc
- Free 20 cheque leaves per annum
- RuPay Classic debit card issued
- Free internet and mobile banking
Shreni Savings Account
Shreni savings account by Federal Bank is designed for trusts, associations, clubs, societies, housing cooperative societies, and NGOs. Let us know about the features offered by this savings account.
- No charges on cash withdrawal
- Free chequebook and unlimited issue of demand drafts
- If the average monthly balance maintained is greater than Rs. 1,00,000 in the previous month the RTGS charges will be waived off
- Free 50 transactions per quarter
- Free mobile banking, internet banking, mobile alerts and email alerts
- Free NEFT service
- No average monthly balance needs to be maintained
Club Savings Account
Club savings account by Federal Bank is a tailor-made account for resident individuals of metro branches. This savings account comes is varied features like free internet and mobile banking, free email alerts, RTGS and NEFT facility, etc. This account is only eligible for metro branches. The average monthly balance required for this savings account is Rs. 5,000. Let us know more feature of this savings account.
- Crown (Visa Classic) debit card is issued
- IMPS facility is available
- Mobile alert facility can be availed at 50 paise per SMS
- 1 free folio per quarter
- 20 free cheque leaves per half year
Delite Savings Account
Delite savings account by Federal Bank is a savings account especially designed for resident individuals of semi-urban and urban branches. This account comes with Crown (Visa Classic) debit card and IMPS facility. This account also offers free 20 cheque leaves per half-year and mobile alert facility at 50 paise per SMS. Also, it offers 1 free folio per quarter. The average monthly balance required for this savings account is Rs. 3,000
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Pride Savings Account
Pride savings account by Federal Bank is tailored for resident individuals of rural branches. The account holder will have to maintain an average monthly balance of Rs. 2,000 in this savings account. Below-mentioned are the features offered by this savings account:
- Crown (Visa Classic) debit card is issued
- IMPS/NEFT/RTGS facility is available
- Mobile alert facility can be availed at 50 paise per SMS
- 1 free folio per quarter
- Free internet and mobile banking
Documents Required for Opening Savings Account in Federal Bank
If applicants want to open a savings account in Federal Bank, they will have to furnish the below-mentioned documents. However, the documents may vary from account to account. For KYC, the applicant needs to present any one of the below-mentioned address and identity proof.
- Aadhaar and PAN card
- Passport
- Driving license
- Voter’s identity card
- Job card by NREGA duly signed by an officer of the state government
Other documents required are:
- Two copies of recent passport size photograph
If students are applying for Yuvamitra account, below mentioned documents are also necessary with the above-mentioned documents.
- Matriculation certificate
- Bonafide letter from the school/college/institution of study attesting photo/introduction from head of the institution
Federal Bank Savings Account Fees and Charges
| Category | Fees and Charges |
| Issue of chequebook beyond free limit | SB – Rural – Rs. 2.50 per leaf
SB – Senior Citizens – Rs. 2.50 per leaf SB – Other – Rs. 3.00 per leaf |
| Account closure within 6 months | Rs. 100 |
| Account closure after 6 months and before 12 months | SB – Rural – Rs. 100
SB – Senior Citizens – Rs. 100 SB – Other – Rs. 300 |
| DD cancellation/revalidation/duplicate | Rs. 100 per instrument |
| Issue of duplicate statement | Rs. 100 + Rs. 100 for a page upto a maximum of Rs. 500 per instance |
| Issue of duplicate passbook | Rs. 100 per passbook |
| Transaction at other bank’s ATM | Financial transaction – Rs. 21 per transaction
Non-Financial transaction – Rs. 11 per transaction beyond free limit |
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Eligibility Criteria for Opening a Savings Account in Federal Bank
Below mentioned is the eligibility criteria for opening a savings account in Federal Bank:
| Type of Account | Eligibility Criteria |
| FedBook Selfie Savings Account | Resident individuals who are above 18 years of age |
| Bespoke Savings Account |
|
| FedFirst Savings Account |
|
| Fed Excel Savings Account |
|
| SB Plus Savings Account |
|
| Fed Power + Savings Account |
|
| Mahilamitra Plus Savings Account | Resident women who are above the age of 18 years |
| Yuvamitra Savings Account | Students who are beyond matriculation level (including professional degree/diploma holders) |
| Fed Smart Savings Account |
|
| Shreni Savings Account |
|
How to Open Federal Bank Savings Account Online
If the applicant wants to open online savings account in Federal Bank, the applicant will have to install FedMobile app from Google Play store or Apple App store. Once the application has been installed, follow the below mentioned process.
Step 1: You will be asked to complete the SMS activation using the mobile number registered with your Aadhaar card
Step 2: Click on “Open a savings account”
Step 3: Provide declaration based on the conditions that if you already opened savings account earlier using Aadhaar OTP with any other bank or not
Step 4: Now, enter the Aadhaar number/Aadhaar virtual ID number and then tap on “Agree” button
Step 5: Enter the Aadhaar OTP received on your mobile number
Step 6: Confirm your personal details and displayed address
Step 7: Now, select your base branch
Step 8: Now, upload photo of your PAN Card and enter the details as asked
Step 9: Enter all profile details and choose nomination of your account
Step 10: Your account is now successfully created and the account number will be activated instantly
Step 11: Create MPIN and log into the app
It is to be noted that if you do not receive Aadhaar OTP or the location mentioned in your Aadhaar card is different, you will have to resort to a selfie account opening process with Federal Bank. To open the account online, you should be an Indian citizen who is above 18 years of age and holding an Indian mobile number.
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How to Open Federal Bank Savings Account Offline
To open a savings account in Federal Bank offline, the applicant will have to visit the nearest bank’s branch. Below-mentioned steps explain how to open Federal Bank savings account offline.
Step 1: Visit the nearest branch of Federal Bank
Step 2: Fill in the savings account application form at the branch
Step 3: Provide your basic details to the bank official and then choose the type of savings account you want to open
Step 4: Provide your self-attested PAN card and Aadhaar card
Step 5: You will have to deposit some money if it’s not a zero balance savings account. Collate all your documents and submit all your documents with the deposit cash slip or DD with your proof of identity
Step 6: The bank upon verifying your details will open your account
Further, the bank will provide you with the welcome kit and documents to help your operate your account.
Federal Bank Savings Account FAQs
Q. I am joint account holder in Federal Bank, can I use FedMobile?
Ans. No, joint account holders cannot use FedMobile.
Q. Is it possible to activate FedMobile using FedNet credentials?
Ans. Yes, you can activate FedMobile using FedNet credentials. You can also use debit card details or visit the bank’s branch.
Q. Can I make foreign remittance through RTGS?
Ans. No, you cannot make foreign remittance through RTGS. It is only applicable within the country.
Q. Is it mandatory to have an account in Federal Bank to avail FeDelight card?
Ans. No. It is not important to have an account in Federal Bank to avail FeDelight card. You can purchase this card even without holding an account with the bank.
Q. How can I get my account statement in Federal Bank?
Ans. To view your account statement for each of your accounts, you can view it in ‘FedBook’. You can also download/email the statement by tapping on ‘view full statement’ and selecting the ‘get statement’ option in the menu.