For personal banking, several Indians completely trust the Federal Bank because of its smart transactional features and extensive portfolio of banking products and services. Your banking experience shared with this bank is not only safe but also can be facilitated uninterruptedly. Here, you will learn about the Federal Bank savings account interest rate and its associated features.
Recent Federal Bank Savings Account Interest Rates 2024
The Federal Bank SB account interest rate is subject to quarterly changes. This is because the RBI’s repo rate directly impacts the interest earnings of registered savings depositors. At present quarter, the repo rate is 6.50%.
In the following section, you can refer to the following Federal Bank SB interest rate table that came into effect on 21st November 2023:
| Account Slabs (End of the Day Balance) | Yearly Interest Rates |
| Below ₹5 Lakhs | 3.45% less than the RBI-stated repo rate |
| ₹5 Lakhs – less than ₹50 Lakhs | 3.40% less than the RBI-stated repo rate for an account balance of ₹5 Lakhs or above |
| ₹50 Lakhs – less than ₹2 Crores | 3.40% below the repo rate for the range: ₹5 Lakhs – ₹50 Lakhs |
| ₹2 Crores – less than ₹5 Crores | 2.50% below the repo rate for ₹2 Crores or above |
| ₹5 Crores – less than ₹50 Crores | 3.45% below the repo rate for an account balance up to and including ₹1 Lakh, plus 1.00% below the repo rate for the remaining corpus |
| ₹50 Crores – less than ₹200 Crores | 3.45% below the repo rate for an account balance up to and including ₹1 Lakh, plus 0.50% below the repo rate for the remaining corpus |
| More than ₹200 Crores | 3.45% below the repo rate for an account balance up to and including ₹1 Lakh, plus 0.65% below the current repo rate for the remaining corpus |
Federal Bank Savings Account Minimum Balance Required
As you have already gone through the Federal savings account interest rate, let us dive into more details. It briefly discusses the average monthly balance requirements associated with different types of savings accounts offered by Federal Bank.
| Type of Savings Account | Minimum Balance Required |
| FedBook Selfie Savings Account | NIL |
| Fed Excel Savings Account | NIL |
| Fed Power+ Savings Account | ₹25,000 |
| Club Savings Account | ₹5,000 |
| Mahilamitra Savings Account | ₹5,000 |
Federal Bank Savings Account Charges
The service charges for different Federal Bank savings accounts were last announced on 1st October 2023. As per the latest notifications, here we have mentioned the particulars:
1. Cash handling charges
- Free limit: Up to 10 times of previous month’s Average Monthly Balance, subject to a maximum of ₹15 Lakhs per month.
- After that: ₹3.25 /₹1,000 or part thereof with a minimum of ₹50 per remittance and a maximum of ₹ 20,000 per remittance.
2. Counter cash withdrawal charges
- Free limit: Depends on the previous month’s maintained balance (For instance, if the AMB was less than ₹25,000, then 3 withdrawals will be free; for a balance between ₹25,000 and ₹99,999, 5 withdrawals will be free)
- After that: ₹50 is charged per cash withdrawal Note: If the AMB is above ₹1 lakh, all cash withdrawals will be free.3
3. AMB non-maintenance charges
- 60 for up to 20% of the shortfall
- For above 20% to up to 40% shortfall: ₹105; between 40% to up to 60% shortfall: ₹155; between 60% to less than 80% shortfall: ₹200 and for above 80% shortfall: ₹290
- All these fees are deducted monthly.
4. ATM transaction decline charges
- ₹25 for each failed transaction due to insufficient balance
5. Debit card yearly maintenance charges
- Kisan credit card/ Fed card: NIL
- VISA FedFirst card: ₹200
- RuPay Classic card: ₹300
- Mastercard Classic: ₹300
- Rupay Platinum: ₹500
- VISA Signature Imperio: ₹750
6. Outward cheque return charges
- ₹300 for the first time while ₹500 from the second time onwards.
- For senior citizens, it is ₹200 for the first instance and ₹400 from the next time onwards
7. Demand draft issuance charges
- ₹30 for up to ₹5,000
- ₹50 for the range: ₹5,001 – ₹10,000
- ₹4 per ₹1,000 (would be a minimum of ₹50) for: ₹10,001 – ₹1 lakh
- ₹4 per ₹1,000 (can be a maximum of ₹10,000) for more than ₹1 lakh
8. Account Closure Charges
- Within 6 months: ₹100
- After 6 months: ₹300 ; for senior citizens and rural area customers: ₹100
9. Temporary overdraft fee
- ₹100 per instance + interest
10. Mobile banking/RTGS/NEFT
- Free
Why Choose a Federal Bank Savings Account?
These are some salient features of Federal Bank savings account which make the account opening a profitable decision for new customers:
- The deposits continue to grow safely being totally independent of market volatility.
- As customers, you can singly or even jointly access your account balance anytime via various channels.
- The Federal Bank allows a single person to open multiple savings accounts for different reasons.
- Finally, you can leverage several additional facilities apart from a high Federal Bank savings account interest rate. These include free ATM facility, uninterrupted bill payments through net banking, Demat account linking, etc.
Key Benefits of Federal Bank Savings Account
The perks credited in favour of every savings account holder eventually vary based on their account type. These are some examples:
- The key benefits of a FedBook Selfie Savings account include unlimited access to mobile banking features and a free-of-cost account closure facility.
- For a Fed Excel account holder, 20 free cheque leaves are provided every 6 months. Also, they have a free monthly demand draft limit worth up to ₹1 lakh.
- In case you own a Fed Power+ Savings Account, you get a flat 50% waiver on loan processing fees. Plus, there are additional relaxations on selected loan products.
- Restricted to metro residents, the Club Saving account helps one gather a Crown VISA Classic debit card and 20 free cheque leaves half-yearly.
- Mahilamitra account comes with complimentary insurance of ₹80.75 lakhs (conditions apply).
Additional Benefits Associated with Federal Bank Savings Account
Some widely talked-about benefits generate more urge among people to open a Federal Bank savings account. These include:
- High ATM withdrawal limits throughout India
- Anytime free account viewing facility via Fednet and Fedmobile’s secure channel
- Daily free bank statements sent via email
- Highly competitive Federal Bank savings account interest rate that may go up to 6.50% for a Bespoke Savings account holder
- Free-of-cost virtual payment services like NEFT and RTGS
- Subsidised account operating charges for rural and senior citizens
How To Open an Online Federal Bank Savings Account?
Opening a Federal Bank savings account online is a time-saving process. Here you can see the steps and follow them to successfully register as a customer:
- Step 1: Visit the official website of the Federal Bank.
- Step 2: Click on the option ‘Open an Account’. Next, select a customer category among these choices – personal banking, NRI banking, and business banking.
- Step 3: Fill out the fields asking for your name, mobile number and email address. Further, you will receive an email providing you with an account opening form and stating the list of required documents.
- Step 4: Fill out the form and submit it along with the necessary documents by visiting the nearest branch.
- Step 5: Collect the welcome kit from the officials once the Federal Bank KYC verification process is over.
How to Open an Offline Federal Bank Savings Account?
Just like the online process, anyone can opt for the offline account opening method as long as they meet the eligibility criteria. Here’s how you can apply for a savings account offline:
- Step 1: Visit the nearest branch of Federal Bank.
- Step 2: Fill out the account opening form.
- Step 3: Mention the type of savings account you want to open.
- Step 4: Submit self-attested photocopies of your PAN card and Aadhaar card.
- Step 5: Deposit the initial amount (if it isn’t a zero-balance savings account).
- Step 6: Now, wait for the bank to open your account and confirm the particulars both via SMS and email.
Eligibility Criteria to Open Federal Bank Savings Account
Under most circumstances, all Hindu Undivided Families and Indian residents can open savings accounts with the Federal Bank for personal banking. Besides, the Federal Bank has set up basic eligibility credentials for its customers.
To be held eligible, an entity must satisfy these pointers:
- They have to be at least 18 years old or above (for both single and joint accounts).
- Minors can open an account too via their parents.
- Trusts, clubs, organisations and societies registered in India can also open a Federal Bank savings account.
Documents Required to Open Federal Bank Savings Account
You have to submit minimal papers while applying for a savings account. Usually, the bank would ask for:
- Two recent passport-size photographs
- PAN card or Form 60 (applicable for applicants without a PAN card)
- Form DA-1 for adding nomination details
- Aadhaar card
Types Of Federal Bank Savings Account and Its Features
1. FedBook Selfie Savings Account
- Unlimited access to mobile banking features extended by the Federal Bank
- Free-of-cost account closure in case a customer wishes to open a new account or opt for an upgrade
- Hassle-free way of saving any government subsidies.
2. Fed Excel Savings Account
- 20 free cheque leaves every 6 months
- Free monthly demand draft worth up to ₹1 lakh
- Daily high ATM withdrawal limit of up to ₹1 lakh
3. Fed Power+ Savings Account
- You get a flat 50% waiver on loan processing fees
- Additional relaxations on selected loan products
4. Club Savings Account
- A Crown VISA Classic debit card
- 1 folio quarterly
- 20 free cheques leave twice in a year
5. Mahilamitra Savings Account
- Lower home loan interest rates (less than 6% of the current applicable rate)
- Complimentary insurance of ₹80.75 Lakhs (conditions apply)
- A VISA Classic debit card
Steps to Open Federal Bank Video KYC Savings Account
To open an account using video KYC, you have to take the help of the Federal 24X7 portal. Here’s the detailed stepwise guide:
- Step 1: Get hold of your Aadhaar and PAN card.
- Step 2: Click on the ‘Federal 24X7’ portal on the bank’s official homepage.
- Step 3: Select a savings account type and click on ‘Open Now’.
- Step 4: On the VKYC page provide your phone number and fill out the CAPTCHA. Next, select the appropriate customer type and click on ‘Continue’.
- Step 5: Enter the OTP.
- Step 6: Now enter your PAN and UID card details, confirm the displayed ID proof and proceed to fill out the application form.
- Step 7: Provide the nomination details before clicking on ‘Continue’.
- Step 8: Fill out the employment details.
- Step 9: Then start a video call with an agent.
- Step 10: Show your PAN card and sign in from the Relationship Manager.
After following these steps, the account gets activated within 3 hours.
Federal Bank Savings Account Transaction Limit
The upcoming section shows the transaction limits for various savings accounts:
| Account Type | Daily Transaction Limit |
| FedBook Selfie Savings Account | ₹10 lakhs |
| Fed Excel Savings Account | ₹75,000 |
| Fed Power+ Savings Account | ₹10 lakhs |
| Club Savings Account | Contact the bank |
| Mahilamitra Savings Account | ₹1 lakh |
How to Close a Federal Bank Savings Account?
It may seem that closing an existing account is tedious. But here we will walk you through some easy steps for your convenience:
- Step 1: Either download the account closure form online or visit the nearest branch to collect the form.
- Step 2: Proceed to fill out all the details.
- Step 3: Submit the form to the respective Federal Bank branch manager. Along with the form make sure to hand over your account passbook, chequebook, ATM card, etc.
- Step 4: Wait for the confirmation. It can take 7-10 working days for your request to get executed.
Final Word
A wide range of possibilities and an incredible Federal Bank savings account interest rate is almost everything that has been attracting new customers over the years. In addition, the net banking features of Federal Bank are too simple to handle, making fund management easier than ever before.
FAQs
The Fed SB Plus is a highly rewarding savings scheme offered by the Federal Bank. The concerned account holders get a virtual debit card with plenty of online shopping offers. Thus, they can complete payments without relying on cash.
Specifically tailored to meet the needs of the affluent class, the Federal Bank Celesta is a family wealth management program. Upon enrolling for this scheme, you can expect 24/7 support services and sufficient insurance cover besides dedicated concierge facilities.
To help find the perfect savings account, the Federal Bank has provided an easy-to-operate account finder tool on their official platform. All you need to do is visit the bank’s official website and navigate to ‘Savings Account Solution Finder’ under the ‘Personal’ tab.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
