Federal Bank is one of India’s leading private sector banks with a history of over 90 years. The bank provides various savings accounts catering to different customer needs including Federal Bank zero balance account. Among the popular options are Federal Bank’s zero balance savings accounts. These accounts have no minimum balance requirement, thus allowing users to open and operate an account without worrying about maintaining high balances. In this blog, we discuss the various zero balance account types offered by Federal Bank along with their interest rates, fees, opening process and other benefits. The aim is to provide all important information for readers thinking of opening a functional bank account without deposits.
Types of Federal Bank zero balance account
| Type of account | Features |
| Basic Savings Account | Minimum paperwork needed to open the account No minimum balance requirement Unlimited number of withdrawals allowed |
| Yuva Mitra | Specifically for students aged between 10-25 years Free educational offers and scholarships Concessional rates on education loans |
| Fed Salary and salary premium | Specifically for students aged between 10-25 years Free educational offers and scholarships Concessional rates on education loans |
| FedFirst Kids Account | Meant for children aged between 10-18 years Operated by parents or guardians on their behalf Interest accrued is tax exempted under section 80C |
How to Open Federal Bank zero balance account Online?
Opening a Federal Bank zero balance account online called “FedBook Federal bank selfie account” is a simple process. Follow these steps for federal bank zero balance account opening online:
- Visit the Federal Bank website and click on the “Open Account” option.
- Enter basic details like your name, date of birth, address and contact details.
- Upload scanned copies of your photo ID and address proof.
- Choose your account type from the available zero balance options. The Popular Zero Balance Savings Account is best for basic banking needs.
- Create an internet banking login and set up security details like login password and MPIN.
- Verify your details through a one-time password sent via SMS.
- Accept the terms and conditions and click submit. Your account will be instantly opened.
- Login to internet banking using your credentials to start using your new Federal Bank zero balance account from home!
How to Open Federal Bank zero balance account Offline?
Federal bank open account zero balance offline is also quite simple. Here are the steps to follow:
- Visit the nearest Federal Bank branch with your KYC documents like address and identity proof.
- Ask the branch executive for federal bank savings account opening
- Submit photocopies of KYC docs.
- Choose your zero-balance account type – Regular Savings is good for general use.
- Sign the account rules and application form in front of the bank staff.
- Provide your photograph and get your signature/thumbprint verified.
- Collect your debit card and activation details from the branch on completion.
- You can now start using your new Federal Bank account to transact at the branch.
Federal Bank zero balance account Interest rates
The bank offers competitive interest rates on federal bank online account opening zero balance. The rates are subject to change from time to time.
| Slab | End of the Day Balance | Rates of Interest (P.A) |
| 1 | Less than ₹5 Lakhs | 3.45% below RBI’s Repo Rate |
| 2 | ₹5 Lakhs to less than ₹50 Lakhs | 3.45% below RBI’s Repo Rate for balance below ₹5L |
| 3.40% below RBI’s Repo Rate for balance of ₹5L and above | ||
| 3 | ₹50 Lakhs to less than ₹2 Crores | 3.45% below RBI’s Repo Rate for balance below ₹5L |
| 3.40% below RBI’s Repo Rate for balance of ₹5L to less than ₹50L | ||
| 2.75% below RBI’s Repo Rate for balance of ₹50L and above | ||
| 4 | ₹2 Crores to less than ₹5 Crores | 3.45% below RBI’s Repo Rate for balance below ₹5L |
| 3.40% below RBI’s Repo Rate for balance of ₹5L to less than ₹50L | ||
| 2.75% below RBI’s Repo Rate for balance of ₹50L to less than ₹2Cr | ||
| 2.50% below RBI’s Repo Rate for balance of ₹2Cr and above | ||
| 5 | ₹5 Crores to less than ₹50 Crores | 3.45% below RBI’s Repo Rate for balance up to and including ₹1L |
| 1.00% below RBI’s Repo Rate for the remaining balance above ₹1L | ||
| 6 | ₹50 Crores to less than ₹200 Crores | 3.45% below RBI’s Repo Rate for balance up to and including ₹1L |
| 0.50% below RBI’s Repo Rate for the remaining balance above ₹1L | ||
| 7 | ₹200 Crores and above | 3.45% below RBI’s Repo Rate for balance up to and including ₹1L |
| 0.65% above RBI’s Repo Rate for the remaining balance above ₹1L |
Fees and charges of Federal Bank zero balance account
The bank keeps its federal bank account opening zero balance affordable with minimal fees and charges.
- ATM Transaction Charge: 3 free transactions, then Rs. 20 per financial transaction at other bank ATMs.
- Debit Card Annual Fee: Rs. 300+GST for classic card. Waived for some account types.
- Cheque Book Charges: First 10 leaves free annually. Then Rs. 4 per additional leaf.
- SMS Alert Charges: Free SMS alerts for account holders.
- Online Transaction Charges: No charges on IMPS, NEFT or RTGS fund transfers.
Eligibility criteria to open Federal Bank zero balance account
Opening a zero-balance account with Federal Bank has basic eligibility norms.
- Age: You must be 18 years or above to open a savings account independently.
- Residency: Indian citizens and NRIs residing in India are eligible to apply.
- Identity Proof: PAN card is mandatory. Voter ID, Passport, Driving License accepted.
- Address Proof: Voter ID, Passport, Ration Card, Bank Statement can be submitted.
- Minimum Documents: Passport size photos and personal details for KYC verification.
- Technology: You will need internet access for online account opening process.
This ensures minors and fraudulent applicants are not able to misuse the zero balance facilities. Following simple norms allows genuine account openings.
Documents required to open Federal Bank zero balance account
To fulfill know-your-customer (KYC) norms and opening requirements, some basic documents are needed for a Federal Bank zero balance account.
- Address Proof: Voter ID, Passport, Driving License, Aadhaar Card, Ration Card etc.
- Identity Proof: PAN Card is mandatory for all accounts. Voter ID or Passport also accepted.
- Age Proof: Voter ID, Passport, 10th Certificate/Marksheet for proof of age.
- Photograph: One passport size photo for eventualities.
- Income Proof: For salaried, salary slips/Form 16. Self-employed may provide ITR/GST returns.
Providing accurate KYC documents streamlines the account opening process. Minor applicants may need guardian details too.
Federal Bank zero balance account Welcome Kit
Once your Federal Bank zero balance account is opened, you will receive an exclusive welcome kit by post.
- Debit Card: Visa or Rupay debit card for easy ATM withdrawals and purchases.
- Internet Banking Details: Login credentials to access account online via FedNet banking.
- Passbook: Updated passbook for recording transactions at branches.
- Cheque Book: Complimentary cheque book of 25 leaves (subject to charges later).
- SMS & Email Alerts: Set up transaction alerts via SMS and email for awareness.
- Account Details: Key account number, IFSC, branch address etc. for easy reference.
Federal Bank zero balance account Helpline
For any assistance regarding your Federal Bank zero balance account, there are multiple helpline options available:
| Details | Information |
|---|---|
| Bank Headquarters | Aluva, Kochi, Kerala. |
| Toll Free Number | 1800 – 425 – 1199 Or 1800 – 420 – 1199 |
| Email Address | [email protected] |
Final Word
Federal Bank offers convenient yet beneficial Federal Bank zero balance account for different customer profiles through digital and physical channels. The accounts come with attractive interest rates, low charges and complementary services like debit cards, net banking and SMS alerts. Consult this blog or get in touch with Federal Bank branch representatives for any other query. Evaluating one’s banking needs, maintaining minimum documents and following simple processes allows anyone to seamlessly open and start using a functional bank account for routine transactions, investments and more. Choosing a trusted brand like Federal Bank ensures secure, hassle-free banking without depth.
FAQs
Federal Bank offers zero balance savings accounts that can be opened by individuals very easily. Anyone above the age of 18 years can walk into a Federal Bank branch along with valid identity and address proof to open this account. The account comes with no restrictions on minimum balance that needs to be maintained. Account holders can deposit and withdraw money from this account anytime without worrying about penalties.
While many banks like SBI, HDFC Bank and ICICI Bank offer zero balance savings accounts, Federal Bank is considered one of the most optimal choices. It has widespread branch network across India allowing customers to manage their account from any location. The bank also has excellent digital banking infrastructure through internet and mobile banking. Account holders can use features like funds transfer, bill payments with ease.
For a regular savings bank account in Federal Bank, the minimum average quarterly/monthly balance required is Rs. 1000-2500 depending on the branch location. However, for a basic zero balance savings account, there is no mandatory minimum balance that needs to be maintained at any given time. Customers can operate this account with zero-rupee balance without worrying about penalties.
Almost all major banks like SBI, Punjab National Bank, Bank of Baroda, ICICI Bank, HDFC Bank, Axis Bank offer federal bank 0 balance account to their customers. However, in terms of convenience and service quality, Federal Bank has consistently delivered a pleasant banking experience. Their user-friendly digital platforms and trusted brand image work to their advantage. For people looking for a basic account with no strings attached, Federal bank provides a solid zero balance account option.
A key advantage of zero balance savings accounts is that they allow account holders to freely use basic banking facilities without worrying about balance obligations. Many account holders may not always have surplus funds but need an account for utilities, expenditures and payments.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
