Federal Bank Savings Account

Last Updated : Feb. 13, 2025, 5:46 p.m.

Federal Bank was incorporated in 1931. It was a private commercial bank in Kerala and then changed to Federal bank in 1947. It has over 1250 branches and 1500 ATMs throughout India. In this article we will take a look at the several Federal Bank savings account and their characteristics.

Federal Bank Savings Account Interest Rates May 2026

Below are the savings account interest rates offered by Federal Bank.

Types of Federal Bank Savings Account

Below are the several types of savings accounts offered by Federal Bank.

1) Basic Savings Account: This savings account can be opened by any resident individual above the age of 18 years. This is a zero balance account.

• Free ATM card is provided
• Free chequebook is provided
• Government subsidies can be deposited using Adhaar card
• If any other savings account is opened in Federal bank, this account should be closed

2) Young Champ Account: This account is targeted for minors and children to encourage the habit of saving in them. This is a savings account for minors .

• DD waivers for up to Rs. 50,000 for educational institutions
• Minimum balance of Rs. 1,000
• Rewards points can be earned if a recurring deposit is opened in the bank
• If this account is opened with Fed Plus or Mahila Mitra, the minimum balance requirement does not apply

3) Freedom Savings Account: Individuals, foreign nationals who are living in India, clubs and trusts can open this account.

• International debit card
• Free mobile and internet banking
• Average monthly balance of Rs. 1,000 and POS of Rs. 30,000 per day

4) SB Plus Savings Account: This account can be opened by individuals looking for premier banking experience.

• 40 free cheque leaves for six months
• an International debit card
• a free DD limit of Rs. 10000 per month
• a minimum balance of Rs. 5000 per month
• 25% savings on service charges for collecting outstation cheques

5) Yuvamitra Savings Account: This is a zero balance account . This is for young individuals who are starting to save early.

• an international debit card
• 20 free cheque leaves per year
• POS limit of Rs. 30,000.

6) Federal Institutional Savings Account: This account is designed specifically for clubs, associations, trusts, committees.

• Average minimum balance is Rs. 5,000
• Free mobile baning
• Email alerts
• 100 free transactions per quarter

7) Mahila Mitra Savings Account: This account has been specifically designed for women.

• Free NEFT and RTGS
• Demand drafts free up to Rs. 50000 per month
• An international gold debit card
• ATM withdrawals limited to Rs. 75000 per day etc.

8) Smart Savings Account: This account can be opened by high net worth individuals. A minimum balance of Rs. 1 lakh is required.

• Internet and mobile banking
• Free outstation cheques
• Free demand drafts
• ATM withdrawals up to Rs. 75,000

9) FedBook Selfie Zero Balance Account: This savings account can be opened just with a selfie and uploading Adhaar and PAN cards. The above must be uploaded on the FedBook App.

• Free gold debit card
• 10 cheque leaves in a year

10) Fed Excel Savings Account: This account is best suited for entrepreneurs and working professionals.

• International gold debit card
• POS Rs. 75,000
• Internet and mobile banking

Federal Bank Savings Account Benefits

• Easy and instant account opening via App
• Free demand drafts
• Gold debit cards
• Higher POS limit
• Zero balance accounts
• Minors, clubs and HUFs can open accounts

Documents Required for Federal Bank Savings Account

All KYC compliance documents are required to open a savings account at Federal Bank. They are-

Proof of Identity:

• Aadhar Card
• PAN Card
• Voter ID
• Passport
• Company ID Card in case of some companies

Proof of Residence:

• Telephone Bill
• Electricity Bill
• Passport
• Ration Card
• ITR returns

In addition, two photographs and form 60 if you do not have a PAN card are needed.

Federal Bank Savings Account Charges & Fee

What is the Minimum Balance for the Federal Bank Savings Account?

Some accounts like the FedBook Selfie Account, and Fed Excel require no minimum balance. Other accounts require maintaining an average monthly balance.

How to open a Savings Account in the Federal Bank?

It is very convenient to open a savings account online in a Federal bank. Follow the steps below-

Step 1: Go to the account website and select the open a new account option.

Step 2: Select the required account type from the given accounts.

Step 3: Fill out the application form and upload all the required documents.

Step 4: Carry the form and documents to the nearest branch.

Step 5: After verification, the account will be opened and a welcome kit will be shared.