Federal Bank Zero Balance Savings Account

Last Updated : March 27, 2025, 4:14 p.m.

Federal Bank Limited, headquartered in Kochi, Kerala, is one of India’s leading private banks, established in 1931. It offers a wide range of banking and financial services, including savings accounts, current accounts, loans, credit cards, and digital banking solutions. The bank operates an extensive network of branches and ATMs across India and serves both retail and corporate customers.

Federal Bank offers many products to retail customers and one of the best being the zero balance savings account. This is an initiative by the bank to include more people and the financial system and also benefit the younger generation.

In this article, we will dive deeper into the zero balance savings accounts offered by Federal Bank and their details.

Features & Benefits of Federal Bank Zero Balance Savings Account

FedBook Selfie Account

This is one of the top zero balance savings accounts offered by Federal Bank.

Variants:

FedBook Selfie Account : Requires a branch visit post-online application for full activation and has no balance/transaction limits after KYC completion.

FedBook Selfie Lite (e-KYC) : Activates instantly via Aadhaar OTP but is valid for 12 months unless full KYC is completed. Limits include a maximum balance of ₹1 lakh and annual credits up to ₹2 lakh.

Instant Account Opening : Account number is generated in real-time upon completing the online process.

Digital Process : Opened via the FedMobile app using a selfie, Aadhaar card, and PAN card for e-KYC verification.

Free Services : Includes a free ATM/debit card (subject to annual fees after the first year in some cases), mobile banking, internet banking, and a digital passbook via the app.

Basic Banking : Supports cash deposits/withdrawals, electronic transfers (RTGS/NEFT/IMPS), and government subsidy credits via Aadhaar.

Debit Card : Typically offers a Visa or Mastercard variant with standard ATM and POS limits.

Fed Excel

Zero Minimum Balance : No need to maintain a specific balance, though an initial remittance of ₹10,000 is required to open the account.

Free Debit Card : Comes with an International Visa Gold Debit Card or similar, offering:

• Daily ATM withdrawal limit up to ₹1 lakh.
• Daily POS (Point of Sale) transaction limit up to ₹1 lakh.

Cheque Leaves : 20 free cheque leaves every 6 months.

Free Demand Drafts : Up to ₹2 lakh per month at no charge.

Fund Transfers : 100% reimbursement on RTGS/NEFT charges, making transfers cost-effective.

Digital Banking : Free access to mobile banking (via FedMobile), internet banking (FedNet), and email/mobile alerts for transactions.

Other Perks : No folio charges and additional benefits like priority banking services in some cases.

Yuvamitra

Debit Card : Offers a free Visa International Shop ‘n’ Save Debit Card or MasterCard Classic with:

• Daily ATM withdrawal limit of ₹50,000.
• Daily POS (Point of Sale) transaction limit of ₹50,000.

Cheque Leaves : 20 free cheque leaves per year (or per half-year, depending on terms).

Digital Banking : Free access to:

• Mobile banking (via FedMobile app).
• Internet banking (FedNet).
• Email and SMS alerts for transactions.

Conversion at Age 25 : Once the account holder turns 25, the Yuvamitra account converts to another scheme (e.g., Pride, Delite, or Club), with applicable terms like minimum balance requirements kicking in.

Basic Savings Bank Deposit Account (BSBDA)

• Free ATM Card: Comes with a complimentary ATM card for easy cash withdrawals and transactions.
• Monthly Statement: Provides a free monthly statement to track your finances.
• Chequebook: Includes a free chequebook (typically 20 leaves per year).
• Basic Services: Free deposit and withdrawal of cash at bank branches and ATMs, as well as receipt/credit of money through electronic channels or cheque collection.
• Digital Banking: Access to mobile banking and internet banking services at no additional cost.
• Government Benefits: Aadhaar-based crediting of subsidies or government benefits is free.
• Ministatement: Federal bank Savings Account Mini Statement Number

Eligibility For a Federal Bank Zero Balance Savings Account

1.Basic Savings Bank Deposit Account (BSBDA)

• Who Can Apply:
  • Resident Indian individuals (adults or minors with a guardian).
  • No restriction on profession, age, or student status—open to all.

2. FedBook Selfie Account

• Who Can Apply:
  • Resident Indian citizens aged 18–70 years.
  • Individuals with an Aadhaar card are linked to a registered mobile number (for e-KYC).
• Conditions:
  • Must not already hold a savings account with Federal Bank (existing accounts must be closed within 30 days).
  • For the Lite version (e-KYC only), full KYC must be completed within 12 months to avoid restrictions.

3. Fed Excel Savings Account

• Who Can Apply:
  • Professionals with a government-approved degree or higher qualification, such as:
    • Doctors (any medical field).
    • Engineers (any engineering branch).
    • Chartered Accountants (CA), ACCA, ICWA, CFA, CS, CFM, MCA, MBA, PGDBA, PGDBM, or Advocates.
    • Self-employed individuals with these qualifications.
  • Entrepreneurs or registered members of reputed organizations like JCI (Junior Chamber International), FICCI (Federation of Indian Chambers of Commerce & Industry), or Chambers of Commerce.
  • Resident Indian individuals only.

4. Yuvamitra Savings Account

• Who Can Apply:
  • Students aged 18–25 years.
  • Must have completed matriculation (Class 10) and be pursuing higher education (e.g., college, professional courses, or diplomas).
  • Resident Indian students only.
• Conditions:
  • Converts to a regular savings account (e.g., Pride, Delite, or Club) at age 25, with applicable minimum balance rules.
  • Must not have another savings account with Federal Bank.

Documents Required for Federal Bank Zero Balance Savings Account

1. Basic Savings Bank Deposit Account (BSBDA)

Documents:

• Valid KYC documents: Aadhaar card, PAN card, passport, voter ID, driving license, etc. (one for identity, one for address).
• Recent passport-sized photograph.

2. FedBook Selfie Account

Documents:

• Aadhaar card (mandatory for e-KYC via OTP or biometric).
• PAN card.
• A selfie taken via the FedMobile app.
• For full activation (non-Lite), physical KYC documents may be required at a branch within 30 days.

3. Fed Excel Savings Account

Documents:

• KYC documents (Aadhaar, PAN, passport, voter ID, etc.).
• Two passport-sized photographs.
• Proof of professional qualification (e.g., degree certificate) or membership in a recognized organization.

4. Yuvamitra Savings Account

Documents:

• KYC documents (Aadhaar, PAN, voter ID, passport, etc.).
• Two passport-sized photographs.
• A bona fide letter from the educational institution with an attested photo or an introduction from the institution’s head.
• Proof of matriculation (e.g., certificate).

How to open a Federal Bank Zero Balance Savings Account?

1. Basic Savings Bank Deposit Account (BSBDA)

This is a no-frills, zero-balance account open to all resident individuals.

How to Open:

• Offline (At a Branch):
  1. Visit a Federal Bank Branch: Locate the nearest branch using the bank’s website or app.
  2. Collect the Form: Ask for the BSBDA account opening form or download it from the Federal Bank website beforehand.
  3. Prepare Documents:
     • Valid KYC documents: Aadhaar card, PAN card, passport, voter ID, or driving license (one for identity, one for address).
     • One recent passport-sized photograph.
     • A declaration stating you don’t have a BSBDA with another bank or another savings account with Federal Bank (if you do, it must be closed within 30 days).
  4. Fill the Form: Provide personal details (name, address, DOB, etc.), nominee details, and attach documents.
  5. Submit: Hand over the form and documents to the bank officer. They’ll verify your details and process the account opening.
  6. Activation: You’ll receive an account number instantly or within a few days, along with a free ATM card and passbook (if requested).
• Processing Time: Immediate to 1–2 working days, depending on branch efficiency.
• Online: Federal Bank doesn’t heavily promote a fully online process for BSBDA, but you can:
  1. Visit the Federal Bank website.
  2. Look for “Open Savings Account” or contact customer care (1800-425-1199) to check if a preliminary application is available.
  3. Complete KYC at a branch or via a doorstep service (if offered in your area).

2. FedBook Selfie Account

A zero-balance account with a digital opening option via the FedMobile app.

How to Open:

• Online (Via FedMobile App):
  1. Download the App: Install FedMobile from Google Play Store or Apple App Store.
  2. Start Application: Open the app, select “Open a New Account,” and choose “FedBook Selfie Account.”
  3. Enter Details:
     • Provide your mobile number (must be linked to Aadhaar for e-KYC).
     • Enter your PAN number.
  4. e-KYC Process:
     • Take a clear selfie when prompted.
     • Input your Aadhaar number and verify with an OTP sent to your registered mobile.
     • Alternatively, use biometric verification if available.
  5. Select Branch: Choose a nearby Federal Bank branch for account linkage.
  6. Submit: Agree to terms and submit the application.
  7. Activation:
     • Lite Version: Instant account number with temporary limits (max balance ₹1 lakh, annual credit ₹2 lakh). Valid for 12 months unless full KYC is completed.
     • Full Version: Visit a branch within 30 days with physical KYC documents (Aadhaar, PAN, photo) to remove restrictions.
• Documents: Aadhaar (mandatory), PAN, selfie (via app); physical copies for full KYC later.
• Processing Time: Instant for Lite; full activation after branch visit.

3. Fed Excel Savings Account

A premium zero-balance account for professionals and entrepreneurs (initial ₹10,000 deposit required).

How to Open:

• Offline (At a Branch):
  1. Visit a Branch: Go to a Federal Bank branch.
  2. Get the Form: Request the Fed Excel account opening form.
  3. Prepare Documents:
     • KYC: Aadhaar, PAN, passport, voter ID, etc.
     • Two passport-sized photographs.
     • Proof of qualification (e.g., degree certificate) or membership in organizations like JCI/FICCI.
     • Initial deposit of ₹10,000 (cash, cheque, or transfer).
  4. Fill and Submit: Complete the form, attach documents, and deposit ₹10,000.
  5. Activation: Account opens within 1–2 days; you’ll receive a Visa Gold Debit Card.
• Online: No fully digital option; branch visit is mandatory due to eligibility verification.

4. Yuvamitra Savings Account

A zero-balance account for students aged 18–25.

How to Open:

• Offline (At a Branch):
  1. Visit a Branch: Find a Federal Bank branch.
  2. Collect Form: Get the Yuvamitra account opening form.
  3. Prepare Documents:
     • KYC: Aadhaar, PAN, voter ID, etc.
     • Two passport-sized photographs.
     • Bonafide letter from your educational institution with an attested photo or an introduction from the institution head.
     • Proof of matriculation (e.g., Class 10 certificate).
  4. Submit: Fill the form, attach documents, and submit.
  5. Activation: Account opens within 1–2 days; includes a Visa/MasterCard debit card.
• Online: Download the form from the website, but submission and verification require a branch visit.

Maximum Limit for Federal Bank Zero Balance Savings Account

• No maximum limit for a Federal Bank zero balance savings account.

UPI Transaction Limit for Federal Bank Zero-Balance Savings Account

• Daily Limit: You can send or receive up to ₹1 lakh through UPI within 24 hours.
• Transaction Count: You are limited to a maximum of 20 UPI transactions per day.

What is the Withdrawal Limit Per Day for Federal Bank Zero Balance Savings Account?

• Daily ATM Withdrawal Limit: Rs. 50,000
• Daily Shopping Limit (POS/Ecom): Rs. 2,00,000