Federal Bank Freedom SB Account
The Freedom SB Account is a Savings Account offered by Federal Bank but with added benefits. It not only helps you save your money like a regular savings account but also gives you access to a broad range of other services. The Freedom SB Account comes with exciting features such as free account statements, International Debit Card, free daily cash withdrawals (up to Rs.50,000), and new-age banking channels.
With the Freedom SB Account you can enjoy the benefits of the RTGS/NEFT facility, free internet and mobile banking, free E-mail alerts, and also avail free POS transactions (up to Rs.50,000) daily.
Bank | Federal Bank |
Category | Freedom SB Account |
Minimum Balance Requirement | A minimum Average Monthly Balance of Rs.1,000 must be maintained in this account |
ATM/Debit Card | Visa International Shop and Save Debit Card/MasterCard Classic |
Interest Rates on Savings Bank (SB) Accounts:
Slab | Balance at the end of the day | Interest rate (p.a) |
1 | Below Rs.50 lakh | 3.5% - same rates will apply for entire balance |
2 | Rs.50 lakh to Rs.10 crore | 3.5% for amount up to Rs.50 lakh and 4% for the rest of the balance (of Rs.50 and above) |
3 | Rs.10 crore to Rs.25 crore | 3.5% for amount equivalent to Rs.1 lakh and above. For the remaining balance over Rs.1 lakh interest rates will be 6.3% |
4 | Rs.25 crore and above | 3.5% equivalent to Rs.1 lakh and above and 6.51% for the remaining balance over Rs.1 lakh |
Features of Freedom SB Account:
Monthly Account Statement | Customers who have not opted for a passbook can collect one free monthly account statement from the bank's branch. |
Online Fund Transfer Facility | Convenient and quick online fund transfers can be done via NEFT and RTGS |
Chequebook Facility | Customers will be provided with 20 cheque leaves, free of charge, for every half year |
Internet Banking Facility | Internet banking facility is available free of charge for ease of carrying out transactions online |
Mobile Banking Facility | Mobile banking facility is available free of charge for anytime access to a range of banking facilities on-the-go |
Email Alerts | Customers will be sent timely email alerts for all transactions which are done under their account |
Tele banking Facility | Facility is available |
Daily Cash Withdrawal Limit | Account holders can make free daily cash withdrawals up to Rs.50,000 (using Shop n Save Cards) and Rs.50,000 (using MasterCard Classic) |
ATM Transactions | Customers are allowed to carry out financial & non-financial transactions free of charge at Federal Bank ATMs. At non-bank ATMs, customers will be allowed 5 transactions, free of charge. |
Daily Point of Sale Limit | Account holders will be allowed a per day Point of Sale transactions of up to Rs.50,000 |
How to Open a Freedom SB Account?
Online:
- Download the account opening form from the official Federal Bank website.
- Fill in the form and take a printout.
- Submit the form along with KYC documents and a photograph to the nearest branch.
Offline:
- Visit the nearest Federal Bank branch.
- Collect and fill the account opening form.
- Submit it along with KYC documents and a photograph.
Charges Associated with Federal Bank Freedom SB Account:
Non-maintenance of Average Minimum Balance (AMB) | Rural & Senior citizens - Charges begin from Rs.27 per month up to Rs.135 per month. Other customers - Charges start from Rs.30 per month and go up to Rs.150 per month. |
ATM Charges at non-bank ATMs | Beyond the free limit (5 transactions per month), customers will be charged Rs.20 for financial transactions and Rs.10 for non-financial transactions. |
Debit Card Annual Fee | Rs.150 per year (MasterCard Classic & VISA Shop n Save) Rs.150 per year for Mastercard Classic, Visa Shop n Save, and Rupay; Rs.200 per year for Visa Gold, Visa Fast Biz Silver, and Rupay Platinum; Rs.300 per year for Mastercard Premium and Visa EMV Gold; Rs.400 per year for Visa Platinum; Rs.500 per year for Visa Fast Biz Platinum |
Account Maintenance Fee | Rs 60 for every 50 transactions |
Issue of Additional Cheque leaves | Rs.1.50 per leaf (Rural branches) and Rs.2 per leaf (senior citizens and other users), beyond free limit |
Issue of Duplicate Passbook / statement | Rs.100 + Rs.100 for every 40 last transactions |
Account Closure | Within 6 months - Rs.100; After 6 months & before 12 months - Rs.50 (senior citizens & rural branches) / Rs.100 (other users) |
Documentation Required for Freedom SB Account:
To open a Freedom SB Account, you need to submit the following:
- Recent photograph
- Identity Proof
- Proof of Residence
Note: The documents that can be submitted as proof of identity are - Passport, Driving License, Voter's ID, Aadhaar, job card issued by NREGA duly signed by a State Government officer, and PAN Card. For proof of residence, you can submit any of the documents mentioned above except for the PAN card.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
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