Federal bank is a Kochi-based private sector bank established in April 1931 as Travancore Federal Bank. Later, it was named as Federal Bank Limited in December 1949. The bank has a strong customer-base of over 8 million customers across the country. It also has a network of remittance partners all over the globe. Moreover, the bank has its international representative offices in Abu Dhabi and Dubai. The financial institution is also listed in the Bombay Stock Exchange (BSE), National Stock Exchange (NSE), and London Stock Exchange (LSE). Today, the bank marks its presence in 25 States and 4 Union Territories.
FedBookSelfie Zero Balance Account:
We are already in digital era where we hardly can keep our hands off of our Smartphone. And not to forget how often we click selfies for every single moment. As Federal bank is people’s bank, it keeps marching with the latest trends of the tech-savvy generation. Thus, going with the selfies trend, the bank has introduced Fedbook Selfie Zero balance savings account, specifically designed for today’s generation.
As the name suggests, the account comes with two unique features – first the account can be opened via FedBook mobile app, and second, this saving account can be opened by uploading a Selfie click. Upon completing the account opening procedure, customers will be issued a real-time account number immediately, i.e. they can access their savings account right from the moment it is opened. Further, it is a zero balance savings account, which implies that the accountholders aren’t required to maintain minimum balance to ensure continuous activation.
1. Proceed with Selfie account : Under this mode, you’ll be required to upload a Selfie to open an account and then visit the nearest branch to activate the account.
2. Proceed with e-KYC account :
In this mode, you’ll be required to scan and upload the KYC documents such as Aadhaar card and PAN card using One-Time Password (OTP). Accountholders can continue the access of this account for up to 11 months from the date of account opening without submitting physical KYC documents to the bank branch. Therefore, to continue the account access, accountholders are required to complete full KYC by submitting self-attested copies of KYC documents at the bank branch before 11 months.
Average monthly balance requirement – Zero
Transaction charges – Up to 3 over the counter transactions are permitted every month. Beyond these transactions, Rs.25 + GST (up to maximum of Rs.100 per day) would be charged. It may be noted that over the counter (OTC) transactions include both cash and non-cash transactions performed.
Cheque book – On request of the accountholder, a cheque book of 5 cheques would be issued at Rs.5 per leaf.
Debit card – Rs.300 + GST would be charged as annual debit card fee.
SMS Alert – Rs.0.50 per SMS or per alert.