Federal Bank Savings Account

What is a Federal Bank Savings Account?

A Federal Bank Savings Account enables customers to keep money in a secure account. Interest on savings balances is calculated daily and credited quarterly. The bank provides a number of savings account plans to salaried customers, women, senior citizens, students and children. The Federal Bank sweep in FD facility also gives the customers the option of transferring excess balance into a fixed deposit to earn more interest without having to withdraw the funds.

Federal Bank Savings Account Interest Rates

The following table outlines the savings account interest rates applicable to Resident and Non-Resident (NRE/NRO) accounts at Federal Bank based on the end-of-day balance maintained in the account.

*Federal Bank Savings Account interest rates w.e.f. February 20th, 2026.

Types of Federal Bank Savings Accounts

Here is a breakdown of the various types of savings accounts offered by Federal Bank:

1. Regular Savings Accounts: 

   Regular Savings Accounts are applicable to the basic banking needs of individuals. Their services that are required include debit cards, internet banking, and mobile banking.

2. Priority Banking Savings Accounts: 

   Priority banking accounts like Celesta and Imperio are made for customers who hold larger balances. These are accounts that have increased transaction limits, exclusive banking and premium services.

3. Zero Balance Digital Savings Account: 

   The FedSelfie Account is a zero-balance digital savings account, which may be opened with the help of FedMobile with the use of Aadhaar and PAN. It offers swift opening of accounts, debit cards and complete virtual banking.

4. Women's Savings Account: 

   Mahilamitra Plus Savings Account is a banking product of the Mahilamitra Savings Account tailored to the needs of women customers. It provides the advantages of insurance cover and special interest rates on home loans.

5. Wellness Savings Account: 

   Stellar Savings Account is a savings account that includes banking services, and wellness benefits. There are reward points to account holders on debit card purchases, milestone rewards, and wellness options of telemedicine and health consultations.

6. Senior Citizens’ Savings Account: 

   The Esteem Savings Account is available to its customers aged 55 years or older. It includes priority banking services and healthcare benefits, which is why it is the best savings account for senior citizens with the need for extra assistance and comfort.

7. Kids Savings Account: 

   FedFirst Savings Account is a bank account that helps children save money early in life to teach them the importance of saving. It is run by the parents or the guardians and promotes good money management behaviours.

8. Savings Account of Students: 

   Yuvamitra Savings Account is a student-friendly Savings Account. It also has mobile banking and internet banking facilities where students can use their money, check their balances and carry out their transactions easily.

Key Features of Federal Bank Savings Account

Federal Bank provides savings accounts with several features designed to support convenient and secure banking. Some of the key features include:

• Zero Balance Accounts: Federal Bank zero balance savings accounts are available with Federal Bank, including digital accounts. These accounts enable the customers to get the necessary banking services without having a minimum balance.
• Online Account Opening: Customers have a fully online method of opening a savings account. The account is opened in the Federal Bank site or mobile application using video KYC and Aadhaar and PAN verification.
• Individualised Savings Account: Federal Bank has a number of variants of savings accounts that include Imperio, Mahilamitra, FedFirst and online accounts. All types of accounts are aimed at fulfilling various banking needs.
• Secure Banking Services: Federal Bank operates modern security mechanisms, such as encryption and two-factor authentication, to guarantee secure and safe online banking.

How To Open a Federal Bank Savings Account

You can open a Federal Bank savings account through both online and offline methods.

Online Application

Opening the account online is quick and convenient. Follow these steps:

• Visit Website/App: Go to the official Federal Bank website or open the FedMobile app.
• Select Savings Account: Within the Personal section, click the Savings Accounts and select the type of account you desire.
• Apply Online: Press Apply Now.
• Fill Application Form: Fill the online application form with the necessary personal data.
• Full KYC: Purchase the full KYC online.
• Minimum Amount in Deposit: Check money in deposit account and deposit minimum.
• Account Activation: Once the account is verified and a deposit made, the bank activates the account and provides account details.

Offline Application

It is also possible to open a savings account at a Federal Bank branch.

• Branch Visit: Visit the closest branch of Federal Bank.
• Request Application Form: The bank representative will give the savings account opening form.
• Fill Application Form: Fill in the form with the necessary information.
• Provide documents: Identity proof, address proof, PAN card, passport-size photographs.
• Verification Process: The bank verifies the documents submitted.
• Account activation: Once successfully verified, you will receive your account details.

Eligibility Criteria for Federal Bank Savings Account

To open a Federal Bank savings account, applicants must meet the following eligibility criteria.

Key Takeaways

Federal Bank provides a variety of savings account options to individuals, women, students, and senior citizens. Such accounts also incorporate digital banking and debit cards. Customers receive an interest of 2.50% pa to 5.50% pa on their savings. Interest is charged on the daily end-of-day balance in the account and debited quarterly whereas FD interest rates apply to fixed deposits for higher long-term returns.