Federal Bank Zero Balance Savings Account

What is a Federal Bank Zero Balance Savings Account

The Federal Bank Zero Balance Savings Account is a savings account that does not require a minimum balance. It also enables account holders to transact the account with a zero balance without charges. Online fund transfers, digital transactions, and mobile banking are made accessible to the customers, and they can also check out savings and Federal Bank FD interest rates to make better savings.

Federal Bank Zero Balance Savings Account Interest Rates

The following table outlines the savings account interest rates applicable to Federal Bank Zero Balance Savings Accounts:

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

Types of Federal Bank Zero Balance Savings Account

The different variants of Federal Bank Zero Balance Savings Accounts are designed to match various banking preferences:

1. Fed Selfie Account:

    Fed Selfie is a mobile digital self-opening zero-balance account, which is created using the FedMobile app. It offers a MasterCard Crown debit card, ten free leaves of cheques per year, and is offered to resident persons between the ages of 18 and 70.

2. Fed Excel Account: 

   Fed Excel is created to suit professionals and entrepreneurs. It provides zero balance maintenance, a Visa Signature Platinum debit card, ten free leaves of cheques yearly and can be availed to qualified professionals and registered business promoters.

3. Basic Savings Bank Deposit Account (BSBDA): 

   BSBDA is a less complex savings account of basic banking that has a zero balance. It offers a Ru pay Classic debit card, 20 free leaves of cheques annually, and no account maintenance fee to residents.

How To Open a Federal Bank Zero-Balance Savings Account

Customers can open a savings account online or by visiting a bank branch.

Online Application

An online application gives customers the ability to open an account through digital verification to make it easy.

• Download the App or Visit the Website: Install the FedMobile App or access the official Federal Bank website.
• Create a Profile: Fill in your basic personal information, mobile number and your email address.
• Select Account Type: Choose the suitable Federal bank savings account option.
• Complete KYC Verification: Verify your identity using Aadhaar, PAN, or Video KYC.
• Upload Required Documents: Submit the necessary documents for verification.
• Account Activation: Once the verification is done successfully, the account will be active to carry out digital transactions.

Offline Application

Customers may also open a Federal Bank Zero Balance Savings Account in the nearest branch.

• Visit the Nearest Branch: Go to a Federal Bank branch near you.
• Provide Basic Information: Share your mobile number, email ID, and personal details.
• Select Account Type: Choose the preferred zero-balance savings account with the help of the bank staff.
• Complete KYC Process: Submit Aadhaar and PAN for identity verification.
• Give Basic Information: Use your mobile number, email ID and personal details.
• Select Account Type: Select the desired zero-balance savings account with the assistance of the bank employees.

Key Features of the Federal Bank Zero Balance Savings Account

These are the major features that make the Federal Bank Zero Balance Savings Account convenient for digital banking:

• No Minimum Deposit: To use the account, one is not required to have a minimum balance which is why it is simple and convenient to use.
• No Maintenance Charges: The account does not attract any maintenance charges or penalties even when the balance runs down to zero.
• Sweep-in FD Facility: There is also the Federal Bank sweep in FD of the account, which automatically transfers excess savings balance to a fixed deposit with the Federal Bank. This also allows the customers to achieve a greater FD interest rate in addition to having access to liquidity in the savings account.
• Competitive Interest Rates: The savings account customers are entitled to good rates of interest charged on the account balance.
• Banking Services needed: The bank provides the following services: debit card, ATM access, cheque book, mobile and internet banking.

Key Takeaways

The Federal Bank Zero Balance Savings Account is an account that has flexible banking without any minimum balance required. Services like mobile banking, online fund transfer, debit card services, and secure online payment are available to customers. It has savings interest rates that are between 2.50% and 5.50% per annum making it one of the best savings accounts to use in day to day banking.