Question: What Is The Minimum Balance For Federal Bank?

What is the minimum balance to be maintained in Federal Bank?

Minimum Balance Requirements for Federal Bank Savings AccountsSavings AccountMinimum average monthly balance to be maintainedSB PlusRs.5,000Fed Power+Rs.25,000MahilamitraRs.5,000YuvamitraNil10 more rows.

What happens if minimum balance is not maintained?

Most banks require their customers to maintain a minimum balance in their account. They charge their account holders for the non-maintenance of minimum average balance (MAB). … If customers fail to maintain this balance, they will have to pay a penalty of up to Rs 75 – every month!

Is Federal Bank is Nationalised?

The bank was nationalized in 1969, by the Government of India along with 13 other banks. The main objective of the bank was to extend financial assistance to local weavers. Over a period of time around 20 banks merged with the Canara Industrial and Banking Syndicate Limited.

Which bank is better SBI or federal bank?

Some of the key results of the comparison between the two banks are: … Federal Bank has a maximum processing fee of ₹ 7,500 compared to SBI with higher processing fees of ₹ 17,400. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for Federal Bank.

Which bank is best for zero balance account?

8 Best Zero Balance Savings Account In IndiaIDFC First Bank Pratham Savings Account. … YES Bank Smart Salary Advantage. … IndusInd Bank-Indus Online Savings Account. … DBS-DigiSavings. … Kotak Mahindra Bank-811 Digital Bank Account. … HDFC Bank – Basic Savings Bank Deposit Account. … SBI – Basic Savings Bank Deposit Account. … Standard Chartered Basic Savings Bank Deposit Account.

Is minimum balance required for SBI?

The State Bank of India (SBI) announced on March 11, 2020, that it has waived off the requirement of holding average monthly balance for savings accounts. … Currently, SBI savings bank account customers need to maintain an average monthly balance of Rs 3,000 in metro, Rs 2,000 in Semi urban and Rs 1,000 in rural areas.

Which bank is best for NRI account?

List of Top 10 NRE Saving accounts for NRI’s, Interest Rates, Min. BalanceBank NameInterest rate (%) Per AnnumHDFC Bank3% to 3.50%Yes Bank4% to 6%Citibank2.75% to 3.75%RBL Bank4.75% to 6.75%5 more rows•Dec 13, 2020

Can I open zero balance account in federal bank?

Open your Zero Balance Selfie account in smart way. Federal Bank introduces ‘FedBook Selfie’ a first-of-its-kind facility in India for opening Savings Bank account through a smart phone.

Which bank is better HDFC or federal bank?

Some of the key results of the comparison between the two banks are: Lowest Interest rate of HDFC Bank Personal Loan is 10.50%, which is lower than the lowest interest rate of Federal Bank at 11.49%. … This makes Federal Bank a better option for Personal Loan.

Is federal bank safe?

“These figures show that the asset quality of the bank is safe and healthy. Federal Bank’s deposits have been growing at a healthy rate of 14 per cent year-on-year (December 2019 vs December 2018),” it added. The lender also said nearly 90 per cent of the bank’s deposits are granular.

Which bank has low fees?

Basic Checking Account Fees at Top BanksAccountMonthly FeeMinimum Balance to Waive FeeU.S. Bank Easy Checking$8.95$1,500PNC Bank Virtual Wallet® Account$7$500Capital One 360 Checking® Account$0$0TD Convenience Checking$15$1007 more rows•Jul 23, 2020

What happens if minimum balance is not maintained in Federal Bank?

Charges beyond free limit 15 times of previous month AMB maintained, subject to a minimum of ₹ 2L and maximum of ₹ 1 Cr per month. ₹ 3.25/ ₹ 1000 or part thereof with a minimum of ₹ 50 and maximum of ₹ 10,000 per remittance.

What is the minimum balance in federal bank NRI account?

your name for a minimum Rs 5000/- .

Which bank has no minimum balance?

For example, both Ally Bank and Capital One 360 offer free checking and savings accounts with no minimum balance to open an account (and no ongoing minimums either). Opening an account is easy, and you’ll probably earn more on your savings than you would get from the bank down the street.

Is federal bank private or govt?

Federal Bank Limited is a major Indian commercial bank in the private sector headquartered at Aluva, Kerala having 1284 branches and 1569 ATMs spread across different States in India.