Want to know how to open a Federal Bank Savings Account online? Federal Bank offers different savings accounts where you can earn an interest rate of up to 2.50%. Various savings accounts are offered where you can open an account online. Federal Bank offers competitive interest rates on its Savings Bank (SB) Accounts. Please continue with us to learn more about Federal Bank and its online account opening process. We provide a step-by-step guide for your help.
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About Federal Bank
Federal Bank is the preferred personal, NRI, and business banking partner for a growing number of customers across India, in both urban and rural areas. The Bank is driven by the quest to be one of the most admired banking institutions in the country. This is just one manifestation of the bank’s powerful ‘Digital at the Fore.” “Human at the Core” propositions. Federal Bank is continuously scaling up this mantra to reach out, meaningfully and impactfully, to more and more customers. Recognized as a great place to work, the bank is continuously striving to become the first choice for all Indians. Propelling this journey is our unwavering focus on the service of people, within and outside the organization.
Bank Vision: To be the ‘Most Admired Bank’ which is digitally enabled with a sharp focus on micro, medium, and middle market enterprises.
Mission: Devote balanced attention to the interests and expectations of stakeholders and, in particular
Steps for Open Federal Bank Savings Account online
In order to open a savings bank account in a Federal Bank Account online, you need to first check whether your bank gives you an option to open a savings account online and, if yes, then follow the below-mentioned steps:
(1) Go Online and Visit Bank’s Official Portal
It would help if you visited the bank’s official portal from which you want to open your account.
(2) Fill up the Account Opening Form (AOF) for Savings Account
Initiate the process of account opening by filling up the Savings Bank Account Opening Form. You need to fill up all the necessary details such as customer’s information and other details in the different sections given in the prescribed form, like name, address, contact number, email id, PAN, type of account to be opened, nominee’s name, etc.
(3) Upload Required Documents
After completing and filling out the account opening form, you need to attach KYC documents like PAN, Proof of Address, and Proof of Identity.
(4) Video KYC
In order to get verified, you can submit your KYC documents through a video call. For this purpose, you are required to provide access to your location, camera, and microphone on your smartphone.
(5) Opening of Savings Account
After getting yourself verified through video call via step 4 mentioned above, your account will be opened and you will be allotted a customer ID and account number by the bank.
(6) Obtain Cheque Book, Passbook, Debit Card & Other Documents from the Bank
Once your account is successfully opened, the banker will send your cheque book, passbook, debit card, and other documents to your communication address. And then you will be allowed to make transactions from your account.
Steps for opening a Federal Bank Savings Account at a Branch
In order to open a savings bank account in the Federal Bank branch office, you need to follow the below-mentioned steps:
(1) Personally Visit Federal Bank Account Branch
It would be best if you visited the bank branch where you wanted to open your account.
(2) Fill up the Account Opening Form (AOF) for Savings Account
Obtain the Savings Bank Account Opening Form and fill in all the necessary customer details and other details in the different sections given in the prescribed form, like name, address, contact number, email id, PAN, type of account to be opened, nominee’s name, etc.
(3) Attach Required (Mandatory) Documents with the Account Opening Form (AOF).
After completing and filling out the account opening form, you need to attach KYC documents like PAN, Proof of Address, and Proof of Identity.
Some banks make it mandatory to provide a permanent address and telephone number.
(4) Verification of Account Opening Form (AOF) & Other Documents by the Banker
The banker will verify the Account Opening Form (AOF) and other attached documents. If he is satisfied with these requirements, he will proceed further.
(5) Deposit the Minimum Balance Amount in your Savings Account as per your Savings Account requirement
After verification of the Account Opening Form (AOF) and other documents by the banker, you will be allotted an account number and you will then be required to deposit the minimum required balance in your account as per your savings bank account type.
(6) Obtain Cheque Book, Passbook, Debit Card, and Other Documents from the Bank
Once your account is successfully opened, the banker will hand over your cheque book, passbook, debit card, and other documents to you, and then you will be allowed to make transactions from your account.
Documentation is Required for Federal Bank Savings Accounts
The following documents are required when opening a Federal Bank Savings Account:
- Two passport-sized photographs
- In the case of nominations, Form DA-1.
- Permanent Account Number (PAN) card, or Form 60, in case the applicant does not possess a PAN card.
- KYC Documents for proof of identity and proof of address, as listed in the Account Opening Form:
- Proof of identity:
- Passport
- Valid Driver’s License
- Aadhaar Card
- PAN Card
- NREGA job card
- Proof of address:
- Aadhaar Card
- Voter’s ID card
- Valid driving license.
- Passport
- NREGA job card
- Proof of identity:
Eligibility for Federal Bank Savings Accounts
Indian citizens and Hindu Undivided Families can apply for Federal Bank Savings accounts unless specified. The list below details the eligibility criteria for most savings accounts:
- Individuals over 18 years of age (either single or joint accounts)
- Minors (through a guardian or parent)
- Clubs, associations, societies, trusts.
Open online Saving Accounts in other Banks:-
- ICICI Bank Digital Savings Account online
- Axis ASAP Digital Account Online
- Kotak Mahindra Zero Balance Account online
- Online HDFC Bank Account
- PNB account online
- Online SBI saving account
- UCO Bank Account online
- Online Bank of Maharashtra Savings Account
- Indian Bank Savings Account
- Bank of Baroda Savings Account
- Bandhan Bank Savings Account
Conclusion
Now that we have seen what the services Federal Bank provides and how to open a Federal Bank Savings Account online, it is easy to imagine why it has such a large client and customer base. Please like and share our articles with friends and on social media. Please subscribe to our article by clicking on the One-Signal Push Notification bell icon. You all viewers will get a more important information article in the near future by lifeinawind.com.
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