Considered in the category of Indian Private Sector Bank, Federal Bank provides services in many different areas at the same time. The Federal Bank is preferred by individuals who want to reach their dreams by saving money. Because, besides the advanced saving accounts options offered by the bank, there are also highly advantageous loan options and premature withdrawal options. The most popular features of the Federal Bank can be summarized as premature withdrawal, online facilities, tax savings and NRO deposit friendly.
Federal Bank Benefits
Crisil Rating Score
The Federal Bank score in the Crisil Rating system is 4.5 out of 5.
The bank serves in 3 main categories. These categories can be listed as Personal banking, NRI banking, and Business banking. A wide range of accounts, loans, and management options are available in these areas.
The basic options that can be considered among personal banking services are accounts and deposits, loans and cards and insurance services.
Savings Accounts in the Federal Bank
If you have a saving account in the Federal Bank, you will start making a quick profit. The reason for this is that many institutions expect a certain amount of deposit from you to earn money with interest. Generally, the expectation of this deposit is high. The deposit limit set by the Federal Bank is very low. However, the interest rate that the bank will earn you is determined to be between 3.5 percent and 6.1 percent annually.
In general transactions, interest rates determined by the Federal Bank may be variable. The determined interest rate may vary depending on the customer’s own credit score or service. However, in general, the interest rate of services varies between 6.7% and 7.1%.
The organization aims to make its services more accessible through different mobile applications and online services. In this way, you can even complete many applications without having to go to the Federal Bank branch.
Federal Bank FAQs
The tenure range determined by the Federal bank varies between 1 Year to 3 Years. The deposit range determined by the bank is Up to ₹1Cr.
You can apply for a Federal Bank loan, open an account, get assistance or get insured from online platforms. You can use a mobile application or internet banking system in order to have these services effortlessly.