Important! Fee and Charges applicable on your Federal Credit Cards will be revised w.e.f Aug 20, 2024
Below are the revised changes:
|
Average Monthly Balance for last Quarter |
Existing Annual Percentage Rate (APR %) |
New Annual Percentage Rate (APR %) |
|
less than Rs. 50,000* |
41.88% (3.49% per month) |
45.00% (3.75% per month) |
|
Rs. 50,000 - 3,00,000 |
32.28% (2.69% per month) |
32.28% (2.69% per month) |
|
Rs. 3,00,001- 10,00,000 |
20.28% (1.69% per month) |
20.28% (1.69% per month) |
|
More than Rs. 10,00,000 |
8.28% (0.69% per month) |
8.28% (0.69% per month) |
AMB - Average Monthly Balance in Operative account maintained with Federal Bank i.e. Average of all the closing-day balances in a given month. To calculate AMB, you need to add each day's end-of-the-day balance and divide it by the number of days of that month. AMB for a quarter will be average of AMB maintained in the 3 months of that quarter. APR will be updated on 10th of beginning of every calendar quarter.
Quarters are defined as follows: January, February and March as Quarter 1; April, May and June as Quarter 2; July, August, and September as Quarter 3 and October, November and December as Quarter 4. APR for Quarter 2 will be considered on the basis of average monthly balance for Quarter 1. For eg. The APR (Annualized Percentage Rate) of the quarter 1st Apr-30th Jun will be updated on 10th July.
Below mentioned are the revised EMI charges, which will be applicable from Dec 20, 2023:
|
Sl No. |
Mode of Credit Card EMI facility |
Revised Interest Rate |
Revised Processing Fee |
Revised Foreclosure charges |
|
1 |
At the time of transaction through merchant outlet (POS machine), online transactions |
15.99% for all tenures (3,6,9,12,18 and 24 months) |
1% or Rs. 99, whichever is higher, on the transaction amount would be chargeable |
Foreclosure charge of 3% +GST on the remaining principal amount, as applicable, will be charged if the Credit Card EMI facility is closed before the completion of the EMI tenure. |
|
2 |
Post transaction via FedMobile/FedNet and contact centre |
18% for all tenures (3,6,9,12,18 and 24 months) |