Federal Savings Fund

Features & Benefits

Federal Savings Fund is a simple, yet brilliant recurring deposit scheme to save small amounts of money each month to plan for your future needs or to save towards a goal. You can choose any amount and term according to your convenience. If you feel it is tedious to make a monthly payment then we have the standing instructions facility. One can even avail a loan against the recurring deposit. What's more, you can also keep track of your deposit through Internet Banking. 

 
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Minimum deposit amount for Federal Savings deposit is just Rs. 50/- and additional contribution in multiples of Rs.10/-
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There is no maximum amount for this recurring deposit scheme
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Standing instruction facility will enable automatic transfer of installment amount from your savings account
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Interest cannot be withdrawn before deposit becomes mature and interest is paid on maturity on quarterly compounding basis
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Loan facility is available for Federal Savings Deposit against the amount present in your deposit account, subject to terms and conditions
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Savings Funds have a minimum deposit period of 6 months and maximum deposit period is 10 years

TDS

  • From June 1, 2015, Tax Deduction at Source (TDS) will be applicable on interest paid/ accrued on Resident Recurring Deposits.
  • Deposit holder may claim exemption from TDS by submitting Form 15G / 15H (other than company, firm or co-operative society)/ Exemption Certificate under Section 197 (in case of all holders)/ or any other Tax Exemption Certificate with the Bank, subject to eligibility..
  • Such form or tax exemption certificate has to be submitted every financial year for each recurring deposit held with the Bank.

How to open ?

Who can open?

  • Individuals
  • Individuals jointly with other Individuals
  • For Minor Individuals by Guardian
  • HUF
  • Sole proprietary concerns
  • Clubs/Associations
  • Firms 
  • Joint stock companies 
  • Any other entity not prohibited by RBI

 

How to open?

  • Opening a Federal Savings Fund Deposit is very easy. You can open the deposit either as online or offline.
  • If you are having FedNet - Internet Banking account, please visit FedNet to open the deposit online.
  • If you are having FedMobile, please login to the app & open a Recurring Deposit online.
  • If you do not have Internet banking facility activated, please visit your branch for opening Federal Savings Fund deposit.

Interest Rates & Charges

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