Key Fact Statement (KFS) is to be read along with the CARD MEMBER AGREEMENT and The Most Important Terms and Conditions (MITC) of Federal Bank Credit Cards for complete understanding. The KFS is subject to change. Refer www.federalbank.co.in for details.
I. Fees and Charges
1. Joining Fee, Annual Fee and Add on Card Fees:
|
Federal Bank Card Variant |
Joining Fee* |
Annual Fee* |
Fee for Add on Card |
|
Signet |
NIL |
NIL |
Rs. 100 + GST (Maximum 4 cards) |
|
Imperio |
NIL |
NIL |
Rs. 100 + GST (Maximum 4 cards) |
|
Celesta |
NIL |
NIL |
Rs. 100 + GST (Maximum 4 cards) |
|
Wave |
NIL |
NIL |
NIL |
*No Joining fee, No Membership fee for customers onboarded with effect from 3rd April 2023
2. Finance Charges:
i) Interest Charges
|
Average Monthly Balance for last Quarter |
Annual Percentage Rate (APR %) |
|
Less than Rs.50,000 |
41.88% (3.49% per month) |
|
Rs.50,000 - 3,00,000 |
32.28% (2.69% per month) |
|
Rs.3,00,001- 10,00,000 |
20.28% (1.69% per month) |
|
More than Rs.10,00,000 |
8.28% (0.69% per month) |
ii) ATM Cash withdrawal / Cash advance fees
|
Federal Bank Credit Card Variant |
ATM Cash withdrawal / Cash advance fees |
|
Signet |
2.5% of amount withdrawn or Rs. 500 whichever is higher |
|
Imperio |
2.5% of amount withdrawn or Rs. 500 whichever is higher |
|
Celesta |
2.5% of amount withdrawn or Rs. 500 whichever is higher |
|
Wave |
Not applicable. |
3. Other Charges
|
Late Payment Charges |
|
||||||||||||||||||||
|
Cheque returns or Dishonour or Auto-debit Reversal |
2% of Payment amount subject to minimum of Rs. 450/- |
||||||||||||||||||||
|
Fee for Cash Payment |
Rs. 100/- |
Rs. 100/- |
Rs. 100/- |
Rs. 100/- |
|||||||||||||||||
|
Rewards Redemption Fee |
Rs. 99/- per redemption request |
||||||||||||||||||||
|
Rent Payments |
With effect from 1st April 2023, a fee of 1% of the total transaction amount will be levied on rental transactions, along with the applicable taxes. |
||||||||||||||||||||
|
Loan Processing Pre-Closure Charges |
Mode of Credit Card EMI facility: At the time of transaction through merchant outlet (POS machine), online transactions and Post transaction via Fed Mobile/FedNet and contact centre: 1% or Rs. 99, whichever is higher, on the transaction amount plus GST at applicable rates would be chargeable. A foreclosure charge of 3% + GST of the remaining principal amount plus GST at applicable rates will be charged if the Credit Card EMI is closed before the completion of the EMI-tenure. However, EMI facility through POS is not applicable for any card in virtual format. |
||||||||||||||||||||
|
Fuel Transaction Surcharge |
1% surcharge waiver on spends between Rs.400/- to Rs.5000/- on all petrol pumps for Imperio and Celesta category up to Rs.150/- per month. Fuel surcharge waiver is not applicable for Signet and Wave Credit Cards. Fuel Surcharge Waiver will be capped at 1% of the eligible settlement amount. The rate of surcharge may vary depending on the fuel station and their acquiring bank. The surcharge is levied by the acquiring bank providing the terminal to the merchant. The value on charge slip will differ from the credit card statement since the Surcharge & GST is levied by acquiring bank post the transaction. The 1% surcharge waiver (including GST) for eligible transactions would reflect separately in the monthly credit card statement. |
||||||||||||||||||||
|
Reissue of Lost, Stolen or Damaged Card |
Rs. 200/- |
||||||||||||||||||||
|
Outstation Cheque Processing Charge |
Cheque value up to Rs 5,000 – Fee will be Rs 25/- Cheque value above Rs 5,000 - Fee will be Rs 50/- |
||||||||||||||||||||
|
Foreign Currency Transactions |
3.5% |
3.5% |
2% |
3.5% |
|||||||||||||||||
|
Dynamic conversion fee |
3.5% |
3.5% |
2% |
3.5% |
|||||||||||||||||
|
Terms & Conditions (1) DCC shall be applicable only if the international transaction occurs when the country of the merchant outlet location, ATM or branch is outside India, regardless of the cardholder’s location when the transaction occurs. (2) The cardholder will have the option to accept or decline DCC, prior to the merchant/ ATM / branch processing the transaction and the cardholder shall make an active choice on the DCC option. (3) The cardholder shall provide consent for the DCC transaction after confirming acceptance of the disclosure information including and not limited to (i) the amount of goods or services (including taxes) shown in merchant’s local currency with currency code (ii)exchange rate/ mark -up (iii) Total transaction amount in DCC currency (iv) currency symbol code of the offered DCC transaction amount disclosed to the cardholder. (4) Upon completion of DCC transaction, the cardholder will be issued by the merchant/ ATM/ branch, as the case may be, with a transaction receipt containing the details of transaction currency, transaction amount, transaction charged etc. |
|||||||||||||||||||||
|
TDS on withdrawals above Rs 1 crore |
Wef 01-July-2020, TDS@2% is applicable on aggregate cash withdrawals exceeding Rs. 1 Cr from accounts and cards, in a FY. For those who have not filed their Income Tax Return in any of the previous three years the TDS will be @2% when the aggregate cash withdrawal exceeds Rs.20 Lakhs and the rate will be 5% for aggregate withdrawal exceeding Rs.1 crore. TDS is not applicable for Wave Credit Card. |
||||||||||||||||||||
|
Goods and Services Tax (GST) |
Goods & Service Tax (GST) will be applicable on all fees, interest and other charges at rates as notified by the Government of India from time to time. The applicable GST would be dependent on the location of the supplier (Credit Card Issuer I.e. Federal Bank) and place of supply. If place of supply (customer communication address) is in Kerala, then it would be CGST and SGST (Intra state), else IGST (Interstate). In case of non-availability of customer registered mailing address in the system, intra state GST rates would be levied. Card Holder would be responsible for providing correct and timely information for enabling Credit Card Issuer to undertake appropriate GST compliances which would in turn enable card holder to take input tax credit of supplies (credit card service) made by the Credit Card Issuer. Credit Card issuer shall not be responsible for any loss of input tax credit or delay in availment of input tax credit to the Card Holder on account of incorrect information provided by card holder or due to any act or omission by Card Holder. GST collected will not be reversed on any dispute on fee & Charges/interest or on any other concession/waiver. |
||||||||||||||||||||
4. Interest Free Period:
The interest free credit period could range up to 48 days subject to the scheme applicable on the credit card and the submission of claims by the merchant. For a statement for the period from Jan 15th 2021 to Feb 14th 2021 the payment due date would be Mar 2nd, 2021.
Assuming that you have paid your Total Amount Due of the previous month statement by the payment due date, the grace period would be:
- For a purchase dated Jan 16th, 2021, the interest free grace period is from Jan 16, 2021 to Mar 2nd, 2021, i.e. 46 days.
- For a purchase dated Feb 14th, 2021, the interest free grace period is from Feb 14th2021 to Mar 2 nd, 2021, i.e. 17 days.
Thus, the grace period can vary depending upon the date of purchase. This period will be free of interest only if all previous dues are paid in full and there is no unpaid balance carried over from previous months However, if the Total Amount Due is not paid by the payment due date, then there will be no interest free period. For cash advances, interest is charged from the date of the transaction until the date of payment.
5. Finance Charges:
Interest Charges are paid at monthly percentage rate on all transactions from the date of transaction in the event of the Card member choosing not to pay his balance in full, and on all cash advances taken by the Card member, till they are paid back. Interest charges, if payable, are debited to the Card member’s account till the outstanding on the card is paid in full.
When the customer carries forward any outstanding amount or availed Cash Advance, a finance charge calculated by average Daily Balance Method will apply to balances carried forward and to fresh billings.
If a card holder avails the revolving credit facility of the Federal Bank Credit Card and hence chooses to pay an amount less than the total amount due reflected in the monthly billing statement, the entire outstanding amount would attract interest charges and all new transactions will also attract interest Charges till such time as the previous outstanding amounts are repaid in full. Revolving credit is a type of credit that does not have a fixed number of payments, in contrast to instalment credit.
The following illustration will indicate the method of calculating interest charges: In the table given below, it has been assumed that the Total Amount Due of the previous month statement has been paid on the payment due date and there is no outstanding amount. The statement date is 15th of every month. Given these assumptions, interest will be calculated as below:
|
Particular |
Amount (Rs.) |
|
Purchase on Jan 14, 2021 |
10,000 |
|
Total Amount Due on statement dated Jan 15, 2021 |
10,000 |
|
Minimum Amount Due on statement dated Jan 15, 2021(5%) |
500 |
|
Payment due date - Feb 2, 2021 |
|
|
Purchase on Feb 10, 2021 |
4,000 |
|
Payment received on Feb 13, 2021 |
7,500 |
|
Interest Calculation @ 3.49(Total interest charged in the statement dated 15th Feb) |
|
|
a)Interest on Rs. 10,000 for 30 days (from Jan 14 to Feb 12) |
349 |
|
b) Interest on Rs. 2500 for 3 days (from Feb 13 to Feb 15) |
8.72 |
|
c)Interest on Rs. 4000 for 6 days (from Feb 10 to Feb 15) |
27.92 |
|
d)Late Payment Fee debited on 05th Feb 2021 |
600 |
|
e) GST will be applicable on interest charges and Late Payment Fees |
177.4 |
|
f) Total Charges Payable on 15th Feb (a+b+c+d+e) |
1163.0 |
|
Total Amount Payable on due date Mar 3 2021 (Principal amount of Rs. 6500+ Total charges payable(f)) |
7,663.05 |
Charges in case of Default: In case of default, interest charges may increase up to a maximum of 3.49% per month (41.88 % per annum).
II. Credit Limit, Available Credit Limit and Cash Withdrawal Limits
Credit Limit means the maximum limit up to which you are authorized to spend on your Credit Card. If you opt for availing international transactions at the time of applying for the Card, the Credit Limit for international transactions will be the same as the maximum limit. The available Credit Limit at the time of generation of each monthly statement is provided as a part of the said statement. Cash Limit forms a subset of your Credit Limit. The Bank will review your Card Account periodically and may decrease your Credit and Cash Limit based on internal criteria without prior notice to you. If you seek to have your credit limit increased, you can do so by writing to the Bank and providing financial documents declaring your income. If you wish to disable International transactions or increase/decrease the Credit Limit for international transactions then you can contact the Bank's Customer Contact Centre for the same. Basis your specific request for increase in your Credit Limit, the Bank may consider the limit enhancement/Product upgrade at its sole discretion.
III. Billing:
A. Billing Statement:
Federal Bank will send the Card member a monthly statement showing the payments credited and the transactions debited to the Card member’s account since the last statement. The Bank will mail a statement of transactions in the card account every month on a pre-determined date, to the mailing address on record with the Bank. If balance outstanding is less than Rs. 200/- and there is no further transaction pending billing since the last statement, no statement will be issued. Periodicity and Mode of sending statement: All Card Members will be billed on a monthly basis for all charges incurred by the use of the Card and for all charges applicable to the card account. The billing statement will be shared over email, on a monthly basis to customers. If the bill amount is less than Rs 200/-, the statement will not be generated.
B. Minimum Amount Due:
Minimum Amount Due (MAD) is calculated as 5% of Total Amount Due (subject to minimum of Rs. 200/-), new EMI debits for the month or any previously unpaid EMI debits + GST + Fee. In the event the Card Member deposits part of the Total Payment Due or the MAD (not less than the MAD under any circumstance), the balance outstanding amount payable shall be carried forward to subsequent Statements. This amount will attract interest Charges until the date of full and final payment. Please note that paying only the Minimum Amount Due every month will result in the repayment stretching over a long period with consequent interest payment on Card Member’s outstanding balance. The interest charges will depend on the balance maintained by customer in the savings account for the last quarter.
C. Method of payment:
- NEFT/IMPS:
If the Card Member holds a Savings Account with any bank he or she may pay online via Mobile banking or Internet Banking through
- Federal Bank Website. Just log on to www.federalbank.co.in
- Adding Beneficiary details of Credit number and transferring the amount directly
Name: Name on the card
Bank Name: Federal Bank
Account No. : Card No
IFSC: FDRL00CARDS
Branch Location: Aluva
- Auto Debit:
If the Card Member holds a Savings Account with Federal Bank, he/she may pay directly through the Savings Account by giving an instruction in writing to debit the payment from such account every month on the payment due date.
- Cheque / Draft:
Draw a cheque or draft favouring “Federal Bank Credit Card No. XXXXXXXXXXXXXXXX" and drop it into the collection box or give it over the counter at Federal Bank branches. Outstation cheques / drafts i.e. cheques / drafts payable at cities other than specific cities (list of such specific cities as decided by the Bank from time to time, is available on request) may attract processing fee.
TAT for clearance of Federal Bank cheque – 1 working day.
TAT for clearance of another bank cheque – 3 - 5 working days based on realisation.
- Cash:
The Cardholder may deposit cash at any of the branches of Federal Bank towards the Card payment. Such payments at branches would attract a fee of Rs. 100 per payment transaction.
D. Termination/Revocation of the Card Membership:
The Card Member may at any time choose to terminate the Card Account with or without giving any prior notice. For avoiding misuse, it is advised to cut the Credit Card into four pieces ensuring that the hologram and magnetic strip are destroyed permanently. The Card Member may terminate the Card membership at any time by writing to 2nd Floor, Parackal Towers, Federal Bank, Operations Department, Parur Junction, Aluva, Ernakulam, Kerala, India, 683108 by indicating the complete Card number. The card member may also request for cancellation of credit card through FedMobile, FedNet or Bank’s contact centre. The termination shall only be effective once Federal Bank receives the payment of all amounts due and outstanding in respect of the said Card Account.
In the event of a credit card program closure or at the time of renewal of credit card, Federal Bank Limited at its sole discretion reserves the right to provide a card type that is different from the existing card type held by the card member. The credit limits and cash limits on any credit card at any point in time are as per sole discretion of Federal Bank Limited.
The card application shall continue to be valid for any replacement card provided at the time of closure/renewal.
E. Loss/Theft/Misuse of Card:
In case of loss/theft/misuse of the Card, it must be reported immediately to Federal Bank either by calling Customer Care on 1800 420 1199 or via Mobile Banking/Internet banking from your registered mobile number only. The Bank shall thereupon suspend the Card. The Card Member is advised to file an FIR with the local police station so that the Card Member can produce its copy whenever requested by the Bank. The Card Member shall be primarily responsible for the security of the Card including theft and for the transactions using the Card. The Card Member shall not be liable for any transaction/s made on the Card post reporting its loss/theft/damage. However, in case of any dispute relating to the time of reporting such loss/theft/damage and/or transactions made on the Card post reporting of the loss/theft/damage/misuse, the Bank reserves the right to ascertain such time and or the authenticity of the disputed transactions.
Federal Bank reserves the right to block the Credit Card on suspected risk of compromise in order to protect the interest of the Card Member and to avoid misuse in any manner on the Card Account. The Card Member shall not be able to use the blocked Card for any transaction/s and shall receive a replacement Card within 7 (seven) working days. In the event, the Card Member, after being informed by Bank of the probable fraud risk, still requests to unblock the Card, Federal Bank shall not stand liable or responsible in any manner for any fraudulent transactions reported to it thereafter on account of fraudulent usage of the Card or otherwise.
F. Billing Disputes Resolution:
In the event the Card Member disagrees with the charges indicated in the statement, it should be communicated to Bank by calling Customer Care on 1800 420 1199 within 30 days of receipt of the statement, failing which it would be construed that all charges indicated in the statement are accepted by you.
G. Postal Address of the Bank:
The Federal Bank Ltd, 2nd Floor, Parackal Towers, Federal Bank, Operations Department, Parur Junction, Aluva, Ernakulam, Kerala, India, 683 102
H. Customer Contact Centre:
Customers from India shall dial the Toll-free number 1800- 425 -1199 or 1800-420-1199 and customers from abroad shall dial +91-484- 2630994 and mail to creditcards@federalbank.co.in to avail the services of our Contact service.
I. Grievance Redressal Complaint/Escalation:
First level (Grievance Redressal Officer)
In the event you are not satisfied with our services, you may register your grievance by dialling our toll-free number 1800-420-1199/1800-425-1199/0484-2630994 (for abroad calls) or email to creditcards@federalbank.co.in
Second Level (Principal Nodal Officer)
If you are not satisfied with the resolution provided, Please forward your concern to support@federalbank.co.in with complaint details.