Features

Who doesn't want to be a millionaire ? Everyone does. This savings fund is a unique recurring deposit plan that lets you invest systematically over a period of time and makes you a millionaire on maturity.

 

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Any Resident or NRI customer can open the Millionaire FSF (Federal Savings Fund) deposit.
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Monthly installments can be made to this deposit by transfer from your SB or SBNRE account.
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Facility to register standing instruction from your existing SB or SBNRE account.
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Installments are made from a part of your savings, in small amounts and hence it will not disrupt your financial planning.
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Loan facility against the balance in account
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Freely Repatriable for NRI customers
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Premature withdrawal allowed, no interest will be paid before completion of 1 year for NRE Deposits. 

How much to remit ?

Use our MFSF Interest calculator to find out the amount you need to pay per month based on the Monthly Deposit Amount,  Interest Rate and Term. Click to use MFSF Interest Calculator

Investment Options

For investment options of Millionaire Deposits, please click here.

How to open ?

There are no hassles to open Millionaire Federal Savings Fund.
 
If you are using FedNet, our Internet Banking facility, you can open Millionaire Federal Savings Fund deposit online right away.  
 
Alternatively, you can:
 

Other Related NRI Deposits

Tax Deduction at Source (TDS) for Resident  Recurring Deposits

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.

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Reviews
4.6
The average rating is 5 stars out of 5.
38 total
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Lalumon
Jun 05, 2020

The average rating is 5 stars out of 5.

Good
HARIDAS V G
Jun 05, 2020

The average rating is 5 stars out of 5.

Samji Abraham
Jun 05, 2020

The average rating is 5 stars out of 5.

Aswin R Krishnan
Jun 05, 2020

The average rating is 5 stars out of 5.

Wonderful product.
ARUN
Jun 05, 2020

The average rating is 5 stars out of 5.

Recurring deposit for who wish to become a millionaire ..
A.Venugopalan
Jun 11, 2018

The average rating is 5 stars out of 5.

Very good investment scheme