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.
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
- Please visit the Rates & Charges page for Savings bank interest rate.
- For Service charges and fees, please click here.
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