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Federal Savings Fund
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.
- Features & Benefits
- TDS
- How to open ?
- Interest Rates & Charges
- Minimum deposit amount for Federal Savings deposit is just Rs. 50/- and additional contribution in multiples of Rs.10/-
- There is no maximum amount for this recurring deposit scheme
- Standing instruction facility will enable automatic transfer of installment amount from your savings account
- Interest cannot be withdrawn before deposit becomes mature and interest is paid on maturity on quarterly compounding basis
- Loan facility is available for Federal Savings Deposit against the amount present in your deposit account, subject to terms and conditions
- Savings Funds have a minimum deposit period of 6 months and maximum deposit period is 10 years
- 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.
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 do not have Internet banking facility activated, please visit your branch for opening Federal Savings Fund deposit.
- Please visit the Rates & Charges page for Savings bank interest rate.
- For Service charges and fees, please click here.
Reviews
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Shaji P
Sep 17, 2016
Wealth will not be created in a single day. The good opportunity of one who need to create wealth with very minimum risk is Federal Savings Fund
Sanjeev Rana
Aug 14, 2016
superb facility taking into consideration the future needs
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