Terms and Conditions for Balance Transfer for Credit Cards


1. The Balance Transfer facility ("BT facility") from Federal Bank Ltd (“Bank”) is open to all the residents of India holding a valid and current primary Federal Credit Card ("Federal Cardholders" or “Cardholders”), excluding delinquent and any other ineligible credit cardholders determined as per the internal policy of Bank.

2. “EMI BT” means the BT facility in the event the Cardholder converts the mode of repayment of the BT facility into Equated Monthly Instalments.

3. “EMI” or “Equated Monthly Instalments” means the equated monthly instalment of the amounts payable by the Cardholder to Federal Bank in respect of the BT facility, comprising of principal amount of the BT facility and interest thereon.

4. Balance Transfer ("BT") amount requested by the primary Federal Cardholder would be processed by Bank subject to a minimum request amount of Rs.2,500/- and a maximum amount of Rs.7,50,000/- based on the available credit limit assigned to the concerned primary Federal Card Account at the time of placing the request.

5. BT facility can be availed by a Cardholder for different tenures at different interest rates and accompanying charges like processing fee etc. shall be as set forth by Bank from time to time and communicated to the Cardholder via different mediums including but not limited to phone calls, IVR, SMS, emails etc. By booking a BT of a particular tenure through appropriate medium, a Cardholder expressly agrees to the interest rates, charges and fees communicated to the Cardholder and further consents and undertakes to meet all his obligations thereto.

6. Under the Balance Transfer offer the Credit Limit on the Card will be blocked for the amount, which has been transferred.

7. Disbursement through NEFT (National Electronic Fund Transfer) to customer’s other bank credit card account (as provided by the Cardholder) will be subject to successful processing at beneficiary bank.

8. Cardholder shall not be entitled to cancel Balance Transfer request or refuse to accept disbursement of funds after the request for Balance Transfer has been made. Balance Transfer request once approved and processed cannot be cancelled.

9. Federal Bank will not be responsible for any loss incurred by the Cardholder as a result of any incorrect information provided by the Cardholder with respect to NEFT or the account details shared by Cardholder. A request for Balance transfer shall be deemed as an absolute consent of/by the Cardholder to accept all the terms of Balance transfer including but not limited to acceptance of these Terms and Conditions and it shall be deemed that the Cardholder agrees to be always bound by it. The Cardholder hereby agrees that upon the amounts being credited to the account details shared by cardholder, he/she shall be required to repay the Balance transfer amount along with the interest, processing fee and applicable taxes.

10. Balance Transfer amount booked via NEFT would be directly transferred to customer’s other bank credit card within 4 working days of the request.

11. The amount of the balance transferred from the Cardholder's other credit card account will not earn any rewards points that may be applicable.

12. If the Card Account gets closed before all the instalments have been charged, the balance outstanding will get debited to the Card Account as one consolidated amount.

13. The BT facility is not applicable and specifically excludes all additional Federal Cardholders (Add-on Cardholders) and this facility and all benefits accruing thereof is made open to only the Primary Cardholders as detailed above.

14. This facility cannot be availed of to transfer balance from another Federal Bank Credit Card.

15. BT request from a Federal Cardholder whose Card account has an overdue status or when the credit limit has been exceeded or is for an amount more than the outstanding balance on the other card will not be accepted by the Bank.

16. It is stipulated herein that for availing benefits under the BT offer and availing of this facility resulting in advance of requested sums of money, Federal Cardholder shall remain liable to Bank till such time that the Federal Cardholder has not paid back all the dues of money including all applicable interest and charges including any penal interest that may be imposed in accordance with terms of this facility and applicable terms and conditions as well as regulations in this regard. All financial liabilities of the Cardholder under BT for the period as per Plans detailed hereinabove shall be reflected in the monthly statement of accounts issued to the cardholder and shall be conclusive evidence of settling all liabilities of the cardholder for this Offer.

17. The Bank reserves the right to modify the interest rates on the BT facility.

18. Balance Transfer shall not be availed for a Third Party.

19. Bank reserves sole and absolute right to refuse any BT requests at its discretion.

20. In case of the facility is foreclosed/terminated before the tenure of the repayment of the facility, the amount of the facility outstanding at the time of foreclosure/termination together with all the interest thereon and all other monies in respect of the facility shall become repayable by the Cardholder immediately.

21. The Loan/EMI Facility provided by the Bank shall stand cancelled automatically upon occurrence of any of the following events:

a. Cardholder fails to repay the Loan/EMI Facility in the manner specified in the terms and conditions notified by the Bank.

b. In the event of your Card coming under block status: The card can come under block status on account of various reasons, including but not limited to, the Card being reported as lost or stolen.
c. In the event of cardholder becoming delinquent, this facility shall be terminated and the principal outstanding and the interest for the entire tenure as opted by the cardholder, shall be debited to the credit card account of the Cardholder and reflect in the subsequent monthly statement. Federal Bank shall be entitled to demand immediate repayment of such consolidated outstanding amounts including principal, interest and applicable charges.

22. The Cardholder may foreclose the facility at anytime by contacting Federal Bank’s Customer Care Centre to avail of the foreclosure.

23. Balance Transfer facility is not applicable and specifically excludes all add-on cardholders and this facility and all benefits accruing thereof is made open to only the primary Cardholders.

24. These terms and conditions shall be deemed to be part of the Federal Cardholder Agreement and are incorporated therein by reference.

25. All disputes, differences and/or claim or questions arising out of these presents or in any way touching or concerning the some or as to constructions, meaning or effect thereof or as to the right, obligations and liabilities of the parties hereunder shall be referred to and settled by arbitration, to be held in accordance with the provisions of the Arbitration and Conciliation Act, 1996 or any statutory amendments thereof, of a sole arbitrator to be nominated by the Lender/Bank, and in the event of death, unwillingness, refusal, neglect, inability or incapability of a person so appointed to act as an arbitrator, the Lender/Bank may appoint a new arbitrator to be a sole arbitrator. The arbitration proceedings shall be held either in Aluva or Mumbai.

26. "Applicable Taxes" means:

a. For the cardholders having State of residence in the records of Federal Bank on the statement date as "Kerala" - Central Tax @ 9% and State Tax @ 9%

b. For the cardholders having State of residence in the records of Federal Bank on the statement date as other than "Kerala" - Integrated Tax @ 18%

27. In case you have opted for the Auto Debit payment mode for the payment of total outstanding on your Federal Card, then, the Total Amount Due / Minimum Amount Due (as opted for auto-debit) on your Federal Card including the Balance Transfer EMI Amount and other charges applicable thereto will be debited from your bank account on the Due Date.

28. Any payments delay due to third party processing, the third party will be responsible for any customer dispute due to same. Accordingly, Federal Bank will not be responsible and liable for any/all matters/claims/defects connected therewith with respect to the third-party payment processing.