Millionaire Federal Savings Fund


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.


Any Resident or NRI customer can open the Millionaire FSF (Federal Savings Fund) deposit.
Monthly installments can be made to this deposit by transfer from your SB or SBNRE account.
Facility to register standing instruction from your existing SB or SBNRE account.
Installments are made from a part of your savings, in small amounts and hence it will not disrupt your financial planning.
Loan facility against the balance in account
Freely Repatriable for NRI customers
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. 
  • Open Millionaire Federal Savings Fund through FedMobile.
  • To open Millionaire Federal Savings Fund using the link, click here
Alternatively, you can:

Other Related NRI Deposits

Tax Deduction at Source (TDS) for Resident  Recurring 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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The average rating is 5 stars out of 5.
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Githu Babu
Feb 11, 2016

The average rating is 4 stars out of 5.

Its one of the best options for NRIs who wants the money to be saved from unwanted expense as these are commitments. Also as the interest rates are getting lower its the best way to lock your maximum interest available for a longer tenure.
Jan 13, 2016

The average rating is 5 stars out of 5.

How long deposit /10 yr/15 yr
Gopidasan S Nair
Jan 09, 2016

The average rating is 5 stars out of 5.

Best Saving Scheme for NRI on a short term. I am compelling my friends to join as well to have a best saving during our NRI time. This will help us to avoid any cheating Chitties, specially the NRI's are involving to make the money fast.
Vijay .P.k - Kuwait
Jan 03, 2016

The average rating is 5 stars out of 5.

Best Saving scheme , also my friends jointed very good scheme.
Ajo Malathusseril
Dec 08, 2015

The average rating is 4 stars out of 5.

Its very good scheme because each deduction goes to the interest of fixed deposit and the advantage is in case if we want to withdrew the money we can do it with loss.. and this worth than Local chit-funds (Chittys) in the base of returns and safety point of view