Millionaire Federal Savings Fund

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. 
  • Open Millionaire Federal Savings Fund through FedMobile.
 
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
5 28 
4 5 
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Rajesh Achuthan Nair
Apr 09, 2017

The average rating is 5 stars out of 5.

Excellent scheme. I have already 2 Nos. I am planning to join one more in the coming year after finishing one among the two. Such a good scheme.
manoj
Apr 04, 2017

The average rating is 5 stars out of 5.

good investment for future
Saravanababu.M
Mar 09, 2017

The average rating is 5 stars out of 5.

Best deposit scheme, i have investing since 2012 and no other banks are not having this scheme for NRI
uday
Mar 05, 2017

The average rating is 2 stars out of 5.

Good Scheme. but the Compounded Average gross margin comes to only 4% per month. Same amount if invested on monthly basis with auto renewal in FD yeilds better returns. Besides, it also breaks the FD in small amount which is easy to withdraw then break FSF. Fed management need to review this. UK
Ganapathy Rajendran
Feb 04, 2017

The average rating is 5 stars out of 5.

Easy way to become a millionaire
Raghuraman Thalapan
Nov 07, 2016

The average rating is 5 stars out of 5.

best deposit scheme i have interest in this deposit scheme