NSE: 

NR Young Champ

NR Young Champ

A fully loaded product for the next generation- NR Young Champ, an exclusive savings account for NRI children.

  • Why NR Young Champ
  • How to apply
  • Balance Requirement
  • Reward Points
  • Documents Required
  • Interest Rates & Service Charges
To partner with the next generation, Federal Bank has introduced a fully loaded product - NR Young Champ. This product will act as a catalyst to teach our young ones the basic tenets of banking which includes the concept of Savings and Investment.
 

Key Features

  • Low Minimum Opening Deposit
  • Specially Designed Debit Card with daily ATM/POS Limit of Rs 2500/- each
  • Charges waived on DD up to Rs 50,000/- per month for educational purpose.
  • Rewards point for opening Recurring Deposit along with the NR Young Champ account
  • Free Internet Banking (View facility only)
  • Free Mobile alerts
  • Free E-mail alerts
  • Free FedBook
  • Free standing instruction facility from the NRE account of parent to children

Who Can Apply

  • NRI Children up to age of 18 years can apply for this account. 
  • In case of minor below 10 years the account shall be opened with parents/guardians as Authorized Signatory. 
  • Minors above 10 years may open account in their sole name and operate savings bank accounts independently.

How to open an account?

Average Monthly Balance (AQB) of Rs. 1,000/- must be maintained. AMB will be waived if NR Young Champ account is opened along with their parents' account in any of the mentioned Premium Schemes:

  • Mahila Mitra
  • Fed Power+
  • Fed Smart
  • Fed NRI Eve
  • Fed NRI Privilege
  • Fed Select 

Save Invest & Earn Program- Reward Points for Opening Recurring Deposit

Reward points to all the new recurring deposits opened along with the NR Young Champ Account. The reward points will be 10% of the Installment amount of the recurring deposit (RD) and will be credited annually.

For RD opened for more than 12 months, subsequent loyalty points will be credited after the anniversary date. The reward points will be eligible subject to the following-

  • Monthly Recurring Deposit of Minimum Rs.1000/- installment , is opened for a minimum period of 1 year
  • Debit card should be issued in the NR Young Champ Account.
  • All installments are promptly made.
  • The maximum reward points per NR Young Champ Account will be 1000 per year.

Eg. If the Recurring Deposit of Rs 2000 is opened for a period of 3 years, the annual loyalty points credited will be 200 points each. If the Recurring Deposit of Rs 1000 is opened for a period of 1 year, the annual loyalty points credited will be 100 points.

For Minors above 10 years where account is to be opened in the sole name and operated independently-

  • Photograph of the child
  • Copy of Passport of the child
  • Copy of VISA/PIO/OCI Card of the child
  • Address Proof: If the passport contains address of the child then no further address proof is required, if not :

Address proof of the any of the Parents/ Introduction by the Principal/HOD/ Head Master in the letter head of School mentioning the address, DOB along with photograph affixed there in/ ID Card issued by school or educational institution  with address, photo and DOB mentioned.

For Minors below 10 years where the account is opened with parents /guardians as Authorized Signatory

  • Photograph of the child and parent/guardian
  • Copy of Passport of the child and parent/guardian
  • Copy of VISA/PIO/OCI Card of the child and parent/guardian
  • Address Proof: If the passport contains address of the parent/guardian then no further address proof is required, if not any other valid document supporting the permanent address of the parent/guardian is to be obtained.

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