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
- 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- Interest cannot be withdrawn before deposit becomes mature and interest is paid on maturity on quarterly compounding basis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 jointly with other Individuals
- For Minor Individuals by Guardian
- Sole proprietary concerns
- 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.