Federal Bank offers NRI accounts such as NRE, NRO, and FCNR accounts. The minimum balance Federal Bank NRI account may differ depending on the nature of the account. I think it is important that you know the minimum balance requirement for all these accounts. Let me help you out.
What is the Federal Bank NRI Account Minimum Balance?
The NRI account minimum balance Federal Bank requirements for these accounts are reasonable and vary based on the account type.
The minimum average monthly balance (AMB) requirement is < Rs. 25000 across all branch categories (metro, urban, semi-urban, and rural).
This makes Federal Bank’s NRI accounts more accessible, especially for those who want to maintain smaller balances.
If the AMB is not maintained, the bank imposes nominal non-maintenance charges. These charges vary depending on how much the balance falls short of the required AMB.
Benefits of Federal Bank NRI Accounts:
NRE Account: Allows repatriation of funds and offers tax-free interest income in India.
NRO Account: Suitable for managing income earned in India (e.g., rent, dividends) with partial repatriation options and interest income subject to tax.
FCNR Account: A fixed deposit in foreign currency, ideal for those looking to hedge against exchange rate fluctuations.
The AMB is calculated as the average of daily balances across the month. Regular monitoring through internet banking or mobile banking helps avoid penalties. The bank provides options for automatic transfers to ensure balance requirements are met.
This setup ensures that NRI customers can enjoy flexibility and convenience while maintaining the account efficiently. This is all about the
Federal NRI account minimum balance
.
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A minimum balance for Federal Bank NRI account needs to be maintained if you want to keep the account active. This rule is mandatory for all banks’ accounts, irrespective of their type. However, the amount of money varies. In Federal Bank, the minimum balance differs as per the type of NRI account and it ranges from Rs 5,000 to Rs 1,00,000.
What is the Required Minimum Balance Federal Bank NRI Account?
The federal bank NRI account minimum balance varies based on the account type. Here is a list of them:
| Type of NRI Account | Required Minimum Balance Monthly |
Fed NRI Power |
Rs. 5,000 |
Fed NRI Premium |
Rs. 25,000 |
Fed NRI Privilege |
Rs. 1,00,000 |
Fed NRI Eve |
Rs 0 |
Fed NRE/NRO SB Online |
Rs. 5,000 |
Fed NRE/NRO Seafarer |
NRE Seafarer Rs 10000 NRO Seafarer Rs 5000 And Zero balance NRO Seafarer account if the AMB of the NRE Seafarer account is maintained |
Fed NRI Care |
Rs 1,000 |
If you want, you can apply to open a new bank account at Federal Bank or check the details on
Federal Bank’s official website.This is all the information I have about NRI account minimum balance Federal Bank.
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Authors Of The Question
How Much Minimum Balance for Federal Bank NRI Account?
Tamanna
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9 months
2024-04-22T08:44:01+00:00 2024-04-22T09:05:22+00:00Comment
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