The minimum balance requirement in Federal bank may vary depending on the type of account you hold. Since you want to know what is the minimum balance in Federal Bank, let me tell you that depending on the type of account, the minimum balance starts from Rs. 2500. Check below for more details.
What is Minimum Balance in Federal Bank?
Maintaining the below balance is crucial to avoid penalties or charges.
FedBook Selfie Account: This digital account can be opened online through the FedBook app. The minimum balance requirement is NIL.
Mahilamitra Account: This account, designed specifically for women, has a minimum balance requirement of Rs5,000 in urban areas and Rs2,500 in semi-urban and rural areas.
Yuvamitra Account: Tailored for students, this account typically has a lower or zero minimum balance requirement, making it more accessible for young individuals.
Pride Savings Account: For this, you need to maintain a minimum balance of Rs 2000.
Federal Bank usually offers specific zero balance accounts, such as Basic Savings Bank Deposit Account (BSBDA), which do not require any minimum balance. These accounts are primarily designed for financial inclusion and offer basic banking services.
Failure to maintain the required minimum balance can result in non-maintenance charges, which are debited monthly. These charges vary depending on the account type and branch location.
This is all about what is the minimum balance in Federal bank account.
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What Happens if Minimum Balance is Not Maintained?
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What is the Minimum Balance in Federal Bank?
shagun
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18 days
2024-08-30T19:18:32+00:00 2024-09-12T08:56:11+00:00Comment
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