Federal Bank

Features and Benefits of Federal Bank

Federal loans and other products offered by the bank stand out because of their unique characteristics. Take a look at the bank’s highlighting features.

• Global Presence: The Federal Bank has expanded its footprint with representative offices in Abu Dhabi, Qatar, Kuwait, Oman and Dubai. The bank’s first international representative office was opened in Abu Dhabi in 2008.
• Robust Network: Customers can easily access Federal Bank services because of its widespread network of branches. The bank has over 1000 domestic branches and ATMs catering to over 16 lakh Indian customers.
• Digitally Advanced: The bank’s motto is ‘Digital At The Fore, Human At The Core’. Federal Bank allows its customers to digitally access almost all its services.
• Inclusive Banking: The bank has also ensured catering to the country’s underserved and underbanked sectors. The Federal Bank products are easily accessible in rural as well as urban areas.
• Committed to Small-scale Businesses: Small-scale businesses are India’s commercial future. The bank pledges support to such businesses by extending easy loans and other financial services.
• High Returns: Customers can earn soaring returns on their deposits with Federal Bank. For example, a return of up to 8.05% can be earned over fixed deposits with the bank.
• Feddy, the Virtual Assistant: Federal Bank’s virtual assistant, Feddy, assists customers with their banking queries. Personalised assistance helps customers forge a personal connection with the bank.
• Covers all customers: Apart from salaried applicants, the bank has designed specific products for women and children applicants.

Federal Bank Overview

The Federal Bank is one of India’s major private-sector banks. The bank offers a complete range of Personal, NRI and Business banking services to its customers. Federal Bank loans, cards and investment services are some of its more popular offerings.

Almost a century old, the bank was originally established in 1931. It was initially called the Travancore Federal Bank Limited. Today, the bank is headquartered in Kerela’s Kochi city and enjoys a global presence. Let’s take a detailed look at all the products and services offered by the bank.

Products Offered by Federal Bank

Federal Bank products offer a smooth and convenient banking experience to its customers. Take a detailed look at the bank’s top products below:

Accounts 

Retail, business and NRI banking customers can open different types of accounts at the bank. Savings accounts, salary accounts, current accounts, NRE savings accounts and NRE current accounts are just some of the prominent options. These products come in wide varieties, with each variety offering a unique advantage. 

Deposits

Customers can access Fixed Deposits, Recurring Deposits, Cash Certificates, Gilt Accounts and other facilities to deposit their money. These Federal Bank products offer consistent returns and help customers earn side incomes. 

Federal Bank Loans

The bank provides personal loans, home loans, car loans and a variety of other retail loans. Loans like Agri loans and SME Business Loans are available for business banking customers. Federal loans also include gold loans, car loans, property loans and other kinds of loans for NRIs. 

Cards

A wide range of debit and credit cards are available to Federal Bank’s personal and NRI banking customers. Cards facilitate cashless transactions and offer additional customer benefits. Federal Bank provides VISA, Mastercard and Rupay cards to its customers. 

Corporate Finance

Corporate Finance products are available to the bank’s business banking customers. These products include Term Loans, Project Finance, Business Discounting and Working Capital Loan among others.

Trade Finance

Trade Finance products are also offered under business banking services. These include Bank Guarantee, LC Bill Discounting, Export Pre/Post Shipment Credit, Merchant Banking Services and others.

Digital Calculators

Online calculators also make their way into the long list of Federal Bank products. The bank provides a number of financial calculators, including an EMI calculator, Fixed/Recurring deposit calculator, compound interest calculator and MFSF calculator among others. These easy-to-use calculators are available free of cost on the bank’s website.

Services Offered by Federal Bank

Federal Bank service is much more than just personal, business and NRI banking. Let us take a detailed look at their highlights. 

Personal Banking

Personal banking caters to customers’ personal financial needs. Federal Bank’s personal banking section is divided into three subsections – Products, Payments and Ways to Bank. The ‘Products’ section includes Federal Bank loans, cards, accounts and investment services. The ‘Payments’ section caters to fund transfers and bill payments. Finally, the ‘Ways to Bank’ section provides the available ways to access the Federal Bank services. 

Business Banking

Business banking aims to financially empower businesses and business owners. Business-related Federal Bank products are divided into the same 3 subcategories as personal banking. The bank’s vast range of business banking products includes accounts, loans, fund transfers and corporate/trade financing among others.

NRI Banking

Different types of NRI accounts and loans are offered by the bank to its customers. The bank also offers remittance services to its NRI customers in countries like India, the Middle East, the United Kingdom and others. With NRI Banking, customers can access banking services in India from any part of the world at any point in time. 

Priority Banking

Priority banking is designed to offer premium banking services to select Federal Bank customers. Personalised banking and special offers distinguish it from the other Federal Bank services. Some of its highlighting products are concierge services, wealth management services and exclusive savings accounts. 

API Banking

API banking is offered by the bank to its business banking customers. The bank offers these services to corporates, fintech, startups and technology companies. Federal Bank’s API services allow their client to securely access a variety of facilities on the go. More than 1/6th of India’s total foreign inward remittances are handled via Federal Bank’s remittance APIs.

WhatsApp Banking

WhatsApp Banking is a part of the bank’s digital infrastructure. Customers can contact the bank at  9633 600 800 to access Federal Bank services at their fingertips. Users can apply for pre-approved loans and make enquiries using Federal Bank’s Whatsapp Banking services. 

Investment & Insurance Services

Federal Bank’s investment services assist its customers in wealth generation. Investment choices like FD, RD, Demant accounts and Sovereign Gold Bonds among others are provided by the bank. 

The bank’s insurance services offer protection against unanticipated risks to its customers. The bank offers Life Insurance, General Insurance and Health Insurance services to its customers. 

FedMobile

FedMobile is the bank’s official mobile banking app. The application brings 100+ banking services to the customers’ fingertips. Users can pay utility bills, manage their accounts, make investments and much more using the intuitive interface of the app. The app can be downloaded from mobile app stores. 

Federal 24 7

Federal 24 7 refers to the bank’s 24×7 assistance regarding the opening of savings bank accounts. The bank allows customers to open savings accounts from the comfort of their homes, without any branch visits. Paperless applications and Video KYC make for a hassle-free banking experience.