Federal Bank Student Account: Benefits, Rate

The savings account – Yuvamitra – by Federal Bank is exclusively provided by the bank to meet the needs of students. It entails almost every facility that comes with mobile and internet banking to make sure that students get every service just like any other regular savings account. The benefits provided under this bank account include things like – no minimum balance requirement, free SMS and email alerts, international debit card, POS transaction limits up to INR 30,000, 20 free cheque leaves per half year, etc. 

Are you also planning to apply for Federal Bank Student Account and looking for important details related to it? If the answer is yes, then this blog will help you greatly! 

Must Read: FEDERAL BANK EDUCATION LOAN FOR STUDYING ABROAD: INTEREST RATE, PROCESS, REQUIREMENTS

Bank	Federal Bank
Account Name	Yuvamitra Savings Account
Eligibility	Students who have completed matriculation are eligible to apply. Professional or diploma degree holders can also apply for this account. Age limit – 18 yrs to 25 yrs
Category	Savings Account
Average Monthly Balance	Nil
Debit Card	Available
Type of Debit Card	MasterCard Classic or Visa International Shop ‘n Save

Interest Rates for the Federal Bank Student Account – Yuvamitra 

While opening an account the student should thoroughly check the interest rate provided by the bank. The table below represents the interest rate applicable to the federal bank student account. 

S.No	Balance	Interest rate per annum
1	Less than INR 50 Lakh	3.5% for the entire balance amount
2	INR 50 Lakh or more but less than INR 10 Cr.	1. 3.5% for the balance amount upto INR 50 Lakh  2. 4% for the remaining balance amount (over and above INR 50 Lakh)
3	INR 10 Cr. or more but less than INR 25 Cr.	1. 3.5% for the balance amount up to INR 1 Lakh. 2. 6.3% for the remaining balance amount (over and above INR 1 Lakh).
4	INR 25 Cr. or above	1. 3.5% for balance amount up to INR 1 Lakh 2. 6.51% for the remaining balance amount (over and above INR 1 Lakh)

Also Read: Santander International Student Account

Documents Required to Open Federal Bank Student Account

It is important that the applicants who want to apply for opening a bank account need to keep some important documents handy. To open a Federal Bank Student Account, the applicants need to submit the following documents: 

• Recent passport-size photographs – 2 copies 
• Identity proof and address proof – Passport/PAN card/Voter’s ID/Aadhar Card/Driving License/NREGA’s job card, validated by a State Government Officer
• Proof/Certificate of Matriculation
• A bonafide letter from the educational institution of the student with an attested photo or introduction from the head of the institution. 

Students who want to apply for Yuvamitra Savings Account through offline mode can do so by downloading the application form, filling it out and submitting the application with the necessary documents at the nearest branch of Federal Bank.

Services Available Under Yuvamitra Account 

Just like any other regular savings account, the Federal Bank Student Account – Yuvamitra provide various services to the students to ensure their convenience and comfort. Following are the services available to the students under Yuvamitra Account: 

• Cheque Book / Leaves (20 cheque leaves per year) 
• E-mail Alerts 
• ATM Services 
• Tele Banking 
• Internet Banking 
• Mobile Banking 

Also Read: Know Everything About HSBC International Student Account

Benefits of Yuvamitra Account 

There are various benefits provided by the Federal bank to the students who are Yuvamitra Account holders. Mentioned below is the list of those benefits: 

• Free mobile alerts
• Free mobile banking
• Free internet banking 
• Free E-mail alerts
• No minimum balance required 
• 20 cheque leaves per half-year
• 1 folio free per quarter

Charges for the Services Provided Under Yuvamitra Account 

Banks charge a certain amount of fees in exchange for services provided by them and it is important to know the charges for an account holder to be aware. The table below contains information related to the various services provided under the Federal Bank student account and their corresponding charges levied by the bank. 

Service	Charges
NEFT charges	Up to Rs.10,000 – Rs.2.50 Rs.10,001 to Rs.1,00,000 – Rs.5 Rs.1,00,001 to Rs.2,00,000 – Rs.15 Above Rs.2,00,000 – Rs.25
RTGS charges	1. Rs.2 lakh to Rs.5 lakh – Rs.25 2. Above Rs.5 lakh – Rs.50
Cash Remittance at Non-Home Branch (Anywhere Banking Charges)	1. Rs.50 is charged per transaction or 50 paise per Rs.1000, whichever is higher. 2. First 4 remittances lower than or equal to Rs.10,000, are allowed for free every month. 3. If AMB is maintained at Rs.50,000 in the previous month, AWB charges are waived.
Account Closure Charges	1. Between 0 – 6 months – Rs.100 2. After 6 months up to 12 months a) Rural – Rs.50 b) Senior Citizens – Rs.50 c) Other – Rs.100
ATM Transactions at Federal Bank ATM	Free (Both financial and non-financial transactions)
ATM Transactions at other Bank ATMs	1. Financial transaction – Rs.20/transaction 2. Non-financial transaction – Rs.10/transaction
Transaction Alerts – SMS	Rs.50 paise per SMS
Card registration fees	Free of charge
Card renewal fees	Free of charge
Non-maintenance of Average Minimum Balance (Monthly)	Up to 20% – Rs.27 Above 20% to 40% – Rs.54 Above 40% to 60% – Rs.81 Above 60% to 80% – Rs.108 Above 80% to 100% – Rs.135 Up to 20% – Rs.30 Above 20% to 40% – Rs.60 Above 40% to 60% – Rs.90 Above 60% to 80% – Rs.120 Above 80% to 100% – Rs.150

Must Read: Best Student Bank Account to Open for Study Abroad

Withdrawal and Transaction Limit Under Federal Bank Student Account 

An account holder should always know the withdrawal and transaction limit set by the bank on their account. The table mentioned below encapsulated the daily withdrawal and transaction limit set by the Federal Bank on Yuvamitra Account. 

Daily POS Transaction Limit	INR 5,000
Daily Cash Withdrawal Limit	Rs.50,000 – Shop ‘n SaveRs.50,000 – MasterCard Classic

FAQs

This is everything you need to know about Federal Bank Student Account! Worried about the financial hurdles you are facing for your study abroad dreams? Let Fly Finance help you and make your dreams come true!