Federal Bank New Savings Account for Seniors with Insurance, Lounge Access

Federal Bank Limited is a private sector bank in India, with its headquarters located in Aluva, Kerala. The bank operates more than 1,518 branches and over 2,042 ATMs/CDMs across various states in India, as well as representative offices in Abu Dhabi and Dubai.

Federal Bank Launched a Special Savings Account for Seniors

Federal Bank has launched a special savings account specifically designed for senior citizens. The Esteem Savings Account, aimed at individuals aged 55 and over, provides a “comprehensive package of benefits,” according to the bank.

Shalini Warrier, the executive director at Federal Bank, stated, “People aged 55 and above today have a wealth of opportunities available to them. We are pleased to introduce the Esteem Savings Account, a tailored solution that meets the unique needs of this demographic.”

Advantages of Savings Account

Complimentary Insurance Coverage: The insurance package features a free annual health check-up, a hospital cash facility, and a doctor-on-call service.

Travel Benefits: The account provides two complimentary airport lounge access passes each quarter.

Family Advantages: Account holders can establish zero-balance accounts for their spouses and open two additional zero-balance accounts for their grandchildren, fostering financial inclusivity within families.

Cost-effective Banking: The account waives fees for ten frequently used banking services, including debit card issuance, NEFT, RTGS, and various certificate generation.

Additional Benefits: Customers receive exclusive discounts on health services, utility bills, and elder care, along with a 25% reduction in locker rental fees and a waived annual maintenance charge for the first year of a demat account.

More Information About Federal Bank’s Special Savings Account

“This cutting-edge account offers a wide range of services and benefits that prioritize convenience, health, and financial security.” According to Warrier, the Esteem Savings Account represents a significant step toward establishing a new standard in customer-focused banking.

Federal Bank Ltd. Share Update 

The share of Federal Bank Ltd. is currently trading at ₹209.81, a 0.35% increase from the previous day’s close of ₹212.29. It is also close to its 52-week high of ₹214.44.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.