Federal Bank Launches Young Champ Account

Federal Bank launched a Savings Bank account christened YOUNG CHAMP for children below the age of 18. The account is available for Resident as well as Non Resident customers . Children aged 10 years and above can open and operate the accounts independently. Young Champ Debit card has been exclusively designed with spend limits of Rs 2500/- through ATM and POS .Other friendly product features are Net Banking with view facilities, Mobile alert facilities, Automated fund transfer from Parents account, Free Draft for educational purposes up to Rs 50000/- per month, Reward Points for spend through POS .The account also encourages to start saving through Recurring Deposit and Fixed Deposits.

Launching the product, GM and Retail Business Head, Shri A Surendran said: “It is high time that banking is introduced to children early in their life. YOUNG CHAMP ACCOUNT will act as a catalyst in instilling savings and investment habits among children.”

About Federal Bank:

Federal Bank is a leading Private Sector Bank with a branch network of 1210 branches and 1,416 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs 1.03 Lakh Crore as at March 31, 2014and it has earned a net profit of Rs 838.89 Crore. Its Capital to Risk weighted Ratio (CRAR) stood at 15.14% at the end of March 31. Federal Bank has its Representative Office at Abu Dhabi that serves as a nerve centre for NRI customers in the UAE. Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well defined vision for the future as a guidepost to its progress.

For further enquiries please visit: www.federalbank.co.in