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Rohan recently started a business, and as sales grew, managing daily transactions became challenging with a savings account due to its limits and lack of business-friendly features.
A friend suggested a Federal Bank Current Account, designed for businesses with higher transaction limits, easy fund transfers, and dedicated banking services. With this account, Rohan could manage his finances smoothly, enjoy digital banking solutions, and access efficient customer support anytime.
Transaction Type | Description | Usage Example |
Deposits | Added money to the account. | ₹10,00,000 |
Withdrawals | Took out money for business expenses. | ₹3,00,000 |
NEFT (National Electronic Funds Transfer) | Paid a supplier. | ₹5,00,000 |
RTGS (Real-Time Gross Settlement) | Sent a high-value payment to a vendor. | ₹8,00,000 |
IMPS (Immediate Payment Service) | Urgent payment to an employee. | ₹50,000 |
UPI Transactions | Paid a freelancer. | ₹25,000 |
Cheque Payment | Issued for office rent. | ₹1,50,000 |
Demand Draft (DD) | Payment for equipment. | ₹4,00,000 |
Online Banking | Paid utility bills. | ₹20,000 |
POS Payment | Bought office supplies. | ₹15,000 |
With a Federal Bank Current Account, Rohan easily managed over ₹32,00,000 in a day without any restrictions. This flexibility made his business transactions fast, efficient, and hassle-free.
Federal Bank offers a diverse range of 16 types of current accounts, catering to the unique needs of businesses, entrepreneurs, and professionals. These accounts are designed to provide flexibility, convenience, and tailored banking solutions to meet various financial requirements.
1. Freedom Current
2. Current Plus
3. FedTrade
4. Fed Trade 50
5. FedTrade Plus
6. FedVanijya
7. Fed Vanijya Plus
8. Fed Prime
9. Fed Sahakari
10. Shreni Premium Current Account
11. Shreni Current Account
12. Fed Arogya
13. Fed Chit
14. Sweep Plus Current Account
15. ESCROW Account
16. RERA Project Account
1. Freedom Account
2. Current Plus
3. FedTrade
4. Fed Trade 50
5. Fed Trade Plus
6. Fed Vanijya
7. Fed Vanijya Plus
8. Fed Prime
9. Fed Sahakari
10. Shreni Premium Current Account
11. Shreni Current Account
12. Fed Arogya
13. Fed Chit
14. Sweep Plus Current Account
15. ESCROW Account
16. RERA Project Account
Category | Free Limit (Per Month) | Charges Beyond Free Limit |
Cash Deposit Limit | 10 times the previous month’s AMB, with a minimum of ₹2,00,000 and a maximum of ₹5,00,00,000 per month. | ₹4.00 per ₹1,000 or part thereof (Minimum ₹50 per remittance, Maximum ₹20,000 per remittance). |
CDM Remittance |
To know about interest rates and charges of the federal bank's current account, click here
The Federal Bank Current Account is available for a wide range of business entities, including:
Entity Type |
As per standard charges. |
Newly Opened Accounts | No charges for the first month. | Charges are applicable from the second month onwards. |
General Free Limit | Remittance up to ₹2,00,000 per month is free for all accounts. | Standard charges apply beyond this limit. |
*T&C Apply
Required Documents
Individuals | Identity Proof (Passport, Driving Licence, PAN Card, Voter ID, Aadhaar, NREGA Job Card) Address Proof (Passport, Driving Licence, Voter ID, Aadhaar, NREGA Job Card) Recent Photograph Customer Profile Exceptions: Aadhaar is not mandatory for Non-Resident Individuals and residents of Jammu & Kashmir, Assam, or Meghalaya. |
Companies | Certificate of Incorporation Memorandum & Articles of Association Board Resolution & Power of Attorney for authorised personnel Officially valid documents of authorised signatories Financial Statements (Profit & Loss and Balance Sheet) for the past three years |
Partnership Firms | Registration Certificate (if registered) Partnership Deed An officially valid document for the authorised signatory Financial Statements (Profit & Loss and Balance Sheet) for the past three years |
Sole Proprietorship | Any two of the following: Registration Certificate (if applicable) Shop & Establishment Act License Sales & Income Tax Returns CST/VAT Certificate Certificate issued by Sales Tax/Service Tax/Professional Tax authorities Certificate of Practice (CA, CS, CMA, Medical Council, etc.) Importer Exporter Code (IEC) Complete Income Tax Return (not just acknowledgment) Utility Bills (Electricity, Water, Landline) in the firm's name |
Trusts & Foundations | Registration Certificate Trust Deed An officially valid document for an authorised signatory Constitution & Tax Certificates |
Unincorporated Associations or Bodies of Individuals | Resolution of the managing body Power of Attorney for authorised personnel An officially valid document for an authorised signatory Additional documents as required to establish legal existence |
Step 1: Visit the official website of the Federal Bank.
Step 2: In the navbar, hover your cursor over the “Business” section. You will see the “Current Account” section in that. Click on that.
Step 3: After clicking on that, you will see different types of Current Accounts provided by the Federal Bank.
Step 4: In the navbar above, you can see an option “open an Account.” Click on that. After clicking on that, scroll down and click on the “Business” section.
Step 5: Click on the “Explore More” button. Click on any of the Federal Bank Current Accounts you want. After clicking on the “Explore button, scroll down and you will see a “Get a Call Back” button. Click on that.
Step 6: The Bank will get in touch with you very soon.
Visit the Nearest Branch
Collect & Fill the Application Form
Submit Required Documents
Initial Deposit
Verification & Processing
Account Activation
Feature | Federal Bank | HDFC Bank | ICICI Bank | Axis Bank | SBI Bank |
Minimum Balance | ₹5,000 – ₹1,00,000 (Varies by account type) | ₹10,000 – ₹1,00,000 | ₹10,000 – ₹25,000 | ₹10,000 – ₹50,000 | ₹10,000 – ₹5,00,000 |
Free NEFT/RTGS/IMPS | Yes | Charges Apply | Charges Apply | Charges Apply | Yes |
Cash Deposit Limit | Yes | Yes | Yes | Yes | Yes |
Business Debit Card | Free for select accounts | Available (Charges apply) | Available (Charges apply) | Available (Charges apply) | Available (Charges apply) |
Interest on Balance | No Interest | No Interest | No Interest | No Interest | No Interest |
Digital Banking Services | Net Banking & Mobile App | Net Banking & Mobile App | Net Banking & Mobile App | Net Banking & Mobile App | Net Banking & Mobile App |
UPI/QR Code Facility | Yes | Yes | Yes | Yes | Yes |
Account Opening Process | Online & Offline | Offline/Branch Visit | Online & Offline | Online & Offline | Offline/Branch Visit |
Federal Bank's Current Account offerings, including the Freedom Current Account, provide a balanced mix of features and affordability for businesses of all sizes. With a low minimum balance requirement of ₹5,000, free RTGS/NEFT transfers, and unlimited cheque leaves and demand drafts, it is a cost-effective choice for businesses that require frequent banking transactions.
Also Read - Federal Bank Net Banking
Compared to competitors, Federal Bank stands out for its unlimited transaction benefits and strong digital banking services, making it suitable for businesses that prioritise convenience and seamless banking. However, businesses with higher transaction volumes or specialised banking needs may also consider other banks based on factors like branch network, loan benefits, and additional service waivers.
Overall, Federal Bank Current Accounts are a reliable and efficient option for entrepreneurs, professionals, and business owners looking for a feature-rich banking experience with reasonable costs.
What is the minimum balance requirement for a Federal Bank Current Account?
The Freedom Current Account requires a monthly average balance of ₹5,000.
What happens if I do not maintain the required balance?
A penalty of ₹200 is charged for non-maintenance of the monthly average balance.
Are RTGS/NEFT transactions free?
Yes, Federal Bank offers free RTGS/NEFT fund transfers for its current account holders.
Can I get unlimited cheque leaves and demand drafts?
Yes, Freedom Current Account provides unlimited cheque leaves and demand drafts for free.
How can I open a Federal Bank Current Account?
Visit the nearest Federal Bank branch, submit the KYC documents, and complete the application process.
Other Bank Current Accounts | |||
