Current Affairs PDF Sales

Federal Bank Launched FedFirst, a Special Savings Account for Children

AffairsCloud YouTube Channel - Click Here

AffairsCloud APP Click Here

Federal-Bank-unveils-FedFirstOn February 3, 2021 Federal Bank  Ltd launched  FedFirst, a special savings account for children  up to age of 18 years (both Resident and Non Resident Indians-NRIs). The account is designed to help children learn about the importance of money management. FedFirst contactless Debit Card is given to this account holder.

Aim:

  • To enable children to inculcate savings habit and develop healthy spending habits
  • To help children know about financial planning

Key Features FedFirst contactless Debit Card 

Cash Withdrawal & Shopping Limit:

The daily cash withdrawal limit at Automated Teller Machines(ATMs) is Rs 2,500.

The daily shopping limit at Point of Sale-PoS / E-com is Rs. 10,000 (includes Daily Contactless transaction limit  of Rs. 5000)

Other Benefits

The account holder will get free online facilities including access to internet banking, mobile alerts and e-mail alerts.

In addition to this, reward points, seasonal cashback can be got through their debit card.

Recent Related News:

On December 21, 2020, the occasion of Central Bank of India’s 110th foundation day, the bank in association with National Payments Corporation of India(NPCI) launched ‘RuPay Select’, a unique variant of contactless debit card. It is the bank’s one-of-its-kind health & wellness focused card.

About Federal Bank Ltd :

Late Kulangara Paulo(K.P.) Hormis, the visionary banker, took up the post of Chief Executive of the bank in 1945 and built the bank a nationwide institution.

i.The Bank’s name was changed to The Federal Bank Limited on December 2,1949.

ii.The Bank was licensed under the Banking Regulation Act, 1949, on July 11, 1959

iii.It became a scheduled commercial bank under the Second Schedule of Reserve Bank of India Act, 1934 on July 20, 1970.

Founder– Late Kulangara Paulo(K.P.) Hormis
Headquarters– Aluva, Kerala
Managing Director(MD) & Chief Executive Officer(CEO)– Mr. Shyam Srinivasan
Tagline – Your Perfect Banking Partner

Incorporated– April 23, 1931 as the Travancore Federal Bank Limited, Nedumpuram, Kerala under the Travancore Companies Regulation, 1916.