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Federal Bank unveils new savings account scheme for minors

16 Sep 2014 Evaluate

Federal Bank, a Kerala-based private sector bank has unveiled a new savings account scheme for the children below 18 years. With the aim to develop the savings habit in children, the bank has introduced this new scheme.

The scheme, named ‘young champ’, is available for resident and NRI customers in the 10 to 18 age group. Under this scheme, the children can operate the account on their own and will also get a debit card with a spend limit of Rs 2,500. Net banking, mobile alert, automated funds transfer from parents’ accounts are some of the features of the young champ account.

The bank’s net profit for the quarter ended June 30, 2014 rose by 91.40% at Rs 202.23 crore as compared to Rs 105.66 crore for the quarter ended June 30, 2013. Its total income has increased by 3.16% to Rs 1928.04 crore for the quarter under review from Rs 1869.05 crore for the corresponding quarter of the previous year.

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