The minimum balance for Federal Bank NRI accounts varies depending on the specific account type you choose.
What is the Minimum Balance for Federal Bank NRI Accounts?
Non-Resident Indians (NRIs) looking to open an account with Federal Bank should be aware that the minimum balance requirement is not uniform across all their NRI offerings. Instead, it depends on the specific product designed to cater to different banking needs. The minimum balances range from as low as Rs. 5,000 for online savings accounts to significantly higher amounts for premium and privilege accounts.
Below is a detailed breakdown of the minimum balance requirements for various Federal Bank NRI account types:
| Type of Account | Minimum Balance |
|---|---|
| Fed NRI Premium | Rs. 25,000 |
| Fed NRI Privilege | Rs. 1,00,000 |
| Fed NRI Eve | Rs. 50,000 |
| Fed NRE/NRO SB Online | Rs. 5,000 |
As evident from the table, the lowest minimum balance for a Federal Bank NRI account is Rs. 5,000 for the Fed NRE/NRO SB Online account. This online-centric option provides accessibility and a lower entry barrier for NRIs. In contrast, accounts like the Fed NRI Privilege cater to individuals who may prefer enhanced features or higher transaction limits, hence the higher minimum balance requirement of Rs. 1,00,000.
Choosing the right NRI account depends on your banking habits, transaction volume, and the specific features you require. It's always advisable to review the terms and conditions of each account type to ensure it aligns with your financial needs as a Non-Resident Indian. For more details on Federal Bank NRI accounts, you can refer to sources like Policybazaar.
