FedMobile for Minors

Introduction:

• Minors who are holding savings account with the Bank under the following scheme will be permitted to use mobile banking for view & transaction purposes.
• Scheme Name : Fed First (Previously Young Champ)
• Scheme Code : 35053

Eligibility:

• The mobile number should be unique for this minor account and should not be registered in any other customer ID with the Bank
• The Minor should be the sole operator for this account and no access will be given to FedMobile if it is a Guardian operated account
• Account should be ‘KYC Complied’ to meet the requirement of the scheme
• If the mobile number updated in the minor’s account has been registered with any other account in the Bank (including the minor’s parent/ guardian’s account), then the minor can access the FedMobile as ‘View Only’ and cannot do transactions.

Activation process:

• Minor need to have an active Debit Card ie, he/she should have carried out at least one transaction ( ATM/ E-com/ card swipe) using the Debit Card.

Limits and modules in FedMobile:

• All transactions will be capped to Rs.2500 per transaction.
• The daily total limit will be capped to Rs.10000.

Modules permitted:

• Send Money, UPI, Scan N Pay, Mobile recharge, Mobile postpaid, DTH, Data Card, Pay Bills and other relevant modules for minors
• No loans/Investments will be permitted to minor accounts via FedMobile. Loan requests also will be disabled for this user type.
• Proper nudge messages will be displayed to minors on clicking on features that are not eligible for the user type