NRE Deposits are 100% tax free and fully repatriable.
Online nomination facility is only available while opening new term deposits through FedMobile. By using the said facility for registering nominations online, the Depositor is deemed to have confirmed that the designated Nominee is a natural person, well known to the Depositor and who is not otherwise disqualified from acting as a nominee under applicable laws. In case an artificial/juridical/non-natural person is designated as the Nominee, the said nomination would be held invalid and Bank would be under no obligation to honour the same. For availing nomination facility in other applicable services, please submit a filled up & signed nomination form to the branch. Please click here to download the nomination form.
Other terms and conditions
- Premature withdrawal is subject to the terms and conditions as stipulated by Bank as per the specific schemes and as per RBI /IBA rules in force.
- The rules and regulations governing term deposit/FSF is subject to change according to the guidelines issued by RBI/IBA etc from time to time.
- The term deposit under NRO Category cannot be opened through online mode.
- Minimum period of NRE deposit should be 12 months
- Premature withdrawal allowed, no interest will be paid before completion of 1 year for NRE Deposits.
- Premature closure charges of 1% is applicable for all NRE term deposits
- Incase, subsequently NRI status is changed to resident , all NRI term deposits will be re designated to respective resident term deposit scheme which will attract TDS.
- NRE RD penalty – If instalment not paid within due date plus grace period of 10 days- penalty will be ₹ 1 per ₹100 per month subject to a min of ₹ 10
ACCURACY OF INFORMATION
The Customer undertakes to provide accurate information wherever required and shall be responsible for the correctness of information provided by him to The Bank at all times including for the purposes of availing of the Facility. The Bank shall not be liable for consequences arising out of erroneous information supplied by the Customer. If the Customer suspects that there is an error in the information supplied by Bank to him, he shall advise The Bank as soon as possible. The Bank will endeavour to correct the error wherever possible on a best effort basis. While the Bank will take all reasonable steps to ensure the accuracy of the information supplied to the Customer, The Bank shall not be liable for any inadvertent error, which results in the providing of inaccurate information. The Customer shall hold The Bank harmless against any loss, damages etc. that may incurred / suffered by the Customer if the information supplied to the Customer turns out be inaccurate / incorrect. The Customer agrees that the access to the Facility shall be only through the Mobile Phone Number and any transaction which originates from the same, whether initiated by the Customer or not, shall be deemed to have originated from the Customer.
AUTHORITY TO THE BANK
The Customer irrevocably and unconditionally authorises The Bank to access all his Accounts for effective banking or other transactions of the Customer through the Facility. The Customer further authorizes The Bank to share the Account information with Third Party for the purpose of accepting/ executing request of the Customers.
The Customer agrees that The Bank and / or its Affiliates may hold and process his personal information concerning his Accounts on computer or otherwise in connection with the Facility as well as for analysis, credit scoring and marketing. The Customer also agrees The Bank may disclose, in strict confidence, to other institutions, such information as may be reasonably necessary for reasons inclusive of but not limited to the participation in any telecommunication or electronic clearing network, in compliance with legal directive, for credit rating by recognized credit scoring agencies, and for fraud prevention.
The Customer authorises Bank and its agents to send any message or make calls to his mobile phone to inform him about any promotional offers including information regarding banks’ new products either now available or which the Bank may come up with in the future, greetings or any other message that the Bank may consider appropriate to the user.
The Customer irrevocably and unconditionally agrees that such calls or messages made by the Bank and or its agents shall not be construed as a breach of the privacy of the user and shall not be proceeded against accordingly.
The Bank shall have the discretion to charge fees as it may deem fit from time to time and may at its sole discretion, revise the fees for use of any or all of the Facility, by notice to the Customer. The Customer may at any time discontinue or unsubscribe to the said Facility. The Customer shall be liable for payment of such airtime or other charges which may be levied by any cellular service provider in connection with availing of the Facility and The Bank is in no way concerned with the same. The charges payable by the Customer is exclusive of the amount payable to any cellular service provider and would be debited from the account of the Customer on a monthly basis. The Customer shall be required to refer to the schedule of fees put up on the Website from time to time.
- The Bank and its group companies shall have the paramount right of set-off and lien, irrespective of any other lien or charge, present as well as future on the deposits of any kind and nature (including fixed deposits) held/ balances lying in any other Account/s of the Customer maintained with the Bank and / or Affiliates, whether in single name or joint name(s) and on any monies, securities , bonds and all other assets, documents and properties held by/ under the control of the Bank and/or Affiliates (whether by way of security or otherwise pursuant to any contract entered/ to be entered into by the Customer in any capacity) towards the satisfaction of the Customer’s liability under the Facility. The Bank and/ or Affiliates are entitled without any notice to the Customer, to settle any indebtedness whatsoever owed by the Customer to the Bank and/or Affiliates, (whether actual or contingent, or whether primary or collateral, or whether joint and/or several) hereunder or under any other document/ agreement, by adjusting, setting-off any deposit(s) and/or transferring monies lying to the balance of any Account/s held by the Customer with the Bank and/or Affiliates notwithstanding that the deposit(s)/ balances lying in such Account/s may not be expressed in the same currency as such indebtedness. The Bank’s and its Affiliates’ rights hereunder shall not be affected by the Customer’s bankruptcy, death or winding-up. It shall be the Customer’s sole responsibility and liability to settle all disputes/ objections with any such joint account holders.
- In addition to the above mentioned right or any other right which the Bank and its Affiliates may at any time be entitled whether by operation of law, contract or otherwise, the Bank is authorized / will be entitled: (a) to combine or consolidate at any time all or any of the Accounts and liabilities of the Customer with or to any branch of the Bank and/or its Affiliates; (b) to sell or otherwise dispose off any of the Customers’ securities or properties held by the Bank by way of public or private sale or otherwise without having to institute any judicial proceeding whatsoever and retain/appropriate from the proceeds derived there from the total amounts outstanding to the Bank and/or to the Affiliates from the Customer, including costs and expenses in connection with such sale or disposal.
The Bank has the absolute discretion to amend or supplement any of the terms and conditions at any time and will endeavour to give prior notice of one month by email or by displaying on the Website depending upon the discretion of The Bank, whichever feasible, and such amended terms and conditions will thereupon apply to and be binding on the Customer.
The Customer may request for termination of the Facility any time by giving a written notice of at least 30 days to The Bank. The Customer will remain responsible for any transactions made through his/her Mobile Phone Number through the Facility prior to the time of such cancellation of Facility.
The Bank may, at its discretion, withdraw temporarily or terminate the Facility, either wholly or in part, at any time without giving prior notice to the Customer. The Bank may, without prior notice, suspend the Facility at any time during which any maintenance work or repair is required to be carried out or in case of any emergency or for security reasons, which require the suspension of the Facility. The Bank shall endeavour to give a reasonable notice for withdrawal or termination of the Facility.
The closure of all Accounts of the Customer will automatically terminate the Facility. The Bank may suspend or terminate Facility without prior notice if the Customer has breached these terms and conditions or The Bank learns of the death, bankruptcy or lack of legal capacity of the Customer.
The Bank and the Customer may give notice under these terms and conditions electronically to the mailbox of the Customer (which will be regarded as being in writing) or in writing by delivering them by hand or by sending them by post to the last address given by the Customer and in case to The Bank at its office at The Federal Bank Ltd. Registered Office, Federal tower, Aluva, Ernakulum District, Kerala, 683101. In addition, The Bank shall also provide notice of general nature regarding the facility and terms and conditions, which are applicable to all customers of the Facility, on its Website and/ or also by means the customised messages sent to the Customer over his mobile phone as short messaging service (“SMS”). Such notice will be deemed to have been served individually to each Customer.
All records of The Bank generated by the transactions arising out of use of the Facility, including the time of the transaction recorded shall be conclusive proof of the genuineness and accuracy of the transactions. The authority to record the transaction details is hereby expressly granted by the Customer to The Bank.
DISCLAIMER OF LIABILITY
The Bank shall not be responsible for any failure on the part of the Customer to utilise the Facility due to the Customer not being within the geographical range within which the Facility is offered; Under no circumstance, The Bank shall be held liable if the Facility is not available for reasons including but not limited to natural calamities, legal restraints, system error, faults in the telecommunication network or network failure, or any other reason beyond the control of The Bank. If the Customer has reason to believe that his mobile phone number is / has been allotted to another person and / or there has been an unauthorised transaction in his account and / or his mobile phone is lost, he shall immediately inform The Bank under acknowledgment about the same.
The Customer agrees that The Bank shall not be liable if
- the Customer has breached any of the terms and conditions herein or
- the Customer has contributed to or the loss is a result of failure on part of the Customer to advise The Bank within a reasonable time about unauthorised access of or erroneous transactions in the Account;
- as a result of failure on part of the Customer to advise The Bank of a change in or termination of the Customer’s Mobile Phone numbers. The Bank is in no way liable for any error or omission in the services provided by any cellular or any third-party service provider (whether appointed by The Bank in that behalf or otherwise) to the Customer, which may affect the Facility.
The Bank does not warrant the confidentiality or security of the messages whether personal or otherwise transmitted through the Facility. The Bank makes no warranty or representation of any kind in relation to the system and the network or their function or performance or for any loss or damage whenever and howsoever suffered or incurred by the Customer or by any person resulting from or in connection with the Facility.
Without limitation to the other provisions of this terms and conditions, The Bank, its employees, agent or contractors, shall not be liable for and in respect of any loss or damage whether direct, indirect or consequential, including but not limited to loss of revenue, profit, business, contracts, anticipated savings or goodwill, loss of use or value of any equipment including software, whether foreseeable or not, suffered by the Customer or any person howsoever arising from or relating to any delay, interruption, suspension, resolution or error of The Bank in receiving and processing the request and in formulating and returning responses or any failure, delay, interruption, suspension, restriction, or error in transmission of any information or message to and from the telecommunication equipment of the Customer and the network of any cellular service provider and The Bank’s system or any breakdown, interruption, suspension or failure of the telecommunication equipment of the Customer, The Bank’s system or the network of any cellular service provider and/or any third party who provides such services as is necessary to provide the Facility.
Notwithstanding anything in the contrary provided in this terms and conditions, The Bank shall not be involved in or in any way liable to the Customer for any dispute between the Customer and a cellular services provider or any third-party service provider (whether appointed by The Bank in that behalf or otherwise). The Customer shall not interfere with or misuse in any manner whatsoever the Facility and in the event of any damage due to improper or fraudulent use by the Customer, the Customer shall be liable for damages to The Bank.
The Customer is solely responsible for protecting his Mobile Banking Personal Identification Number (MPIN) mobile phone number and any password given by The Bank for the use of the Facility. The Bank will not be liable for:
(a) any unauthorised use of the Customer’s MPIN, mobile phone or for any fraudulent, duplicate or erroneous instructions given by use of the Customer’s MPIN or mobile phone number;
(b) acting in good faith on any instructions received by The Bank;
(c) error, default, delay or inability of The Bank to act on all or any of the instructions
(d) loss of any information/instructions in transmission;
(e) unauthorized access by any other person to any information /instructions given by the Customer or breach of confidentiality;
(f) any unauthorized transaction in the Account as a result of any other issue/default/error/technological problem in the telecommunication instrument (such as the mobile handset) or duplication of mobile number / SIM of the Customer such as but not limited to SIM card cloning, virus in handset etc.
The Bank may provide any other services as a part of the Facility and The Bank shall not be liable for the oversight on part of the Customer to update himself with the addition of services which have been included in the Facility and specific services for each product as may be provided on the website of The Bank and as will be available with the authorized call centres of The Bank.
In consideration of The Bank providing the Facility, the Customer agree to indemnify and keep safe, harmless and indemnified The Bank from and against all actions, claims, demands, proceedings, loss, damages, costs, charges and expenses whatsoever The Bank may incur, sustain, suffer or be put to at any time as a consequence of acting on or omitting or refusing to act on any instructions given by use of the Facility.
The Customer holds The Bank/ its Affiliates, harmless against any loss incurred by the Customer due to failure to provide the services offered under the Facility or any delay in providing the services due to any failure or discrepancy in the network of the cellular service provider. The Customer agrees to indemnify and hold The Bank harmless for any losses occurring as a result of:
- The Customer permitting any third parties to use the Facility.
- the Customer permitting any other person to have access to his mobile phone or as a consequence of leaving the mobile phone unattended or loss of mobile phone.
These terms and conditions and/or the operations in the accounts of the Customer maintained by the BANK and/or the use of the services provided through the facility shall be governed by the laws of the Republic of India and no other nation • The BANK accepts no liability whatsoever, direct or indirect, for noncompliance with the laws of any country other than the Republic of India. The mere fact that the Facility can be accessed by a Customer in a country other than India shall not be interpreted to imply that the laws of the said country govern these terms and conditions and/or the operations in the Facility accounts of the USER and/or the use of the facility.
The Bank may, at its sole discretion, utilize the services of external service provider/s or agent/s and on such terms as required or necessary, in relation to its products/services.