Title: Federal Bank Announces New Service Charges: Detailed Guide on ATM Fees, Cash Deposit Charges, Locker Rent, and More Effective June 1, 2025

Content:

Federal Bank Rolls Out New Service Charges: What You Need to Know

Starting June 1, 2025, Federal Bank will implement a series of changes to its service charges, affecting various banking services such as ATM withdrawals, cash deposits, and locker rentals. These updates are designed to reflect the bank's commitment to providing transparent and competitive pricing. Let's delve into the specifics of these changes and how they might impact your banking experience.

New ATM Withdrawal Charges

Federal Bank has revised its ATM withdrawal charges, which are crucial for customers who frequently use ATMs for cash withdrawals. Here's a breakdown of the new charges:

Charges for Federal Bank ATM Withdrawals

• Free Transactions: Customers can enjoy up to 5 free transactions per month at Federal Bank ATMs.
• Charges After Free Limit: Post the free limit, a fee of ₹20 per transaction will be applicable.

Charges for Other Bank ATMs

• Free Transactions: Up to 3 free transactions per month at other bank ATMs within the same city.
• Charges After Free Limit: A charge of ₹25 per transaction will be levied after the free limit.
• Transactions at Other Bank ATMs in Different Cities: A flat fee of ₹30 per transaction will be applicable.

Revised Cash Deposit Charges

Cash deposit charges are another area where Federal Bank has introduced changes. These fees are particularly relevant for those who frequently deposit cash at bank branches or through cash deposit machines (CDMs).

Charges at Bank Branches

• Free Deposits: Up to 3 free cash deposits per month at Federal Bank branches.
• Charges After Free Limit: A charge of ₹50 per transaction will be applicable after the free limit.

Charges at Cash Deposit Machines (CDMs)

• Free Deposits: Up to 5 free deposits per month at Federal Bank CDMs.
• Charges After Free Limit: A fee of ₹25 per transaction will be charged after the free limit.

Locker Rent Revisions

Locker rent is a significant expense for customers who utilize safe deposit boxes to store their valuables. Federal Bank has revised its locker rent structure to reflect current market rates and operational costs.

Locker Rent Structure

• Small Locker: Annual rent increased to ₹1,500 from ₹1,200.
• Medium Locker: Annual rent increased to ₹3,000 from ₹2,500.
• Large Locker: Annual rent increased to ₹5,000 from ₹4,500.

Other Notable Changes

In addition to ATM, cash deposit, and locker rent changes, Federal Bank has introduced revisions to several other services. Understanding these changes can help you better manage your banking expenses.

Cheque Book Charges

• Free Cheque Leaves: Customers will receive 25 free cheque leaves per year.
• Charges for Additional Leaves: A fee of ₹3 per leaf will be applicable for additional cheque leaves.

Debit Card Annual Fees

• Classic Debit Card: Annual fee increased to ₹200 from ₹150.
• Platinum Debit Card: Annual fee increased to ₹500 from ₹400.

Online Banking Transaction Fees

• NEFT/RTGS Transactions: Free for transactions up to ₹1 lakh. A fee of ₹2 per ₹1 lakh will be applicable for transactions above ₹1 lakh.
• IMPS Transactions: A flat fee of ₹5 per transaction will be applicable.

Impact on Customers

These changes in service charges are likely to have varying impacts on Federal Bank customers. Here's a closer look at how different customer segments might be affected:

Frequent ATM Users

Customers who rely heavily on ATMs for cash withdrawals will need to be mindful of the new transaction limits and fees. Planning withdrawals within the free limit can help minimize additional costs.

Small Business Owners

Small business owners who frequently deposit cash at bank branches or through CDMs will need to adapt to the new deposit charges. Managing deposits within the free limit can help control expenses.

Locker Users

Those who use Federal Bank lockers to store valuables will face increased annual rents. It might be beneficial to review the necessity of locker usage and explore alternatives if the new rates are burdensome.

How to Minimize Your Banking Costs

Given the revised service charges, here are some tips to help you manage and minimize your banking costs effectively:

Utilize Free Transactions

• Plan ATM Withdrawals: Schedule your ATM withdrawals to stay within the free transaction limits.
• Manage Cash Deposits: Make cash deposits at CDMs to take advantage of higher free transaction limits.

Review Locker Usage

• Assess Necessity: Evaluate whether you need a locker and consider downsizing to a smaller size if possible.
• Explore Alternatives: Look into alternative safekeeping options like home safes or digital storage solutions.

Optimize Online Transactions

• Use NEFT/RTGS Wisely: Keep online transactions below ₹1 lakh to avoid additional fees.
• Monitor IMPS Transactions: Limit IMPS transactions to minimize the flat fee per transaction.

Federal Bank's Commitment to Transparency

Federal Bank emphasizes that these changes are part of its ongoing efforts to maintain transparency and competitiveness in its service offerings. The bank encourages customers to stay informed about these updates and reach out to customer service for any clarifications or assistance.

Conclusion

The new service charges announced by Federal Bank, effective June 1, 2025, cover a wide range of banking services from ATM withdrawals to locker rents. Understanding these changes is crucial for managing your banking expenses effectively. By planning your transactions and utilizing the free limits, you can minimize the impact of these new fees. Stay informed and proactive to make the most out of your banking relationship with Federal Bank.

For more detailed information on these service charges and other banking products, visit the Federal Bank website or contact their customer service helpline.