Federal Bank, an Indian commercial lender in the private sector, has launched a new premium savings account, Fedclassic Premium, which offers overdraft facility for high-end salary earners.
According to Federal Bank, the new savings account offers overdraft for up to a maximum of INR100,000 ($1,619) at base rate plus 2%, which is lower than the credit card interest rate.
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Federal Bank will also offer account holders with monthly salary of up to INR100,000 ($1,619) with free Visa gold card.
Additionally, consumers drawing INR100,000 and above will be given free Visa platinum card with higher withdrawal limits, Federal Bank said.
Federal Bank retail head and general manager, A Surendran, said this is a high-end payroll account for employees laced with add-ons like overdraft facility at a highly attractive interest rate and no minimum balance stipulation.
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