Definitions
- “Account” shall mean the Savings/ or current account opened in the name of the Customer
- “Bank “or “Federal Bank” shall mean The Federal Bank Ltd., a Banking company constituted under the Banking Regulation Act, 1949, having its registered office at Federal Towers, Aluva, Kerala.
- “Jupiter” shall mean Amica Financial Technologies Private Limited, 32, 3rd Floor, Viraj Building, Plot No. 124, S V Road, Khar West, Mumbai, Maharashtra, the entity which has developed the Jupiter App and has been engaged by the Bank as Mobile Banking Service Provider
- “Personal Information” shall mean the information about the Customer obtained in connection with the Facility.
- “Website” refers to www.federalbank.co.in, https://mobile.federalbank.co.in, or any other website as may be notified by The Bank from time to time.
- “Jupiter App” shall mean the Mobile Banking Application devised by Amica Financial Technologies Private Limited, 32, 3rd Floor, Viraj Building, Plot No. 124, S V Road, Khar West, Mumbai, Maharashtra, which can be installed in the mobile phone handset to avail various financial services, including banking services, as per the relevant menu options available in the App.
OPEN ZERO BALANCE ACCOUNT
| Name of article | Jupiter money bank account |
| Account type | Saving account |
| Minimum balance | Zero balance |
| How to open | online |
| Document required | 1>Pan card 2>Aadhar card 3>Mobile number (linked with Aadhar) |
| OPEN NOW | CLICK HERE |
| OFFICIAL WESITE | CLICK HERE |
Voluntary Account opening :
I hereby declare that the application for opening the Account is being submitted voluntarily after having read and understood all the applicable Terms and Conditions. I acknowledge that I have read and understood the privacy policy of Amica Technologies Private Limited (Jupiter) and the privacy policy of Federal Bank Ltd. (Bank) available on the Bank’s website https://www.federalbank.co.in/privacy-policy and I agree to be bound by the same. I hereby agree that by opening an Account in my name through Jupiter App, I shall be deemed to have accepted (a) the Terms and Conditions applicable to the Customer for availing the Facilities mentioned herein; and (b) the Privacy Policy of the Bank and Jupiter as applicable to its Customers.
Covenants for Account Opening:
(i) I hereby declare that the details furnished by me for opening a banking relationship with the Bank are true and correct to the best of my knowledge and belief and I undertake to inform you of any changes therein immediately. I further undertake :(A) To inform the bank immediately of any change occurring in my business/office/communication address/other contact details(B) To pay, without any demur, any overdraft inadvertently created in my account together with applicable rates of interests (C) To inform the Bank of the wrong credits in my account and to refund the same together with interest and without any demur (D) To verify the account details/ balances periodically (at least once in every 3 months) and ensure correctness of the same in order to avoid/ curtail fraudulent transactions being carried out in the account, irrespective of the reasonable care and caution exercised by the Bank.
(ii)I have read and understood the Terms and Conditions governing the opening and operation of accounts under Savings/Current Accounts deposit Schemes of Federal Bank and those relating to various services including but not limited to ATMs/Debit Cards/ Mobile Banking/Tele Banking Internet Banking / E-pay Facility / Mobile and e-mail alert / IMPS / Chequebook etc. I accept and agree to be bound by the said Terms and Conditions. I have also read and understood the Privacy Policy of Federal Bank Ltd. available on the Bank’s Website and agree to abide by the same. I have read and understood the Current Schedule of Charges applicable for various Services and agree with the same. I further understand and agree that any subsequent change in Service Charges shall be published in Bank’s website which shall be sufficient notice to me/ regarding such change.
(iii) I understand and agree that :(A) The above account will be opened on the basis of the statements/declarations made by me and I also agree that if any of the statements/declarations made herein is found to be not correct in material particulars the Bank is entitled to freeze the account operation and/ or not bound to pay any interest on the amounts deposited by me. (B) Rate of interest applicable, TDS on interest earned, premature withdrawal of the deposit, premature termination of the deposit in the event of death of the depositors, and filing/renewal/cancellation of the nomination will be as per RBI/Income Tax Dept./IBA/Bank’s rules are in force from time to time. (C) The bank may at any time and without notice to me combine and consolidate all or any of my accounts and adjust/ set off or transfer any sum or sums standing to the credit of any one or more of such accounts in or towards the satisfaction of any of my liabilities to the bank on any account or in any other respect whether such liabilities be actual or contingent, primary or collateral and several or joint. (D) Unless and until modified or canceled by filing a fresh nomination form/request for cancellation, a nomination once filed will continue to be applicable to the deposit when renewed, whether in part or in full or with the additional amount or split up into different accounts, but without any change in the name and constitution of the account (E) Term Deposits opened in my name will be automatically renewed on maturity for a similar Term at the rate of interest prevailing on the maturity date on same terms and conditions unless instructed by me/us to the contrary or credit to the Saving Bank Account in my name on maturity (F) I hereby unconditionally authorize the Bank to activate the cheques issued to me in the account forthwith without insisting for my written/oral acknowledgment of having received the checkbook. (G)I shall not hold the Bank liable/responsible in any manner for any consequence(s) of whatsoever nature arising from activating the checkbook facility as per this authorization.
Data sharing with Jupiter :
(i) I hereby expressly provide my voluntary consent to the Bank and/or Jupiter for sharing any of my sensitive and personal information collected from me either by the Bank or Jupiter with each other for the purpose of Account Opening and for facilitating banking services through the Jupiter App.
(iii) I hereby acknowledge that the Accounts opened in my name are to be operated/managed through the Mobile Application devised by Jupiter, named Jupiter App. I hereby expressly consent to and authorize Federal Bank to share the Information furnished by me or collected under my authorization, including and not limited to my Personal / Sensitive Information (which includes my Aadhaar Number, Name, Date of Birth, Gender, address, Photographs, data, and recordings obtained at the time of video-based customer identification process I hereby expressly consent to and authorize Federal Bank to share the information furnished by me or collected under my authorization, including but not limited to my personal and sensitive information (which includes my Aadhaar number, name, date of birth, gender, address, photographs, data, and recordings obtained at the time of the video-based customer identification process (“V-CIP”), financial information (including but not limited to Account Information, Account Balances, etc.), Transaction details, and such other information with Jupiter.
Aadhaar EKYC Web-View Consent:
(i) I hereby state that I have no objection to the Federal Bank validating and fetching my e-KYC details from the Unique Identification Authority of India (UIDAI) through the Federal Bank’s e-KYC system using my Aadhaar Number or Aadhaar Card, which is provided by UIDAI. I further authorize UIDAI to release my identity/address available in the UIDAI database to the Federal Bank. I also agree to provide the biometric scan of my fingers and the Aadhaar Number or Aadhaar Card details as required by the Bank for the above purpose.
6. The Bank reserves the right to place appropriate restrictions on the operations of the account, in the event the Bank finds that the account has been opened or is being used inappropriately. Failure to provide information or documents on identity, address, profile, or transaction, when called upon to do so, could also cause restrictions in account operations. The account restrictions will be notified in a manner deemed fit by the Bank wherever possible.
How do I open a Jupiter Money account?
To open an account, you will have to submit the following documents: Identity and age proof like the Permanent Account Number (PAN) card, driving license, passport, or voter ID.
What is the minimum balance in my Jupiter account?
- No Minimum Balance
- Jupiter is a fully digital bank with no minimum balance requirement.
How do savings bank accounts work?
Savings and other investment accounts are an important source of funds for financial institutions. They use this money to provide loans to other borrowers. Every traditional or digital bank offers these types of accounts, along with most credit unions. Some brokerage and securities firms may also offer these types of accounts.
You deposit money into the account either via cash or checks. Alternatively, you can transfer funds from another account via National Electronic Fund Transfer (NEFT), Real-Time Gross Settlement (RTGS), Unified Payments Interface (UPI), or Immediate Payment Service (IMPS).
The financial institutions pay interest on the amount held in these accounts, which is often credited on a quarterly basis. They may increase or decrease the savings account interest rates at any time.
Some accounts may require you to maintain a minimum balance to avoid monthly charges or take advantage of higher interest rates. However, several institutions also offer accounts with no minimum balance requirements.
Top features and benefits of a savings account
One of the most beneficial features of such accounts is that they help you inculcate the habit of regular savings. Additionally, you can earn interest on the balance held in your account.
Although the features may vary based on the type of account, some common ones are as follows:
- Easy access to the branch network and Automated Teller Machines (ATMs)
- Quick fund transfers to any account via NEFT, RTGS, IMPS, and UPI
- Phone banking and Internet banking facilities for checking account balances and paying bills
- Greater security with personalized checkbooks
- Unique and personal account number
- Account-specific discounts and other offers
- Discounted locker rentals if you adhere to the quarterly minimum balance requirements
- Most accounts come with insurance, such as personal accident cover
- No limitation on the deposit amount
- Option to link loan-equated monthly installments (EMIs) and recurring deposits (RDs) to the SA
Zero balance savings accounts
Zero-balance accounts are offered by financial institutions that allow you to operate the account without any minimum balance requirements.
OPEN ACCOUNT: CLICK HERE
However, there may be certain restrictions on the withdrawal limits. These types of savings bank accounts ensure you do not have to pay any penalty in case the balance falls below a certain limit.
Documents required for opening a new savings bank account
To open an account, you will have to submit the following documents:
- Identity and age proof like the Permanent Account Number (PAN) card, driving license, passport, or voter ID
- Two passport-sized photographs
- Address proof like utility bills, driving license, passport, or voter ID
- Senior citizens may submit any document as age proof, preferably a senior citizen card issued by the Social Welfare Department
Eligibility criteria required for savings bank account
There is no eligibility norm related to income and employment when you want to open a savings account. The criteria may vary from one institution to another; however, most of them have minimal eligibility norms. Some common criteria are listed below:
- Age: You should be at least 18 years old; however, parents or legal guardians can open an account on behalf of minors
- Residential status: Indian citizens, Non-Resident Indians (NRIs), and foreign nationals residing in India
How to open a savings bank account online?
The procedure to open a savings account online via a reliable portal is quick and simple, which is discussed below:
OPEN ACCOUNT: CLICK HERE
- Provide your basic details, such as residential location, annual income, name, age, and other personal information
- Compare the different types of accounts offered by various banks and other financial institutions
- Once you shortlist the one that best meets your requirements, you can apply for an account with the particular institution
- You will be redirected to the institution’s website where you can proceed with the application; alternatively, you will receive a reference number and the institution’s representative will call within two working days
- The institution will process your application and open your account
How to open a savings account by visiting the bank:
If you do not want to apply for an online savings account, you may visit the nearest branch of the bank to open one. Here is the step-by-step procedure to open an account at the branch.
OPEN ACCOUNT : CLICK HERE
- To begin with, conduct extensive research about the different types of accounts offered by various banks
- Choose the one that best suits your requirements
- Visit the branch along with the necessary documents, which include address, identity, income, and age proofs and photographs; make sure you carry the original copies for verification
- Fill in the account opening application form and submit it along with the necessary documents
- The bank will process your application and open the account within a specified period
Top bank savings account interest rates in India
Every public and private sector bank offers an SA as it is one of their primary businesses. Some of the top banks offering beneficial features include Axis Bank, Citi Bank, ICICI Bank, IDFC Bank, IndusInd Bank, Standard Chartered Bank, State Bank of India, Yes Bank, and much more.
OFFICIAL WEBSITE: CLICK HERE