Money & Banking

Federal Bank launches ‘FedFirst’ savings account scheme for children

Our Bureau Kochi | Updated on February 04, 2021

The account is designed to enable children to learn the importance of money management.

Federal Bank has announced the launch of FedFirst, a special savings account scheme for children below 18 years of age. The account helps children develop healthy saving and spending habits, thereby giving them the freedom to save, spend and earn.

The account is designed to enable children to learn the importance of money management. The account comes with unique features and offers. The account holder is provided with a FedFirst contactless Debit Card with a daily cash withdrawal limit of ₹2,500 and POS/e-com limit of ₹10,000, in addition to free online facilities including access to internet banking, mobile alerts and e-mail alerts.

Additional benefits including reward points, seasonal cashback and promotional offers and deals on dining, hotels, travel, bill payments through their debit card are available.

Shalini Warrier, Executive Director, Chief Operating Officer and Business Head – Retail of Federal Bank said, “Our mantra is digital at the fore, human at the core. And FedFirst is yet another launch that epitomizes that mantra. It is packed with features that will empower young children and enable them to appreciate the importance of effective financial management at a young age. Through this product, we aim to guide and provide “Young India” the experience of financial planning, thereby empowering them to grow into economically literate and liberated citizens.”

“We hope to enable people below 18 years of age to start saving for the future and pursue goals such as higher education and entrepreneurial ventures.”, she added.

Published on February 04, 2021

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