Federal Bk launches savings account with overdraft facility

Private sector lender Federal Bank today launched a premium savings account which has overdraft facility for high-end salary earners.

`Fedclassic Premium' offers overdraft facility for up to a maximum of Rs 1 lakh at base rate plus two per cent which is lower than the credit card interest rates, the Kerala-based lender said in a release here.

"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," Federal Bank General Manager and Head (Retail) A Surendran, said.

Account holders with monthly salary of up to Rs 1 lakh will be provided with free Visa gold card and those drawing Rs 1 lakh and above will get free Visa platinum card ensuring higher withdrawal limits, the release said.

Federal Bank recently launched another tailormade resident savings bank scheme for individual professionals, entrepreneurs and businessmen who are members of industry associations.