Federal Bank launches digital platform for savings bank accounts

Federal Bank has announced the launch of Federal 24 7, an end-to-end digital platform that will help in opening and managing savings bank accounts without having to visit the branch.

Federal 24 7 enables a complete, paperless and instant digital savings account opening sitting anywhere in India with just PAN and Aadhaar number. Through Federal 24 7, customers can experience state-of-the-art video KYC based account opening, the bank said.

Additionally, this platform offers all the features that would provide potential customers with a convenient, hassle-free and paperless banking experience from the comfort of homes. The bank will issue personalised ATM-cum-debit card to all the new account holders of instant saving bank accounts.

Shalini Warrier, executive director, chief operating officer and business head – retail, said: “…As the name suggests, this platform is designed to be always available to meet the needs of our customers.” “The launch is in line with the bank’s “Digital at the fore, human at the core” strategy of offering customers more convenience through digital processes and solutions and is based on the guidelines of the RBI’s video-KYC norms.”

Once the process is complete, the account holder will get his/her account activated instantly and can start transacting immediately.