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Federal Bank Introduces Prospera NRE Savings Account for NRIs.

Banking & Finance | Dated: 21 Feb 2025

On February 19, 2025, Aluva (Kerala)-based Federal Bank Limited, an Indian Private Sector Bank (PVB), launched a new savings account called "Prospera Non-Resident External (NRE) Savings Account," an exclusive banking solution designed for Non-Resident Indians (NRIs), Persons of Indian Origin (PIO), and Overseas Citizens of India (OCIs).

🎯 Key Highlights:

  • - This account offers attractive benefits, including complimentary insurance benefits worth Rs 60 lakh, competitive interest rates, special reward points for debit card expenditures, etc.

💡 Other Important Facts:

  • (i) The insurance coverage is provided by Mumbai, Maharashtra-based TATA AIG General Insurance Company Limited.
  • (ii) Customers of the Prospera NRE Savings Account must maintain an Average Monthly Balance (AMB) of Rs 25,000. This balance can be maintained in either the NRE Prospera Savings Account alone or in the NRE Prospera and Non-Resident Ordinary (NRO) accounts together (with a maximum of one NRO account permitted).
  • (iii) The account follows the Savings Bank (SB) interest rate slab of Federal Bank and comes with a Mastercard Prospera Debit Card. There are no Account Maintenance Charges (AMC) for Prospera NRE Savings Account holders.

📚 Test Your Knowledge:

Recently, which bank launched an exclusive banking solution for NRIs, PIOs, and OCIs called Prospera NRE Savings Account?

Correct Answer: Federal Bank

🚀 Quick Recap: