Private sector lender Federal Bank has launched a premium savings account with an overdraft facility for high-end salary earners, said the media report.
'Fedclassic Premium' offers overdraft facility for up to a maximum of Rs one lakh at base rate plus two per cent which is lower than the credit card interest rates, the bank said in a statement.
"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, told media.
Account holders with monthly salary of up to Rs one lakh will be provided with free Visa gold card and those drawing Rs one lakh and above will get free Visa platinum card ensuring higher withdrawal limits, the release said.
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