AMC/AMB/PRO FAQs
Section 1: Average Monthly Balance
- From when is this fee effective?
- The revised fees and balance requirements for your Federal Bank Savings Account on Jupiter. These were also communicated by Federal Bank on 30 April, 2024 and will be effective on 1st October, 2024.
- Please note: The revised fees for non-maintenance of balance and revised requirements for PRO will be updated on the app and website by 30th September 2024
2. Is there a fee for opening the Federal Bank Savings account on Jupiter?
- No. Opening of Federal bank Savings account on Jupiter is completely free, whereas, post opening of the account, the user is expected to maintain an average monthly balance of ₹5,000 in their Primary savings account or Pots account or ₹20,000 in the form of Fixed Deposit or SuperPots
3. Who is charging the fee?
- Your Savings account on Jupiter is issued by Federal Bank. And Federal Bank is the only regulated entity authorized to charge a fee to the user for non-maintenance of balance average monthly balance and Debit Card annual fee.
4. Why is there a fee?
- This fee helps provide the best-in-class banking features and support our day-to-day operations.
5. How can I avoid the fee?
- You can avoid the fee by taking any of the following steps:
- Deposit and maintain >=₹5,000 average monthly balance. This can be split across your Savings Account and Pots balance
- Create a Fixed Deposit or SuperPot of ₹20,000 or more
- Upgrade to PRO for 1% cashback on Debit Card and UPI , 0-forex fee, and more benefits
6. What if I do not maintain the average monthly balance?
- In case of non-maintenance of AMB, the user will be charged upto ₹200 (excl. taxes) for non maintenance of balance in the 1st calendar month of assessment from the date of onboarding. The charge will be deducted in every successive month of non-maintenance of AMB.
- Example:
- Arun onboarded on 15th of October’24, Arun may or may not maintain the required AMB in the month of October i.e., from 15th October to 31st October. Irrespective, Arun won’t be charged in November’24
- Arun’s assessment month will be November’24. If Arun doesn’t maintain required AMB in the assessment month of November’24 i.e., from 1st Nov’24 to 30th Nov’24, a charge of upto ₹200 (excl. taxes) will be deducted from Arun’s account in the month of December’24
7. How is the AMB calculated?
- For Savings and Pots account:
- Average of daily closing balance in Pots + Primary savings account for the entire month.
- Example:
- If number of days in the current month so far is N, the AMB = (Sum of EOD D1 balance + Sum of EOD Dn .....)/ N
- (N= current-1 day of calendar month)
- For Fixed deposit and SuperPots
- End of the month balance in Fixed Deposit or SuperPots
Section 2: Debit Card Annual Fee
- What is Debit Card Annual Fee?
- Debit Card Annual Fee is charged by Federal Bank to the user in order to keep the debit card active and operational
2. What is the amount charged for Debit card Annual Fee?
- Users who have already been charged AMC for this year, will not be charged AMC this year again.
Physical card holders:
- For users who have onboarded before August 31, 2023
- The AMC for this year is ₹199 + GST
- The AMC for next year is revised to ₹299 + GST
- For users who have onboarded starting September 1, 2023
- The AMC for this year has been revised to ₹299 + GST
Virtual card holders:
- For users who have onboarded before May 31, 2023 and only have virtual card
- The AMC will be charged next year in the card anniversary month
- The AMC for next year is revised to ₹299 + GST
- For users who have onboarded between June 1, 2023 and August 31, 2023 and only have virtual card
- The AMC for this year will be ₹199 + GST
- The AMC for next year is revised to ₹299 + GST
- For users who have onboarded starting September 1, 2023 and only have virtual card
- The AMC for this year has been revised to ₹299 + GST
3. Is it charged on Physical or Virtual cards?
- Annual Debit card Fee is valid on physical and virtual both Debit card forms.
- However, for users onboarded till 31/05/2023, we will only charge physical cardholders.
4. How can I avoid this charge?
- You can avoid these charges by taking the below mentioned actions:
- Make eligible spends of a minimum ₹25K or more in the applicable year i.e. 12 months on eligible MCC codes
- Be a PRO or Salary Account holder for any 6 months during the last 12 months
Section 3: PRO
- What are the revisions for become a PRO?
OR
2. From when is this change effective?
- This is effective from 1st October, 2024 i.e., for a user to continue being PRO in November’24, the user will have to maintain >=₹10,000 in Primary savings or Pots account OR maintain >=₹40,000 in Fixed Deposit or SuperPots in the month of October’24.
- Users failing to meet the revised PRO criteria in the month of October’24, will not remain PRO in the month of Nov’24 and the cycle will continue henceforth