Federal Bank RuPay Wave Credit Card
A free RuPay credit card for UPI that existing Federal Bank cardholders add in FedMobile: 1 point per ₹200 (₹0.25 each) and 1,000 bonus points on ₹50,000 of quarterly spend. Every figure below is copied from Federal Bank’s own documents; open a figure’s source link to read it there. Official terms last checked 2026-10-16.
Only for existing Federal Bank credit cardholders: a RuPay floater card for UPI, applied for in FedMobile, sharing the primary card’s limit, with its own bill.
Federal Bank's site blocks automated reading and this link downloads a file, so the MITC was read from a copy the site owner saved from federal.bank.in on 16 October 2026. Read in a browser on 16 October 2026; Federal Bank's site blocks automated reading, so this page is re-checked by hand.
Fees and charges
| Joining fee | Nil MITC |
|---|---|
| Annual fee | Nil MITC |
| Annual fee waiver | Not needed |
| GST on fees | As applicable (18% assumed in calculations) |
| Foreign-currency markup | 3.5% of the transaction, plus GST MITC |
| Federal Bank’s MITC lists the Wave card’s joining and annual fee as NIL. | |
| Reward redemption fee | ₹99 plus GST MITC |
Rewards
Reward points, ₹0.25 each when redeemed as stated MITC.
| Spend | Earns | Cap |
|---|---|---|
| Insurance premiums, base rate up to 250 points a month | 1 point per ₹200 MITC | up to 250 points a month MITC |
| All spends, including UPI | 1 point per ₹200 MITC | no cap on record |
No rewards on
Benefits
- Lounges: none on record
- Welcome: 10% cashback on one UPI payment of ₹150 or more in the first 30 days, up to ₹100 Product page
- Milestone: 1,000 bonus reward points for every quarter with ₹50,000 of spend Product page
Also on this card
Quoted from Federal Bank; not counted in the net value.
- Enabled for UPI on issue: link it to Google Pay, PhonePe or another UPI app Product page
Eligibility
The issuer does not publish its criteria on the pages read. Approval is its own decision.
Not published by Federal Bank in the documents read
- a separate eligibility rule: it is offered to holders of a Federal Bank credit card
The quotes behind the figures
16 figures, each copied from an official Federal Bank document.
Show every quote and source
“*Above condition is not applicable for customers onboarded with effect from 03rd April 2023 (Except VALUEMAX variant). Rs. 750/-* Rs. 1500/-* Rs. 3000/-* NIL (for virtual cards])”
“Foreign Currency Markup Fee 3.5% 3.5% 2% 3.5% 3.5%”
“Each Federal Reward Point is valued at Rs. 0.25.”
“Wave 1 Point per Rs.200 /- Spend”
“The Reward Points accrued for Insurance transactions (6300 & 5960) will have a monthly capping of 250 points per card per calendar month.”
“For every Rs. 200 you spend, you will earn 1 reward point.”
“No Reward Points will be accrued on cash transactions, Fuel expenditures, E-wallet loading and Government transactions.”
“Rent payments made via Card will not accrue Reward Points.”
“Charges/ Taxes Signet Imperio Celesta Wave Card VALUEMAX”
“Redemption of Reward Points towards 'Cash' to the Card Account will be computed at 10 paise per point.”
“Rs. 99/- per redemption request (NIL for VALUEMAX variant)”
“Unlock 10% cashback on one UPI transaction of ₹150/- or above completed within 30 days of card issuance (upto Rs.100/-).”
“When you spend Rs.50,000 in a quarter, you will receive 1000 bonus reward points, boosting your points balance significantly.”
“Upon issuance, your card will be automatically enabled for UPI payments, allowing you to link it to popular UPI apps and enjoy seamless and secure transactions.”
“Get your Federal Rupay Wave Credit Card in 4 simple steps:”
“Federal RuPay Wave Credit Card is a floater card linked to your primary Credit Card, sharing the same credit limit.”
Terms change, sometimes without notice. Read the issuer’s current terms before applying. CardWise has no affiliate arrangement with Federal Bank or any issuer. Issuer names and logos belong to their owners and are shown only to identify each card’s issuer; CardWise is not affiliated with any issuer. Methodology