The 1998 Indian Federation Cup, also known as 1998 Kalyani Black Label Federation Cup due to sponsorship reasons, was the 21st season of the Indian Federation Cup. It was held between 23 August and 12 September 1998. Salgaocar were the defending champions, but were eliminated in the first round by State Bank of Travancore. Mohun Bagan won the tournament for the tenth time, following a 2–1 over East Bengal in the final played at the Salt Lake Stadium, Kolkata, a replay of the previous edition's semifinal when the latter won. Amit Das and Hemanta Dora of Mohun Bagan were named the Player and Goalkeeper of the Tournament.