AAD

Advance against Deposit (AAD) is a term loan facility against deposit

Maximum loan: 90% of balance in Deposit | Maximum Period: Remaining period of deposit subject to Maximum of 30 Months Interest rate: Deposit Rate + 2% | Repayment: Lumpsum |Loan funds will be transferred to savings A/c.

Advance Against Deposits (Term Loan facility) - Scheme Details

Eligibility

Individual customer holding Fixed Deposits in Single name only (Not available for deposits in the name Joint names, minors, FCNR deposits, third party deposits & Companies)

Nature of facility

Term Loan

Security

Cash Certificates/ Fixed Deposits / Online Cash Certificates/ Online Fixed Deposits/Recurring Deposits (FSF).

Maximum loan amount

90% of balance available in the deposit as on date of availing the loan.

Interest Rate

2% over the term deposit interest rates

Processing Fee

Nil

Loan limit

Minimum – Rs 5,000/-

Maximum- Rs 5,00,000/-

Loan Period

30 Months or the remaining period up to the maturity of the deposit whichever is less.

Repayment

Lumpsum. Periodic interest servicing is not mandatory

Conditions for loans against NRE /NRO Deposits

· Loans may be granted for personal purposes or for carrying on business activities except for the purpose of relending or carrying on agricultural/plantation activities or for investment in real estate business.

· Repayment shall be made either by adjustment of the deposit or by fresh inward remittances from outside India through normal banking channels. The loan can also be repaid out of local rupee resources in the NRO account of the borrower.

· Loans granted against the NRE/FCNR deposits in Indian rupees not repatriable. Crediting such loans to the NRE accounts of account holders violates the provisions of Exchange Control regulation. Such Loans granted to the account holders should be credited only to Non-resident ordinary (NRO) account of account holders.

Federal Easy Cash

Federal Easy Cash Scheme (FECS) is an Over Draft facility against deposit

Maximum loan: 90% of balance in Deposit | Maximum Period: Remaining period of deposit subject to Maximum of 72 Months Interest rate: Deposit Rate + 2% | Repayment: Lump sum |Loan funds can be used through Cheque/internet banking facility (Fed Net)/ ATM.

Federal Easy Cash Scheme (Over Draft facility) - Scheme Details

Eligibility

Individual customer holding Fixed Deposits in Single name only (Not available for deposits in the name Joint names, minors, FCNR deposits, third party deposits & Companies)

Nature of facility

Over Draft

Security

Cash Certificates/ Fixed Deposits / Online Cash Certificates/ Online Fixed Deposits/Recurring Deposits (FSF).

Maximum loan amount

90% of balance available in the deposit as on date of availing the loan.

Interest Rate

2% over the term deposit interest rates

Processing Fee

Nil

Loan limit

Minimum – Rs 5,000/-

Maximum- Rs 5,00,000/-

Loan Period

72 Months or the remaining period up to the maturity of the deposit whichever is less.

Repayment

Lump Sum

Periodical interest servicing is mandatory

Conditions for loans against NRE /NRO Deposits

· Loans may be granted for personal purposes or for carrying on business activities except for the purpose of relending or carrying on agricultural/plantation activities or for investment in real estate business.

· Repayment shall be made either by adjustment of the deposit or by fresh inward remittances from outside India through normal banking channels. The loan can also be repaid out of local rupee resources in the NRO account of the borrower.

· Loans granted against the NRE/FCNR deposits in Indian rupees not repatriable. Crediting such loans to the NRE accounts of account holders violates the provisions of Exchange Control regulation.

Fed Rise

Fed Rise Scheme is an Over Draft facility exclusively against Recurring Deposits (FSF)

Maximum limit: 90% of maturity value of deposit| Max available loan fund: 90% of balance available in RD account at any point of time | Maximum Period: Remaining period of deposit subject to Maximum of 120 Months Interest rate: 10.75% or Deposit Rate +2% whichever is higher | Processing fee: 0.15% of maximum limit| Repayment: Lump Sum |Loan funds can be used through Cheque/internet banking facility (Fed Net) / ATM

Fed Rise Scheme Details

Eligibility

Individual customer holding Recurring Deposits (FSF, Millionaire FSF…etc) in Single name only (Not available for deposits in the name Joint names, minors, FCNR deposits, third party deposits & Companies)

Nature of facility

Over Draft

Security

Recurring Deposits (FSF) only.

Maximum loan amount

90% of maturity value of the deposit.

Maximum funds available

90% of balance available in the Recurring Deposit at any point of time

Interest Rate

10.75% or Deposit Rate +2% whichever is higher

Processing Fee

0.15% of the sanction limit subject to a minimum of Rs 250/-.

Loan limit

Minimum – Rs 5,000/-

Maximum- Rs 5,00,000/-

Loan Period

120 Months or the remaining period up to the maturity of the deposit whichever is less.

Repayment

Lump Sum

Periodical interest servicing is mandatory

Conditions for loans against NRE /NRO Deposits

· Loans may be granted for personal purposes or for carrying on business activities except for the purpose of relending or carrying on agricultural/plantation activities or for investment in real estate business.

· Repayment shall be made either by adjustment of the deposit or by fresh inward remittances from outside India through normal banking channels. The loan can also be repaid out of local rupee resources in the NRO account of the borrower.

· Loans granted against the NRE/FCNR deposits in Indian rupees not repatriable. Crediting such loans to the NRE accounts of account holders violates the provisions of Exchange Control regulation.