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RD Xtra Gain

RD Xtra Gain

Why should you open a recurring deposit(RD) with Federal Bank ? Because there is something extra! RD Extra Gain is a path breaking product from Federal Bank which assists you to save money for future needs.

  • Features & Benefits
  • How to apply ?
  • Documents Required
  • Repayment options
  • Other Terms & Conditions
  • Security
  • Interest Rates & Charges

RD Extra gain is a path breaking product from Federal Bank. It assists you to save money for future needs. Via RD Extra Gain, you can plan your financial goals in advance- for functions such as marriage of daughter / son, to meet their education expenses or to meet any other financial contingencies.

How RD Xtra Gain is different from normal recurring deposit?

RD Extra Gain is a twin product. It has all the benefits of a normal Recurring Deposit scheme. To crown it, an attractive loan offer also.

Normally, if you invest in a Recurring Deposit for a period in equal instalments, you will receive the maturity benefits at the end of the deposit payment schedule. The benefits of RD scheme of any other bank ends here. However RD Extra Gain from Federal Bank gives you more than an RD.

Key features

  • Any time Loan after 12 months
  • Quantum of loan fixed based on 5 years' future RD installments
  • Relaxations in income proof documents
  • Option to discontinue RD on availing the loan facility
  • Only 6 prompt installments in RD is required for existing Retail customers with good repayment history and Average Monthly Balance.
  • Customers need to remit only the same installment amount even after availing the loan
  • Existing customers who have already remitted 12 installments promptly are also eligible.
  • Supported by over 1000 branches

Who can apply?

RD account holders of the Bank having:

  • Minimum monthly RD installment - Rs.1000.
  • Minimum period for which RD has to be started – 24 months.
  • Prompt remittance of latest 12 installments in RD.
  • Existing RD customers who have remitted 12 installments promptly are also eligible for the loan

How to avail the loan?

To avail the loan, Please visit any of our branches.

If you are a new customer, following documents are required:

  • Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)
  • Recent Passport size photograph
  • Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport/Trade license /Sales Tax certificate)

Repayment of the loan can be made as lump sum or as installments

  • Age of the borrower shall not exceed 60 years or retirement age whichever is lower at the end of the loan tenor
  • Maximum Loan amount-  Rs. 5 Lakhs
  • Maximum Loan period – 60 months
  • Co-obligancy of spouse is required.
  • Prepayment Penalty Nil
  • For loan amount up to & including 1 lakh, Co-obligancy /guarantee of 2 persons is required.
  • For loan amount above 1 lakh, Collateral security is required.
     

Please visit the Interest Rates page for details