Fed Flexi Smart SaverRD is a type of recurring deposit scheme that has been designed for the NRI customers of the bank. This scheme is a variable scheme, which means that customers can deposit varying instalments every month. It does not even have a fixed due date for making instalment payments.
Fed Flexi Smart SaverRD account can be opened by NRIs only.
Features of Fed Flexi Smart SaverRD
- The Fed Flexi Smart SaverRD scheme is flexible and does not have a fixed due date for monthly instalments. Depositors can choose to pay their instalments on any date of the month.
- People can choose the core amount (initial deposit). The monthly instalments can vary and can be a maximum of 10 times of the initial deposit. The deposit has to be in multiples of Re.1.
- This scheme does not charge penalty for pre-closure of the account.
- The minimum deposit tenure for this scheme is 12 months and the maximum deposit tenure is 60 months. If the account is closed before 12 months are over, the depositor will not earn any interest. If depositors are unable to remit any amount for 3 months, then the account will be deactivated.
- Depositors can avail a loan against this account. They can take a loan of up to 90% of the deposited amount.
- This scheme is 100% free of tax.
- The scheme has a passbook facility.
- Depositors can track this account using their Fed Net-Internet banking service.
- Depositors can transfer funds to their Fed Flexi Smart SaverRD account using FedNet.
How to Apply for Fed Flexi Smart SaverRD:
To apply for Fed Flexi Smart SaverRD account, you can leave your contact details on the website of Federal Bank and the representatives will get in touch with you. You can also contact the overseas representative office of the bank.