Federal Bank RD Xtra Gain

Federal Bank RD Xtra Gain is a two-in-one product. Apart from offering all the features and benefits of a regular recurring deposit scheme, it provides a loan as well.

Features of Federal Bank RD Xtra Gain:

• Federal Bank RD Xtra Gain account offers loan at any time after a period of 12 months.
• The amount of loan is fixed and is based on the future 5 years RD installments.
• Account holders can choose to discontinue the RD facility after availing the loan service.
• Retail customers with good Average Monthly Balance and repayment history need a minimum of 6 prompt RD installments only to avail the loan.
• The installment amount will remain the same even after the loan is provided.
• This scheme is supported by more than 1000 branches of the bank.
• Customers can repay the loan amount in installments or through one lump sum payment.

Documents Required for RD Xtra Gain Account:

• Copy of Passport as proof of identity.
• Recent photograph (passport size).
• Proof of Address.

Eligibility Criteria:

• Existing RD account holders whose:
  • Minimum monthly installment is Rs.1,000.
  • Minimum tenure for RD is 24 months.
• Existing RD account holders who have promptly remitted their recent 12 installments. These customers are eligible for taking the loan.
• In case of loan, at the end of the tenure the maximum age of the borrowers should be 60 years or the age of retirement (whichever occurs first).
• The spouse has to co-oblige in case of loan.