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.
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.
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.
- The scheme has competitive interest rates.
- Guarantee or co-obligancy of 2 people is required for a loan of up to Rs.1 Lakh. Collateral security is required for a loan of more than Rs.1 Lakh.
Documents Required for RD Xtra Gain Account:
- Passport as proof of identity.
- Recent photograph (passport size).
- Proof of Address.
