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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.

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