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  • Federal Bank RD Xtra Gain

     5.0 / 5.0   by 5 users
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    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.
    Recurring Deposit by Banks
    Recurring Deposit by other Institutions

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