Fed Rise
Features & Benefits
Fed Rise is an overdraft facility against recurring deposits- an innovative product - first of its kind in the entire banking industry.
Customers including NRI's who have opened monthly installment Federal Savings Fund (FSF) Recurring Deposit with us. Recurring deposits maintained with our bank in the name self or third party are eligible.
90% of the maturity value will be sanctioned at the initial stage itself
90% of the balance outstanding in recurring deposit can be availed by the customer at any point of time
Minimal documentation and Quick processing
Facility to withdraw the amount through ATM, internet banking, POS and all other channels by linking to savings account balance.
Repayment can be made as lumpsum
Terms & Conditions
- Maximum amount : 90% of the maturity value of the Recurring Deposit
- Tenure: Up to maturity date of Recurring Deposit OR 120 months whichever is lower
- If the customer is defaulting in monthly installments in RD consecutively for 3 months, the limit shall be set off against RD
Rates & Charges
Interest rates
For own Deposit:
10.75% or FSF rate+2.00%, whichever is higher
For third party Deposits:
11.25% or FSF rate+2.50%, whichever is higher
Processing Fee
For loans up to & including Rs 10L : 0.15% of the sanction limit, subjected to a minimum of Rs 250/-
For loans above Rs 10L : 0.25% of the sanction limit
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