Federal Bank Offers Free Insurance Cover for Gold Loan Customers

Federal Bank has come out with a new Gold Loan Product, “Akshaya Gold”, with the added feature of free insurance cover. Under the scheme, customers will get an insurance cover up to Rs. 1 L absolutely free. The product is available at competitive rates across all branches pan India. Federal Bank Customers can avail this loan from any branch in India irrespective of the Branch they are maintaining their Savings Bank account with. Customers who are not maintaining accounts with the Bank can also avail the loan after submitting the required KYC documents. Federal Bank also offers Apna Gold 24*7, a premium gold loan product with the convenience of multichannel withdrawal facility like Debit card, Internet, Mobile Banking, POS etc.  

According to Shri Babu K A, DGM & Head Retail Business, Federal Bank, “This is the first time any bank has come out with a free insurance cover for gold loans customers.  While we take care of the financial needs of our customers, we take care to protect their families also from any unforeseen contingencies.  Akshaya Gold is a special offer to our customers to meet their personal financial requirements, needs of their children for education or for buying any house hold items or even for going for a trip within India or abroad.  It is offered at a very competitive interest rate and the loan sanction and disbursal is very easy and fast”.

About Federal Bank:

Federal Bank is a leading Private Sector Bank with a branch network of 1,247 branches and 1,489 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs 1.22 Lakh Crore as at March 31, 2015 and it has earned a net profit of Rs 1005.75 Crore. Bank’s Capital to Risk weighted Ratio (CRAR) stood at 15.46% at the end of March 31, 2015. Federal Bank has its Representative Office at Abu Dhabi that serves as a nerve centre for NRI customers in the UAE. Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well defined vision for the future as a guidepost to its progress.