Federal Bank, a Kerala-based private sector bank has reportedly unveiled a new Gold Loan Product, Akshaya Gold, with the added feature of free insurance cover of up to Rs 1 lakh. The product is available at competitive rates across all branches pan India.
Customers can avail this loan from any branch in India irrespective of the home branch. Those not holding an account can also avail the loan after submitting the required KYC documents. The bank also offers Apna Gold 24x7, a premium gold loan product with the convenience of multichannel withdrawal facility like Debit card, Internet, Mobile Banking, POS etc.
Federal Bank has posted a rise of 1.17% in its net profit at Rs 280.53 crore for the quarter ended March 31, 2015 as compared to Rs 277.29 crore for the same quarter in the previous year. Total income of the bank has increased by 9.77% at Rs 2214.28 crore for quarter under review as compared to Rs 2017.12 crore for the quarter ended March 31, 2014.
