As per the recent press release the fourth largest private lender, Federal bank has offered to provide a discount of 2 per cent on gold purchases during Diwali as festival offer.
The bank has also announced to offer a special gold loan offer as a part of its festival offer. The bank being the largest gold loan lenders in the state offers the special gold loan scheme under which it would charge only 1.10 per cent interest rate per month per Rs. 100 of loan against gold.
During second quarter of this fiscal year the bank’s gold loan was Rs.2, 500 crore at the same time as its overall loans during that period was Rs. 34, 000 crore. The bank had a deposit base of Rs. 47, 000 crore during the second quarter.
The bank had a Cumulative Abnormal Return (CAR) of 15.05 per cent and net performing assets (NPAs) of 0.76 per cent during the first quarter. The bank’s provision coverage ratio was 81 per cent which was more than the mandatory of 70 per cent.
Federal Bank Limited is a major Indian commercial bank in the private sector, headquartered at Aluva, Kerala. The name Federal Bank Limited was officially announced in the year 1947 with its headquarters nestled on the banks on the river Periyar. Since then there has been no looking back and the bank has become one of the strongest and most stable banks in the country. The bank offers home loan, personal loan, mortgage loan, car loans, Aashray Scheme, Equity Subscription, Prathyasha Loan, Ashwas Gold Loan etc.