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Syndicate FD Calculator

Syndicate Bank Fixed Deposit Calculator 2022

Last Updated 09th Dec 2021

Syndicate Bank FDs have tenures ranging from 3 years to 10 years with maximum rate of interest of 5.50%. Interest rates for senior citizens are higher than the normal rates and ranges upto 6.00%.

Tenure Interest Rate for General Public Interest Rate for Senior Citizens Max Maturity Amount per Lakh
7 days to 45 days 2.95% 2.95% ₹ 1,00,057 - ₹ 1,00,364
46 days to 90 days 3.90% 3.90% ₹ 1,00,492 - ₹ 1,00,962
1 year 5.20% 5.70% ₹ 1,05,302 - ₹ 1,05,823
1 year 1 day to 1 year 364 days 5.20% 5.70% ₹ 1,05,317 - ₹ 1,11,968

Syndicate Bank has merged into Canara Bank on April 1, 2020. The interest rates of Canara Bank will now be applicable on Syndicate Bank.

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Syndicate Bank Fixed Deposit Calculator

Syndicate Bank fixed deposit calculator helps you calculate maturity value of your deposited amount at the interest rate which is compounded quarterly. The amount of fixed deposits, interest rates on FD, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

  • Deposit amount – This is the initial amount deposited by a customer in Syndicate Bank. Banks may allow a higher interest rate on larger deposits. Syndicate Bank offers a deposit amount in the range of Rs. 1,000 to No Limit.
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. Syndicate Bank offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits of less than a year. Highest interest rate offered by Syndicate Bank is 5.50% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of 3 years to 10 years.
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 2.95% for a 3 years FD and a rate of 5.50% for a 10 years FD.
  • Interest Compounding Frequency - This determines the frequency at which interest is compounded. Compounding frequency can be monthly, quarterly, half yearly or annual frequency.
  • TDS applicability and TDS rate - A TDS of 10% of interest amount is applicable if you earn more than Rs 40,000 in a year from FD, which is called FD income. If you do not submit the PAN Card to the bank then TDS rate will be 20% of interest amount.
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 2.95%. In this case, the maturity amount at the end of 7 days will be ₹ 1,00,671 which includes the principal of ₹ 1,00,000 and interest of ₹ 671 is earned on the principal amount during the period. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

      Syndicate Bank calculates quarterly interest on its fixed deposits. You can also opt for a tax saving scheme to save tax on fixed deposit.

How to Use MyLoanCare FD Calculator

Here is a simple procedure to use MyLoanCare FD calculator:-

  • Go to the FD Calculator.
  • Fill the fields like Deposit Amount, Rate of Interest, Period of Deposit (In years or months), Interest compound frequency.
  • Click Calculate.
  • Result will be shown, which will consist of total maturity amount and total interest earned

Syndicate Bank Fixed Deposit Interest Rate Calculator – Interest Payment Options

  • Non Cumulative- In a periodic interest payout option, Syndicate Bank would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
  • Cumulative- In case you opt for a Syndicate Bank cumulative deposit on maturity you would get a credit for the principal and interest earned net of TDS.

How is Syndicate Bank FD Rate Calculated?

Syndicate Bank calculates fd interest in two ways, one is cumulative and non-cumulative as discussed above. It is a decision made by you whether you want interest payout at the end of the tenure or monthly, quarterly, half-yearly or yearly. To earn more money you can go for a cumulative method because interest earned throughout the tenure is added to the principal amount and is compounded then. However, if you are looking for monthly income or so then you can go for non-cumulative.

Syndicate Bank FD Maturity Calculation for 5 Year

The interest earned on a fixed deposit in Syndicate Bank depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on Syndicate Bank FD can be calculated monthly, quarterly, half-yearly and annually.

Let’s understand how much interest you will earn if you invest ₹ 1,00,000 in Syndicate Bank FD for a 5-year tenure at an interest rate of 5.50% for depositors below 60 years and 6.00% for senior citizens.The maturity schedule of Syndicate Bank FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 5.50% for Citizens below 60 years and at 6.00% for Senior Citizens for 5 years

Year Citizens below 60 Years of Age Senior Citizens above 60 Years
Interest Earned Closing Balance Interest Earned Closing Balance
2022 ₹ 5,614 ₹ 1,05,614 ₹ 6,136 ₹ 1,06,136
2023 ₹ 5,930 ₹ 1,11,544 ₹ 6,513 ₹ 1,12,649
2024 ₹ 6,263 ₹ 1,17,807 ₹ 6,913 ₹ 1,19,562
2025 ₹ 6,614 ₹ 1,24,421 ₹ 7,337 ₹ 1,26,899
2026 ₹ 6,986 ₹ 1,31,407 ₹ 7,787 ₹ 1,34,686

Syndicate Bank FD Calculator Formula

Along with an online FD Calculator, you can use the formula to do the mathematical calculation of the maturity amount and interest earned on Syndicate Bank FD.

A = P (1 + r/n) ^ n*t
In the above formula –

  • A - Amount received on maturity
  • P - Deposit amount
  • r - Annual interest rate
  • n - Number of times the interest is compounded
  • t is Investment tenure

Other Investment Calculators

FAQs

What is the highest interest earned on Syndicate Bank fixed deposit?

You can earn a maximum interest of 5.50% on Syndicate Bank fixed deposits.

How many years FD will double in Syndicate Bank?

The growth of Syndicate Bank FD depends on the rate of interest and tenure. There is a method called Rule 72, which computes the number of years it will take to double one’s amount invested in Syndicate Bank FD.You can also use Syndicate Bank fd calculator to calculate the maturity amount. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.05%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.05 = 10.21. So it will take a little more than 14 years for one’s investment to get doubled in Syndicate Bank.

What are the minimum and maximum amounts that I can invest in an Syndicate Bank FD?

The minimum investment limit in Syndicate Bank Fixed deposit account is ₹ 1,000 and there is no maximum investment limit on FD.

Can I withdraw my premature FD from Syndicate Bank?

Yes, you can withdraw your premature FD amount if you want money before the tenure ends. However, you might have to pay a penalty fee ranging from 1% of FD amount for premature withdrawal.

How can I calculate Syndicate Bank premature FD amount?

To calculate premature FD amount you can use Syndicate Bank bank fd calculator. All you have to put is the value of the invested amount, tenure, interest rate and premature penalty rate (if any).


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Syndicate News - Jan 2022
  • 2021-07-15 : Syndicate Bank merged with Canara Bank - IFSC and SWIFT code changed
    After the merger of Syndicate and Canara Bank, the IFSC codes for erstwhile Syndicate Bank customers will be changed from July 1 this year. Existing Syndicate Bank customers will have to use their new IFSC codes for online transactions through NEFT, RTGS or IMPS routes.
  • 2019-10-24 : Revised Deposit rates for Syndicate Bank
    Syndicate Bank revised interest charges on fixed deposits. As per the revision, the interest for a period of 7-45 days is 4.50%; for 46-90 days, the rate is 5.50%, the rate for 91 days to 1 year is 5.75%, and for one year the rate is 6.40%. The rate for 1-2 years is 6.60%, and for 2-10 years, the revised FD rate is 6.25%.
  • 2019-06-06 : Syndicate Bank receives a significant growth in deposits
    Private sector lender, Syndicate Bank has received a substantial growth across its deposits this year. The bank has told that most of the business was received from the semi-urban and rural branches as compared to those obtained from the metro and urban bank branches. The bank’s CASA deposits grew from 33.33% to 36.77% as of March 2019 while the retail term deposits have moved up by 66.45% from 56% during the March 2019 quarter.
  • 2019-01-18 : Syndicate Bank revises interest rate on fixed deposits by 35 basis points
    Syndicate Bank has revised the interest rate of fixed deposits on January 15, 2019. The interest rates have been hiked for fixed deposits less than Rs. 1 crore only. Interest rate of fixed deposit with 500 days has been hiked to 7.05% from 6.70 earlier. While the rates for above 500 days to 2 years have been hiked to 6.50% and 7.55% for senior citizens respectively.
  • 2018-08-08 : Syndicate Bank Q1 loss at Rs 1282 Crore
    Syndicate Bank announced Q1 result. It reported a loss of Rs 1282 crores, which is almost 5 times Rs 263 crore loss it had reported in the previous year. This loss is due to higher provisioning, reduction in treasury income and Mark to Market (MTM) depreciation. Net Non Performing Asset (NPA) also worsened to 6.64% from 6.27% in the previous year.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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