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Syndicate Bank FD Calculator

Syndicate Bank Fixed Deposit Calculator 2021

Last Updated 27th Nov 2020

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 Rates Maturity Amount for ₹ 1 Lakh
7 days to 45 days 2.95% to 2.95% ₹ 1,00,057 - ₹ 1,00,364
46 days to 90 days 3.90% to 3.90% ₹ 1,00,492 - ₹ 1,00,962
1 year 5.25% to 5.75% ₹ 1,05,354 - ₹ 1,05,875
1 year 1 day to 1 year 364 days 5.20% to 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.

Syndicate Bank FD Maturity Calculator
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Syndicate Bank Fixed Deposit Calculator

Syndicate Bank fixed deposit calculator helps you to calculate maturity value of your deposited amount at the interest rate offered compounded at 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. Bank may allow higher interest rate on larger deposits. Syndicate Bank offers deposit amount in the range of 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
    • 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 tax saving scheme to save tax on fixed deposit.

Syndicate Bank Fixed Deposit Interest Calculator – Interest Payment Options

  • 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.
  • 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.
  • Calculate the FD maturity amount using the FD calculator.

FD Maturity Calculator

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. The interest rates for senior citizens are higher than normal rates of Syndicate Bank FD.

Suppose if you make an investment of ₹ 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 amount for this deposit amount is ₹ 1,31,407 and the total interest earned is ₹ 31,407 for below 60 years age citizens. However, the interest earned for senior citizens is ₹ 34,686 which is higher. 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
2021 ₹ 5,614 ₹ 1,05,614 ₹ 6,136 ₹ 1,06,136
2022 ₹ 5,930 ₹ 1,11,544 ₹ 6,513 ₹ 1,12,649
2023 ₹ 6,263 ₹ 1,17,807 ₹ 6,913 ₹ 1,19,562
2024 ₹ 6,614 ₹ 1,24,421 ₹ 7,337 ₹ 1,26,899
2025 ₹ 6,986 ₹ 1,31,407 ₹ 7,787 ₹ 1,34,686

Syndicate Bank FD Calculator Formula

Along with 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 deposit.

How is Syndicate Bank FD interest calculated?

The formula to calculate interest on Syndicate Bank FD is
A = P(1+r/n)^nt
Here: A = Maturity amount
P = Invested amount
r = Interest rate as decimal
n = number of times interest is compunded
t = tenure of deposit
However, you can use online FD calculator to estimate the value of interest earned on the deposited amount.

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. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 6.95%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/6.95 = 10.36. 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.

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Syndicate News - Jan 2021
  • 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.
  • 2018-07-19 : Syndicate Bank revises interest rate on FD
    Syndicate Bank has revised its interest rate on retail fixed deposits or FDs below Rs. 1 crore. The interest rate on Syndicate Bank FD with a maturity of one hundred eighty days to less than one year is at 6.35% and senior citizens will get an interest rate of 6.85%. The rates continue to be in the range of 4.75 to 6.80% and that of senior citizen is 5.25% to 7.30%. The new rates are effective from July 11, 2018.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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