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Syndicate FD Interest Rates 2021

Syndicate FD Interest Rates

Last Updated 15th Jul 2021

When it comes to the FD interest rate, the highest rate offered on Syndicate Bank FD is 5.50%. Latest Syndicate Bank FD interest rate for senior citizens, on the other hand ranges between 2.95% to 6.00%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 45 days 2.95% 2.95%
46 days to 90 days 3.90% 3.90%
91 days to 179 days 4.00% 4.00%
180 days to 364 days 4.45% 4.95%
1 year 5.20% 5.70%

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

Earn upto 6.95% on FD APPLY NOW

Syndicate Fixed Deposit Features

Syndicate Bank FDs are one the best investment options available for depositors who are looking to invest in a fixed income instrument and earn higher returns than the savings account. Key Features of Syndicate Bank Fixed Deposit are:

  • Deposit Amount : Syndicate Bank FD can be opened with an amount as a low ₹ 1,000 to up to No Limit.
  • FD Tenure : Ranges between 7 days to 10 years.
  • Interest Rate Range : 2.95% p.a. to 5.50% p.a.
  • Senior Citizens FD Rate : 2.95% p.a to 6.00% p.a.
  • Highest Interest Rate : As per today’s rate, Syndicate Bank’s highest interest rate on FD is 5.50% offered for a tenure of 10 years.
  • Safety of Syndicate Bank Deposits : Syndicate Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD : Syndicate Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto- Renewal Facility : Available
  • Nomination Facility : Available
  • Popular FD Schemes : Regular Fixed Deposit, Syndicate Bank SyndTaxShield Deposit, Suvidha Deposit, Synd Corporate Suvidha Deposit Scheme

Syndicate Bank FD Interest Rates Today

Interest rates on Syndicate Bank deposits are updated regularly by the Government of India. The following are updated Syndicate Bank FD interest rates 2021:

Tenure Interest Rate
7 days to 45 days 2.95%
46 days to 90 days 3.90%
91 days to 179 days 4.00%
180 days to 364 days 4.45%
1 year 5.20%
1 year 1 day to 1 year 364 days 5.20%
2 years to 2 years 364 days 5.40%
3 years to 10 years 5.50%

Syndicate Bank FD Rates for Senior Citizens

With an aim to attract senior citizens above the age of 60 years to invest in the fixed deposits, Syndicate Bank offers a higher interest rate to senior citizens than the general public. Listed below are the Syndicate Bank fixed deposits interest rates for senior citizens 2021:

Tenure Interest Rate for senior citizens
7 days to 45 days 2.95%
46 days to 90 days 3.90%
91 days to 179 days 4.00%
180 days to 364 days 4.95%
1 year 5.70%
1 year 1 day to 1 year 364 days 5.70%
2 years to 2 years 364 days 5.90%
3 years to 10 years 6.00%

Best FD Plan as per Syndicate Bank FD Rates

To invest in Syndicate Bank fixed deposit, you must compare Syndicate Bank Fixed Deposit Rates for varying tenures. Syndicate Bank FD Interest Rates 2021 are best for the deposits with a tenure of 3 years to 10 years, wherein the current Syndicate Bank Fixed Deposit Interest Rates is 5.50 p.a.

If you are looking to invest in short term deposits with Syndicate Bank, the interest rate of Syndicate Bank for FD ranges from 2.95% p.a. to 4.45% p.a. These deposits are known as short term deposits and are offered with a tenure of 7 days to less than 365 days. Short term Syndicate Bank Fixed Deposit Rates for senior citizens range from 2.95% to 4.95% p.a.

If you want to invest in long term deposits, Syndicate Bank Fixed Deposit Rates with tenure ranging from 5 years to 10 years are a good choice with interest rates on deposits at 5.50%.Syndicate Bank Senior citizens FD Rates are offered at special rates with the highest deposit rates of6.00% p.a. on long term FDs.

Below-mentioned is some of the benefits of opening an FD account in Syndicate Bank:

  • Interest on deposit is paid only at the time of the maturity
  • Syndicate Bank also offers a nomination facility on its fixed deposits.
  • Extra interest of 0.25% to 0.50% is payable to the senior citizens.
  • Availability of auto-renewal facility on the deposit.
  • Earn higher returns on the money deposited.

Documents required to open Fixed Deposit Account in Syndicate Bank

  • PAN Card
  • 2 Photographs
  • Age proof (Birth certificate, matriculation certificate, etc,)
  • Passport size photographs
  • Bank A/c details

Syndicate Bank Fixed Deposit Rates – Premature Withdrawal

You can close your Syndicate Bank FD account prematurely, however Syndicate Bank charges a penalty of 1% for premature withdrawal. Also, The penal provisions for premature closure on Syndicate Bank FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit Syndicate Bank

Syndicate Bank offers loans up to 90% against its own deposit. Note that Syndicate Bank will not give you loan against FD of any other bank. Syndicate Bank offers Loan against FD at the rate of 3.95% to 6.5%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in Syndicate Bank. The borrower later decided to take a loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws ₹ 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on ₹ 90,000 available for 1 month only. The amount he repays after 1 month is ₹ 90,744. So, the interest charged on the loan taken is ₹ 744.

FD Account Opening Process at Syndicate Bank

To open an Syndicate Bank Fixed Deposit, follow the steps as mentioned below:

  • Visit the official website of Syndicate Bank and log in to your FD account.
  • From the menu, choose the Fixed Deposit option, the Type of FD you want to open and click on proceed.
  • Enter the deposit amount and select the ‘Senior Citizen’ option if you are above 60.
  • Now, choose the deposit tenure and interest payout frequency.
  • Finally, click on Submit to open the Syndicate Bank FD after reading the terms and conditions.

To open a Fixed Deposit account in Syndicate Bank, you can visit the official website and login to your account. Choose the Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the Syndicate Bank FD after reading the terms and conditions.

Nomination Facility on Syndicate Bank FD

Syndicate Bank also offers a nomination facility on Fixed Deposit to claim the amount in case of the depositor's death. You can file the details of only 1 nominee when opening an Syndicate Bank FD account. The nominee has to submit his/her identification proof at the time of claim.

Syndicate Bank Fixed Deposit Scheme

Regular Fixed Deposit

Description:

  • Under this scheme, the depositor is allowed to make investment into the deposit to earn attractive and higher returns along with a flexibility and security.
  • Loans available upto a maximum of 90 per cent of the deposit amount
  • Nomination facility is available
  • Interest will be paid on monthly basis at discounted rate or quarterly basis as desired by the depositor
  • Simple interest is paid on maturity of the deposit

Who is eligible?

  • Resident Indians, private or public limited company, hindu undivided family, partnership firm and trust
Syndicate Bank SyndTaxShield Deposit

Description:

  • A flexible and secured fixed deposit scheme with dual benefits of tax exemption under section 80C and attractive returns.
  • Interest income from these term deposits shall be liable to tax under the IT Act
  • Nomination facility is available
  • Not eligible for pledge to secure loan or as security to any other asset

Who is eligible?

  • Resident Indians and hindu undivided family
Suvidha Deposit

Description:

  • A flexible and convenient scheme whereby a deposit is made for a fixed period from which amounts can be withdrawn as and when needed.
  • Option is available to withdraw a portion of the deposit in multiples of Rs. 1,000 whenever needed
  • Nomination facility is available
  • Loan or overdraft upto 90 per cent against deposit is available

Who is eligible?

  • Resident Indians and hindu undivided family
Synd Corporate Suvidha Deposit Scheme

Description:

  • It is a unique term deposit scheme which is specially designed to make larger deposits into a fixed deposit account to earn a higher rate of interest from a fixed deposit account.
  • There is no restriction regarding frequency and number of withdrawals
  • Loan or overdraft against upto 90 per cent deposit is available
  • Simple interest on the deposit is payable at quarterly intervals at the contracted rate

Who is eligible?

  • Resident Indians and hindu undivided family

FAQs

What is the highest fixed deposit interest rate for Syndicate Bank?

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

Are there any special rates for senior citizens FD of Syndicate Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 2.95% to 5.50%. Compared to this, Syndicate Bank senior citizens FD are in the range of 2.95% to 6.00%.

What are the current Syndicate Bank FD interest rates 2021?

Current interest for FD in Syndicate Bank ranges between 2.95% - 5.50%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with Syndicate Bank?

The minimum deposit amount required to book an FD with Syndicate Bank is ₹ 1,000.

Is it possible to change the tenure of my existing fixed deposit account with Syndicate Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with Syndicate Bank without their PAN card

  • Your TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

Can a customer open an FD account online in Syndicate Bank?

Yes, you can submit your application for opening an FD account on the website of Syndicate Bank. After submitting the application, you will be contacted by the bank’s representative for the further process, which includes filling an application process and submitting KYC documents.

In how many years FD will double in Syndicate Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 the 5.50%. For Syndicate Bank FD the number of years in which your FD will get doubled is; 72/5.50 = 13

What is the interest of 1 lakh in the Syndicate Bank?

The interest on Syndicate Bank fixed deposit depends on the tenure of the FD for which it is deposited. Below mentioned is the Syndicate Bank FD interest rate 2021 across different tenures.

TenureInterest Rate
7 days to 45 days 2.95%
46 days to 90 days 3.90%
91 days to 179 days 4.00%
180 days to 364 days 4.45%
1 year 5.20%
1 year 1 day to 1 year364 days 5.20%
2 years to 2 years 364 days 5.40%
3 years to 10 years 5.50%


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Syndicate News - Jul 2021
  • 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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