Syndicate Bank FD Interest Rates, Feb 2018

Syndicate FD rates

Tenure FD Rates Senior Citizen FD Rates
7 days to 30 days 4.75% 5.25%
31 days to 60 days 5.00% 5.50%
61 days to 179 days 5.50% 6.00%
180 days to 364 days 6.15% 6.65%
1 year 6.50% 7.00%
1 year 1 day to 10 years 6.50% 7.00%

The above rates are applicable for deposits of below Rs. 1 crore.

Syndicate Bank FD Maturity Calculator
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Syndicate Bank FD Interest Rates 2018

Syndicate Bank offers multiple fixed deposit options to their customers to park their surplus savings for a fixed tenure. A customer is required to make a deposit once into their FD account at the time of opening the account with the bank. The customer is not allowed to deposit more money and withdraw any money in the account during the tenure of the deposit. Fixed Deposits of Syndicate Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in Syndicate Bank are:

  • 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

FD Rates in Syndicate Bank

FDs are attractive financial instruments for depositors looking for attractive returns and high safety. FD interest rates in Syndicate Bank range from 4.75% p.a. to 6.15% p.a. for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term Syndicate Bank FD rates for senior citizens range from 5.25% to 6.65% p.a.

Always, compare tenure wise FD rate of banks to choose the FD rate at which the bank offers the highest fixed deposit interest rate and if possible, opt for FD with highest interest rate. Syndicate Bank FD rates are the highest for the deposits with a tenure of 1 year to 10 years, wherein the FD rate of interest is 6.50% p.a

Syndicate Bank FD interest rates for long term deposits with tenure of 5 years to 10 years offer good returns. Syndicate Bank fixed deposit rates for deposits with a tenure of 10 years is 6.50%. Senior citizen are offered deposit rates of 7.00% p.a. for long termed FDs.

Syndicate Bank Fixed Deposit Rates

Syndicate Bank offers best FD rate of 6.50% on term deposits for a tenure of 1 year to 10 years. The bank offers special interest rate on FD for senior citizens. Current Syndicate Bank FD rates for senior citizens range from 5.25% to 7.00%. Fixed Deposits rates of Syndicate Bank are a function of many factors such as monetary policies of RBI, economic growth rate, credit demand and liquidity position of the bank.

The factors affecting Fixed Deposit interest rates are as follows:

Policies Framed by RBI – As per RBI guidelines, the change in Cash Reserve Ratio (CRR) and repo rate affects the interest rate of all banking instruments including the fixed deposit.

Recession – Recession results in a decrease in the interest rate offered on fixed deposit. At the time of recession, RBI is forced to release the funds in the market which it achieves by lowering the rates on cash reserve of the banks and hence, providing them with additional liquidity. As a result of high liquidity and low credit demand, banks reduce the rates on FD.

Inflation – Inflation has a positive effect on a fixed deposit interest rate. Banks typically fix interest rates of FD in a manner that it is higher than the existing inflation rates. Hence, FD rates tend to be higher in a period of rising inflation.

Current State of Economy – Economic condition of the country is the major factor that affects the fixed deposit interest rate. In a booming economy, people need and are willing to take larger credit to meet their personal and business requirements. In periods of high credit demand, banks offer higher interest rate to garner more funds through fixed deposits.

Syndicate Bank Fixed Deposit

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
SyndTaxShield

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

Syndicate Bank FD 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 allows higher interest rate on larger deposits. Syndicate Bank offers 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 6.50% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of years months days to years months days .
  • 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 4.75% for a 7 Days FD and a rate of 6.50% 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.

Illustration: : Mr. A opens a FD account of Rs. 1 lakh with a tenure of 7 Days at an interest rate of 4.75 %. In this case, the maturity amount at the end of 7 Days will be Rs. 100,091 which includes the principal of Rs. 1 lakh and interest of Rs. 91 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.

FD in Syndicate Bank – Premature Withdrawal

Premature closure of Term Deposit with Syndicate Bank is along with the lower interest rate of 1% than the contracted rate. 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 loan 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 5.75% to 7.5%

Maximum loan tenure is restricted up to the maximum tenure of the FD.

Illustration - Mr. Rahul has opened a fixed deposit of Rs. 100,000 for 2 years in Syndicate Bank. The borrower later decided to take 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 Rs. 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 Rs. 90,000 availed for 1 month only. The amount he repays after 1 month is Rs. 90,744. So, the interest charged on the loan taken is Rs. 744.

Documents required to open Fixed Deposit Account in Syndicate Bank

  • PAN Card
  • 2 Photographs

FAQs on Syndicate Bank Fixed Deposit

What is the highest FD rate for Syndicate Bank?

You can earn a maximum interest of 6.50% 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 4.75% to 6.50%. Compared to this, the rate of senior citizens FD are in the range of 5.25% to 7.00%.

What is the tenure range for Syndicate Bank Fixed Deposit?

The tenure ranges from 7 days to 10 years.

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 Rs. 1,000.

Can I deposit additional amount in my FD account?

No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

Who is eligible for opening an FD account in Syndicate Bank?

All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

What documents are required to open an FD account in Syndicate Bank ?

The documents required to open an FD account in Syndicate Bank includes PAN Card, 2 Photographs.

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

  • 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

Syndicate News - Feb 2018
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