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Syndicate Bank FD Interest Rates

Syndicate Bank FD Rates 2021

Last Updated 27th Nov 2020

Syndicate Bank is one of most reliable FD providers amongst a number of FD providers in the market. Syndicate Bank FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. 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 5.25% 5.75%

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 option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than 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% 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 Best FD Plan

We need to compare tenure wise latest FD rate of Syndicate Bank to choose the tenure at which it provides the highest interest rate. Syndicate Bank FD rates are best for the deposits with a tenure of 3 years to 10 years, wherein the current FD rate of interest is 5.50% p.a

If one is looking to invest in short term deposits with Syndicate Bank, FD interest rates range from 2.95% p.a. to 4.45% 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 2.95% to 4.95% p.a.

If one is looking to invest in long term deposits, Syndicate Bank FD interest rates with tenure of 5 years to 10 years are a good choice with interest rates on deposits with a tenure of 10 years at 5.50%. Senior citizens are offered special rates from bank with highest deposit rates of 6.00% p.a. on long term FDs.

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:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% 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

Syndicate Bank Fixed Deposit Rates – 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 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 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 availed 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 a Fixed Deposit account in Syndicate Bank, you can visit the official website and login to your account. Choose 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 offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a Syndicate Bank fixed deposit. 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 FD 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, the rate of 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.

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

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

Yes, you can submit your application for opening a FD account on the website of Syndicate Bank. After submitting the application, you will be contacted by the bank’s representative for 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 with the 5.50%. For Syndicate Bank FD the number of years in which your FD will get doubled is; 72/5.50 = 13


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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