Syndicate Bank Fixed Deposit

Syndicate Bank is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 7 days to 10 years. Apart from that, Syndicate Bank FD offers regular returns on fixed deposit ranging between 2.95% to 5.50%. For senior citizens, the interest rates on fixed deposits range between 2.95% to 6.00%. In addition to that, Syndicate Bank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

Different type of Syndicate Bank term deposit products offered to the investors are listed as follows:

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

Eligibility:

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

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

Eligibility:

• Resident Indians and hindu undivided family

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• A flexible and convenient scheme whereby a deposit is made for a fixed period from which amounts can be withdrawn as and when needed.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

Eligibility:

• Resident Indians and hindu undivided family

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

Eligibility:

• Resident Indians and hindu undivided family

Syndicate Bank fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are listed as follows:

• Guaranteed returns: The best thing about Syndicate Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on fixed deposit is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, Syndicate Bank offers FD rates up to 5.50%. The interest rates offered on Syndicate Bank FD is not only assured but also way higher than a savings account.
• Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a FD with a FD provider with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, Syndicate Bank term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
• Loan against FD: The investment made in FD scheme is not only a reliable investment option but can also act as an asset. This is because Syndicate Bank fixed deposit allows one to borrow a secured loan against Syndicate Bank FD. The Bank allows a loan up to 90-95% of the FD amount. The best part about Syndicate Bank loan against fixed deposit is that one does not need to break his or her FD to borrow the loan.
Loan Against Fixed Deposit
• Flexible tenures: Syndicate Bank FD offers the investors the flexibility to choose the investment tenure as per their convenience. Syndicate Bank offers fixed deposit for a minimum tenure of up to a maximum tenure of 10 years. Syndicate Bank offers different interest rates across FD tenures.
• Flexible investment: Apart from the flexibility of tenure, Syndicate Bank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs. 1,000. Apart from that, one can invest in the Syndicate Bank FD up to a maximum of No Limit.

Though a fixed deposit with Syndicate Bank means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

Withdrawing funds prematurely from Syndicate Bank will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of Syndicate Bank fixed deposits with tenure less than seven days, the bank does not pay any interest.

Syndicate Bank FD facility can be availed by the following type of investors:

• Indian Citizens
• Members of HUFs or the Hindu Undivided Family
• Business firms
• Local governing bodies
• Government departments
• Employees of private limited companies
• Trust accounts

Syndicate Bank fixed deposit requires one to submit the following documents:

• Passport size photographs
• Identity proofs such as Aadhar card, passport, PAN card, and driving license.
• Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
• Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
• Bank account details such as passbook and account number.

✅What is the loan against FD repayment tenure?

Syndicate Bank offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years.

✅ What is the minimum investment for FDs under Syndicate Bank?

Syndicate Bank FD can be availed with a minimum deposit of Rs. 1,000.

✅ What is the minimum amount for a fixed deposit in Syndicate Bank?

The minimum amount required for a fixed deposit investment in Syndicate Bank fixed deposit is Rs. 1,000.

✅ What is the current interest rate on FD in Syndicate Bank?

Currently, Syndicate Bank offers an interest rate ranging between 2.95% to 5.50% on its fixed deposits.

✅ What is the penalty for early withdrawal?

The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

✅ What is the minimum FD tenure for which a fixed Deposit account can be opened in Syndicate Bank?

Syndicate Bank fixed deposit can be opened with a minimum tenure of 7 days.