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Syndicate FD - Scheme, Eligibility, Documents

Syndicate Bank Fixed Deposit Highlights

Last Updated 15th Jul 2021

Syndicate Bank fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 2.95% to 5.50%
Minimum Tenure 7 days
Maximum Tenure 10 years
Deposit Amount Rs. 1,000
Maximum Deposit No Limit
    Earn upto 6.95% on FD APPLY NOW

    Syndicate Bank FD

    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 deposits 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.

    Types of Syndicate Bank Fixed Deposit Schemes

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

    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

    Eligibility:

    • 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

    Eligibility:

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    • A flexible and convenient scheme whereby a deposit is made for a fixed period from which amounts can be withdrawn as and when needed.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

    Eligibility:

    • 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

    Eligibility:

    • Resident Indians and hindu undivided family

    Benefits of Syndicate Bank FD

    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 mentioned below:

    • Guaranteed returns: The best thing about Syndicate Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on a fixed deposits 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 fixed deposits 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 an 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. Benefits of Loan Against FD of Syndicate Bank are as follow:
      • Loan against FD of Syndicate Bank offers the loan amount upto 90%-95% of the FD amount.
      • The interest charged on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
      • Loan against FD of the Syndicate Banks flexible repayment options.
      • The processing fee of Loan Against FD in the Syndicate Bank is nil.
      • It is a hassle-free loan and does not require the depositor to break the FD.
    • 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 7 days 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.

    Premature Withdrawal Terms and Conditions

    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.

    Eligibility Criteria for Syndicate Bank FD

    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

    Documents for Syndicate Bank FD

    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.

    Credit Card Against Syndicate Bank FD

    Credit Cards againstSyndicate Bank FD are secured credit cards. They are availed against the amount deposited in the term deposits. They are an ideal option for individuals with low CIBIL score and salary. Below mentioned are the important features of Credit Cards against Syndicate Bank FD:

    • The limit offered on the credit card depends upon the amount deposited in the fixed deposits. Generally, banks offer around 80% of the deposit amount as the total credit limit on the card.
    • Credit Cards against the fixed deposits require minimum documentation.
    • The minimum tenure of the term deposits should be 6 months to avail credit card against it.
    • Secured Credit cards also offer discounts, cashback and rewards.
    • The cardholder continues to earn the same applicable interest rate on FD.

    FAQs

    What is the loan against FD repayment tenure in Syndicate Bank?

    Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. 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 Fixed Deposit is one of the safest investment avenues and it 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 in Syndicate Bank?

    Bank charges penalty on premature withdrawal of fixed deposits. 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. The tenure of the Syndicate Bank fixed deposits ranges from 7 days to 10 years.

    Can I deposit additional amount in my Syndicate Bank 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 KYC documents and Passport size photos.

    In how many years FD doubled in the Syndicate Bank?

    The time Syndicate Bank fixed deposits will take to double the initial amount will depend upon the rate of interest offered on the FD. You can calculate the maturity amount of the Syndicate Bank FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

    Can an NRI open a Syndicate Bank fixed deposit account?

    No, Non-Resident Individuals are not allowed to invest in Syndicate Bank schemes. It means that they are not eligible to invest in fixed deposits.

    Is the Syndicate Bank safe for FD?

    Yes, the Syndicate Bank is one of the safest avenues for any investments. Syndicate Bank is backed by the Government of India and the returns on any investment including fixed deposits are guaranteed.

    Is it wise to take a loan against FD from the Syndicate Bank?

    Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from Syndicate Bank are:

    • It offers the loan upto 90%-95% of the FD amount.
    • The interest levied on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
    • Loan against FD offers flexible repayment options.
    • The processing fee of Loan Against FD is Nil.
    • It is a hassle-free loan and requires minimum documentation.
    • Loan against FD helps the depositors to avoid the option of premature withdrawal.

    However, there might be a chance that the alternative credit option is offering lower rates with better facilities. In that case, individuals must compare and decide on the credit option.


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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.
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