Fixed Deposit Interest Rate – Syndicate Bank

Syndicate Bank

Syndicate Bank is Nationalized Public Sector Bank established in 1925 in Udupi, the abode of Lord Krishna in coastal Karnataka with a capital of Rs.8000/- by three visionaries – Sri Upendra Ananth Pai, a businessman, Sri Vaman Kudva, an engineer and Dr.T M A Pai, a physician – who shared a strong commitment to social welfare. Their objective was primarily to extend financial assistance to the local weavers who were crippled by a crisis in the hand loom industry through mobilizing small savings from the community. The bank collected as low as 2 annas daily at the doorsteps of the depositors through its Agents under its Pigmy Deposit Scheme started in 1928. This scheme is the Bank’s brand equity today and the Bank collects around Rs. 2 crore per day under the scheme. Currently each day collection through Pigmy is approximately Rs Two crore and more.

A regular interest earning scheme. A flexible and convenient deposit scheme which ensures that your money never remains idle. Even very small amounts earn interest for very short periods. Yes. You can deposit an amount of just Rs.1000/- for a period as short as 15 days and make it grow.

Salient features of the Fixed Deposit of Syndicate Bank  are:

  •  Minimum deposit Rs.1000/-
  •  Deposits accepted for periods ranging from 15 days to 120 months.
  •  Option available for receiving monthly interest at discounted rates or quarterly interest.
  •  Premature withdrawal of deposit is permitted any time subject to payment of prescribed penalty.
  •  Loans available upto a maximum of 95% of the deposit amount depending on the length of the unexpired period of the deposit.
  •  Senior Citizens & Staff will be eligible for additional Rate of interest as per applicable norms.
  •  Nomination facility available.
  •  The rates of interest on deposits are as fixed by the Bank from time to time.

About Syndicate Bank Fixed Deposit

Syndicate Bank is offering a series of interest earning fixed deposit schemes. Customer can customized the fixed deposit schemes through various mean, tenure etc. They are collecting as low as Rs 1000 as minimum amount for fixing money for set of maturity time interval. Syndicate Bank fixed deposit scheme allows flexible payout options.

Loan on Fixed Deposit Interest Rate

Syndicate bank providing Loan on Deposits (LD) or Overdraft on Deposit (ODD) up to 95% of the deposit amount depends on the maturity time frame.Nomination facility are available under the Syndicate Bank fixed deposit scheme.

Interest Rate on LD & ODD against Fixed Deposit : 2% Over and above the Fixed Deposit prevailing rate

About Syndicate Bank Short Term Fixed Deposit Interest Rates

Fixed deposit rates of syndicate Bank are vary from 4.75% To 6.70% As on 08/05/2017 for various days. 

Syndicate Bank Medium and Long Term Fixed Deposit Interest Rates

Syndicate Bank offering Fixed deposit accounts with tenures in the range of 1 year to 10 years. There are various interest rate offered as per table for various time duration. 

Tenures of exactly 5 years are given interest at the rate of 6.70% as well. Tenures ranging from 5 years to 10 years are offered an interest rate of 6.7% p.a.

Syndicate Bank Fixed Deposit Senior Citizen Interest Rate

Senior citizens are offered an additional 0.50% over the prevalent card rate for fixed deposit account tenures in the range of 1 year to 10 years. No senior citizen benefit are given on the Fixed deposit with tenure less than a year.

Syndicate Bank Fixed Deposit Interest Rate

(w.e.f. 08/05/2017 ) : Click for Syndicate Bank’s Website 
Sr No.Period of Deposit/ TenorsRate of Interest (% p.a.)
Less than 1 cr1 cr to less than 5 cr5 cr to less than 25 cr25 cr to less than 50 cr50 cr to less than 100 cr> 100 cr & above
17 to 14 days04.7504.7504.5004.5004.5004.50
215 to 30 days04.7504.7504.5004.5004.5004.50
331 to 45 days04.7504.7504.5004.5004.5004.50
446 to 60 days04.7504.7504.5004.5004.5004.50
561 to 90 days05.5005.2505.0005.0005.0005.00
691 to 120 days05.5005.2505.0005.0005.0005.00
7121 to 179 days05.5005.2505.2505.2505.2505.25
8180 to 269 days06.2505.2505.2505.2505.2505.25
9270 to less than 1 year06.2505.2505.2505.2505.2505.25
101 year exact06.6006.2505.5005.5005.5005.50
11Above 1 year to 2 years06.6006.2505.5005.5005.5005.50
12Above 2 to less than 5 yrs06.7006.2505.5005.5005.5005.50
13Exact 5 yrs06.7006.2505.5005.5005.5005.50
14Above 5 to 10 yrs06.7006.2505.5005.5005.5005.50
*Acceptance of deposits of over Rs 5 Crores is at the discretion of the Bank.
  •  Additional interest of 0.50% over the card rate is payable to Resident Indian Senior Citizens on Domestic Term Deposits of less than Rs 5 Crore and the maturity tenor of one year and above only. (Not applicable to NRO deposits).
  •  Employees / eligible Ex-employees are eligible for an additional interest of 1%over the card rate Label irrespective of the amount and tenor of deposit (Not applicable on NRO deposits).
  •  SyndSmartGen VCC Product available for 366 days has been extended vide Circular No. 148/2015/BC/P&D/055 dated 13.4.2015.
  •  SyndSmartShe VCC Product available for 366 days. Scheme is extended further as per Circular No. 58/2015/BC/P&D/26 dated 9.2.2015.
  • Eligible ex-employees, who are Senior Citizens and eligible for an additional interest of 1% payable to employees / eligible ex-employees are also eligible for an additional interest of 0.50% payable to Resident Indian Senior Citizens on domestic term deposits of less than Rs 5 Crore & maturity tenor of one year and above only.
  •  The revised rate of interest shall apply to fresh as well as renewals of existing Domestic Deposits. 08/05/2017

Syndicate Bank Fixed Deposit Interest rate Calculator 

We will be happy to hear your thoughts

      Leave a reply

      AskBanking - Banking FAQs & Support Blog