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Syndicate Bank Fixed Deposit Rate
A Fixed Deposit (FD) accumulates a fixed amount of interest, which is payable after a fixed period of time. It carries simple interest payable monthly /quarterly/ half yearly or annually. An FD yields a higher rate of interest than a regular savings account. As with any other investment instrument, FDs have their own pros and cons. Following are the advantages of opening an FD account:
- The money deposited in an FD account accumulates a higher rate of interest than a regular savings account.
- It instils a habit of saving as you cannot withdraw from an FD account like with a regular savings account.
- You can tap into the advantage of higher interest rates on your money for longer tenure.
- It is a safe form of investment and has negligible risks.
- It gives a guaranteed return, as opposed to other, riskier kinds of investments.
Due to the above reasons, Fixed Deposits are one of the most popular investments with conservative investors in India. It offers reliable returns and is free from fluctuations, market risks and volatility. It is, however, not immune to inflation though. The drawback to an FD account is that the money deposited cannot be withdrawn before the maturity date, except upon payment of a penalty. It is still, however, among the more liquid investments.
FD Tenure and Interest Rates
Under a fixed deposit account, money can be deposited for a time period that ranges from 7 days to 10 years. A few banks also offer tenures for longer.
The rates of interest paid for fixed deposits vary according to the principal amount, tenure and the issuing bank. The banks set their own FD interest rate which in India can generally range from 3.5% - 8% depending on the amount deposited and tenure amongst other factors.
One of the safest ways to invest idle money is to open an FD account and deposit the money. Booking an FD is a simple option, and also has the added advantage of a hassle-free documentation process.
Once the deposit matures, the bank credits the principal amount along with the interest earned to the bank account specified on the application form at the time of account opening.
Apart from banks, NBFCs and corporates too offer fixed deposits.
Syndicate Bank Deposit Rates
The rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. The general rule of thumb is, the longer the term of deposit, the higher the rate of interest. But a bank may also offer a lower rate of interest for a longer tenure if the rates are expected to fall in the future.Syndicate Bank Interest Rates typically range from 5%-8.00% per annum.
Syndicate Bank FD rates
Following is an overview of Syndicate Bank Term Deposit Rates and Syndicate Bank Short-Term Fixed Deposit Interest Rates.
Syndicate Bank Interest Rates on Fixed Deposits 2015 – 2016:
(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the Bank. For the latest rates, it is advisable to check with Syndicate Bank directly.)
| Tenure | Less than 1 crore | 1 crore to less than 10 crores | 10 crores to less than 25 crores |
|---|---|---|---|
| 7 to 14 days | 5.50% | 5.50% | 5.50% |
| 15 to 30 days | 6.00% | 6.00% | 6.00% |
| 31 to 45 days | 6.00% | 6.00% | 6.00% |
| 46 to 60 days | 6.00% | 6.00% | 6.00% |
| 61 to 90 days | 6.55% | 6.50% | 6.50% |
| 91 to 120 days | 7.00% | 6.50% | 6.50% |
| 121 to 179 days | 7.00% | 7.00% | 7.00% |
| 180 to 269 days | 7.00% | 7.00% | 7.00% |
| 270 to 363 days | 7.00% | 7.00% | 7.00% |
| 364 days | 7.00% | 7.00% | 7.00% |
| 1 year exact | 7.50% | 7.00% | 7.00% |
| Above 1 year to 2 years | 7.25% | 6.50% | 6.50% |
| Above 2 to less than 5 years | 7.00% | 6.50% | 6.50% |
| Exact 5 years | 7.00% | 6.00% | 6.00% |
| Above 5 to 10 years | 6.75% | 6.00% | 6.00% |
| Tenure | 25 crores to less than 50 crores | 50 crores to less than 100 crores | > 100 crores & above |
|---|---|---|---|
| 7 to 14 days | 5.50% | 5.50% | 5.50% |
| 15 to 30 days | 6.00% | 6.00% | 6.00% |
| 31 to 45 days | 6.00% | 6.00% | 6.00% |
| 46 to 60 days | 6.00% | 6.00% | 6.00% |
| 61 to 90 days | 6.50% | 6.50% | 6.50% |
| 91 to 120 days | 6.50% | 6.50% | 6.50% |
| 121 to 179 days | 7.00% | 6.75% | 6.75% |
| 180 to 269 days | 7.00% | 6.75% | 6.75% |
| 270 to 363 days | 7.00% | 6.75% | 6.75% |
| 364 days | 7.00% | 6.75% | 6.75% |
| 1 year exact | 7.00% | 6.75% | 6.75% |
| Above 1 year to 2 years | 6.50% | 6.50% | 6.75% |
| Above 2 to less than 5 years | 6.50% | 6.50% | 6.75% |
| Exact 5 years | 6.00% | 6.00% | 6.00% |
| Above 5 to 10 years | 6.00% | 6.00% | 6.00% |
Syndicate Bank FD Interest Rates for Senior Citizens
Syndicate Bank offers special Senior Citizen FD Rateswhich is generally marginally higher than the rates applicable on a regular FD. As of now, the Syndicate Bank Senior Citizen FD rate of interest is 0.50% higher on Domestic Term Deposits of less than Rs. 5 Crores and the maturity tenor of one year and above only. Note that this is not applicable to NRO deposits. All Resident Senior citizens of 60 years and above of can avail benefits of this scheme.
How to Calculate Syndicate Bank Fixed Deposit Interest
You can use online resources to help you identify how much interest you will earn on your principal amount. Using an online FD calculator helps you determine how much you want to invest, and for what tenure.
Online FD calculators are easy to use and instantly calculate the returns on your principal amount. All you need to do is enter the amount to be deposited, number of months, and the rate of interest per annum – and the calculator will do the rest and present you with a breakup of the interest earned and the maturity amount. There are several online websites that allow you to instantly calculate the interest earned.
You can refer to the bank’s latest interest rates to help you arrive at a more accurate maturity amount.
Using an online resource comes in handy when determining how much you want to invest and the amount you will earn in interest on the principal amount.
You can also calculate the interest earned and the maturity value on the principal amount using the following formula - if you are up for manual calculation:
Calculate Syndicate Bank FD Rate
A = P x (1 + r/n)nt
I = A - P
Where
A = Maturity Value
P = Principal Amount
r = Rate of Interest
t = Number of Years
n = Compounded Interest Frequency
I = Interest Earned
Syndicate Bank FD Premature Withdrawal Penalty
If you need funds urgently, the bank will allow you to withdraw the money from the deposit prematurely. The bank typically charges a nominal penalty which is communicated to you at the time of appliying to open an FD.
You can also opt for a loan against your FD. The bank offers up to a maximum of 95% of the deposit amount depending on the length of the unexpired period of the deposit.
Syndicate Bank Fixed Deposit Rate FAQ
1. What is a fixed deposit?
A fixed deposit is a regular interest earning scheme. It is flexible, and a liquid (mostly) deposit scheme in which money deposited accrues interest. It ensures that your money never remains idle.
2. What is the minimum period for a fixed deposit in Syndicate Bank?
The minimum period of Fixed Deposit is 15 Days.
3. What is the minimum amount required to open a fixed deposit with Syndicate Bank?
The minimum amount you can invest is Rs. 1000, for a period as short as 15 days. Maximum tenure is 120 months.
Syndicate Bank Fixed Deposit Rate - Customer Reviews
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