Syndicate Bank Recurring Deposit (RD) Rates

Syndicate Bank has been merged under Canara Bank. Visit our Canara Bank RD Interest Rates page for more details.

Syndicate Bank, now merged with Canara Bank, offers Recurring Deposit (RD) schemes at attractive interest rates. RDs are a good investment option for individuals, helping them achieve safe returns on monthly deposits. 

Continue reading this article to learn more about Syndicate Bank’s Recurring Deposit interest rates in 2024, how to calculate them, and more. 

Syndicate Bank Recurring Deposit Scheme Highlights for 2024

Here are some of the key highlights of the Syndicate Bank Recurring Deposit Scheme:

Syndicate Bank RD Interest Rate 2024

Syndicate Bank has merged with Canara Bank, and the RD interest rates are the same as Canara Bank. Hence, the Syndicate Bank RD Interest Rate 2024 is as follows: 

Syndicate Bank Senior Citizen RD Interest Rate

Here are the interest rates for Syndicate Bank senior citizens RD:

Types of Syndicate Bank RD Accounts

Syndicate Bank, now merged with Canara Bank, offers several kinds of RD accounts to meet individual investors’ needs and financial goals. Here is a detailed overview of the three types of recurring deposit schemes offered by Syndicate Bank, now Canara Bank:

• Standard Recurring Account:

It is the regular recurring deposit account offered by Canara Bank, offering interest rates ranging from 6% to as high as 7.75% per annum (senior citizens). The minimum monthly amount under this scheme is Rs. 50 and in multiple of Rs. 50, while there is no upper limit. Moreover, the maximum duration of recurring deposits is 120 months.

• Nitya Nidhi Deposit Scheme:

The Pigmy Deposit scheme of the syndicate bank and the New Nitya Nidhi Deposit scheme of Canara Bank are fused together to form a new recurring deposit scheme known as the Nitya Nidhi Deposit Scheme. 

This initiative aims to encourage small savings and is specifically designed for daily savers with modest means. It features a convenient daily door-to-door collection service. Authorised agents from the bank will collect your savings at your doorstep, either daily or at intervals that suit your preferences.

• Canara Bank Dhanvarsha Recurring Deposit Scheme (Flexi RD Scheme):

One of the most important RD schemes comes with numerous perks such as competitive interest rates, extended withdrawals, up to 90% of the maturity value and more. The minimum amount required under this scheme is Rs. 500 and the maximum amount is Rs. 1 lakh. Additionally, the deposit tenure ranges from a minimum of 1 year and in multiple of 3 months thereafter, the maximum limit is 10 years.

Features of Syndicate Bank RD Interest Rates

Syndicate Bank Recurring Deposit (RD) offers its customers a variety of features. Here are some key features of the bank RD interest rates:

• Allows individuals to save money by depositing in small amounts and on a regular basis rather than paying a large amount at the time of opening an RD account
• You can save every month in small amounts for a long period to meet your desired financial goals and objectives
• Opening an RD account in Syndicate Bank is an ideal scheme for businessmen, salaried individuals, professionals, students, housewives and others
• Opening an RD account in Syndicate Bank allows for flexible tenure, i.e. you can select tenure ranging from a few months to years considering your financial goals and objectives
• An RD account offers attractive rates of interest in comparison with a savings bank account. This is quite similar to an FD account but needs a smaller investment every month
• RD account in Syndicate Bank is a safe and less risk-associated investment, free from volatility and fluctuations in the market
• The applicable period of deposit is 6 months minimum while it is 120 months maximum
• There is availability of a nomination facility
• A loan facility is available up to 90% of the deposit balance available
• Tax deduction at source is done as per the Income Tax rules

How to Calculate Syndicate Bank RD Interest Rate?

Interest rates on Syndicate Bank Recurring Deposits are computed on a quarterly basis and compounded to provide you with a healthy return on your monthly investment. 

The formula for calculating RD interest is as follows:

A = P x (1 + r/n) ^ (n x t)

Where:

• A = Maturity Value
• P = Deposit Amount
• r = Interest rate
• n = Number of times interest is compounded
• t = Tenure

Here is an example for you to better understand the calculator process of Syndicate Bank RD interest:

Raj opened an RD account in Syndicate Bank with a monthly deposit of Rs. 3,000 for 3 years at an interest rate of 6.85%.

• P = Rs.1,08,000 (Rs.3,000 x 36) 
• r = 0.0685 (6.85%) 
• n = 4

A = P x (1 + r/n) ^ (n x t) = 1,08,000 x (1 + 0.0685/4) ^ (4 x 36)

A = Rs. 1,20,129

You can conveniently calculate this within seconds using the Canara Bank RD Calculator. 

Eligibility for Opening Syndicate Bank RD Account

Opening an RD account in Syndicate Bank is easy and hassle-free. But before opening an account, check out if you meet its eligibility criteria. Let's look into the eligibility criteria for the Syndicate Bank RD account in detail:

• Must be an Indian resident or a HUF (Hindu Undivided Families)
• Minors are also eligible to open an account, but under the guardianship of parents who are recognised as financial supervisors

Documents Required for Opening Syndicate Bank RD Account?

Investors must keep relevant documents ready to open a Recurring Deposit (RD) account with Syndicate Bank. Meeting the document validation requirement facilitates a smoother and more convenient RD account opening process.

Here are the documents required to open a Syndicate Bank RD account:

• Identity proof
• Proof of address as KYC norms
• PAN card copy / Form 60 or 61 (if PAN card is not available)
• Any other relevant document
• Duly filled RD application form

How to Open Syndicate Bank RD Account?

Let us take a brief look at the online process for opening a Syndicate Bank recurring deposit account:

1. Login to the Canara Bank (formerly known as Syndicate Bank) net banking portal.
2. Go to the ‘Deposit’ section and choose the ‘Recurring Deposit’ option.
3. After that, select the savings account from which the money is to be deducted and complete the necessary information on the account opening form.
4. Once all of your information has been entered, submit the form.
5. The money will be taken out of the savings account you have chosen, and you will get an SMS confirming this.

How to Close Syndicate Bank RD Interest Rate?

Here is a detailed step-by-step guide on how to close the RD account in Syndicate Bank:

1. Visit the Canara Bank branch where you have an RD account and fill up an RD account closure form. 
2. Attach all detailed copies of KYC documents as proof of your identity and address in the RD closure form. The account holders may also be asked to self-attest all these documents. 
3. Your RD account closing form will be processed, and the account will be closed.

Once your RD account is closed, the bank usually sends an email to your registered email address. 

Benefits of Syndicate Bank RD Account

The Syndicate Bank RD Account offers several benefits on the RD account. Here is the detailed overview:

• Attractive Rates of Interest

With an RD account in Syndicate Bank, you can earn competitive rates of interest similar to fixed deposits. This thereby allows stable growth of funds.

• Systematic Savings

Opening an RD account with Syndicate Bank allows for monthly savings, thereby providing stability in your financial goals and objectives.

• Flexible Tenure

Syndicate Bank provides flexible tenure on RD accounts ranging between 6 months to 10 years, catering to both short-term and long-term needs.

• Partial Withdrawal

Syndicate Bank opts for a partial withdrawal facility during periods of financial emergencies.

Syndicate Bank RD Premature Withdrawal Rules

Syndicate Bank provides Recurring Deposit (RD) to assist individuals saving money through small deposits monthly. However, there might be a need for premature withdrawal of these funds. The bank allows for such withdrawals, but only under certain circumstances. RD accounts can be closed prematurely after payment of penalty charges of 1%.

Syndicate Bank Recurring Deposit is an ideal option for individual investors to save while availing an attractive rate of interest. With this scheme, investors can plan their savings aligning with their desired financial goals. Whether you are planning to build funds for future use or inculcate the habit of savings, Syndicate Bank's RD account is the perfect pathway to growing wealth.

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