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Syndicate Bank Recurring Deposit (RD) Interest Rates 2025

By Mayashree Acharya

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Updated on: Dec 20th, 2024

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8 min read

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 2025, how to calculate them, and more. 

This is the Latest RD Interest Rates 2025 for Syndicate Bank

Highlights for 2025 RD scheme for Syndicate Bank

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

Tenure

6 months to 10 years 

Minimum deposit

Rs.50 per month

Delayed payment of instalments

Allowed with a nominal penalty

Interest compounded 

Quarterly

Interest rate for general public

6.25%-7.25%

Interest rate for senior citizens

6.65%-7.75%

Highest interest rate for general public

7.25%

Highest interest rate for senior citizens

7.75%

Syndicate Bank RD Interest Rate 2025

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 2025 is as follows: 

Duration

Interest Rate for General Public (% per annum)

7 Days to 45 Days

4.00

46 Days to 90 Days

5.25

91 Days to 179 Days

5.50

180 Days to 269 Days

6.15

270 Days to 1 Year

6.25

1 Year

6.85

444 Days

7.25

1 Year to 2 Years

6.85

2 Years to 3 Years

6.85

3 Years to 5 Years

6.80

5 Years to 10 Years

6.70

2025 Syndicate Bank Senior Citizen RD Interest Rate

Here are the 2025 interest rates for Syndicate Bank senior citizens RD:

Duration

Interest Rate for Senior Citizen (% per annum)

7 Days to 45 Days

4.00

46 Days to 90 Days

5.25

91 Days to 179 Days

5.50

180 Days to 269 Days

6.65

270 Days to 1 Year

6.75

1 Year

7.35

444 Days

7.75

1 Year to 2 Years

7.35

2 Years to 3 Years

7.35

3 Years to 5 Years

7.30

5 Years to 10 Years

7.20

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:
Canara Bank's regular RD account offers interest rates from 6% to 7.75% per annum (for senior citizens). The minimum monthly deposit is Rs.50, in multiples of Rs.50, with no upper limit. The maximum tenure is 120 months.

Nitya Nidhi Deposit Scheme:
This scheme combines the Pigmy Deposit scheme of Syndicate Bank and the New Nitya Nidhi Deposit scheme of Canara Bank. It encourages small savings, particularly for daily savers, with a convenient door-to-door collection service by authorised agents, tailored to your preferred frequency.

Canara Bank Dhanvarsha Recurring Deposit Scheme (Flexi RD Scheme):
This flexible RD scheme offers competitive interest rates, the option for early withdrawals (up to 90% of maturity value), and more. The minimum deposit is Rs.500, with a maximum of Rs.1 lakh. The tenure ranges from 1 year (in multiples of 3 months) to a maximum of 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 offers a Recurring Deposit (RD) scheme for individuals looking to save through small monthly deposits. Premature withdrawals are allowed, but a 1% penalty is charged.

This RD is ideal for investors seeking to save while earning an attractive interest rate. It helps plan savings in line with financial goals, whether for future use or to cultivate a habit of saving, making it a solid choice for wealth growth.

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Frequently Asked Questions

What are the current RD interest rates offered by Syndicate Bank for 2025?

Syndicate Bank RD interest rates range from 5.75% to 7.00% for regular customers, with senior citizens eligible for an additional 0.50% interest rate. Rates vary based on the tenure. For the most accurate rates, visit the Syndicate Bank website.

What is the minimum deposit required to open an RD account with Syndicate Bank?

The minimum deposit required to open an RD account with Syndicate Bank is ₹100 per month.

What is the tenure range for Syndicate Bank RD accounts?

Syndicate Bank offers RD tenures from 6 months to 10 years.

Do senior citizens get higher interest rates on Syndicate Bank RDs?

Yes, senior citizens receive an additional 0.50% interest on RD deposits.

How is interest calculated on Syndicate Bank RD accounts?

Interest is compounded quarterly and paid along with the principal at maturity.

Can I prematurely close my RD account with Syndicate Bank?

Yes, Syndicate Bank allows premature closure of RD accounts, but a penalty may be levied, and interest will be recalculated based on the deposit tenure completed.

What happens if I miss an RD installment?

If you miss an installment, Syndicate Bank may charge a penalty. Repeated defaults could lead to account closure or reduced interest.

Can I open an RD account online with Syndicate Bank?

Yes, you can open an RD account online through Net Banking or visit a branch to complete the process.

Is TDS applicable on the interest earned from Syndicate Bank RD?

Yes, TDS is deducted if the interest earned exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year. Submit Form 15G/15H to avoid TDS if eligible.

Can I take a loan against my RD with Syndicate Bank?

Yes, Syndicate Bank offers loans or overdraft facilities against RD deposits, typically up to 90% of the RD value.

Does Syndicate Bank provide auto-renewal for RD accounts?

No, Syndicate Bank does not offer auto-renewal for RD accounts. Upon maturity, the deposit amount (principal + interest) is credited to your linked savings account.

Can I partially withdraw funds from my RD before maturity?

No, partial withdrawals are not allowed. To access funds early, you must close the RD account prematurely.

What documents are required to open an RD account with Syndicate Bank?

Existing customers with updated KYC details do not need additional documentation. New customers must provide proof of identity, address, and PAN card.

Are there any special RD schemes offered by Syndicate Bank?

Syndicate Bank occasionally offers special RD schemes with higher interest rates or promotional benefits. Check the official website or visit the branch for ongoing offers.

Can I modify the deposit amount or tenure of my RD mid-term?

No, once created, the deposit amount and tenure of your RD cannot be changed. You can, however, open a new RD with different terms.

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