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.
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 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:
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 |
Here are the 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 |
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:
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.
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.
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.
Syndicate Bank Recurring Deposit (RD) offers its customers a variety of features. Here are some key features of the bank RD interest rates:
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:
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%.
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.
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:
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:
Let us take a brief look at the online process for opening a Syndicate Bank recurring deposit account:
Here is a detailed step-by-step guide on how to close the RD account in Syndicate Bank:
Once your RD account is closed, the bank usually sends an email to your registered email address.
The Syndicate Bank RD Account offers several benefits on the RD account. Here is the detailed overview:
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.
Opening an RD account with Syndicate Bank allows for monthly savings, thereby providing stability in your financial goals and objectives.
Syndicate Bank provides flexible tenure on RD accounts ranging between 6 months to 10 years, catering to both short-term and long-term needs.
Syndicate Bank opts for a partial withdrawal facility during periods of financial emergencies.
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.