Syndicate Bank Recurring Deposit (RD) Rates

Updated on: Jun 9th, 2024


3 min read

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

Build up your savings systematically with monthly fixed deposits over a period of time. Avail syndicate bank’s Recurring deposit options to save money and earn interest on your payments. Continue reading to see what the syndicate bank recurring deposit options have to offer!

Syndicate Bank RD Interest Rates for different Periods

Investment periodRD rates for regular depositRD rates for Senior Citizens
1 year6.80%7.30%
1 year 1 day to 2 years6.50%7.00%
2 years 1 day to 4 years 364 days6.50%7.00%
5 years6.00%6.50%
5 years 1 day to 10 years6.00%6.50%

Syndicate Bank Recurring Deposit Interest Rates

  • RD interest rates offered are upto 6.80 %, compounded quarterly
  • Minimum deposit starting from Rs100 is accepted by Syndicate bank.
  • RD rate upto 7.30% is offered to senior citizens

Syndicate Bank Recurring Deposit: Special Features

  • Nomination facility is available to any family member or spouse can be nominated to receive the final amount
  • Loan facility up to 90% of the RD amount can be availed.
  • The deposit period ranges from 6 to 120 months.
  • The minimum account that can be deposited is Rs.50 per month.
  • Compounding is done quarterly on the monthly minimum balance.
  • TDS deductions will be as per existing income tax rules at the time of RD account opening.
  • These services can be easily availed at your nearest syndicate bank branch.

Syndicate Bank Recurring Deposit: Is it the best way to save?

Saving a specific amount of money every month can lead to a substantial amount fas emergency fund in the long term. Recurring deposit options can be availed to do so. However, they are not the best saving option if wealth creation is the objective. Let’s see you plan on saving for your retirement. A Recurring Deposit with 6.8% interest rate may not give you the returns needed to create a substantial retirement fund. However, depositing the same amount in a Mutual Fund as SIP (Systematic Investment Plan) can help you create the kind of wealth you are aiming for.

The Benefits of Investing in SIPs

  • A small amount of money that can be as low as Rs.500 has to be deposited by you every month or every quarter.
  • On the basis of your budget and investment goal, your money will be invested in debt or equity funds. In the past decade, Equity Linked mutual funds have performed well in the market with a return of 12-22%. This will give significantly higher returns than recurring deposits.
  • There is no penalty on money withdrawal from SIP account. This means that SIPs have higher liquidity when compared to recurring deposits that levy a penalty on premature withdrawal.
  • Returns from SIPs which invest in Equity Linked Mutual Funds (ELSS) are exempt from tax. The gains from an RD is taxable.

Syndicate Bank RD: Eligibility Criteria

  • To open the account, the person must be an Indian resident or a HUF ( Hindu Undivided Families)
  • Non-resident Indians can also open an RD account through NRO and  NRE accounts
  • Minors can also open an RD account under the guardianship of parents as financial supervisors.

Syndicate Bank: Premature Withdrawal

Syndicate bank allows account holders to prematurely withdraw money but a nominal amount of penalty might be levied on based on the scheme chosen. However, partial withdrawal of amount is not allowed.

Tax Benefits on Syndicate bank Recurring Deposit

All recurring deposits, including Syndicate bank recurring deposit, are taxable under the Income Tax Act 1961. The money that is invested in RD will be included in your yearly income and a TDS ( Tax Deducted at Source) of 10% is applicable on the interest earned ( If it is more than (if it is more than RS. 10,000 per year).To save TDS on your RD gains, you can fill either Form 15G or Form 15H. Conditions for submitting Form 15G:

  • You are an individual or HUF
  • You must be a Resident Indian
  • You should be less than 60 years old
  • Tax calculated on your Total Income is nil
  • The total interest income for the year is less than the minimum exemption limit for that year, which is Rs 2,50,000 for the financial year 2020-21

Documents Required to Open Syndicate bank RD Account

Proof of identity

  • Passport
  • PAN card
  • Voter ID card
  • Driving License
  • Government ID card
  • Photo ration card
  • Senior citizen ID card

Address Proof

  • Passport
  • Telephone bill
  • Electricity bill
  • Bank statement with cheque
  • Certificate /ID card issued by the post office.

Similar Banks Offering RD

Similar Banks Offering RD
SBI BankHDFC BankICICI BankIndian bank
AXIS BankKOTAK BankUnion Bank of IndiaCanara Bank
Bank of BarodaIDBI BankBank of IndiaAndhra Bank
Central Bank of IndiaAllahabad BankPNB 
Syndicate BankCorporation BankRBL Bank 

Can't get yourself started on taxes?
Get a Cleartax expert to handle all your tax filing start-to-finish

Pay taxes with your Mastercard credit card & enjoy benefits such as

  • Instant payment confirmation
  • Interest free credit period
  • Easy EMI conversions
  • Earn reward points
Use code: CTMASTER For Additional 10% Off!

Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Clear serves 1.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India.

Efiling Income Tax Returns(ITR) is made easy with Clear platform. Just upload your form 16, claim your deductions and get your acknowledgment number online. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing.

CAs, experts and businesses can get GST ready with Clear GST software & certification course. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Clear can also help you in getting your business registered for Goods & Services Tax Law.

Save taxes with Clear by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. Download Black by ClearTax App to file returns from your mobile phone.

Cleartax is a product by Defmacro Software Pvt. Ltd.

Company PolicyTerms of use


ISO 27001

Data Center


SSL Certified Site

128-bit encryption