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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!
|Investment period||RD rates for regular deposit||RD rates for Senior Citizens|
|1 year 1 day to 2 years||6.50%||7.00%|
|2 years 1 day to 4 years 364 days||6.50%||7.00%|
|5 years 1 day to 10 years||6.00%||6.50%|
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.
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.
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:
Proof of identity
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