• Syndicate Bank Fixed Deposit Schemes

    Syndicate Bank has now been merged with Canara Bank. The bank offers fixed deposit schemes with attractive interest rates, tenures, and features that provide maximum security and high returns for savings.

    Syndicate Bank Fixed Deposits

    Fixed deposits from Syndicate Bank provide regular interest to depositors on savings for short, medium, or long-term. With compounding and payout options these schemes let investors maintain funds based on their liquidity requirements. Being fixed income instruments these accounts require minimal monitoring to track growth. FDs offer safety and principal protection. Syndicate Bank’s FDs are easily accessible and cater to the needs of a wide range of investors.

    Main Features of Syndicate Bank’s Fixed Deposit Schemes?

    The feature of term deposits with Syndicate Bank vary with the scheme you select but some of the main features are:

    • Minimum deposit amount is Rs.1,000
    • No maximum ceiling
    • Can be opened by individuals or jointly
    • Can be opened by HUFs, company associations, partnerships
    • Can be opened by guardians on behalf of minors
    • Tenures range from 15 days to 120 months
    • Interest is paid at monthly, quarterly, half-yearly, or annual intervals
    • Loan facility against 90% of deposit amount
    • Nomination facility available
    • Part-withdrawal facility available
    • No penalty for premature closure of deposits above Rs.2 crore

    Syndicate Bank FD Eligibility

    The eligibility to open an FD account with Syndicate Bank may change according to the scheme chosen but generally, all individuals who are residents of India can open FD accounts. NRI’s too can avail this facility.

    Syndicate Bank Fixed Deposits for NRIs

    NRIs can invest in fixed deposits through NRE deposits and FCNR deposits. The difference between the two being that NRE deposits are held in Indian Rupees and the FCNR deposits are maintained in foreign currencies.

    With FCNR deposits, you can open deposits in USD, GBP, CAD, AUD, and Euro for periods ranging from 1 year to 5 years, and the interest that you earn will depend on the currency and the duration of the deposits.

    NRE deposits, on the other hand, can be opened for periods ranging from 1 year to 10 years and will earn you an interest rate between 7% per annum and 8.5% per annum.

    Interest Rates Offered on Syndicate Bank Fixed Deposits

    The interest rates offered by Syndicate bank for fixed deposits held with them vary from scheme to scheme and also with the tenure of the FD. The minimum interest rate offered is 3.50% p.a. for deposits held from 7 to 45 days and 5.50% p.a. for deposits held for 1 year. Apart from this, they also offer an extra 0.50% p.a. interest for senior citizens.

    Syndicate Bank Fixed Deposits FAQ's

    1. What is the minimum amount required to open an FD account with Syndicate Bank?

      These amounts will vary according to the schemes you opt for but the absolute minimum you can invest is Rs.1,000.

    2. What is the maximum amount that can be deposited in a Syndicate Bank FD account?

      There is no limit on the maximum amount that you can invest in a fixed deposit with Syndicate Bank.

    3. What is the minimum / maximum period for which funds can be held as fixed deposits with Syndicate Bank?

      The minimum and maximum periods that funds can be held for with the bank will depend on the scheme that you opt for. In general, the minimum period for a Syndicate Bank fixed deposit is 15 days and the maximum 10 years.

    4. Does Syndicate Bank offer tax saver fixed deposits?

      Yes, Syndicate Bank does offer a tax saver fixed deposit scheme. The minimum investment for this scheme is ₹ 100 and the maximum is ₹ 1,50,000 per year. The interest offered is 5.45% p.a. Payments made towards this scheme can be submitted for tax benefits under section 80C.

    5. Are FD accounts with Syndicate Bank taxable?

      Interest earned on FD’s held with Syndicate Bank are taxable. The tax to be paid is calculated according to the relevant tax rules. If a person does not have any taxable income and has submitted forms 15 G and 15 H then they may be exempted from paying tax at source.

    6. Are loans provided against FDs at Syndicate Bank?

      Yes, loans can be taken against fixed deposits. The amount of the loan will vary from one scheme to the next but some schemes will allow depositors to take loans of up to 95% of the amount deposited.

    7. Does Syndicate Bank offer senior citizens special rates on their fixed deposits?

      Yes, senior citizens are eligible to get an extra interest rate of 0.5% over the applicable interest rates. However, if the deposit is made under the Senior Citizens' Security Deposit scheme then this 0.5% is not paid if the depositor goes in for a premature withdrawal.

    8. Does Syndicate Bank allow premature withdrawal of fixed deposits?

      Yes, Syndicate Bank will allow for premature withdrawals of fixed deposits held with them however, doing so may attract a penalty. The penalty is usually a discounted interest rate, the amount of which is determined by the amount that has been deposited.

      For deposits less than Rs.2 crore, the penalty is 1% and for deposits above Rs.2 crore there is no penalty.

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    Syndicate Bank Fixed Deposit Reviews

    • Syndicate Bank Fixed Deposit
      "Better"
      0.5 3.0/5 "Satisfactory"
      I had the fixed deposit with the Syndicate Bank and they gave around 8% to 9% as the rate of interest before 2 to 3 years of time. I been banking with the syndicate bank before 10 years of time. My relationship is good and it depends with the manager. Minimum lock in period is around 12 months of time. Response is good with them.
      Was this review helpful? 8
      , chennai
      Reviewed on Nov 05, 2015
    • Syndicate Bank
      Syndicate Bank Fixed Deposit
      "Customer service is good "
      0.5 5.0/5 "Blown Away!"
      Customer service is good but charge is very high in Syndicate bank. Say for an instance they are charging something for Internet banking as well in several criterias so not much satisfied with charges. For fixed deposit the interest rate at that time was something around 9.35%. It was pretty a long back so cannot recollect most of the things.
      Was this review helpful? 15
      , mumbai
      Reviewed on Apr 04, 2015
    • Syndicate Bank Fixed Deposit
      "Experience Worth Sharing "
      0.5 4.0/5 "Great!"
      I am having a 5 year FD in Syndicate bank for 80 C in Gurgaon -Kadipur Branch . Staff : Staff is nice having good knowledge of the products they have . Process : Process is easy .You just need to fill form (if you already have Saving account in the bank ) and you will get the saving certificate in 10-15 minutes . Overall Satisfied
      Was this review helpful? 7
      , gurgaon
      Reviewed on Jan 23, 2015
    • Syndicate Bank Fixed Deposit
      "Syndicate Bank -Experience worth Sharing "
      0.5 4.5/5 "Excellent!"
      Branch : Gurgaon Kadipur Staff : Good Staff with decent knowledge of the products . Process : The process was easy and simple . Just fill a form (if you have a saving account in the bank ) and you get the certificate in 10-15 minutes . Overall Satisfied with service .
      Was this review helpful? 10
      , gurgaon
      Reviewed on Jan 23, 2015
    • Syndicate Bank Fixed Deposit
      "Good"
      0.5 1.0/5 "Really Bad"
      Customer service is good but charge is very high in Syndicate bank. Say for an instance they are charging something for Internet banking as well in several criterion so not much satisfied charge. For fixed deposit the interest rate at that time was something around 9.35%. It was pretty a long back so cannot recollect most of the things.
      Was this review helpful? 8
      , kolkata
      Reviewed on Jan 06, 2015
    • Syndicate Bank Fixed Deposit
      "Good"
      0.5 5.0/5 "Blown Away!"
      Syndicate bank is nationalized bank so they are performing good and interest rate is good for financial products. Four years ago I availed Fixed deposit but the interest rate is less thus syndicate bank should improve on it. Initially I opened it for three years and at the end of three years I got outstanding amount of 1lakh with 15,000 interest rate, now I renewed it for another three years. In respect to customer service, Syndicate bank should enhance.
      Was this review helpful? 8
      , bangalore
      Reviewed on Dec 14, 2014
    • Syndicate Bank Fixed Deposit
      "Secure your Child's future - Canara Bank's KAMADHENU scheme"
      0.5 4.0/5 "Great!"
      Avail Tax Saving options with the deposit scheme under the Fixed Deposit streams. Best suited for Salaried Class, Businessmen, professionals who come under the ambit of Tax Payers and you can bank upon for your Children's future as well:)
      Was this review helpful? 6
      , bangalore
      Reviewed on Dec 05, 2014
    • Syndicate Bank Fixed Deposit
      "Wonderful deposit to maintain"
      0.5 5.0/5 "Blown Away!"
      Its long time back I had opened the savings account based on my flexibility as it is nearby my home. Fixed deposit services is quite good and 10.1% is the interest rate. Once in 2 years,some particular amount would be deposited by visiting branch and get the response immediately.
      Was this review helpful? 11
      , chennai
      Reviewed on Oct 07, 2014
    • Syndicate Bank Fixed Deposit
      "Good"
      0.5 4.0/5 "Great!"
      This is a fairly new FD account, with Syndicate Bank I have been using it for the last 6 months. I have given me a good interest rate. I opened this account, as the Bank is close to my place and I am much about the returns as well. It could be better if they work on their on line banking as it is not up to the mark.
      Was this review helpful? 6
      , chennai
      Reviewed on Sep 03, 2014
    • Syndicate Bank Fixed Deposit
      "Needs to improve on their customer service"
      0.5 3.0/5 "Satisfactory"
      Since syndicate bank was the public sector they needs to aggressively improve like other banks by providing various kinds of products. I am banking fixed deposit with them for past 1 year wherein the interest was quite neutral as per the market
      Was this review helpful? 5
      , ghaziabad
      Reviewed on Sep 03, 2014
    • Syndicate Bank Fixed Deposit
      "Good"
      0.5 4.0/5 "Great!"
      This is a fairly new account, I have been using it for the last 6 months. I have given me a good interest rate. I opened this account, as the Bank is close to my place and I am much about the returns as well. It could be better if they work on their on line banking as it is not up to the mark.
      Was this review helpful? 7
      , chennai
      Reviewed on Sep 03, 2014
    • Syndicate Bank Fixed Deposit
      "Needs to focus on the customer service"
      0.5 3.0/5 "Satisfactory"
      Fixed deposit was good. Their interest rates are quite low compared with other banks . Actually my father was working as a branch manager with Syndicate bank. They are focussed to customer service. There is lot of people that is quantity so high.They are not able to handle because of customer base was high. They needs to improve on the customer service by having adequate staff services.
      Was this review helpful? 7
      , faridabad
      Reviewed on Aug 17, 2014
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