• Syndicate Bank Recurring Deposit

     4.5 / 5.0   by 6 users
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    Fees & Charges

    Promised Interest Rate

    Customer Service


    Overview of Syndicate Bank

    Established as Canara Industrial and Banking Syndicate Limited in Udupi, this banking and financial services institution has a rich heritage spanning close to 90 years, ever since it was founded in 1925. The key objective of its founders was to extend financial assistance by means of pioneering the pigmy collection scheme which remains an active product of this public sector bank till today.

    Listed on both BSE and NSE, Syndicate bank provides a full range of banking and financial services to millions of customers in India and abroad. In its deposits portfolio, the bank extends savings/current accounts, fixed & current deposits along with a host of other schemes.

    Recurring Deposit (RD) from Syndicate Bank

    The bank offers a standard RD scheme that comes with appealing features and rates. The scheme is open to salaried class, professionals, entrepreneurs etc. looking to mobilise savings over a period of time. A variety of loans can be drawn against the deposit money in the RD account, which makes Syndicate, one of the few institutions to offer this facility.

    Features and Benefits of Syndicate Bank Recurring Deposit

    • Monthly deposit amount starts at just Rs.100 with no upper limit. Increase in denomination should be made in multiples of Rs.10.
    • The term of deposit starts at 12 months with an upper cap of 10 years. This range provides enough space for the depositor to choose a term that suits their investment needs.
    • Interest charges are calculated on a quarterly basis credited to the account based on the agreed rates.
    • No tax is deducted (TDS) on the interest charges earned in the RD account.
    • Option to avail loan for up to 95% of deposit amount under the RD scheme, is available. The loan availability is dependent on the unexpired period of the deposit term.

    Interest Rates Offered on Syndicate Bank’s Recurring Deposit

    For all deposits below Rs.1 crore, the interest rate is 7% that can go up to 8.50% depending on the period of investment. Refer to the rate card available on the bank’s portal before choosing the right term in order to ensure the best returns for your investment.

    • Resident senior citizens are eligible for an additional 0.50% interest on the prevailing rates.
    • Current and former employees of the bank are eligible for an additional 1% on the existing rate. There is no cap on the amount for this category of depositors.

    Opening a Recurring Deposit Account with Syndicate Bank

    An RD account can be opened at the nearest branch of Syndicate bank. Savings/current account holders can easily sign up with minimal documentation on basis of the existing credentials. New depositors will be required to present the following documents to enable activation.

    • Recent passport size photograph
    • Duly filled form along with introduction (if required)
    • ID and address proof
    • Contact and PAN details

    Penalty on Premature Withdrawal

    A penalty amount will be deductible for premature withdrawal that will be communicated at the time of opening the account. Nominal penalty is also applicable for monthly deposits not received within the payment due date.

    Know the Current Recurring Deposit Rates

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    Syndicate Bank RD Reviews

  • Page 1 of 1
    • Syndicate Bank Recurring Deposit
      "Good Service"
      0.5 4.0/5 "Great!"
      As I have a savings account with SYNDICATE BANK I started a recurring deposit account also with them. I have been holding this recurring deposit account for the past 8 months. I pay Rs. 500 for this recurring deposit account. I get an interest of around 8%.
      Was this review helpful? 1
      , guntur
      Reviewed on Oct 31, 2017
    • Syndicate Bank Recurring Deposit
      "Good "
      0.5 3.0/5 "Satisfactory"
      I have recurring deposit with Syndicate bank and the interest rate is around 9.5% for the term of one year. If so I withdraw the money before the term got over they will charge penalty from the interest what I earned. Customer service is good with the Syndicate bank.
      Was this review helpful? 10
      , chennai
      Reviewed on Jun 28, 2016
    • Syndicate Bank Recurring Deposit
      "High charges"
      0.5 4.0/5 "Great!"
      The service provided by Syndicate bank based on the recurring deposit is really good.I do have this account for last 10years.The amount deposited gets doubled after completion of 8years.I pay around 1500Rs every month in the account.They do apply high charges for the account in yearly basis.
      Was this review helpful? 2
      , shimoga
      Reviewed on Sep 10, 2015
    • Syndicate Bank Recurring Deposit
      "Financial partner"
      0.5 4.0/5 "Great!"
      I had the experience of the recurring deposit with the Syndicate bank. The rate of interest is 8.5% and the minimum lock in period is 11 months. The services are okay with them. Online banking is not user friendly. 0.5% is the penalized amount if we withdraw money before minimum lock in period.
      Was this review helpful? 2
      , sivagangai
      Reviewed on Aug 25, 2015
    • Syndicate Bank Recurring Deposit
      "Simple process"
      0.5 5.0/5 "Blown Away!"
      I am holding a RD with Syndicate bank. Its a simple one, through one of my friend this deposit was opened and he recommend this. Once after the RD was matured I got a good amount. This RD was opened at the branch and there was no issues while closing this RD and it was closed in a good way,
      Was this review helpful? 4
      , bangalore
      Reviewed on Aug 17, 2015
    • Syndicate Bank Recurring Deposit
      0.5 5.0/5 "Blown Away!"
      The customer service provided by Syndicate Bank was good for my recurring deposit. I just opened the account through online and I make my payments every month. And after 12 months I will be getting the full amount along with the interest. The due date given to me is 5th of every month and if in case I fail to pay then I will have to pay a late fee charges.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Mar 12, 2015
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