Syndicate Bank Recurring Deposit

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Syndicate Bank Recurring Deposit

  • Syndicate Bank’s recurring deposit rates are expected to reach 5.50 per cent.
  • The interest on a Syndicate Bank Recurring Deposit is compounded quarterly.
  • To open an account with Syndicate Bank, you must make a deposit of Rs 1,000.
  • Senior citizens will get a 6% RD discount from Syndicate Bank.

Syndicate Bank Recurring Deposit Rates – Special Features

  • In reality, there are currently no plans in place to deal with late refunds.
  • It is important to appoint anyone.
  • The deposit would last anywhere from six to one hundred and twenty months.
  • In Rs. 5 multiples, the smallest amount of data can be saved.
  • TDS deductions are regulated by the applicable income tax laws at the time the RD account is opened.

Syndicate Bank Recurring Deposit Schemes Types

There are three forms of revolving deposits offered by the Syndicate Bank:

RD on a Regular Term basis

The term of your Syndicate Bank Recurring Deposit will be six to three years. This RD is for those who want to incorporate saving into their everyday routine.

RD on a Medium-Term Basis

If you can’t pay for a long time and aren’t sure how much return you’ll get from RD, a medium-term periodic deposit is a reasonable option. It strikes the perfect balance of adaptability and financial responsibility, allowing you to weigh the advantages and disadvantages. The average length of service is three to seven years.

RD on a Long Term basis

When you want to earn a return on your savings but don’t have the funds to invest in a fixed deposit, a long-term RD is the best option. Every year, you’ll save money while still benefiting from your fixed-item savings.

Syndicate Bank Recurring Deposit Account

Customers of Syndicate Bank may make a fixed-term monthly deposit into a revolving account. A consumer must make a deposit into their RD account at the time of account opening. During the deposit cycle, the client makes periodic deposits and withdraws the entire account balance.

RD regularly

  • In fact, there are no plans in place to manage late refunds at this time.
  • It is important to nominate anyone.
  • The minimum tenure for this RD is six months.
  • A deposit of Rs. 1,000 is the minimum amount that can be made into this account.
  • The smallest amount of data can be saved in Rs. 5 multiples.

Syndicate Bank Recurring Deposit Rates

Syndicate Bank Recurring Deposit

The interest rates at Syndicate Bank are competitive. A variety of variables are used to measure revolving deposits. The following are some of them:

  • Adjustments in the Cash Reserve Ratio (CRR) and the RBI’s repo rate impact interest rates on all banking instruments, including revolving deposits.
  • The RBI releases funds to pump capital into the economy during a recession. Due to high liquidity and low credit demand, banks are lowering RD prices.
  • Inflation – Inflation affects the interest rate on a fixed deposit in a positive way. As a result, RD prices tend to be higher during times of rising inflation.

Syndicate Bank Recurring Deposit Interest Rates 2021

Tenure General Rates Senior Citizen Rates
6 months 3.50% 4.00%
9 months 4.40% 4.90%
12 months 4.90% 5.40%
15 months 4.90% 5.40%
24 months 4.90% 5.40%
27 months 5.15% 5.65%
36 months 5.15% 5.65%
39 months 5.30% 5.80%
48 months 5.30% 5.80%
60 months 5.30% 5.80%
90 months 5.50% 6.00%

Syndicate Bank Recurring Deposit Interest Calculator

The complexity of your RD is determined by three factors:

  • The original amount deposited by a customer in Syndicate Bank is the account balance. Larger deposits could be eligible for a higher interest rate. Deposits of up to Rs 1,000 will be accepted by Syndicate Bank.
  • Longer-term revolving deposits earn a higher interest rate, while shorter-term deposits earn a lower rate, according to the Syndicate Fund. At 5.50 per cent, Syndicate Bank offers the lowest interest rate on deposits.
  • The bank pays a low-interest rate on short-term RDs and a higher rate on long-term RDs, depending on the deposit period.

Syndicate Bank Recurring Deposit Opening Process 

The following are the measures to open a recurring deposit account with the Syndicate Bank:

  • You can open an RD Account at your local branch or by calling the bank’s customer service number if you already have a bank account. A revolving deposit account with Syndicate Bank is simple to set up and can be used at both public and private banks.
  • Call the branch nearest you to open a Syndicate Bank Revolving Deposit account with a bank with which you do not already have an account. To open an account, you’ll also need some basic KYC paperwork. Banks have various interest rates, time limits, minimum deposits, credit limits, and other terms and conditions. Examine all of this data to find out which bank will be best for you to open an account with.
  • Until opening a Syndicate Bank Revolving Deposit Account, the tenure and monthly due balance (deposit amount) must be determined. Regular depositors may use the ECS, online banking, or a fund transfer to make deposits. You can also tell the bank to subtract a certain amount from your deposit per month if you have a Revolving Savings Account.

Duration of Syndicate Bank Recurring Deposit

The Syndicate Bank offers regular deposits with terms ranging from six to one hundred and twenty months.

Syndicate Bank revolving deposits may be withdrawn before the maturity date.

Withdrawals from a Syndicate Bank Recurring Deposit are extremely common. The banking laws of the Syndicate Bank will impose a nominal penalty. Partially withdrawing funds from an RD account is not feasible.

The Syndicate Bank has been charged with failing to pay an RD instalment on time.

If you pay after the due date, you will be granted a grace period of a few days by the bank. Syndicate Bank will owe you a penalty if you do not pay the instalment by the due date.

Mr A, for example, opens a one-year RD account at a rate of 5.50 per cent with $5,000 in monthly deposits. At the end of the year, the net maturity value, which includes the received principal and gross interest on the 1,809 principal amounts, will be 61,809. You can also use the RD calculator to figure out how much debt you’ll have and how much money you’ll have at the end of a long period of time.

FAQs for Syndicate Bank Recurring Deposit

What are the requirements for opening a Recurring Deposit Account with Syndicate Bank?

RD accounts will be accessible to Indian people and HUFs (Hindu Undivided Families). NRIs will use their NRO and NRE accounts to open RD accounts. Children whose parents keep track of their finances may also use the RD service provided by banks.

How long does a Syndicate Bank Recurring Deposit last?

Syndicate Bank Recurring Deposits are valid for a minimum of 6 months and a maximum of 120 months.

Is it possible to withdraw funds from an RD account until it matures?

You can split your RD until it matures if you have an emergency, but your account will be locked after that. As a punishment, banks will subtract 1% to 2% of the interest received on your Syndicate Bank Recurring Deposit when it was in their hands.
If a depositor requests an early withdrawal before the lock-in period ends, he will only be refunded the principal balance and will not be required to pay interest. All previously issued rights have been revoked, except for the interest cancellation.

Is it possible to make partial withdrawals from Syndicate Bank recurring deposit accounts?

Syndicate Bank does not allow partial withdrawals from recurring deposits. On the other hand, some banks would let you use your RD as leverage for a loan or an overdraft. On the other hand, premature withdrawals are approved if you have had an RD account with them for at least a year. Unpaid debt is referred to as a debt that cannot be paid in full.
Premature Closing is an option worth considering, but it comes at a cost.

When a Syndicate Bank Recurring Deposit account hits its maturity date, what happens?

Before the principal and accrued interest elements of your Syndicate Bank Recurring Deposit account mature, you recommend that the bank move the principal and deferred interest elements to the corresponding savings account. After the RD matures, you’ll transfer the funds to pledged deposits.

Is there a nominating option on the Syndicate Bank Recurring Deposit account?

The Syndicate Bank can help you set up daily deposits. Only one applicant is eligible, regardless of whether the account is opened in single or joint names. It would help if you made certain that the appointment is set up following Syndicate Bank rules. You may make changes to the applicant by filling out and submitting the appropriate form.

For further information, please visit the official page of Dialabank.