Opening an RD account is an excellent way to save money. You can contribute a fixed amount over a period. The money saved through RDs can be used to finance emergency spendings. You'll be required to deposit a minimum of 100 rupees per month and the tenure ranges from 12 months-10 years. The monthly minimum balance in the account gets compounded each quarter. An attractive feature of the Syndicate Bank RD account is that it is not eligible for tax deductions. Syndicate Bank accepts late deposit with a nominal fee. Loans can be offered against the RD for up to 95% of the deposit amount. Nomination facility is also available for Syndicate Bank RD account.
|Period of Deposit/ Tenors||Less than 1 cr||1 cr to less than 5 cr||5 cr to less than 25 cr||25 cr to less than 50 cr||50 cr to less than 100 cr||> 100 cr & above|
|1 year exact||6.5||5.75||5.5||5.5||5.5||5.5|
|Above 1 year to 2 years||6.5||5.75||5.5||5.5||5.5||5.5|
|Above 2 to less than 5 yrs||6.6||5.9||5.5||5.5||5.5||5.5|
|Exact 5 yrs||6.5||5.75||5.5||5.5||5.5||5.5|
|Above 5 to 10 yrs||6.5||5.75||5.5||5.5||5.5||5.5|
Syndicate bank offers an interest rate of 6.75%-7% per annum for short-term RD accounts. The tenure of a short-term RD ranges form 1-2 years. For a deposit term of 2-5 years, the interest rate applicable is 6.75% per annum for deposits under one crore. For deposits ranging from 1-10 crores, the interest rate applicable is 6.25% per annum. If the deposit exceeds 50 crores, the interest rate offered by Syndicate Bank ranges from 6%-6.25% per annum
The medium-term deposits with Syndicate Bank attract the same interest rate as the short-term RD. If someone invests for ten years, the interest rate applicable is 6.5% per annum for deposits amounting to less than a crore. For deposit amount ranging from 1-10 crores, the interest rate applicable is 5.75%. A larger interest rate is applicable for over 10 years.
For a domestic RD amounting to less than 5 crores for 1 year, the senior citizens are eligible to receive an additional interest rate of 0.5% over the ordinarily applicable interest rate. The additional interest rate is applicable only on India citizens
Syndicate Bank's employees and ex-employees are eligible for an additional interest rate of 1% per annum irrespective of the deposit term. This additional interest rate is not applicable on NRO deposits. If an ex-employee is a senior citizen, they are eligible for an additional interest rate of 1%+0.5% per annum. This interest rate is applicable only to deposits amounting to less than 5 crores and for a tenure of 1 year
The interest rates offered to NRE and NRO accounts are the same as the domestic RD interest rates. NRIs can open an RD account for a tenure ranging from 1-10 years and NRE deposits for employees, ex-employees and senior citizens.