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Save money while enjoying a higher interest rate with Syndicate Bank Recurring Deposits. Syndicate Bank Recurring Deposit Interest Rates differ for resident and NRI customers. Syndicate Bank Senior Citizen RD Interest Rates are higher.
A Recurring Deposit (RD) is a safe and convenient way of saving money while also earning interest on it. An RD allows you to deposit a fixed amount on a regular basis with your bank, and it is similar to a Fixed Deposit (FD) in that you enjoy a higher rate of interest than a savings account for the same principal amount.
The main difference between an FD and an RD is that a recurring deposit allows you to make ongoing periodic investments in the deposit, whereas in a fixed deposit, you need to deposit the entire lump amount at the time you open the FD account.
About Syndicate Bank Recurring Deposit Rate
An RD in Syndicate Bank instills a habit of regular savings, where in you can invest a fixed amount every month for a fixed number of months. You can make these installments to a Syndicate Bank recurring deposit scheme either by a Standing Order, ECS mandate or by regular direct remittance.
Syndicate Bank RD interest rates are similar to rates offered for FD accounts and are as fixed by the Bank from time to time. You can get the best rates for a Syndicate Bank Recurring Deposit by investing in any of its RD schemes. Following is an overview of Syndicate Bank RD interest rates including Syndicate Bank Short-Term RD Interest Rates. For the latest and accurate RD interest rates in Syndicate, it is advisable to check with the bank directly.
The current RD Interest rate ranges from 5% to 7% for normal Indian residents including minors and HUF. It is advisable to contact the bank directly for the revised and up to date interest rates as they fluctuate on a regular basis.
Senior citizens enjoy preferential rates, i.e., 0.50% more on the interest rate as applicable for normal customers. For the latest revised or updated interest rates, it is advisable to contact the bank directly.
You can call the customer care for help with your application and have a bank representative get in touch with you. Alternatively, you can visit your nearest branch directly and submit the Application form along with the requisite documentation.
You can make use of any trusty online RD Calculator to compute the interest and the maturity earned on your invested amount. Using an RD Calculator is easy. Depending on the calculator, you need to enter the instalment amount you want to invest monthly, the duration, the interest rate, method of compounding (monthly, quarterly, half-yearly or annually) and the calculator will provide the maturity amount that you get at the time of maturity of the Recurring Deposit. Using an RD calculator helps you visualize the maturity amount and accordingly decide on a monthly installment. It also lets you decide on the tenure. You can try various amount and opt for the one that helps achieve your financial goal and suits your budget.
1. What is the eligibility criteria to open an RD account with PNB?
Following are eligible to open an RD with PNB:
2. What is the minimum amount required to open an RD with Syndicate Bank?
The minimum opening balance for a regular recurring deposit with Syndicate Bank is Rs. 100.
3. What is the minimum deposit period?
The minimum deposit tenure is 12 months and can go up to as high as 10 years.
4. How do I apply for a regular recurring deposit?
If you are a new customer, you can start with opening a savings account, which can be linked with your RD account. Alternately, you can visit your nearest branch and submit the Deposit Account form.
5. What is the documentation required to open an RD account?
You will require the following documents:
Usefulness of information,
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