Syndicate Bank Recurring Deposit Interest Rates
Syndicate Bank Recurring Deposit
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.
Advantages to opening an RD account:
- Interest Rate earned is generally equal to that of an FD
- Safe and secure form of investment
- Ideal for people who cannot deposit a large initial lump sum, but want to deposit small amounts on a regular basis
- Can be opened with small minimum amount.
- Lump sum received at maturity, including the interest
- The rate of interest is higher as compared to an ordinary saving bank account
- Flexible tenures to suit the budget of the individual
- Recurring Deposit Interest rate is fixed so you are assured of a fixed return
Syndicate Recurring Deposit
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.
Key Features of Syndicate Bank RD Account
- Allows you to safely deposit small amount of money on a regular basis rather than a bulky one-time payment at opening of the RD.
- An ideal scheme of monthly savings for salaried people, businessmen, professionals, housewives, students, etc.
- Small amounts saved every month for a long period come in handy to meet large financial goals.
- Ideal for people with a regular, steady income who may not be able to spare enough money for the minimum amount to open an FD.
- Flexible tenure – you can choose tenures which can range from a few months to several years depending on your financial goal
- Attractive interest rates: Offers a higher rate of interest than a savings bank account—similar to an FD—but with a smaller ongoing investment.
- Is a safe, low-risk form of investment, free from fluctuations and volatility.
- Quick liquidity options and access to your funds when you need it; nominal penal charges apply.
Types of Recurring Deposits Offered by Syndicate Bank:
Regular Recurring Deposit:
- Minimum deposit: Rs. 100 per month
- Period of RD: 12 months to 10 years
- Delayed payment of instalments permitted along with applicable nominal penalty.
- Monthly minimum balance in the account earns compound interest every quarter.
- Preferential interest rate for senior citizens
- TDS on Interest is applicable
- Nomination facility available
- Premature Closure of RD Allowed
- Loan up to maximum of 95% of the deposit amount available subject to T&C
- The rates of interest are as fixed by the Bank from time to time.
Syndicate Recurring Deposit Interest Rates
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.
Syndicate Bank recurring deposit interest rates 2015 – 2016
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.
Syndicate Bank Senior Citizen RD Interest Rates
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.
How to apply for an RD in Syndicate Bank:
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.
Syndicate Bank Recurring Deposit Calculator:
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.
Syndicate Bank RD FAQs
What is the eligibility criteria to open an RD account with PNB?
Following are eligible to open an RD with PNB:
- Individual (singly or jointly) with others.
- Minor who have attained the age of 10 years and above in his/her own name (proof of age required)
- Minors below the age of 10 years under guardianship of Natural/legal guardian.
- Proprietorship/Partnership Firm, Commercial Organization, Company / Corporate Body
- Hindu Undivided Family
- Association, Club, Society, Trust or Religious/Charitable Educational Institutions,
- Municipality or Panchayat, Government or Quasi-Government body.
- Illiterate and blind persons can also open accounts.
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.
What is the minimum deposit period?
The minimum deposit tenure is 12 months and can go up to as high as 10 years.
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.
What is the documentation required to open an RD account?
You will require the following documents:
- Filled-in application form
- Passport size photograph
- Proof of residence, PAN Card, ID Proof
- Any other KYC documents as required by the bank