Syndicate Bank Term Deposit Interest Rates

Syndicate Bank Term Deposit Interest Rates

Syndicate Bank was established in 1925 in Udupi, the abode of Lord Krishna in coastal Karnataka with a capital of Rs.8000/- by three visionaries – Sri Upendra Ananth Pai, a businessman, Sri Vaman Kudva, an engineer and Dr.T M A Pai, a physician – who shared a strong commitment to social welfare. Their objective was primarily to extend financial assistance to the local weavers who were crippled by a crisis in the handloom industry through mobilising small savings from the community. The bank collected as low as 2 annas daily at the doorsteps of the depositors through its Agents under its Pigmy Deposit Scheme started in 1928. This scheme is the Bank’s brand equity today and the Bank collects around Rs. 2 crore per day under the scheme.

The progress of Syndicate Bank has been synonymous with the phase of progressive banking in India. Spanning over 80 years of pioneering expertise, the Bank has created for itself a solid customer base comprising customers of two or three generations. Being firmly rooted in rural India and understanding the grassroot realities, the Bank’s perception had vision of future India. It has been propagating innovations in Banking and also has been receptive to new ideas, without however getting uprooted from its distinctive socio-economic and cultural ethos. Its philosophy of growth by mutual sustenance of both the Bank and the people has paid rich dividends. The Bank has been operating as a catalyst of development across the country with particular reference to the common man at the individual level and in rural/semi urban centres at the area level.

The Bank is well equipped to meet the challenges of the 21st century in the areas of information technology, knowledge and competition. A comprehensive IT plan is being put in place and the skills and knowledge of the Bank’s personnel are being upgraded through a variety of training programmes to promote customer delight in every sphere of its activity. The Bank has launched an ambitious technology plan called Centralised Banking Solution (CBS) whereby 500 of our strategic branches with their ATMs are being networked nationwide over a 4 year period. The Bank is pioneer among Public Sector Banks on launching CBS. Our bank has already achieved CBS implementation among all its branches. Thus, the bank is 100% CBS enabled.

Interest Rates on Saving Bank Account

Type of Account

Rate of Interest (in %)

Minimum Balance (in Rs)

Normal

Senior Citizen

Rural

Semi Urban

Urban

Domestic Account
With cheque book facility

4

4

500

500

1000

Without cheque book facility

4

4

100

100

500

No Frills Account
With cheque book facility

4

4

500

500

500

Without cheque book facility

4

4

NIL

NIL

NIL

Non Resident Account
NRO

4

4

500

500

1000

NRE

4

4

500

500

1000

 

INTEREST RATES ON DEPOSITS

Tenors

Revised w.e.f.20.08.2013

Less than   Rs. 1 cr

Rs. 1 cr to   Rs.10 cr

*

> Rs.10 cr uptoRs.25 cr

*

> Rs.25 cr uptoRs.50 cr

*

> Rs.50 cr uptoRs.100 cr

*

`100 cr

*

7 to 14 days

7.10

7.10

8.51

8.51

8.51

8.51

15 to 30 days

7.10

7.10

8.51

8.51

8.51

8.51

31 to 45 days

7.10

7.10

8.51

8.51

8.51

8.51

46 to 60 days

7.75

7.75

9.00

9.00

9.00

9.00

61 to 90 days

7.10

7.75

9.01

9.01

9.01

9.01

91 to 120 days

7.10

7.75

9.31

9.31

9.31

9.31

121 to 179 days

8.00

8.00

9.01

9.01

9.01

9.01

180 to 269 days

8.50

8.50

9.81

9.81

9.81

9.81

270 to 363 days

9.00

9.00

9.81

9.81

9.81

9.81

364 days

9.00

9.00

9.81

9.81

9.81

9.81

1 year exact

9.05

9.05

9.91

9.91

9.91

9.91

Above 1 yr up to 2 yrs

8.50

8.50

8.25

8.50

8.50

8.25

Above 2 yrs up to 5 yrs

8.00

8.00

8.25

8.00

8.00

8.25

Above 5 yrs up to 10 yrs

8.00

8.00

8.25

8.00

8.00

8.25

  • *Acceptance of deposits of over `.5Crores is at the discretion of the Bank. .
  • Additional interest of 0.50% over the card rate is payable to Resident Indian Senior Citizens on Domestic Term Deposits ofless than `5 Crore and the maturity tenor of one year and above only. (Not applicable to NRO deposits).
  • Employees / eligible Ex-employees are eligible for an additional interest of 1% over the card rate irrespective of the amount and tenor of deposit (Not applicable on NRO deposits).
  • Eligible ex-employees,  who are Senior Citizens and eligible for an additional interest of 1% payable to employees / eligible ex-employees are also eligible for an additional interest of 0.50% payable to Resident Indian Senior Citizens on domestic term deposits of less than ` 5 Crore & maturity tenor of one year and above only..

Note :

  1. The above rates are subject to revision from time to time.
  2. Customers may contact the nearest branch of Syndicate Bank for details.

 

Rates of Interest on Non Resident Rupee Term Deposits A/C’s

The Current Interest Rates on NRE Rupee Term Deposit A/cs. are given below:

Tenors

Revised w.e.f.20.08.2013

Less than    Rs 1 cr

Rs 1 cr to  Rs 10 cr

*

> Rs 10 cr upto Rs25 cr

*

> Rs 25 cr uptoRs 50 cr

*

> Rs 50 cr upto Rs100 cr

*

`Rs 100 cr

*

1 year exact

9.05

9.05

9.91

9.91

9.91

9.91

Above 1 yr up to 2 yrs

8.50

8.50

8.25

8.50

8.50

8.25

Above 2 yrs up to 5 yrs

8.00

8.00

8.25

8.00

8.00

8.25

Above 5 yrs up to 10 yrs

8.00

8.00

8.25

8.00

8.00

8.25

  • *Acceptance of deposits of over `.5Crores is at the discretion of the Bank.
  • Additional interest to Employees / eligible ex-employees and senior citizens as applicable to Domestic Tem Deposits is not applicable on NRE deposits.
  • Rates quoted on daily basis over the above card rates on Domestic TDs will be  treated as DRI(Differential Rates of Interest) and such deposits will be DRI deposits.

 

 Premature withdrawal of NRE Term deposits:1. The premature withdrawal of term deposit of Rs.5.00 Crores and above is at the discretion of the bank.
2. The interest payable in respect of term deposits withdrawn before maturity would be the rate applicable to the period for which deposit remained with the bank as on date of deposit or at contracted rate, whichever is lower less the penalty at prescribed rate.
3. In respect of term deposits of Rs.5.00Crores and above accepted on or after 24.08.2013 and sought to be withdrawn before maturity the penalty would be 2%.
4. In all other cases the penalty for premature withdrawal of term deposits will be 1%.
5. The Rate of  interest in respect of premature renewal of term deposits be the rate applicable to the period for which deposit remained with the bank as on date of deposit or at contracted rate, whichever is lower less the penalty at the rate of 0.50%.
6. In case of  pre mature withdrawal/ pre mature renewal of Term Deposits no interest is payable where the period for which the deposit remained with the bank is less than 1 year  and  penalty is not applicable under such cases.

 

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