The Recurring Deposit (RD) Scheme offered by Syndicate Bank is open to salaried class, professionals, entrepreneurs etc. looking to organize savings over a period of time.

Features and Benefits of Syndicate Bank Recurring Deposit

• Monthly deposit amount starts at just Rs.100 with no upper limit. Increase in denomination should be made in multiples of Rs.10.
• The term of deposit starts at 12 months with an upper cap of 10 years. This range provides enough space for the depositor to choose a term that suits their investment needs.
• Interest charges are calculated on a quarterly basis credited to the account based on the agreed rates.
• No tax is deducted (TDS) on the interest charges earned in the RD account.
• Option to avail loan for up to 95% of deposit amount under the RD scheme, is available. The loan availability is dependent on the unexpired period of the deposit term.

Interest Rates Offered on Syndicate Bank’s Recurring Deposit

For all deposits below Rs.1 crore, the interest rate is 7% that can go up to 8.50% depending on the period of investment.

• Resident senior citizens are eligible for an additional 0.50% interest on the prevailing rates.
• Current and former employees of the bank are eligible for an additional 1% on the existing rate. There is no cap on the amount for this category of depositors.

Opening a Recurring Deposit Account with Syndicate Bank

Savings/current account holders can easily sign up with minimal documentation on basis of the existing credentials. New depositors need to present the following documents to enable activation.
• Recent passport size photograph
• Duly filled form along with introduction (if required)
• ID and address proof
• Contact and PAN details