When it comes to term deposit schemes or fixed deposit schemes Syndicate Bank offers its customers a lot of choices to choose from. One can choose any scheme as per the requirement and earn an attractive rate of interest on their savings. Let us discuss the schemes in details:
Fixed Deposit Account – this account enables the depositor to earn regular interest on the deposit made by him. The aspects of the account are:
- The minimum amount required to open the deposit is Rs.1000
- The deposits can be held for any tenure ranging from 15 days as the minimum to 120 months or 10 years as the maximum
- Interest earned on the deposits can be taken monthly which would be the discounted interest or quarterly.
- If the depositor withdraws the deposit prematurely, the bank would levy a penalty charge on such a withdrawal
- Depositors can also avail a loan on the amount of deposit up to a maximum of 95% of the deposit made. The amount of loan granted would depend on the tenure remaining to maturity.
- Nomination facility is available with the deposit
- Senior citizens and staff members of the bank would earn a higher rate of interest than that given to others.
Interest Rates (in %)
|Regular Citizens||Senior Citizens|
|7 to 14 days||4.75||4.75|
|15 to 30 days||4.75||4.75|
|31 to 45 days||4.75||4.75|
|46 to 60 days||4.75||4.75|
|61 to 90 days||5.50||5.50|
|91 to 120 days||5.50||5.50|
|121 to 179 days||5.50||5.50|
|180 to 269 days||6.15||6.15|
|270 to less than 1 year||6.15||6.15|
|1 year exact||6.50||6.50|
|Above 1 year to 2 years||6.50||7.00|
|Above 2 to less than 5 yrs||6.60||7.00|
|Exact 5 yrs||6.50||7.00|
|Above 5 to 10 yrs||6.50||7.00|
Note: The rates applicable with effect from 10.Aug.2017 are subject to change without prior information. Maximum deposit allowed is below Rs 1 Crore.
This deposit scheme is exclusively designed for tax saving purposes and has the following aspects:
- Individuals or Hindu Undivided Families (HUFs) are eligible to open this deposit account.
- The minimum amount of deposit is Rs.100 and thereafter in multiples of Rs.100 up to a maximum of Rs.1.5 lakhs as prescribed under Section 80C
- The deposit has to be held for a minimum tenure of 5 years to be eligible for tax exemption.
- During these 5 years, also known as the lock-in period, the depositor can make no premature withdrawals from the deposit account.
- Staff members of the bank and senior citizens have the benefit of earning a higher rate of interest.
- Nomination can be done under this scheme
- The deposit scheme can be opened either individually or jointly
- These deposits cannot be utilized to be pledged or mortgaged for availing a loan
- Interest income from the deposits would be subject to taxation.
- The deposit has to be made in a specified Form which should contain the PAN number and signature of the assesse along with the name and address of the accountholder/s
A scheme of deposit where interest is reinvested and paid on maturity. Other aspects of the scheme include:
- The minimum amount of deposit required to opt for the scheme is Rs.1000 and thereafter in multiples of Rs 100
- Interest is calculated every quarter and is reinvested to earn future interest.
- The minimum tenure of this deposit is 6 months and the maximum is 10 years and whatever period the depositor opts for should be in complete quarters.
- In case of premature withdrawal of the deposit before the maturity date, a penalty would be charged as determined by the bank
- Senior citizens and staff members are eligible to earn a higher interest rate.
- Nomination facility is present
- Loans can be availed which should not exceed 95% of the deposit amount. Moreover, the quantum of loan depends on the period remaining to maturity of the deposit.
A flexible fixed deposit scheme which provides liquidity through partial withdrawals. The aspects of the scheme include:
- The tenure of deposit made under this scheme ranges from 15 days to 120 months at the maximum.
- Deposits can be made in multiples of Rs.1000 and the minimum amount for opting for this scheme is also Rs.1000
- Interest is calculated and paid after every quarter.
- This scheme provides the unique feature of partial withdrawals as and when needed without attracting a penalty. Money can be withdrawn in multiples of Rs.1000
- The depositor can nominate any person as his nominee
- The bank’s staff members and senior citizens avail a higher interest rate on their deposits
A scheme of deposit which provides a regular monthly income in the form of the monthly interest earned on the deposit made. The other features of the deposit include:
- The amount required to open the scheme is Rs.1000 which is the minimum amount.
- The minimum tenure for which the deposit should be held is 1 year and the maximum tenure is 10 years
- Interest rates are payable either at the end of every month at a discounted rate or at the end of every quarter as they are calculated
- The depositor can avail a loan of up to 95% of the deposit on the deposit made depending on the period left to maturity
- A higher rate of interest is given to senior citizens and the bank’s staff members
- One can also appoint a nominee under the scheme
A fixed deposit account specially designed for the senior citizens and having the following aspects:
- Rs.1000 is the minimum amount required to open this deposit account
- The deposit can be held for any period ranging from 1 year to 10 years as chosen by the depositor
- A 0.50% higher rate of interest is given on these deposits
- There would be no penalty for premature withdrawal of the deposit. However, if the deposit account is closed before the minimum tenure of 1 year or 12 months, the additional 0.50% rate of interest would not be applicable.
- Holders of this account can enjoy non-maintenance of balance in their Savings Account held with the bank without any penalty
- The account also provides free remittance facilities to any of the bank’s branches up to a specified limit
- Nomination can be made in the deposit account
A scheme where small investments are made every month. The features are:
- The minimum monthly instalment required is Rs.100 per month
- The minimum and the maximum tenure ranges from 12 months to 120 months respectively
- If the monthly payments are delayed, they attract a rate of penalty
- The minimum monthly balance maintained in the account would earn interest every quarter
- The interest earned on this deposit is tax-free
- Nomination can be done
- Loans can be availed on the deposit account up to a maximum of 95% depending on the period left to maturity of the deposit
A deposit scheme which has a fixed tenure. The features of the scheme are:
- The deposit is held for a fixed period of 63 months
- The minimum daily amount required is Rs.5 and can be paid daily, weekly or monthly. However, for weekly or monthly payments, the minimum required amount would remain Rs.5 per day and calculated accordingly.
- If there is a delay in paying the instalments, there would be no penalty charges
- Premature withdrawal is also allowed subject to certain conditions kept by the bank
- One can avail up to 75% of the balance in the Pigmy Account as loan
- The interest earned on the deposits would be exempted from tax incidence
- Nomination facility is available and one can nominate a person as his nominee in the account.
An enhanced version of the Pigmy Deposit Scheme which has the following aspects of mention:
- Here the minimum contribution per occasion which can be daily or less frequently is Rs.5 and the bank’s agent would collect the deposit from the depositor’s doorsteps.
- The deposit would be held for a fixed period of 72 months
- If there is a premature withdrawal of the deposit within the first 24 months, it would attract penalty and pay no rate of interest. If the withdrawal is made after the first 24 months, the interest ranging from 2% to 5% would be payable on the deposit for the period for which the money was held with the bank.
- Up to 75% of the outstanding balance can be availed as a loan or as an overdraft.
- If the balance outstanding in the deposit account is Rs.5000 and above, the deposit would be converted to a term deposit account earning a higher rate of interest. However, this conversion would be available after 12 months of opening the Pigmy Deposit Account. The tenure of the term deposit would be the remaining period of the Pigmy Deposit or higher than that.
A deposit scheme designed for corporates with a high deposit amount. The features are:
- The minimum amount of deposit is Rs.5crores and thereafter in multiples of Rs.1crore.
- The deposit can be held from a period of 7 days to a maximum period of 180 days.
- Simple interest is calculated and paid at quarterly intervals
- This account allows for partial withdrawals after giving a day’s notice to the bank. However, the minimum balance of Rs.5 crores should be maintained in the deposit account after such withdrawal
- The withdrawal can be made any time and any number of times as long as the minimum balance is maintained in the deposit account after every withdrawal
- There is no penalty on partial withdrawals made and interest on the withdrawn amount would be calculated at the existing rate for the period the amount was held with the bank
- Loans on deposits are available on the balance in the deposit account after any partial withdrawal with the clause that withdrawals beyond the loans margin as stipulated would not be allowed.