In 1925, to provide financial assistance to the local weavers of Udupi, Syndicate Bank laid its foundation. The goal was to mobilize small savings for the community. The bank offers fixed deposit schemes where one can earn regular interest. Moreover, the bank offers flexible tenures for the customers according to their requirements. The deposit amount of Rs 1,000/- is the minimum amount requirement for the FDs.
Under the Syndicate Bank Fixed Deposit scheme, an individual can avail loans up to 95% of the nomination and deposit amount.
For the holding period ranging from 1-3 months, the bank offers an interest rate of 7.5% per annum and it is reduced by 0.10% to 7.4% per annum for the holding period ranging from 3-4 months.
On the other hand, for the holding period ranging between 4-9 months, the returns can be pegged at 8% per annum, and it becomes 8.10% per annum for the holding period ranging from nine months to 363 days. For the holding period of 364 days, the interest rate is calculated at 8% per annum, and it becomes 8.5% per annum for the holding period of one year.
For the holding period of 1-2 years, the returns can be pegged at 8.10% per annum, and it decreases to 8% per annum for the holding period of 2-5 years.
For the holding period of five years, the rate of interest is calculated at 8% per annum, and it becomes 7% per annum for the holding period ranging from 5-7 years.
For senior citizens, Syndicate Bank offers additional 0.5% on the above-mentioned interest rates for the tenures ranging from1-10 years.
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