NEWS & ADVICE : FIXED DEPOSITS
Syndicate Bank: Term deposit rates revised upwards
By Neelima Shankar
Oct 20, 2008
Print    Email    RSS   

Karnataka based Syndicate Bank has raised its domestic term deposit rates.

The interest rates on term deposit with different maturities have been revised upwards by the bank on October 16th.

The interest rate for deposits with maturity of 1 year to 399 days has been increased to 10.25% from 10.05%. Deposits with tenure of 400 days to 499 days will also earn an interest rate of 10.25%.

Similarly interest rates for deposits of 500 days to less than 2 years and above 2 years to less than 3 years have been revised to 10.50% and 9.75% respectively.

However deposits with tenure of 3 years and above have remained unchanged at 9.5%.

Also senior citizens will earn an additional rate of 1% over the revised rates. They can earn a maximum of 11%.

The interest rate for Synd 400 Plus Scheme is 10.25% and for Synd 500 Plus Scheme is 10.50%.

Syndicate Bank was established in 1925 in Udupi, Karnataka with the name "Canara Industrial and Banking Syndicate Ltd." The Bank was started with a capital of Rs 8000 and the objective behind starting the Bank was primarily to extend financial assistance to the local weavers who were crippled by a crisis in the handloom industry.

In 1928, the Bank started ‘Pigmy Deposit Scheme' under which it collected as low as 2 Annas daily from the doorsteps of depositors. Today Pigmy Deposit Scheme is Syndicate Bank's Brand equity and the Bank collects around Rs. 2 crore per day under this scheme.

In 1964 the name was changed from "Canara Industrial & Banking Syndicate Ltd." to "Syndicate Bank Limited".

 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Manage your FD in a better way
Complete guide to TDS on fixed deposits in...
Planning to invest in a bank FD? Think again
The new avatar of savings account would...
Things you should know while filing income...


my sbi tdr/stdr no.xxxxx355102 dated 12/05/2011 ,...
what is the max amount a individual can fixeddeposit...
e-Challan details for payment of tax liable from...
I was deposit Rs,200000,00 by Mis self sbi saving...
I want check my saving account details...
HOW MANY YEAR DUBBLE MY FIXED DEPOSIT ON S,B,I

NEWS THIS WEEK
ICICI bank and Vodafone launched M-pesa service in Andhra Pradesh Apr 24, 2014
Biggest blood donation drive ever organized by HDFC bank. Apr 22, 2014
ICICI bank scaling up the number of automated branches Apr 21, 2014
New deposit product – Anupama rolled out by SBT Apr 9, 2014
ICICI bank lodged FIR for the fake currency notes Apr 9, 2014
News Archive