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".