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.