Flexi Deposit Syndicate Bank

Do you have any information about Flexi Deposit Schemes of Syndicate Bank? If you have any information about all deposit schemes of Syndicate Bank, so please provide its details.

The Syndicate Bank offers several types of Deposit Schemes. I am providing some information of deposit schemes:

DEPOSIT SCHEMES OF SYNDICATE BANK

Savings Deposit Account - Account with easy liquidity
Withdrawal through withdrawal slips/cheques/ATM Cards
Students can operate the A/c
Interest on daily product basis
Premium Savings Account (CBS branches only) - High earnings with easy liquidity
Minimum average monthly balance of `10,000/-
Balance in excess of `10,000/- gets swept out into fixed deposit for 180 days in units
of Rs.1000/-

Synd Samanya Savings Bank Account (NO FRILLS ACCOUNT)
Eligibility : All individuals
Minimum balance : Zero Balance
Rate of Interest : 4.00%
Cash receipt : No restrictions
Cash withdrawal : At Branch Counter – 50 per year*
(No Restrictions for ATM Transaction)
Cheque book : Cheque book will be made available if balance is maintained as per the existing SB account norms
Cheque Collection Charges : Local – Free, Outstation - No charges upto cumulative of
Rs.50000/- per year (actual postal charges to be paid) Above
Rs. 50000/- per year – normal charges will be levied.

Fixed Deposit Scheme* - Regular interest earning Scheme
Period of Deposit – 15 days to 120 months (minimum period is 7 days for deposits of
Rs.1 Crore & above)
Minimum Deposit – Rs.1000/-
Vikas Cash Certificate* – A money multiplier
Minimum amount of Deposit – `1000/- and in multiples of `100/-
Period of deposit – 6 months to 120 months
Interest compounded every quarter

Social Security Deposit* – An ideal monthly / quarterly income plan
Minimum deposit – `1000/- and in multiples of `100/-
Period – 1 year to 10 years in completed quarters
Monthly interest at discounted value or interest accruing at the end of quarter will be
paid

Senior Citizen‟s Security Deposit– A Scheme with higher income for senior citizens
For citizens above the age of 60 years
Amount of Deposit – `1000/- and in multiples of `1000/-
Period – 12 months to 120 months
Rate of interest – Normal applicable rate to term deposits + 0.5%
Incentives – No penalty for premature closure
At par remittance facility upto `5000/- per month or upto interest earned on his deposit whichever is higher.

Syndicate Suvidha Deposit* - Fixed Deposit with partial withdrawals
Amount of Deposit – `10,000/- and above in multiples of `1000/-
Period of Deposit – 15 days to 120 months
Rate of interest – As applicable to term deposits
Interest – Simple interest at quarterly intervals

Partial withdrawal –
Partial withdrawal in multiples of `1000/- allowed
No restriction on frequency of withdrawals
No penalty to be charged in partial withdrawals.
Syndicate Floating Rate Deposit Scheme (at CBS branches) – Interest linked to 91 days T Bills
Minimum deposit `1.00 crore
Period of Deposit – 1 year
Interest linked to 91 days Treasury Bills, reset quarterly. Eligibility – Individuals / HUF eligible to open an account with the Bank.
Minimum Deposit – ` 100/- and multiples of thereof.
Maximum Deposit – `1,00,000/- per person per annum.
Tenure – Minimum of 5 Years.
Rate of Interest – Rate of Interest Applicable to the tenor of the Scheme under
Domestic Term Deposits.
Senior Citizens & Staff will be eligible for additional Rate of Intrest as per applicable
norms.
Withdrawal Facility – No premature withdrawal facility available upto 5 years from the
date of deposit.
Nomination Facility available.
Deposits Account may be opened under Single / Joint holder type of Accounts.

Payment of Interest –
Option I - Interest may be paid in Lump sum at the time of maturity
Option II- Interest may be paid every quarter or every month at discounted value as per rules in force

Pigmy Deposit – 1928 Scheme - A daily savings scheme at your doorsteps.
Minimum Amount of deposit - ` 5/-
Amount may be deposited daily/weekly/monthly
Period of Deposit – 63 months
Premature withdrawal permitted with certain conditions
Authorised Agent i.e. “Pigmy Agent‟ collects money for deposit into Pigmy Deposit A/c at your door steps

DEPOSIT SCHEMES OF SYNDICATE BANK

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Answered By StudyChaCha Member