Syndicate Bank NRE FD Rates

Established in 1925, Syndicate Bank is a subsidiary of Canara Bank. The bank aims to cater to the needs of middle-class citizens from urban to rural areas. Apart from them, the bank also serves the needs of NRIs.
Syndicate Bank offers fixed deposit schemes like pigmy deposits, deposits for minors, senior citizens and Non-Residential Indians, and business people who live, work, and travel abroad. The bank also offers attractive interest rates.

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Syndicate Bank FD for NREs

Syndicate Bank offers exciting schemes in the Fixed deposit category. The investor can deposit a small amount of Rs.1000 and utilize the minimum tenure of seven days. The bank offers long-term investors attractive rates and flexible tenure depending on the maturity amount and investment period.

Syndicate Bank also offers a loan facility wherein the investor can use up to 90% of the deposit to borrow from the Bank. The customer can send and receive money to the account using the features of net banking, RTGS, NEFT, and instant transfer.

The bank also provides several investment schemes for NRIs and NREs and attractive interest rates. Syndicate Bank NRE FD rates are in line with the RBI making it easier for the customers to track and follow the revised rates.

Types of FD for NREs

Syndicate Bank is known for lending financial support to Indian investors who reside in foreign countries. The types of FD and the Syndicate Bank NRE FD rates are as follows:

  1. Non-Resident Rupee Term Deposits

    • NRE term deposit rates are offered as per the sum deposited.
    • The investor can avail loan using 90% of the amount in FD.
    • The Bank offers an auto-renewal facility after the maturity of the deposit.
  2. Foreign Currency Non-resident Deposit

    • Syndicate bank supports foreign currencies such as US dollars, Canadian dollars, Australian dollars, British Pound and Euro.
    • The interest rate varies according to the currency used for the deposit.
    • The investor can deposit the amount for a maximum tenure of 5 years.
  3. Resident Foreign Currency Term Deposit

    • Syndicate Bank supports five different foreign currencies, as mentioned earlier.
    • The maximum tenure of the deposit is 3 years, beyond which the investor must withdraw the sum.

Rates Associated with FD types

Syndicate bank NRI fixed deposit rates vary depending on the amount invested in the scheme.  

The NRE rates for deposits under Rs.2 crores are tabulated below:

Duration

Rate of Interest (% Per Annum)

1 year

5.50

Greater than 1 year but cannot be extended beyond 2 years

5.50

Greater than 2 years but cannot be extended beyond 3 years

5.50

Greater than 3 years but cannot be extended beyond 5 years

5.45

Greater than 5 years but cannot be extended beyond 10 years

5.45

The NRE rates for deposits between Rs.2 to 10 crores are tabulated below:

Duration

Rate of Interest (% Per Annum)

1 year

4.65

Greater than 1 year but cannot be extended beyond 2 years

4.65

Greater than 2 years but cannot be extended beyond 3 years

4.65

Greater than 3 years but cannot be extended beyond 5 years

4.15

Greater than 5 years but cannot be extended beyond 10 years

4.15

Foreign Currency Non-Resident Deposit Rates

The Syndicate Bank FCNR deposit rates as of 7th July 2021 are tabulated below:

Currency of Deposit

Greater than 1 year but cannot be extended beyond 2 years

Greater than 2 years but cannot be extended beyond 3 years

Greater than 3 years but cannot be extended beyond 4 years

Greater than 4 years but cannot be extended beyond 5 years

5 years only

USD

0.85

0.99

1.22

1.44

1.60

GBP

0.57

0.77

0.91

1.02

1.10

EUR

NIL

NIL

0.02

0.09

0.16

CAD

0.98

1.24

1.49

1.71

1.86

AUD

0.53

0.69

0.90

1.13

1.34

*The above rates are applicable for deposits below 1 million USD. For deposits greater than 1 million USD, one needs to contact the nearest branch office.

Resident Foreign Currency Deposit Rates

The Syndicate Bank RFC deposit rates as of 7th July 2021 are tabulated below:

Period of Deposit

Currency of Deposits

USD

GBP

EUR

CAD

AUD

Savings Bank

NIL

NIL

NIL

NIL

NIL

Greater than a month but cannot be extended beyond 3 months

NIL

NIL

NIL

NIL

NIL

Greater than 3 months but cannot be extended beyond 6 months

0.09

NIL

NIL

0.02

NIL

Greater than 6 months but cannot be extended beyond 12 months

NIL

NIL

0.03

NIL

NIL

Greater than a year  but cannot be extended beyond 2 years

0.85

0.57

NIL

0.98

0.53

Greater than 2 years but cannot be extended beyond 3 years

0.99

0.77

NIL

1.24

0.69

3 years only

1.22

0.91

0.02

1.49

0.90

*The above rates are applicable for deposits below 1 million USD. For deposits greater than 1 million USD, one needs to contact the nearest branch office.

Summing It Up

The fixed deposit scheme is the most popular among average investors in both domestic and NRI categories. The investors can opt for this scheme to withdraw the interest rate on a time to time basis depending on their request.

The customers must choose schemes according to their financial goals. The individuals looking to avail of NRI schemes must understand the charges involved like TDS and premature withdrawal charges before choosing any fixed deposit scheme.

Written By: PolicyBazaar - Updated: 01 September 2021

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