Deposits of Nationalized Bank :

Syndicate Bank

Adam Husain Alok Kumar Yadav

Anand Sundaresan Anamika Datta
Abhishek Annie Sau
Mardikar Anshul Pandya
Anuj Agrawal
Amitoj Singh
Ankit Bedi
Achintya Agarwal
Introduction

Demand Deposits
◦ Money is available on Demand from the bank

Timed Deposits
◦ There is a specific time limit that must be
followed depending on the type of account
 Demand Deposits
Operative
 Deposit Products

•Savings Bank A/c

•Current Account A/c

•SyndSamaya Savings bank A/c

 
Savings Bank Account
Are designed to help the individuals to inculcate
the habit of saving money.

Certain minimum balance has to be maintained.

Interestat 3.50% p.a. is presently paid on half

yearly basis depending on minimum balance
between the 10th day and last day of the month,
with a minimum of Re.1/-.
Current Account
Opened by partnership firms, private and public
limited companies, HUFs/specified associates,
societies, trusts.

Minimum balance as stipulated from time to

time will be required to be maintained

No interest is paid on credit balances kept in

current account
Timed Deposits
Fixed Deposits
Recurring Deposits
Synd Tax Shield Deposits
Vikas Cash Certificate
Social Security Deposit
Senior Citizen’s Security Deposit
Pigmy Deposits
Fixed Deposits
 Minimum deposit Rs.1000/-
 Deposits accepted for periods ranging from 15 days
to 120 months.
 Option available for receiving monthly interest at
discounted rates or quarterly interest.
 Premature withdrawal of deposit is permitted any
time subject to payment of prescribed penalty.
 Loans available up to a maximum of 95% of the
deposit amount depending on the length of the
unexpired period of the deposit.
Recurring Deposits
Minimum deposit is Rs.100/-per month.
Period of deposit ranges from 12 months to 10
years.
Delayed payment of instalments are accepted with
nominal penalty.
Monthly minimum balance in the account earns
compound interest every quarter.
No tax is deducted from the interest on the deposit.
Loans up to maximum of 95% of the deposit amount
available depending on the length of the unexpired
period of the deposit.
Synd Tax Shield
Minimum Deposit – Rs. 100/- and multiples of thereof.

Maximum Deposit – Rs. 1,00,000/- per person per annum.

Tenure – Minimum of 5 Years.

Rate of Interest – Deposits under SyndTaxShield Scheme will earn interest at the rate
applicable to the relevant period.

Withdrawal Facility – No premature withdrawal facility available upto 5 years from the date
of deposit.

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.
 
Term Deposits under this scheme are not eligible for pledge to secure loan or as security to any
other asset.

Interest
 Income from these term deposits shall be liable to tax under the
IT Act.
Vikas Cash Certificate
Minimum deposit Rs.1000/- and thereafter in multiples of
Rs.100/- 
Period of deposit ranges from 6 months to 10 years in
completed quarters.
Interest compounded every quarter.
Premature withdrawal of the deposit is permitted any
time on payment of the prescribed penalty.
Loans up to a maximum of 95% of the balance available
depending on the length of the unexpired period of the
deposit.
The rates of interest are as fixed by the Bank from time to
time.
Social Security Deposit
 Minimum amount of deposit is Rs.1000/-
 Deposits accepted from 1 year to 10 years in
completed quarters.
 Option to earn interest either at discounted rates at
the end of every calendar month or on quarterly
basis during the period of the deposit.
 Loan available up to 95% of the deposit amount
depending on the length of the unexpired period of
the deposit.
 Rate of interest are as fixed by the Bank from time
to time.
Senior Citizen’s Security Deposit
Minimum amount of deposit is Rs.1000/-
Period of Deposits is 12 to 120 months.
Interest on the deposit is 0.5% above the normal rate.
Interest payable at monthly (discounted rates) or quarterly
intervals.
Premature withdrawal of deposit is permitted any time without
levy of penalty. Accounts closed before completion of 12
months are not eligible for additional interest of 0.5%.
Exemption from maintaining prescribed minimum balance in
savings Bank account.
Free Remittance Facility to any of our branches upto a specified
limit.
The rates of interest are subject to change and are as fixed by
the Bank from time to time.
Pigmy Deposit
Period of the scheme is 63 months.
Amount as low as Re.1/- per day can be saved daily /
weekly / monthly.
No penalty even if depositor is unable to pay instalments
regularly.
Deposit account can be closed prematurely subject to
certain conditions.
Loans up to a maximum of 75% of the balance in the
Pigmy account available.
No tax will be deducted for the interest on the deposit.
The rates of interest are as fixed by the Bank from time to
time.
Non Resident External(NRE)
Account
 Accounts opened by the NRI’s with authorized
banks in India.

 Accounts can be opened in the form of Current,

Saving or Term deposits.

 Opening of a joint account by a non-resident

person with a person resident in India is not
permitted under NR (E) Scheme.
 Interest Rates On Deposits:
For Term Deposits Below Rs. 1 Cr.
Rates of Rates of
Interest Interest for senior citizen
Period of Deposit w.e.f 19.06.2010 w.e.f 19.06.2010

(%) p.a. (%) p.a.

(1) (2) (3)

15 days to 45 days 2.50 3.00

46 days to 90 days 3.50 4.00

91 days to 180 days 5.00 5.50

181 days to < 1 year 5.50 6.00

1 year to < 2years 6.50 7.00

2 years to < 3 years 6.75 7.25

3 years to < 5 years 7.00 7.50

5 years to < 8 years 7.25 7.75

8 yrs & upto 10 years 7.50 8.00

Interest Rates On Deposits:
For Term Deposits On Rs. 1 Cr And Above.
Rates of Interest
w.e.f
Tenor 20.05.2010

(%) p.a.
(1) (2)

7 days to 14 days* 2.50

15 days to 30 days 2.75

31 days to 45 days 3.00

46 days to 89 days 3.50

90 days exact 4.25

91 days to 179 days 4.50

180 days to 269 days 5.00

270 days to 364 days 5.50

1 year & above 6.00

Interest Rates On NRE Term Deposits

Rate of Interest(%)
Revised
(w.e.f. 01.06.2010
Period of Deposit Rate of Interest (%)
upto
(w.e.f. 01.07.2010)
30.06.2010)
1 year & above but less than 2 years 2.95 2.92

2 years & above but less than 3 years 3 2.72

3 years & above upto 5 years 3.47 3.08

Deposits Insurance
Depositors Money is insured up to 1 lakh.

Fully insured by DICGC(Deposit

Insurance & Credit Guarantee
Corporation).

Willarise in the circumstances , when the

Bank Liquidation happens.
THANK YOU!!!

Questions???