It was a very surprising quarter due to which, the festive season brought a smile ofr people like Tarunya Singh, a 34 year old Pune based business executive and a retired professor from Chennai, 62 year old Padmaja Shashtry.
As per Syndicate Banks executive Director, M Anjaneya Prasad stated that the bank is still in the making the essential changes technologically. The bank has decided to make interest payments at shorter interest, which is also an initiative which is customer friendly. Syndicate bank currently is the only nationalized bank which offers its customers a monthly benefit.
Generally the interest is paid, by banks either in the months of March and September or June and December of every quarter. For many banks, the per annum rate of interest for savings deposit is 4 percent, however it is 7 percent for some banks which is calculated on a daily basis. Term deposits, whose tenure is more than a year, have an interest rate which fluctuates anywhere between 8 and 9 percent annually