Bank RD Interest Rates (General Public) Senior Citizen RD Rates

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Q4.

Comparative analysis to other banks in offering and strengths


RD Interest Rates
Bank Senior Citizen RD Rates
(General Public)
HDFC Bank 5.65% - 7.10% p.a. 6.15% - 7.60% p.a.
ICICI Bank 5.75% - 7.10% p.a. 6.25% - 7.60% p.a.
State Bank of India 4.50% - 6.50% p.a. 5.00% - 7.00% p.a.
Allahabad Bank 5.00% - 6.75% p.a. 5.00% - 6.75% p.a.
Andhra Bank 3.50% - 6.60% p.a. 4.00% - 7.10% p.a.
Axis Bank 3.50% - 7.10% p.a. 3.50% - 7.75% p.a.
Bandhan Bank 3.50% - 7.65% p.a. 4.25% - 8.40% p.a.
Bank of Baroda 4.50% - 6.60% p.a. 5.00% - 7.10% p.a.
Bank of India 6.75% - 7.00% p.a. 7.25% - 7.50% p.a.
Bank of Maharashtra 4.25% - 6.00% p.a. 4.75% - 6.50% p.a.
Canara Bank 5.00% - 6.25% p.a. 5.50% - 6.75% p.a.
Central Bank of India 4.50% - 6.25% p.a. 5.00% - 6.75% p.a.
CitiBank 5.25% - 5.50% p.a. 3.50% - 6.00% p.a.
IDBI Bank 3.50% - 6.95% p.a. 4.00% - 7.45% p.a.
Indian Bank 4.50% - 6.60% p.a. 5.00% - 7.10% p.a.
Indian Overseas Bank 5.75% - 6.80% p.a. 6.25% - 7.30% p.a.
IndusInd Bank 3.75% - 7.50% p.a. 4.25% - 8.00% p.a.

Karnataka Bank 3.50% - 6.80% p.a. 4.00% - 7.30% p.a.


Karur Vysya Bank 5.00% - 7.00% p.a. 7.00% - 7.50% p.a.
Kotak Mahindra Bank 6.25% - 6.70% p.a. 6.75% - 7.25% p.a.
Punjab and Sind Bank 6.40% - 7% p.a. 6.90% - 7.50% p.a.
Punjab National Bank 4.50% - 6.60% p.a. 5.00% - 7.10% p.a.
Syndicate Bank 6.35% - 7.15% p.a. 6.85% - 7.65% p.a.
Yes Bank 6.85% - 7.75% p.a. 7.35% - 8.25% p.a.

SBI and Syndicate bank both are public sector banks . However there are differences between
the two in terms of customer service, products etc.

1.Customer service

Syndicate bank is far better when it comes to customer service. SBI is considered worst in
terms of customer service. It has been observed that the officials of SBI treat most of their
customers like anything however it is less often seen in Syndicate bank.
SBI is also not able to provide services to other private and nationalised banks who maintain
a current account with them in small cities. Even a banker of other bank avoids going to SBI
because of the treatment they get.

2.Products

Syndicate bank offers n number of products to the customers whether it may be synd
platinum current account,synd premium saving account,Synd RD plus etc

3.Less crowd

Customers can get their work done as early as possible in Syndicate bank as compared to SBI
where customers have to wait for hours

4.Ananya branches

Syndicate banks has come up with the new branches under Ananya scheme in select cities
which offers excellent services to customers.

5.Digital banking

SBI has outsourced most of its business areas like ATM,Customer care services etc. The
facilities of Internet banking , Mobile banking of SBI is better than Syndicate bank but
Syndicate banks gets one step ahead in providing product like Synd e passbook which has
been awarded best product award.

Syndicate bank is one of the top 10 banks of India and it is widely known for its customer
service.

So the conclusion is SBI is better in terms of business volume and profit but Syndicate bank
leads in customer service and products.

SBI and Syndicate bank have their wide range of products and services which may differ in
terms of nature, interest rate and customer experience. You can obviously compare both their
products, services and choose which is best for you. Below are some of the features of both
the banks.

State Bank of India (SBI)

Being a Government owned corporation, SBI is one of the largest and oldest banks in India. It
was established in 1806 and has the largest customer base in the country.
Interest rate: The interest rate on a savings account starts from 3.50% onwards and it can go
up to 4% depending on the amount being deposited. Minimum average balance should be
maintained for your SBI savings account, else it will invite a penalty.

As the interest rates on SBI savings accounts are lower when compared to private sector
banks and NBFCs, the lending rates also tend to lower. You can get better loan offers with
SBI at low interest rates if you have a good credit profile.

Customer Experience: Ease of access is an advantage of being an SBI customer. You can
find SBI branches all over the country and it is also easy to contact the bank’s customer care
team through emails, telephone or online.

Syndicate Bank

Established in 1925, Syndicate Bank is also one of the oldest nationalised banks in India
serving a large number of customers.

Interest Rate: The interest rates on savings account starts from 3.5% onwards and it can go
up to 4% depending on the amount being deposited. The interest is paid out on quarterly basis
and failure to maintain minimum balance of Rs.500 will invite penalty of up to Rs.40.

Customer Experience: Well equipped to provide a world-class customer experience with


new technology, Syndicate Bank provides a splendid customer service with digital banking
an e-services.

The above facts about savings account are subject to change as per the revision of banks’
policies in the future. Please refer to the bank’s official website for the latest details.

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