Syndicate Bank was established over 9 decades ago and was founded with the aim of promoting social welfare. Since its establishment, the bank has expanded the scope of the products that it offers its customers.
Apart from the savings deposits and loan products that it offers its customers, the bank also offers current accounts. A current account is a type of deposit that is often used by individuals who run businesses. The account provides account holders with high levels of liquidity through increased limits on the number of cash deposits and withdrawals that can be made in a single day.
Syndicate Bank offers its customers a multi-city current account. This current account has 3 variants that differ based on the minimum average balance that the account holder is expected to maintain. These accounts are as follows:
Synd Silver Current Account
- Minimum monthly average balance to be maintained: Rs.25,000
Synd Platinum Current Account
- Minimum monthly average balance to be maintained: Rs.2 lakh
SyndFlexi Platinum Current Account
- Minimum monthly average balance to be maintained: Rs.1 crore
Features and benefits of the multi-city current account
- Account holders are provided with multi-city at par payable cheques
- The bank provides account holders with free cash withdrawals at non-home branches.
- There is no limit set on the payment of third-party crossed cheques upcountry.
- Cash deposits that are made upcountry to be credited to the account holder’s home branch are free from any remittance charges.
- Outstation cheques collected do not attract any service charges.
- The current account does not earn any interest on the credit balance in the account.
Syndicate Bank Current Accounts can be opened by the following individuals/groups:
- Partnership firms
- Public and private companies
- Hindu Undivided Family (HUF)
Requirements by the bank
Syndicate Bank has a few rules that need to be followed by individuals who wish to open and maintain a current account.
- Applicants will have to fall in the categories listed by the bank to be eligible to open a current account.
- The applicants will have to provide all the documents requested by the bank such as proof of address, proof of identification, and passport size photographs among other documentation.
- It is mandatory for account holders to provide their Permanent Account Number (PAN) and/or General Index Register (GIR) at the time of opening the account.
- Account holders will also have to provide the certificate of incorporation for current accounts opened for a company.
- Account holders have to obtain the Account FATCA declaration at the time of opening their account.
Syndicate Bank aims to be the leading provider of banking solutions to the country. It’s vision is to be recognized for its superior services and for the value that it adds to its customers and stakeholders alike.
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