Syndicate Bank Savings Account
Syndicate Bank is a nationalised bank headquartered in Manipal, Karnataka. Canara Industrial Banking and Syndicate Bank is one of India's oldest banks, founded in 1925 in Udupi.
The bank was established to provide financial support to the local weaver community facing financial difficulties. It became renamed as the Syndicate Bank in 1964 and was nationalised in 1969. The bank began modestly and has now grown to a nationwide network of 3552 branches. The bank also has a large ATM network that serves every area in India.
Syndicate Bank Savings Account
Effective 1 April 2020, Syndicate Bank has merged with Canara Bank. For now there are no changes in Account Number and IFSC Code. For more information checkout Canara Bank Savings Account.
The bank has achieved multiple firsts, including creating 10 lakh accounts in just three months. It has also established a banking school to train the next generation of finance professionals and provide them with the skills required to flourish in the ever-changing financial sector. Staying loyal to its founding fathers' purpose, the bank continues to provide incentives to the rural community through development initiatives such as financing rainwater harvesting projects, establishing farmers' service societies, and implementing welfare programs for agrarian workers. The bank also introduced savings accounts with various incentives and privileges to encourage individuals to save money. They offer many schemes specifically tailored to meet the needs of their diversified customer base.
Syndicate Bank Savings Account Interest Rate
Syndicate Bank Savings Account, now part of Canara Bank, offers no minimum balance, competitive interest rates (3.25% to 3.75%), and is available to individuals, minors, Trusts, Associations, government bodies, and more. Existing customers can access banking services through the e-Syndicate portal and enjoy a range of digital products.
Syndicate Bank Savings Account Minimum Balance Requirements
The Syndicate Bank has stipulated certain minimum balance requirements for its savings accounts and schemes. These are mentioned below:
Type of Savings Account | Average Monthly Balance Requirement |
SyndSamanya Savings Account | No minimum balance |
Premium Savings Account | Rs. 10, 000 |
Special Premium Savings Account | Rs. 20, 000 |
Opening a Syndicate Bank Savings Account
- Savings Accounts can be opened both online and offline.
- Online account opening is a three-step process.
- Service is available to Indian residents above 18 years of age.
- You need to apply online and fill out the account opening form.
- Form requires email address, mobile number, and KYC documents.
- After applying online, you must visit the bank and submit the necessary paperwork in person.
- The bank will validate the documents, and you'll be informed once your account is live.
Types of Syndicate Bank Savings Accounts
1. SyndSamanya Savings Account: This is a zero-balance account that allows customers to enjoy the benefits of a savings account without having to keep a large amount. Holders of this completely KYC compliant account will be able to enjoy free local cheque collecting. They will also be eligible for a cheque book if they maintain the minimum balance required by the bank.
2. Premium Savings Account: With a Syndicate Bank Premium Savings Account, you can enjoy additional benefits and privileges. This account, which is available at branches with e-banking, allows holders to sweep in and sweep out surplus balances, converting them to fixed deposits. Holders will be allowed to liquidate this deposit for free. The excess balance will be transferred in multiples of Rs. 1,000 to a 180-day fixed deposit. They will also earn interest at the current interest rate.
3. Special Premium Savings Account: With the Special Premium Savings Account, holders can avail the benefits of a savings account and the high interest rate of a fixed deposit. Account balance in excess of Rs. 20, 000 will be swept into a fixed deposit with a 1 year and 1 day term. Holders will receive attractive rates if interest on the amount and will also be able to break the deposit if they are I urgent need of funds without paying a penalty charge.
Eligibility Criteria
The following individuals/entities can apply for a Syndicate Bank Savings Account:
- Hindu Undivided Families
- Individuals above the age of 18.
- Trusts, associations, clubs.
- Minors (joint account with a parent/ guardian). Minors will be able to operate the account on attaining maturity.
Note: The account can be held singly or they can be joint accounts. In case of minors, accounts have to be held jointly with a parent/guardian.
Documents Required to Open a Syndicate Bank Savings Account
The documentation required for creating a Syndicate Bank Savings Account is outlined in the Know Your Customer (KYC) guidelines. The Reserve Bank of India implemented these guidelines to streamline the document gathering process and make it easier for banks to verify the information provided by account holders. The documents to be supplied are listed below.
- Passport sized photographs
- Proof of identity
- Proof of address/residence
Proof of Identity Documents
The documents that can be submitted to satisfy the proof of identity requirement are as follows:
- Valid passport
- Valid driving license
- Government issued photo ID card
- Defence card
- Aadhaar Card
- Permanent Account Number (PAN) card
- Voter's ID card
- NREGA card
Proof of Address documents
The documents that can be submitted to satisfy the proof of address requirements are as follows:
- Valid passport
- Utility bills such as electricity bill, telephone bill
- Bank account statement
- Driving license
- Aadhaar card
- Income Tax Statement
- Credit card statement
- Salary slip
Note
- In the case of joint accounts, all applicants must furnish the KYC documents.
- In the case of accounts opened in the name of a minor, proof of age such as a birth certificate has to be provided along with the above KYC documents.
Savings Account Popular Pages
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
FAQs on Syndicate Bank Savings Account
- What is the minimum monthly amount for a savings bank account at Syndicate Bank?
It depends on the sort of account you select. The SyndSamanya Savings Bank account requires a minimum monthly account balance of 0. The SyndSupreme Savings Bank account's minimum monthly balance is Rs. 1 lakh.
- Is it sufficient for one person to furnish KYC documents while opening a savings bank account simultaneously with another?
No. In the event of joint accounts, all applicants must provide the required KYC papers.
- Can minors open a savings account at Syndicate Bank?
Syndicate Bank does not offer a separate savings bank account for minors. Minors, on the other hand, can run the account with their parents.
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