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Syndicate Bank Savings Account

Syndicate Bank is a nationalised bank with its headquarters in Manipal, Karnataka. Called the Canara Industrial Banking and Syndicate Bank, it is among the oldest banks in India and was established in 1925 in Udupi. The bank was started to provide financial assistance to the local weaver community who were experiencing financial difficulties. It came to be known as the Syndicate Bank in 1964 and was nationalised in 1969. Started with humble origins, the bank currently spans a country wide network of 3552 branches. The bank also has a vast ATM network that covers every region in India.

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 seen a number of firsts and has the distinction of opening 10 lakh accounts within 3 months. It has also set up a school of banking to train the future finance professionals of tomorrow and equip them with the skills needed to excel in the evolving world of finance.

Staying true to its founding fathers’ vision, the bank continues to provide incentive to the rural community through development measures such financing rainwater harvesting projects, setting up farmers’ service societies as well as introducing welfare schemes for agrarian workers.

The bank has also launched savings accounts with a number of benefits and privileges to incentivise people to save their money. They have several schemes that are specially designed to cater to the needs of their diverse customer base.

Syndicate Bank Savings Account Interest Rate

Syndicate Bank offers attractive rates of interest on its Savings Accounts. The current rate is 4% per annum, unless specified otherwise.

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

Opening an account with Syndicate Bank is now a few quick steps away. Those wishing to open a Savings Account can do so either online or offline.

Opening your account online can be done in 3 simple and convenient steps. This service is available to Indian residents above the age of 18 only. You would have to apply online and fill in the online account opening form, providing essential details such as your email address, mobile number and KYC documents as mentioned in the form. After this, you would have to visit the particular branch and submit the required documents in person. The bank will verify these and you will be notified of your account being active.

You can also choose to apply offline. In this case, you can visit your nearest Syndicate Bank branch and collect an account opening form. Submit the duly filled in and signed form along with your KYC documents as mentioned in the form to the branch. Once these have been verified, you will be notified as to your account being active and you can begin enjoying the privileges associated with being a Syndicate Bank Savings Account holder.

Types of Syndicate Bank Savings Accounts

SyndSamanya Savings Account: This is a zero balance account that allows holders to enjoy the privileges of a savings account without the need to maintain a high balance. A fully KYC compliant account, holders will enjoy local cheque collection free of charge. They will also be eligible for a cheque book if the minimum balance as stipulated by the bank is maintained.

Premium Savings Account: Enjoy a number of privileges and add-on benefits with your Syndicate Bank Premium Savings Account. Available at branches with e-banking facility, this account offers holders a sweep in, sweep out facility that converts excess balance in the account to a fixed deposit. Holders will be able to liquidate this deposit if they desire, free of cost. The excess balance will be swept out in multiples of Rs. 1, 000 into a 180 day fixed deposit. They will also receive interest at the prevailing interest rate.

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.

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 documents to be provided when opening a Syndicate Bank Savings Account are mentioned under the Know Your Customer (KYC) norms. These norms were introduced by the Reserve Bank of India to streamline the document collection process and to make it easier for the banks to verify the details provided by the account holders. The documents to be submitted are mentioned 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


  • In the case of joint accounts, all the applicants have to 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.

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

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