|Syndicate Bank/Canara Bank Savings Account
|Minimum Balance Requirement
Syndicate Bank Savings account comes with several benefits such as no minimum balance requirement, competitive interest rates, extended eligibility to different customers, and schemes for premium depositors. The interest rate is between 3.25% to 3.75% after the bank’s amalgamation with Canara Bank. Existing customers can log in to the e-Syndicate portal for banking and avail of the digital products. The savings bank (SB) account is for individuals, minors, Trusts, Associations, government bodies, and other eligible entities.
In this post, we will discuss Syndicate Bank/Canara Bank savings account eligibility criteria, features, documents, types of savings account, and frequently asked questions.
Here are the eligibility norms for Syndicate Bank/Canara Bank Savings Account:
NOTE: From 1 April 2020, Syndicate Bank was merged with Canara Bank. To understand core banking products, people can go to the website of Canara Bank and check out the latest offers.
Here are the documents to open Syndicate Bank/Canara Bank Savings Account:
Here are the features of Syndicate Bank/Canara Bank Savings Account:
|Minimum Balance Maintenance in Previous Month
|2 Demand Drafts Free in Current Month Up to the Said Amount
|Rs. 25,000 and more
Here are the types of Syndicate SB Accounts:
Any resident individual can open this account. It is a zero-balance account. There is no requirement for a minimum balance. The rate of interest is 3.50%. There are no restrictions on cash receipts. You can withdraw cash at the branch counter. The allowance for the same is 50 per year. You will face no limits on ATM transactions. 4 withdrawals inclusive of ATMs transactions, are free in a month.
This savings account is for premium customers. You can open the account singly or jointly. The advantages of this Syndicate Bank Savings Account are only for the primary account holder. If you maintain a minimum balance of Rs. 1 lakh and above, then you can enjoy several benefits. These include a free Platinum Debit Card, Credit Card, etc.
Here are the FAQs on Syndicate Bank/Canara Bank Savings Account:
The Syndicate Bank or Canara Bank savings account helps individuals to save money for future requirements. The account provides liquidity of funds as you can save and withdraw an amount anytime without penalties. You can also keep a track of the deposited amount through passbook, withdrawals slip, and bank statements. You need to keep a minimum amount in the account. But you will also earn interest on the deposit amount.
You have to maintain a specific amount in the account as a monthly average balance, as specified by the bank. If you need a cheque book facility, the balance requirement will differ. Non-compliance of monthly average balance will lead to penalty charges.
The account is eligible for individuals, agencies, organizations, etc who fulfil the conditions by the Reserve Bank of India.
You must not route business transactions through a savings bank account. If the bank detects otherwise, it may recover the paid interest, and close the account. FATCA declaration is required to open the account. Dividend warrants and cheques were drawn in the name of the account holders are to be collected through the said account only. If any instrument is endorsed in the favour of the customer, then it shall not be collected from the SB account.
Canara Bank has several savings account such as Basic Savings Deposit Account, Small Savings Bank Deposit Account, Payroll Package Saving Bank Account, Junior Savings Account, Champ Deposit Scheme, SB Power Plus, SB Gold Scheme, NSIGSE Savings Bank Deposit Account, Super Savings Salary Account, and Jeevandhara SB Account for Senior Citizens.