Syndicate BankSyndicate Bank Savings Account

Having headquarters in Manipal, Karnatka, Syndicate Bank is one of the oldest banks in India been established in 1925 in Udupi. This bank was established to provide financial assistance to the local weaver section that was deprived of financial support. Syndicate Bank was given its name in 1964 and then subsequently it was nationalized in 1969 and today it has a wide network of 3552 branches throughout in India. The ATM network of the bank is also commendable having reach in rural sector too.

The bank has come into limelight when it opened 10 lakh accounts in a very short time span of just three months. The bank has also started a school of banking to train finance professionals of future and make them equipped of various financial and banking skills required to survive as well as excel in the finance industry. The rate of interest on saving account is 4%.

Types of savings account in Syndicate Bank:
  • SyndSamanya Savings Account: This account needs not to be maintained with any minimum balance as it is a zero balance account, often called no frill account. Local cheque clearing facility is given free of cost to fully KYC accounts. They can also claim cheque books if they maintain minimum stipulated balance as prescribed by the bank.
  • Premium Savings Account: The minimum balance for this type of account is Rs 10,000. These accounts offer a lot of privileges and add on benefits to the customers. Apart of benefits like e-banking this account offers sweep in sweep out facility. With this facility, excess balance in the account is automatically converted into fixed deposits.

    The excess balance is swept out in the multiples of 1000 and then fixed for 180 days; hence the rate of interest of FD is paid on such amount. These FDs are made automatically and hence can be liquidated free of cost any time as per the need of the customer.

  • Special Premium Savings Account: The minimum balance for this account is Rs 20,000. With this account the customers can avail benefits of savings account and enjoy higher interest rate of FD. Here, like Premium savings account, FD is made of amount in excess of Rs 20,000 but they are made for a period of 1 year and a day, which can be liquidated anytime without any cost.
Eligibility criteria:

Any individual above 18 years, HUF, trust, association of persons, clubs, and minors in joint operation with parent, can open an account with Syndicate bank. All the need is furnishing the required KYC documents.

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