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%.
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.
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.