Syndicate Bank Savings Account

Syndicate Bank/Canara Bank Savings Account Details
Minimum Balance Requirement
  • With cheque book: Rs. 500 for rural areas, Rs. 1000 for urban areas
  • Without cheque book: Rs. 100 for rural areas, Rs. 500 for urban areas
Interest Rate
  • 3.25% for outstanding balances up to Rs. 50 lakhs
  • 3.75% for outstanding balances of over Rs. 50 lakhs
  • Passbook, debit card, net banking, mobile banking, DD pay orders, nomination option
  • Single/joint account, minor account, senior citizen account, and a lot more

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.

Eligibility Criteria for Syndicate Bank Savings Account

Here are the eligibility norms for Syndicate Bank/Canara Bank Savings Account:

  • Resident individuals can open a single or joint account
  • Minors, HUFs, Executors and Administrators
  • Trusts, Government Bodies, Semi-government Departments
  • Clubs, Associations, Societies, Schools, etc
  • Capital Gain accounts recognized PF accounts
  • Non-corporate bodies

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.

Documents Required to Open Syndicate Bank Savings Account

Here are the documents to open Syndicate Bank/Canara Bank Savings Account:

  • Duly filled and signed application form to a savings account
  • 2 copies of depositor’s photographs
  • Specimen signature card
  • Copy of PAN Card or Form 60 or 61
  • Any other documents needed for minors, students, Associations, Trusts, HUFs, etc.
  • Proof of address and identity (suited KYC norms) as per the following
  • Driving Licence
  • Passport
  • Voter ID Card
  • Letter issues by UIDAI that has the name, Aadhaar number, and address of the applicant
  • Job Card issued by NREGA, which is also signed by a State Government official

Features of Syndicate Bank Savings Account

Here are the features of Syndicate Bank/Canara Bank Savings Account:

  • The interest is accrued on the daily balance in the account. It is paid quarterly every February, March, August, and November.
  • A nomination facility is available for all the account holders.
  • For Syndicate Bank or Canara Bank Savings Account requiring average monthly balance, Rs. 1000 should be maintained for urban/semi-urban/metro branches and Rs. 500 to be maintained for rural branches.
  • Some of the services include instant credit of outstation cheque for an amount up to Rs. 15,000, standing instructions, passbook, ATM-cum-Debit Card, mobile banking, internet banking, etc.
  • Free issuance of 2 Demand Drafts per month linked to minimum balance maintained in the previous month as per the following:
Minimum Balance Maintenance in Previous Month 2 Demand Drafts Free in Current Month Up to the Said Amount
Rs. 10,000 Rs. 10,000
Rs. 15,000 Rs. 15,000
Rs. 20,000 Rs. 20,000
Rs. 25,000 and more Rs. 25,000

Types of Syndicate Bank Savings Accounts

Here are the types of Syndicate SB Accounts:

1. Basic Saving Bank Deposit Account

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.

  • If you maintain account balance as per the bank’s norms, then you will receive a cheque book
  • No charges for outstation cheque collection (per year) up to a cumulative of Rs. 50,000
  • For the immediate above condition, postal charges will apply separately
  • Normal charges will apply for outstation cheque collection of more than Rs. 50,000 in a year

2. SyndSupreme Savings Account

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.

  • Free monthly e-statements, SMS alerts, inter-bank ATM transactions
  • Free mobile banking, internet banking. RTGS, NEFT, etc.
  • You will also get free accidental death insurance worth Rs. 10 lakhs
  • There is a facility of 50% concession on home loan documentation and processing charges
  • And receive 20% concession on small and medium-sized locker rentals

Frequently Asked Questions about Syndicate Bank Savings Account

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.

Other Banks Savings Accounts