Syndicate Bank is an Indian National Bank. The bank is one of the oldest banks in India. It was established in the year 1925 in Udipi. The bank has its headquarters in Manipal, Karnataka. The bank came into the spotlight in the year 1964. Currently, the bank has a wide network of around 3552 branches across India. The bank also has a vast ATM Network that covers almost every regions in India.
The bank has also opened up a school of banking to train the future finance professionals and equip them with the skills that are required to excel in the field of Finance.
The bank has also launched many savings accounts, with number of benefits and privileges and encourage the people to save their money. The bank has different schemes as per the requirement of the people.
In this article, we will be providing you the information about the Syndicate Bank’s Savings Account, its interest rate, types of savings account and its features are much more.
- 1 Syndicate Bank Savings Account Interest Rate
- 2 Syndicate Bank’s Minimum Balance Requirements
- 3 How to Open a Syndicate Bank’s Savings Account
- 4 Types of Syndicate Savings Bank Account
- 5 Eligibility Conditions for Opening a Savings Account
- 6 Documents that are required to open a Syndicate Savings Bank Account
Syndicate Bank Savings Account Interest Rate
The bank offers an attractive rates on its savings accounts. The current rate is 4% per annum.
Syndicate Bank’s Minimum Balance Requirements
Every type of Savings Account of the Syndicate Bank offers a different type of Minimum Balance Requirement. Let’s have a look:
Types of Savings Account
Average Monthly Balance Requirement
No Minimum Balance Requirement
Premium Savings Account
Rs 10, 000
Special Premium Savings Account
Rs 20, 000
How to Open a Syndicate Bank’s Savings Account
Well, opening a savings account in the syndicate bank is quite simple. The process is not breath taking. It can be completed in just few steps. You can open a savings account either by offline or online.
Opening your Savings Account Online
Opening a savings account online is a 3-step process. This service is available to the Indian Residents who are above the age of 18 years only. All you have to do is visit the official Syndicate Bank website and fill in the account opening form. Provide the essential details such as your e-mail address, mobile number and KYC Documents mentioned in the form. Then visit the nearest bank branch and submit the required documents. The bank officials will then verify the documents and application form and once, you are done you will be notified that your account is active.
Offline Procedure of Opening a Savings Account
If you are not comfortable with the offline procedure, then there is still an option to open your savings account offline. All you have to do is visit the nearest bank branch and collect the account filling application form. Fill in the required details and submit the application form along with the documents to the bank officials. The bank officials will then verify your application form and the documents and once the verification is successful, you will be notified that your account is active.
By having a savings account you can enjoy maximum number of benefits and privileges associated with the Syndicate Bank.
Types of Syndicate Savings Bank Account
SyndSamanya Savings Account
The SyndSamanya Savings Account is a zero balance account that allows the account holders to enjoy different benefits and privileges of the savings account. In this account, you don’t have to maintain a high balance. It is a fully, KYC Complaint Account, where the account holders can enjoy local cheque collection completely free of charge. The account holders for this savings account will also receive a cheque book if the minimum bank is stipulated by the bank is maintained.
The account holders of this account can enjoy a number of privileges and add-on benefits. These are available at the branches along with the e-banking facility. This account also offers the sweep-in and sweep-out facility that converts the excess balance in the account into a fixed deposit. The holders cab also be able to liquidate this deposit if they want to, free of cost. The excess balance will be swept out in multiples of Rs 1000 into a 180 day fixed deposit. Along with these benefits they will also receive interest rate at a prevailing interest rate.
The account holders of this savings account will be able to enjoy the benefits of the savings account and a higher rate of interest of a fixed deposit. If your account balance has more Rs 20, 000 then it will be swept as a fixed deposit with a 1 year and a 1 day term. The Holders will receive attractive interests. You can also break the deposit, if you want the money urgently. You will not be charged with any penalty for it.
Eligibility Conditions for Opening a Savings Account
The following are the individuals or the entities who are eligible to open a savings account.
- Hindu Undivided Families (HUF)
- individuals above the age of 18.
- Trusts, associations and club
- Minors (joint account with a parent or a guardian). Minors will be able to operate the account on attaining the maturity.
These savings accounts can be handled either singly or jointly. But in case of minors, the accounts needs to be handled jointly either with a parent or a guardian.
Documents that are required to open a Syndicate Savings Bank Account
The documents that are required for opening a savings account in the Syndicate Bank are under the Know Your Customer (KYC Norms). These norms are introduced by the Reserve Bank of India to streamline the document collection process and thus make it easier for the banks to verify the details and the information provided by the account holders.
Below are the list of the documents that are required to submit while opening a savings account:
- passport sized photographs
- proof of identity
- proof of address/residence
Proof of Identity Documents
The documents that satisfy the identity proof are as follows:
- Valid passport
- Valid Driving License
- Government issued Photo ID Card
- Defence Card
- Aadhaar card
- Permanent Account Number (PAN Card)
- NREGA Card
Proof of Address Documents
Listed below are the documents that satisfy the address proof:
- Valid Passport
- Utility Bills such as Electricity bills, Telephone bills, Gas Connection Bills etc.
- bank account statement
- Driving license
- Aadhaar card
- Income Tax Statement
- Credit Card Statement
- Salary Slip