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Syndicate Bank Savings Account | Minimum Balance Requirement

January 30, 2018 / Leave a comment

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.

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
SyndSamanya Account	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.

Premium Savings Bank Account

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.

Special Premium Savings Account

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

Seeding Aadhaar with Syndicate Bank Account

August 31, 2017 / Leave a comment

Syndicate Bank, one of the oldest banks in India, was established in 1925 in Udupi, but gained popularity in 1964. It’s a nationalized bank with it’s headquarter in Manipal, Karnataka. At present the bank has a wide network of 3552 branches across the country and ATMs in every region of the country.

Syndicate bank started in a small scale by helping the rural people managing their financial difficulties and later turned into a nationalised bank of the country.

How to link Aadhaar with Syndicate bank account

Government has mandated the linkage of Aadhaar Card with bank accounts in order to avail the subsidized schemes offered by the Government of India.

Aadhaar linking with Syndicate Bank Account Offline
- Visit the nearest Syndicate bank branch along with original and one photocopy of Aadhaar and the original passbook of the bank and one photocopy of it.
- Fill the application form provided by the bank
- Once the documents have been submitted along with the application form, the bank officer will hand out a copy of the receipt the account holder after the verification.
- Once the account is successfully linked the customer will be intimated via mail or on a registered mobile number
Aadhaar linking with Syndicate Bank Account Online
- Visit Syndicate Bank’s official website: www.syndicatebank.in
- Click the Customer Service tab on the homepage.
- Click in the “Update your Aadhaar Number”
- Enter Aadhaar Number and Click “Submit”
- Once the verification is done, the account holder will receive a mail and a SMS
Aadhaar linking with syndicate Bank Account through SMS
- Send ADR to 09241442255
- Once the seeding process is done, the bank will notify the account holder.
Aadhaar linking with Syndicate Bank Account through ATM
- Visit nearest ATM bank branch and swipe a Syndicate ATM / Debit Card.
- Enter 4-digit PIN and select “Other Services”
- Click on the Aadhaar Update option
- Enter 12-digit Aadhaar Number and select “confirm”
- Re – enter the Aadhaar Number
- After the successful completion of the linkage, one will receive a receipt notifying the successful completion of the linkage

To check Aadhaar and Bank Account linking status Visit this link :Services offered by the UIDAI Official website

IFS Code of Syndicate Bank

An IFSC or Indian Finance System Code is an 11-digit alpha – numeric code assigned by the Reserve bank of India in order facilitates Electronic Clearing Systems (ECS), NEFT or RTGS.

(a) First four characters identify the bank name i.e. SYNB

(b) The fifth character is always 0

(c) And the last character represents the branch address i.e. 009035

[The IFS code used in above example is of Delhi, Lajpat Nagar i.e., “SYNB0009035”]

To know the IFSC and MICR Code of Syndicate Bank and its Branches visit here.