Syndicate Bank Savings Account
What is a Savings Account?
A savings account is the most common form of an interest-bearing account which is held with a bank and that provides a nominal interest rate over time. A savings account is often the first bank account for many.
A savings account is very popular for the various benefits it offers. Below are some of the benefits:
- It is very easy to open—can be opened with very low initial deposit (depends from bank-to bank) and requires minimal documentation,
- Easy to operate and conduct day-today banking at ease with facilities like net banking, mobile banking, SMS banking etc. Pay your utility bills in a safe, secure and fast manner. Transfer funds with ease – at the click of a button!
- Safe way to store your hard-earned cash and earn a nominal interest.
- Different kinds of savings accounts for different needs. Banks also offer zero-balance savings accounts for those who want only basic banking facilities like withdrawals and deposits, or are not able to maintain the required average monthly balance.
- Get easy access to your money at any time with ATMs.
- You can deposit and withdraw money from a savings account as you require. It also helps in tracking your expenses.
There are some limitations as well. Following are the disadvantages:
- There are various fees associated with a savings account.
- You need to maintain a specific balance each month in order to avoid penalties. If your saving falls below the minimum balance requirement set by the bank, they will charge you with a certain fee. This can prove to be a problem if you regularly withdraw from your savings account. There are zero balance accounts to counter that problem—although it comes with severely limited facilities.
- The interest is far lower when compared to that of, say, a Fixed Deposit account and offers low returns in comparison to other forms of savings.
Even with the downsides, a savings account is popular with the old and the young, the poor and the rich, as it provides easy access to money in times of need and inculcates a habit of saving. With the easy banking modes it has on offer, a savings account is a must to have.
Syndicate Bank Savings Account
A Syndicate Bank savings account provides a host of banking benefits like flexible easy accounts management, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with a Syndicate Bank Savings Account.
Features and Benefits of Syndicate Bank Savings Account
There are various benefits to having a savings account with Syndicate Bank:
- Safety and security when you store your cash in a savings account
- Different savings account for different needs.
- Access your account with ease via Internet Banking / SMS Bank / Phone Banking
Types of Syndicate Bank Savings Accounts
For the full list of savings accounts options, check the bank website or visit the nearest branch. Following are some of the type of savings account offered by the bank:
Savings Bank Account
- Amounts can be deposited/withdrawn from these accounts by way of cheques / withdrawal slips—It helps the customers to keep minimum cash at home besides earning interest.
- These accounts can be opened by eligible person/s and certain organizations / agencies (as approved by the Reserve Bank of India (RBI)
- The account holder is required to maintain certain minimum balance in the account, as specified by the Bank from time to time. This amount may vary depending on whether the account holder wants to avail the cheque book facility or not.
- Interest is paid on half yearly basis, calculated on a daily balance basis.
- Cheques, dividend warrants drawn in the name of account holder/s will only be collected through this account.
- Instruments endorsed in favour of the account holder/s will not be collected through savings bank account.
- Business transactions shall not be routed through Savings Bank Account. If routed, the Bank will recover the interest paid and may also close the account.
SyndSamanya Savings Bank Account Scheme
- No restrictions on cash receipt
- Cash withdrawal At Branch Counter – 50 per year allowed. There are no restrictions for ATM Transaction.
- Cheque book will be made available if the requisite balance is maintained as per the existing SB account norms.
Syndicate Bank Savings Account Minimum Balance
The minimum balance required in a Syndicate Bank savings account differs with each kind of account. It is advisable to contact the bank directly for details.
Syndicate Bank Savings Account Interest Rate
Syndicate Bank savings account offers interest rates of 4%, depending on the daily balance, and the type of account. Do keep in mind that the rates are subject to change at the sole discretion of the bank. It is advisable to check with the Bank for accurate rates.
Syndicate Bank Savings Account Charges
Different Syndicate Bank savings accounts have a different schedule of charges. It is best to contact the Bank directly for the most up to date charges.
How to open a Syndicate Bank Savings Account
It is simple to open a Syndicate Bank savings account. You can visit your nearest branch and have a customer care representative help you with the forms. You can talk to the representative about your saving needs and open an account accordingly.
Alternatively, you can download the savings account opening form online, fill it and visit your nearest Syndicate Bank Branch with your KYC documents.
Syndicate Bank Savings Account FAQS
What is the best interest rate on a Syndicate Bank saving account?
The interest rates are currently at 4 %. For the latest interest rates, it is best to contact the nearest branch.
Who is eligible to open a Basic Savings Account with Syndicate Bank?
All resident individuals, singly or jointly, minors along with parent or legal guardian, are eligible to open an account.
Is it possible to open a Syndicate Bank savings account online?
No. you need to visit your nearest branch to have your account opened.