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Syndicate Bank Savings Account

Syndicate Bank is one of the oldest banks in India, and it started operations in 1925, pre-Independence. The headquarters of the bank is in Udipi, a coastal hamlet in Karnataka. The bank was initially started with the objective of providing financial support to the local weaver communities, who were involved in handloom weaving.

The bank introduced the 2 annas per day scheme to inculcate the habit of savings among the local community. This doorstep Pigmy Deposit Scheme was started in 1928 and served as the USP of the bank.

Today, Syndicate Bank has grown to become one of the most trusted banks in India and has a huge loyal customer base. The bank was nationalized in 1969 and today has over 3500 branches spread all across India. One of the biggest benefits of Syndicate Bank is that it has ATMs all over the country, even in rural towns and villages.

The Syndicate Bank has grown quickly to meet the demands of the tech-savvy customers of the 21st century. The Syndicate Bank is a pioneer of CBS (Centralized Banking Solution) and is one of the top public sector banks to have enabled CBS across all its branches.

True to its roots, the Syndicate Bank offers robust savings bank schemes to help customers from all economic levels to inculcate the habit of savings and building a corpus, that they can rely on.

General Information Regarding Savings Bank Accounts from Syndicate Bank

Syndicate Bank Savings Account

Syndicate Bank offers convenient savings bank account to help individuals inculcate the habit of savings and to build their personal savings funds for the future. These accounts are available for individual customers.

Customers can deposit/withdraw money from their savings bank accounts using cheques or withdrawal slips. These accounts are available to individuals and other organisations as per the rules of the RBI (Reserve Bank of India).

As per the rules, all individuals have to provide identity proof, address proof, and other supporting documents, while opening a savings bank account in Syndicate Bank. Apart from these documents, individuals also have to provide two recent passport size photographs while opening an SB account.

Additionally, according to the Income Tax Act of 139A, all savings bank account holders must provide their PAN (Permanent Account Number) or GIR (General Index Register) number or Form No. 60/61 while opening the account.

The bank verifies the authenticity of the documents submitted and then issues the account details. If the account requires a minimum monthly balance, then the account holder must maintain the amount at all times. Failure to do so incurs service charges.

Syndicate bank pays the interest earned by your savings bank account every quarter. The cheques, dividend warrants that are issued in the name of the account holder will be collected only through the savings bank account.

Business transactions cannot be routed via the Savings Bank account. If any business transactions occur through the savings bank account, the bank has the right to withdraw the interests earned and close the account. The bank also reserves the right to close any undesirable or unremunerative account at any time.

Types of Savings Account from the Syndicate Bank

Syndicate Bank offers the following savings accounts to meet the needs of different categories of users:

  • Basic Saving Bank Deposit Account Scheme
  • SyndSupreme Savings Account
  • Exchange Earner’s Foreign Currency Account

Let’s take a closer look at each of these savings account schemes from the Syndicate Bank.

1. Basic Saving Bank Deposit Account Scheme

This account is also known as SyndSamanya Savings Bank account.

Eligibility:

This account is available to all individuals who are Indian residents.

Minimum Monthly Balance to be maintained:

This is a zero balance account. Hence, you don’t have to worry about maintaining a minimum monthly balance.

Interest Rate:

3.5% (at present)

Salient Highlights of this account:

  • No restrictions on the number of cash deposits in a month.
  • Cash withdrawals restricted to 50 times per year at the counter of the home branch.
  • No restrictions on the number of ATM transactions.
  • Cheque book facility available if the balance maintained is in accordance with prevailing SB account norms.
  • Outstation cheque collection charges nil for cumulative balance up to Rs. 50,000 per year. Beyond this regular outstation cheque, collection charges will be levied.
  • A service charge of Rs. 10 will be levied if the customer exceeds the number of permitted transactions.

2. SyndSupreme Savings Account

This is an exclusive premium savings account provided by Syndicate Bank for premium customers.

Eligibility:

This account is available to all Syndicate Bank customers who maintain an average monthly balance of Rs. 1 lakh. This account can be operated either singly or jointly. However, all the benefits are available only to the primary account holder.

Minimum Monthly Balance to be maintained: Rs. 1 lakh or above

Salient Highlights of this account:

  • Free platinum debit card
  • Free credit card
  • Free inter-bank ATM transactions (you can use Syndicate bank debit cards on other bank ATMs free of charge)
  • Free SMS alerts for all your banking transactions
  • Free monthly eStatements of your savings account
  • Free mobile banking and internet banking
  • Free accidental death insurance with a sum assured of Rs. 10 lakhs to the primary account holder
  • 25% concession for account holder on small and medium locker rentals at the home branch
  • 50% concession on home loan processing and other associated document charges

How to Open a Syndicate Bank Savings Account?

You can open a savings bank account with Syndicate Bank in just a few steps. There are two main methods of opening an account – online or offline.

To open an account online, visit the official website of Syndicate Bank. Use the online account opening application form and fill in key details like – your name, address, date of birth, email address, and mobile number.

Download the application form and visit your nearest branch. Submit your KYC documents for verification. The bank verifies the details of your KYC documents and scrutinizes your application form.

Once all details are verified, Syndicate Bank provides you with the account opening kit – passbook, cheque book (if applicable) and welcome letter. You will receive a text message from the bank once your account is activated.

Alternatively, you can also apply for a savings bank account offline by visiting the bank in person. Head to your nearest Syndicate bank branch, request an account opening form and fill in the details. Submit your KYC documents, and once all your details are verified, your account will be activated.

Once your account is active, you can enjoy the benefits of being a Syndicate bank account holder.

FAQs on Syndicate Bank Savings Accounts

1. What are the accepted documents for opening a savings bank account with Syndicate Bank?

Some of the documents that you can submit for id and address proof include:

  • Aadhaar card
  • Job card issued by the NREGA and signed by state government officials
  • Electricity bill
  • Telephone bill
  • Voter ID
  • Driving license
  • Passport

Apart from any one of the above documents, you have to provide your PAN card and two recent passport size photographs, while opening the SB account.

2. I don’t have a PAN card. Can I open a savings bank account with Syndicate Bank?

As per the ITA (Income Tax Act) rules, you require a PAN card to open a savings bank account. However, if you don’t have a PAN card, you can provide the following alternative documents:

  • Form No 60/61 as per ITA, Section 139A
  • GIR (General Index Register) number

3. What’s the minimum monthly balance for a savings bank account in Syndicate Bank?

It depends on the type of account you choose.

For the SyndSamanya Savings Bank account, the minimum monthly account balance is zero. For the SyndSupreme Savings Bank account, the minimum monthly balance is Rs. 1 lakh.

4. If I open a savings bank account jointly with another person, is it enough if one person provides the KYC documents?

No. In the case of joint accounts, all applicants have to furnish the requisite KYC documents.

5. Can minors open a savings bank account with Syndicate Bank?

Syndicate Bank does not have a separate savings bank account for minors. However, minors can operate the account jointly along with a parent.

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