| Syndicate Bank Saving Accounts |
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Syndicate bank savings account is easy to operate. The account can be opened by eligible person/s and certain organizations / agencies (as approved by the Reserve Bank of India (RBI). Bank offers two types of savings accounts – Syndsuraksha and Syndsamanya.
Syndsuraksha is a group life insurance cover in association with LIC of India. This scheme is a group term assurance for savings bank account holders. Premium of a very low amount is offered in association with LIC of India. A person is eligible for the scheme if he/she has savings bank account either single or in joint names in any CBS branches of the bank. The accountholder needs to be above 18 years and below 59 years of age. Under this scheme person gets the assured sum of Rs 1,00,000/- in case of normal death and Rs 2,00,000/- in case of accidental death. In case a customer has more than one account either in the same branch or in any branch of the bank, the claim will be paid under one account only. All individuals can open Syndsamanya savings account. There are 50 withdrawals allowed per year and there is no restriction for ATM transactions. |
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- The Bank has introduced a Premium Savings Account at e-banking branches that combines full safety, easy liquidity and highest possible interest.
- A unique 'Sweep out, Sweep in' facility offered at our e-banking branches ensures that while the customer's money earns solid interest as a fixed deposit, it turns liquid to meet his urgent needs. That too at no extra cost.
- Average monthly balance of Rs.10000/-to be maintained in the Premium Savings Account.
- Balance available in the account in excess of Rs.10000/-on any day gets automatically swept out into a fixed deposit for 180 days in units of Rs.1000/-.
- In the event of shortfall in SB for meeting your clearing cheques or for other urgent needs, the fixed deposit is swept back into the Premium Savings Account in required number of units of Rs. 1000/- free of cost.
- No penalty is charged for breaking the fixed deposit prematurely. However, the amount swept out earns interest for the period run at the applicable rate.
- Even while breaking the fixed deposit, only the most recently converted fixed deposit is first broken to minimize interest loss to the customer.
- Only those amounts swept out of your Premium Savings Account are eligible for sweep in and not other fixed deposits.
- When fixed deposits mature at the end of 180 days, the Bank will renew the principal every 180 days while crediting the interest to the savings account. Rs.100/-per month is levied as service charges whenever the monthly average balance in the Premium Savings Account goes below Rs.10000/-
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- The Bank has introduced a Special Premium Savings Account at e-banking branches that combines full safety, easy liquidity and highest possible interest.
- A unique 'Sweep out, Sweep in' facility offered at our e-banking branches ensures that while the customer's money earns solid interest as a fixed deposit, it turns liquid to meet his urgent needs. That too at no extra cost.
- Average monthly balance of Rs.20000/-to be maintained in the Special Premium Savings Account.
- Balance available in the account in excess of Rs.20000/-on any day gets automatically swept out into a fixed deposit for 1 year 1 day in units of Rs.1000/-.
- In the event of shortfall in SB for meeting your clearing cheques or for other urgent needs, the fixed deposit is swept back into the Special Premium Savings Account in required number of units of Rs. 1000/- free of cost.
- No penalty is charged for breaking the fixed deposit prematurely. However, the amount swept out earns interest for the period run at the applicable rate.
- Even while breaking the fixed deposit, only the most recently converted fixed deposit is first broken to minimize interest loss to the customer.
- Only those amounts swept out of your Special Premium Savings Account are eligible for sweep in and not other fixed deposits.
- When fixed deposits mature at the end of 1 year 1 day, the Bank will renew the principal every 1 year 1 day while crediting the interest to the savings account. Rs.100/-per month is levied as service charges whenever the monthly average balance in the Special Premium Savings Account goes below Rs.20000/-
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- All person(s) / associations who are eligible to open a Savings Bank Account can open accounts under this scheme.
- Monthly average minimum balance of Rs.1,00,000/- is to be maintained under the scheme.
- Sweep-in / sweep-out facility at all our e-banking branches.
- In case the customer desires the sweep-in, sweep-out facility, he may avail the same with following terms and conditions : (at e-banking Branches)
- The balance available in the account in excess of Rs.1,00,000/- shall be swept out into fixed deposits for a period of 3 years in units of Rs.10,000.
- The rate of interest payable on the swept out amount shall be the rate applicable for 3 years term deposit as on the date of sweep-out. The interest amount will be credited to the Super Premium Savings Bank account on half yearly basis.
- As and when there is need for funds in the Synd-Super Premium Account, the fixed deposit is broken prematurely in units of Rs.10,000/- and swept into the savings account to the extent of meeting the need. This Sweep-in will be based on last in first out.
- The interest rate applicable for the amount swept in will be the rate applicable for the period for which it was held in the term deposit account.
- No penalty is charged for breaking the fixed deposits prematurely.
- No separate deposit receipt will be issued. All entries will be reflected in the statement of account for the special savings account.
- No loan against the amount swept-out and invested in fixed deposits shall be considered nor the same taken as security for any credit facilities.
- ABB facility with Multi-city chequebook is available for the customer in CBS branches.
- Personalized Chequebook may be issued to account holders.
- Services Charges for non-maintenance of monthly minimum average balance (Rs.1,00,000/-) shall be Rs.100/- per month.
- Service charges for closure of account shall be Rs.100/-.
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No upper limit for transaction through A/C Payee cheques.
Self-cheques can be paid in cash upto an aggregate limit of Rs.50,000/- in a day at all the CBS branches other than the home branch.
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