Syndicate Bank offers two types of deposit account. First is demand deposit and second is Time Deposit.

Demand deposits

It can be withdrawn on demand during the banking hours through withdrawal slip or Cheque.

Current Accounts and Savings Accounts are categorized as demand deposits and prescribed minimum balance is required to be maintained in these accounts.

CATEGORY Rural/ Semi-Urban Urban/ Metropolitan

Current Account

Individuals Rs.1,000/- Rs.2,000/-

Others Rs.2,000/- Rs.3,000/-

Savings Account

With Cheque Book Rs.500/- Rs.500/-

Without Cheque Book Rs.100/- Rs.250/-

For Pensioners Rs.5/- Rs.5/-

Time deposits

They are kept for specific periods and repayable on maturity.

The time deposits also called term deposits, which can be paid pre-maturely, also with prescribed notice and penalty for pre-payment.

For opening accounts with the Bank the public shall comply with the prevalent Know Your Customer (KYC) norms such as providing identity proof/residential proof and introduction etc.

Nomination

Instruments/remittances sent towards credit of account/opening new account acknowledged.

Deposit receipts are kept in safe custody free of cost.

Carrying out standing instructions

In respect of Term Deposits maturing on a holiday, we pay interest at the contracted rate for such holidays.