The Syndicate bank is a public sector bank undertaken by the government of India. This bank was founded in 1925 in Udupi, Karnataka by three visionaries Sri Upendra Anantha Pai, Sri Vaman Kudva and Dr. TMA Pai with the capital of Rs.8000. This bank was the first bank to start the Pigmy deposit scheme.
Syndicate bank is well equipped with the organization and operational system that suits the banking and financial needs of people of the 21st century. This bank is the pioneer in launching the Central Banking System in the Public sector banks. This bank has a history of 85 years in serving the customers of various sections of society.
Minimum Balance Limit and Charges for a Savings Account
=> The residents of India, like individuals, joint account holders, trusts or Hindu undivided families can open a savings account
=> The minimum balance for a savings account in rural areas and semi-urban with cheque book is Rs.500 and without cheque book is Rs.100
=> The minimum balance limit in urban or metropolitan areas with cheque book is Rs.500 and without cheque book is Rs.250
=> The minimum balance limit for pensioners in rural or urban or metropolitan areas will be same in case of with cheque book or without cheque book is Rs.5
=> Charges for not maintaining a minimum balance in rural areas is Rs. 500 per month and for semi-urban or urban or metropolitan areas the amount will be Rs.1000 per month
=> Penalty for not maintaining minimum balance is Rs.40 per month