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Syndicate Bank Ltd



Syndicate Bank Ltd. (BSE: 532276, NSE: SYNDIBANK) is one of the oldest and major commercial banks of India. At the time of its establishment, the bank was known as Canara Industrial and Banking Syndicate Limited. The bank, along with 13 major commercial banks of India, was nationalized on 19 July 1969, by the Government of India.

The business started with a capital of Rs. 8000. The first branch of the bank started its operations in the year 1928 at Brahmavar in Dakshin Kannada District. By 1937, it had secured its membership as a clearing house at Mumbai. The primary objective of the business was to extend the financial assistance to local weavers. Initially, the bank collected as low as two annas from the door steps of the depositors daily through its agents. This type of system wherein the agents of the bank come doorsteps to collect deposit is still prevailing in India and is referred to as the Pigmy Deposit Scheme.

The Syndicate Bank has revised its interest rates on domestic term deposits with effect from Friday. The highest applicable rate is 9.75 percent (10.25 percent for senior citizens) for a tenure of 40 days.

The other revised rates are: seven percent for 91 to 120 days, eight percent for 121 to 180 days, 8.5 percent for 181 to 269 days, nine percent for 270 to 364 days, 9.55 percent for one year to 439 days, 9.55 percent for 441 days to less than two years and 9.5 percent for two years to 10 years with additional 0.50 percent for senior citizens.

As time progressed, twenty banks merged with the Canara Industrial and Banking Syndicate Limited including the Maharastra Apex Bank Limited and Southern India Apex Bank Limited. The name of the bank was changed to Syndicate Bank Limited in the year 1964 and the head office of the bank was shifted to Manipal. The bank expanded its operations not only on the domestic front but also overseas. It has a branch in London and the bank manages National Exchange Co. in Doha and Musandam Exchange Co. in Muscat. By 1978, it opened its 1000th branch at Hauz Khas, Delhi. Currently it has over 2650 branches and all branches are offering corebanking-e-banking services under anywhere-anytime-anyhow banking.

Recently, Syndicate Bank has achieved a rare feat of opening one million customer accounts in a span of 3 months.

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