Syndicate Bank

Syndicate Bank seems to have a dedicated children’s account called Synd Junior Millionaire. In addition, the bank has two standard savings products – Savings Bank Account and SyndSamanya Savings Bank Account – which from a reading of the bank’s website seems to be available for minors also (the site does not provide any age restriction).

Synd Junior Millionaire Account

A children focussed children’s savings product from the bank. Details on the account are available in the form of a small image only as of July 2018. People reading this and wanting to open this account should have a talk with the bank if they want to open one for their children.

Features

  • The account is available for all children below 18 years of age who comply with KYC norms
  • Account holders should maintain a minimum monthly balance of Rs. 5,000
  • Non-resident Indians can open this account on behalf of their kids
  • It is said to be a combination of savings account and recurring deposit though details are not available on the bank website as of July 2018
  • The children get an ATM card with the Synd Junior Millionaire Account
  • The bank offers mobile and internet banking for account holders to view the transactions but not for making any

Savings Bank Account

The standard savings account from the bank. Does not seem to have any age restriction, which may mean that it is available for minors also.

Features

  • The bank requires account holders to have a minimum account balance as prescribed from time to time
  • Applicants needs to satisfy all KYC criteria before they can open the account

SyndSamanya Savings Bank Account

The basic savings account from the bank.

Features

  • Available for all individuals
  • Has no minimum balance requirement but if the account holders chooses to maintain a minimum balance, then they are eligible for a chequebook
  • Allows account holders to make any number of ATM transactions but limits it to 50 for branch counter transactions
  • The account does not have any penalty charges on non-maintenance of any account balance

Reference Facts

  • Syndicate Bank Website: syndicatebank.in and www.syndonline.in (net banking)
  • Headquarters: Manipal, Karnataka
  • Call Centre Number: 1800 3011 3333, 1800 208 3333