Syndicate Bank - Overview

Syndicate Bank, one of the oldest commercial banks in India, was founded in 1925 with main office in Udupi, Karnataka, which was later shifted to its current location in Manipal, Karnataka. During the nationalization in 1969, Syndicate Bank became a state-owned company. Having started its functioning with the purpose to provide assistance to small local enterprises, Syndicate Bank has extended its service and enlarged its customer base over the years. Today Syndiacte Bank offers the full range of ordinary banking operations to retail clients.

Syndicate Bank is among the large public sector banks in India. Its branch network grows rapidly and as of September 2013, Syndicate Bank is reported to have 3044 offices - including its overseas one in London. Since 2001, all Syndicate Bank offices have been providing the modern Syndicate Bank net banking service.

Syndicate Bank has proved its professionalism time after time, by winning a lot of prestigeous awards in its sector, for instance - the National Investment and Finance Award for Priority Sector Landing (1981), the Best Core Banking Project for Large Banks (2006, by The Asian Banker) and much more.


History of Syndicate Bank

A businessman, an engineer and a physician were the founders of Syndicate Bank; their initial goal was to support local weaver enterprises against the handloom industry crisis. The Bank started its operations on 10 November 1925, as a joint stock company under the name 'Canara Industrial and Banking Syndicate Ltd.', with a staff of just one employee. In 1928, it launched its Pigmy Deposit Scheme - by collecting the amount of only 2 annas per day, at its depositors' doorsteps. Nevertheless, the scheme became Syndicate Bank's brand equity and today the Bank collects about Rs. 2 crore under it.

Over years, as many as 20 banks have merged with the initial Canara Syndicate; in 1964 its name was changed to 'Syndicate Bank Limited' and its main office was shifted to Manipal. Later, with the nationalization in 1969, the company went under governmental control as Syndicate Bank.

Syndicate Bank's growth was carried out in synchrony with the rising of progressive banking service in India. Having been possessing a deep understanding of India's rural realities from its birth, Syndicate Bank has never neglected its socio-economic and cultural duties. Syndicate Bank established its catalytic function regarding the overall process of social and economic development in India, with keeping the ordinary men and women of India be its people of consideration.

Here is a small part of historical milestones that have led Syndicate Bank to its well-deserved present-day position.

• In 1946, Syndicate Bank opened 29 new branch offices in rural areas, in just a single day.

• In 1962, Syndicate Bank commenced its foreign exchande operations.

• In 1967, Syndicate Bank promoted its Agri Card especially designed with respect to farmers.

• In 1976, Syndicate Bank opened its first abroad office in London.

• In 2001, Syndicate Bank launched its Centralized Banking Solution, 'Syndicat-e-banking' - the first step towards the modern Syndicate Bank net banking.

• In 2003, Syndicate Bank signed a Memorandum of Understanding with Bajaj Allianz and started providing life insurance products.

• In 2004, Syndicate Bank tied up with India Insurance Co Ltd. so to provide non-life insurance products.

• In 2004-2005, Syndicate Bank signed a Memorandum of Understanding with Small Farmers Agri Business Consortium, so to promote investment in Agri-business products.

• Again in 2005, Syndicate Bank net banking was enriched with the option of online railway ticket booking.

• In 2006, Syndicate Bank promoted its fully-owned subsidiary, SyndBank Services Ltd., charged with managing its BPO activities.

• In 2007, Syndicate Bank launched SyndVidyarthi - its product especially creaed for students that attend professional courses.

• In the same 2007, Syndicate Bank net banking made another step forward by applying National Electornic Funds Transfer.

Syndicate Bank Products and Services

Having been constantly developing its service over the years, Syndicate Bank is in ability to provide a bunch of useful opportunities to its retail clients of any type. By implementing state-of-the-art technology solutions, Syndicate Bank comfortably delivers its operations through Internet. Customers can enjoy the fast and secure Syndicate Bank net banking by creating their private Syndicate Bank login ID. Here is the list of core products with Syndicate Bank.

1. Syndicate Bank depository service - where included:

• Operative deposit products - savings account, current account, SyndSamanya savings account;

• Term deposit products - among them fixed deposit, SynTaxShield deposit, social security deposit and more;

• Special depository products via Syndicate Bank net banking opportunity.

2. Syndicate Bank loan products - by means of:

• Retail loan options;

• Agricultural loan products;

• Other priority sector loans;

• SyndMSMECare - options for micro, small and medium enterprises.

3. Syndicate Bank assurance products - with the opportunity of:

• Life insurance;

• Non-life insurance;

• Group term life insurance.

4. Syndicate Bank CMS service - including:

• Cash management solutions;

• Capital market solutions.

6. Syndicate Bank mutual fund service - Syndicate Bank offers a wide range of flexible schemes, designed to meet different customer needs.

7. Other kinds of service by Syndicate Bank - among them Real Time Gross Settlement, National Electronic Funds Transfer, National Electronic Clearing System and more.

8. Syndicate Bank services for non-resident Indians - namely:

• Non-resident (External) and Non-resident (Ordinary) Rupee Accounts;

• Foreign Currency Non-resident Accounts;

• Resident Foreign Currency Account.

'Syndicat-E-Banking' -
Syndicate Bank Net Banking Solution

Syndicate Bank was the first among public sector banks in India to launch the Core Banking Solution on which Syndicate Bank net banking operations are based. Information technology achievements have been always considered by Syndicate Bank an essential element of banking service. This is the reason why Syndicate net banking option strives to offer the latest innovations so to provide high-level quality in terms of customer experiense.

The Syndicate Bank's Core Banking Solution enables it to deliver service through several different ways:

• Syndicate net banking - it is the most modern opportunity and among the priorities to Syndicate Bank;

• Syndicate ATM network - as a reference, on Syndicate Bank's website you are provided with a constantly updated ATM locator,

• Syndicate Any Branch banking - you can find a regularly updated branch locator on the Bank's website too,

• Syndicate SMS banking (SyndSMS) - although it does not include as much operations as Syndicate net banking, its development is also among the Syndicate Bank's priority tasks.

Syndicate Bank net banking opportunity

Being the most innovative way of delivering services, Syndicate Bank net banking becomes also the most preferable one amongst the Syndicate Bank's customer base. Syndicate net banking clients constantly increase in number, together with the operations offered through this service. Syndicate net banking is reachable by creating a private Syndicate Bank login name and password. Online account security is extremely important element here, so Syndicate Bank implements IT solutions not only to keep a high-quality service but also to protect its customers' info and funds in the best way possible. Together with creating their Syndicate Bank login ID, clients are provided with some useful tips on how to perform secure Internet banking. As another element of self-protection, they are required to include a separate password for their transactions, in addition to the Syndicate Bank login one. And even if all this seems complicated to you, the truth is that Syndicate Bank login ID is really easy to create and use.

Currently, the actions/transactions available via Syndicate Bank net banking, are the following:

• Account related Syndicate net banking - makes it possible to you to:

• view/update your Syndicate Bank account details,

• view your account summary and statement;

• monitor your account activity and unclear balance.

• Transactions related Syndicate net banking - allows you to:

• make fund transfers between your Syndicate Bank accounts as well as from/to a trird-party account;

• make NEFT transfers from your Syndicate Bank account.

• Term deposit and loans related Syndicate net banking - where you can:

• view your account details and activity.

• Other options via Syndicate net banking - namely, you can:

• create Standing Instructions,

• make cheque book and stop cheque request;

• request a Demand Draft;

• receive a summary report on your Syndicate Bank session

and more.

• Premium products under Syndicate Bank net banking - they offer some specially designed opportunities among which:

• Premium savings and Special premium savings account under Syndicate Bank net banking;

• SyndSilver and SyndPlatinum current account under Syndicate Bank net banking;

• Synd Flexi current account under Syndicate Bank net banking;

• Multi-City SB account under Syndicate Bank net banking.

Syndicate Bank website gives you the possibility to reach/download every information and application form that you need to perform successfully your Syndicate Bank net banking operations and to get satisfied with Syndicate Bank net banking opportunity as a whole.


Syndicate Bank's underlying idea of service that is mutually beneficial to company and customers has undoubtedly proved its qualities in the best way. The formula 'Big Bank for Small People' is to Syndicate Bank's staff not a play on words nor a condescension mark - but a proudly managed ongoing task.

Syndicate Bank Share Price Quote

Last Trade 100.90
Trade Date 03-07-2015 05:59:57
Change 0.95(0.95%)
Yesterday's Close 100.90
Open 100.20
Bid 100.90
Ask 100.90
Today's Range 99.75 - 101.60
52 Week Range 0.00 - 0.00
Volume 1472694
Market Cap 62427.23M
P/E 3.27
EPS 0.00
Dividend Yield 4.70

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