|Period||< 1 Cr|
|Interest Rate||Senior Citizen Rates|
|7 to 14 days||4.75 %||5.25 %|
|15 to 30 days||4.75 %||5.25 %|
|31 to 45 days||5.00 %||5.50 %|
|46 to 60 days||5.50 %||6.00 %|
|61 to 90 days||6.00 %||6.50 %|
|91 to 120 days||6.00 %||6.50 %|
|121 to 179 days||6.00 %||6.50 %|
|180 to 269 days||6.35 %||6.85 %|
|270 to less than 1 year||6.35 %||6.85 %|
|1 year exact||6.70 %||7.20 %|
|1 year to 499 days||6.70 %||7.20 %|
|500 days exact (Synd500)||6.80 %||7.30 %|
|501 days to 2 years||6.75 %||7.25 %|
|Above 2 to less than 5 years||6.60 %||7.10 %|
|Exact 5 years||6.50 %||7.00 %|
|Above 5 to 10 years||6.50 %||7.00 %|
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Syndicate Bank is another nationalized bank which has deeper roots in the Indian banking industry. This bank comes from down south and was established in 1925 in Udupi district of Karnataka by three pioneers named as Shri Upendra Ananth Pai, Shri TMA Pai, who was a physician and Shri Vaman Kudva who was an engineer.
The main objective was to mobilise small savings for the help of the local weavers industry especially handloom and could help the whole industry which was crippled due to crisis through the community efforts. The bank started collecting through its agents the amount and this laid the foundation of scheme called Pigmy Deposit Savings Scheme. Founded on the noble idea this scheme is the brand scheme for the bank till date.
The bank which started with the help of the agents has now grown manifold and presently operates through its 3765 branches and has the pan India presence. Being the bank from south, the maximum concentration is in that area and with the other places the bank covers the sufficient customer base.
The bank has one overseas branch also in London and has the 38 satellite offices. The bank is presently headed by its MD & CEO Shri Arun Shrivastava and has two Executive Directors Shri T K Srivastava and Shri R S Pandey. The bank has the corporate office in Bangalore which is presently known as Bengaluru. The bank has the slogan of “Faithful, Friendly”.
The bank has the total global business of Rs 468184 Crore which is equivalent to 68.90 billion USD. The bank has the total domestic business of Rs 403314 which is equivalent to 59.35 billion USD. The total domestic deposits are Rs 235162 Crore which is equivalent to 31.62 billion USD. The bank has the advances (Loans) of 24.75 billion USD. The bank in its total more than 80 years of the presence has become global bank and also one of the largest public sector banks in the mid-size category of the banks.
The bank is under 100% CBS enabled environment and all branches are linked to the network as of now. The bank has the good and loyal customer base which is its core strength. The bank has more than 29000 workforce which is working for the success of the bank day in day out. The bank offers the services which are offered by any other nationalized bank in India. However the bank like any other bank in India is under stress due to the growing NPAs in its books.
The bank has recently focused on the RAM (Retail, Agriculture and MSME Loans) which is the main focus area of the banks in India and like the bank majority of the banks have seen growth in the area. The bank has registered a growth of 15% overall growth in the segment.
The bank has the CRAR, a measure of the risk bearing capabilities of the bank globally as per its asset size, of 11.16% as on 31 March 2016 as per the Basel III compliance. However the bank is still to complete the targeted 11.50% as per the mandated RBI guidelines and on or before 31 March 2019.
The bank has the one wholly owned subsidiary which is known as SyndBank Services Ltd which is for the BPO activities. This has been started in the year 2006 and became the first Bank owned BPO and marked a new beginning in the bank services. The subsidiary has undertaken the few functions like making calls for the recovery of the loans, issuing and dispatching the PINs for the ATMs and passwords for the Internet Banking users of bank and this has allowed the bank to concentrate on the main business apart from providing the support services.
The bank offers the loan services in every field where the other banks have the presence. The bank has adopted the MCLR system as per the RBI guidelines and has the MCLR rates ranging from 9.40% to 9.60% as of now. The MCLR of Syndicate Bank is at par with the banking industry standards as of now.
The bank features in the good mid-sized banks in India and is committed to growth.