11 points Canara Bank and Syndicate Bank Savings Account holders, Business Banking customers and Syndicate Bank Credit Card holders should know
If you are a a Syndicate Bank or Canara Bank Customer worried about Canara Bank takeover, you need not worry. Both, Canara Bank and Syndicate Bank are large sector Banks and worked on this amalgamation preparation for many many months. After the amalgamation they became the fourth largest Bank after SBI, Punjab National Bank and Bank of Baroda
April 1, 2020 onwards, the Amalgamated bank has become the 4th largest in India, with 10,396 branches and 13,408 ATMs. With the amalgamation of Syndicate Bank into Canara Bank, the entity will retain its name, Canara Bank.
The headquarters of the amalgamated entity is now Bangalore. The Manipal head office remains an important office. In this post, will share with you all important information for Syndicate Bank as well as Canara Bank customers.
- Branch Banking with Better accessibility
Better reach and accessibility
This amalgamation provides a broader geographic footprint and helps to derive the benefit of size, scale, strength. Now, the combined entity has a network of close to 10,396 branches and approximately 13,408 ATMs across India. (Canara Bank – 8,837 ATMs & 6,333 Branches, Syndicate Bank – 4,571 ATMs & 4,063 branches). The increased footprint will help the Bank serve the account holders better. Account holders can visit both Syndicate Bank branch and Canara Bank branched to avail branch banking services.
Account Management – The existing account number, IFSC code, MICR code and other identifiers of account and branch will continue, till a change is notified and announced. Passbook can be get updated from respective bank branches for the time being. However, account statement shall be available from any of the branch of the amalgamated bank. Customers can use cheques for withdrawal of cash or they can use Debit Cards in ATMs of any Bank. You can also continue making deposits at either of the bank branches.
The existing account with Syndicate Bank will continue and the existing account number will continue as-is. Any change will be made with adequate advance notice. The account details such as IFSC, MICR, etc.
2. Business as usual at branches with 12 interoperable services
You will continue to be served by your present bank’s branch. Further about 12 interoperable services will be made available to all customers across these two banks – Cash withdrawal, Cash deposit, fund transfer, loan repayment, opening of Savings Bank account, cheque book request, Stop payment of cheque, Hot-listing debit/credit cards, grievance registration, account statement generation, loan account statement and Balance enquiry.
The customers will continue to enjoy the same or better interpersonal relationship you have with your branch.
3. Deposit and withdrawal
Deposit can be made in any of the branches of the amalgamated Banks. While withdrawal from Syndicate Bank is possible without cheque, the Syndicate Bank customer must present cheque at Canara Bank branches and vice-versa.
Recently Canara Bank also launched Gold loan scheme for its customers at 7.85%
Having said that, while most of the servicing remains the same, a few changes may be applicable for Syndicate Bank customers. Here is a list of things that you need to know.
4. Basic KYC
Customers of Syndicate Bank who have already updated their KYC in branch’s record are not required to re-submit KYC documents once again. Alerts will continue to reach the customers of Syndicate Bank on their registered mobile number and email IDs as usual. The existing account number, IFSC code, MICR code and other identifiers of account and branch will continue, till a change, if any, is notified and announced.
5. Savings and current account
The savings and current accounts will remain completely safe and operational under the banner of the Canara Bank. The accounts number of savings account, current account, fixed deposits will continue to have same numbers. Till further notification, the cheque book, passbook will work as usual.
6. Loan account
There will be no changes in any terms and conditions of existing credit facilities and loan facilities will continue under existing terms and conditions. However, if there are any changes after 1st April 2020, customers will be informed well in advance.
7. Internet Banking access
All Syndicate Bank Internet Banking customers will be able to access their net Banking like before. The customer care toll free numbers and contact details remain the same.
8. Syndicate Bank Debit Card
Presently Syndicate Bank customers can continue with the old ATM debit cards. Effective 1st April 2020, all cards issued or reissued will be that of amalgamated bank and new cards will be made and shared on the registered address of the customers.
9. Syndicate Bank Credit Card
All Syndicate Bank Credit cards with no delinquency (arrears due for payment) will be re-carded & replaced with Canara Bank cards assigning the existing card limit, after giving proper advance intimation. Terms & conditions governing Canara Bank Credit cards will be applicable thereon. Credit cards having delinquency (arrears due for payment) will be replaced with Canara Bank cards as above once the arrears is cleared. Accrued reward points will be redeemed and credited to Credit card account duly intimating the card holder during re-carding process.
10. Syndicate Bank Prepaid Cards and International Travel Prepaid cards
Prepaid cards availed from Syndicate Bank will be re-carded with Canara Bank card after giving advance notice & taking consent from the customers.
11. Service charges
The amalgamation has resulted in unification the of service charges for the customers. Customer can view the revised service charges in the websites of respective banks.
More products and services
The amalgamation will bring wider suite of products and offerings with better pricing, greater accessibility due to wide network coverage, improved customer service due to more allocation of staff to front end customer facing roles and opportunity of more wealth management/ add on services
Account holders query
Syndicate Bank customers can reach out to their relationship manager, or call on customer care no. XXXXXXXXXXX or email xyz@bank.com for any query
The Bank does not plan to close any branch now. The customers will be notified well in advance, if they decide to merge branches located nearby. If customers have any other queries related to either of the banks’ products or services they can contact the customer care through toll free numbers or email or visit the nearest branch. A complete list of FAQs can also be viewed on the website here: https://www.canarabank.com/english/amalgamation/
If you have any further query on Canara Bank or Syndicate Bank, Please drop your query on the comment box, will try to respond at the earliest