Syndicate Bank was a government-backed nationalised bank known for its commitment to individuals and small businesses in India since 1925. Even though it merged with Canara Bank in 2020, Syndicate Bank’s range of financial services continues now under the Canara Bank banner. This guide provides clear steps to close Syndicate Bank account.
|Syndicate Bank (now Canara Bank)
|Account closure process
|Account closure charges
|Yes, check charges here
|Account closure form
|Available online and offline
|Account closure processing time
|7 working days
From its humble beginnings in coastal Karnataka in 1925, Syndicate Bank transformed into a key player in India’s financial landscape. Initially focused on local communities, the bank’s growth led to a network of 3,550 branches by 2015, earning it the nickname “Syndicate of Rural India.” In 2020, Syndicate Bank merged with Canara Bank, creating India’s fourth-largest public sector bank. Today, this combined entity oversees assets exceeding ₹15.20 lakh crore (US$190 billion) and operates a massive network of 10,324 branches, catering to millions of customers nationwide.
However, if you have certain issues with Syndicate Bank, which is now Canara Bank, and want to close your bank account, this guide has the steps for you. As mentioned before, Syndicate Bank has now merged with and transformed into Canara Bank. As of November 2021, all Syndicate Bank branches have been switched over to the Canara Bank branding. There are no more Syndicate Bank branches or ATMs; they’re all now Canara Bank’s branches and ATMs.
Table of Contents
- Why close Syndicate Bank account?
- Things to consider before closing Syndicate Bank account
- How to Close Syndicate Bank account?
- Syndicate Bank account closure charges
- Frequently Asked Questions
Before we dive into how to close Syndicate Bank account, let’s explore why you may want to close it. Is this the optimal choice for you, or might it be worthwhile to postpone the decision for the time being?
Why close Syndicate Bank account?
Like any other bank, Syndicate Bank imposes specific charges for its banking services. These may encompass annual ATM/debit card fees, SMS notification charges, penalties for not maintaining the minimum average balance (monthly or quarterly), and other applicable fees, varying based on the type of account.
Dissatisfaction with low rates of interest, unsatisfactory customer service experiences, unpleasant experiences with bank staff, and the possession of multiple bank accounts are among the more common factors. These considerations may influence the decision to close your Syndicate Bank account.
If you do not utilise your bank account regularly, closing it can serve as a practical approach to get rid of the charges. Moreover, if you’re dissatisfied with the quality of services provided by Syndicate Bank (now Canara Bank), opting to close your account could be a fitting solution in such circumstances.
Things to consider before closing Syndicate Bank account
Before closing your Syndicate Bank account, consider the following:
- Once closed, account reopening requests won’t be entertained. A new account will be required in case you wish to open an account in the future.
- Upon closure request, you may be asked to return any physical items (chequebooks, cards, passbooks) related to your account.
- Settle all outstanding dues to proceed smoothly with the closure process.
- Withdraw or transfer all funds before submitting the closure request.
- Be aware of potential closure charges, depending on the account type and age; check applicable charges here.
How to Close Syndicate Bank account?
Closing Syndicate Bank accounts involves submitting a filled account closure form and necessary documents at your branch. You can obtain the closure form from the branch or download it from the bank’s official website. Since Syndicate Bank merged with Canara Bank in April 2020, the account closure process is now handled through Canara Bank’s procedures.
Close Syndicate Bank account Online
You can only download the account closure form online, but similar to other public sector banks (like Punjab National Bank account closure process), closing a Syndicate Bank savings or current account requires an offline process; online closure isn’t available. To close your Syndicate Bank account, you must visit your home branch and submit the filled and signed account closure form with the required documents and accessories.
It’s important to note that account closure requests for Syndicate Bank can only be submitted at your home branch. If you cannot visit your home branch, you must change it to a nearby branch first.
Close Syndicate Bank account Offline
Now that we understand the offline nature of Syndicate Bank account closure, proceed to follow these steps:
- Prepare Documents: Collect your KYC documents, bank passbook, unused chequebook, and ATM/debit card. The bank may require these items, along with your KYC documents and the account closure form.
- Transfer/Withdraw Funds: Before initiating the closure process, transfer or withdraw all funds from your account. This ensures a smooth closure and avoids any complications.
- Visit Home Branch: Head to your Syndicate Bank (now Canara Bank) home branch, as only the home branch can process the account closure request. Request the account closure form at the branch or proceed if you’ve already downloaded and printed it.
- Fill Account Closure Form: Fill out the account closure form and double-check the details to avoid any potential denial. The form will request details such as account number, full name, phone number, and reason for account closure.
- Sign and Submit: Double-check all details, especially your signature, and submit the completed form at the bank’s desk.
- Confirmation Call: Expect a confirmation call from the bank to verify your account closure request. Confirm your decision during the call to proceed with closing your Syndicate Bank account.
That’s mostly it. Upon form submission, settle any pending dues and pay closure fees if applicable. The bank typically completes the account closure process within a week. Check back with the bank after a few days to confirm if your account has been closed successfully.
Syndicate Bank account closure charges
You may incur certain account closure charges depending on the variant and age of your Syndicate Bank account. The detailed charges for closing Syndicate Bank accounts are as follows:
For Savings Accounts
The following account closure charges apply to regular domestic CASA accounts:
- No charge if closed within 14 days of account opening
- Rs. 200 + taxes if closed after 14 days but within 1 year of account opening
- No charge if closed after 1 year of account opening
Additional charges may apply based on individual circumstances, such as outstanding dues, unreturned bank-issued items, early termination of deposits, etc. There are no charges for account closure on the settlement of accounts of deceased customers.
For other account types
Charges for closing accounts like current accounts, demat accounts, joint accounts, or NRI accounts may vary from the above charges. Inquiring directly with the bank about specific charges for your account type is recommended.
For accurate information on charges, reach out to the bank’s helpline or visit your nearest Canara Bank branch, where they can assess your situation and provide exact charges based on your account details and the reason for closure.
Frequently Asked Questions
Below are some of the most common questions for Syndicate Bank account close:
How to close Syndicate Bank account?
To close your Syndicate Bank account, visit your home branch, request an account closure form, complete it with the necessary details, and submit it along with the required charges, documents and accessories.
How to close Syndicate Bank account online?
Closing Syndicate Bank accounts cannot be done online. You must visit your home branch and fill out and submit the account closure form. The bank will process your closure request and provide updates within seven days.
What are Syndicate Bank account closure charges?
Account closure charges, varying from zero to Rs. 200 (plus taxes), may be applicable based on your account type and age. Refer to our website for detailed information on these charges.
Can I close my dormant/inactive Syndicate Bank account?
You can follow the same steps outlined in our guide to close your dormant account. Keep in mind that the bank may charge you some additional amount to close your dormant account.
We trust that this guide simplifies the process to close Syndicate Bank account. Like mentioned multiple times, Syndicate Bank is now Canara Bank. Any mentions of “Syndicate Bank” means “Canara Bank” in real life, but we’ve used Syndicate Bank for the bank’s customers who might not be aware of the merger and rebranding. We also have a guide to help you close Canara Bank account, in case you were looking for it.
If you have any thoughts or questions regarding Syndicate Bank account closure, please feel free to share them in the comments, and we’ll try to help you to the best of our ability.