Syndicate Bank's Premium Savings Account

The Bank has introduced a Premium Savings Account at e-banking branches that combines full safety, easy liquidity and highest possible interest. The salient features of the scheme are as under A unique 'Sweep out, Sweep in' facility offered at our e-banking branches ensures that while the customer's money earns solid interest as a fixed deposit, it turns liquid to meet his urgent needs. That too at no extra cost. Average monthly balance of Rs.10000/-to be maintained in the Premium Savings Account. Balance available in the account in excess of Rs.10000/-on any day gets automatically swept out into a fixed deposit for 180 days in units of Rs.1000/-. In the event of shortfall in SB for meeting your clearing cheques or for other urgent needs, the fixed deposit is swept back into the Premium Savings Account in required number of units of Rs. 1000/- free of cost. No penalty is charged for breaking the fixed deposit prematurely. However, the amount swept out earns interest for the period run at the applicable rate. Even while breaking the fixed deposit, only the most recently converted fixed deposit is first broken to minimise interest loss to the customer. Only those amounts swept out of your Premium Savings Account are eligible for sweep in and not other fixed deposits. When fixed deposits mature at the end of 180 days, the Bank will renew the principal every 180 days while crediting the interest to the savings account. Rs.100/-per month is levied as service charges whenever the monthly average balance in the Premium Savings Account goes below Rs.10000/-