How to Close Syndicate Bank Credit Card

Syndicate Bank, a well-known nationalized bank in India with a history of providing strong support to individuals and small businesses since its inception in 1925, has merged with Canara Bank in 2020. As a result, all the financial services previously offered by Syndicate Bank are now under the Canara Bank umbrella. Below is a clear set of instructions on how to close a Syndicate Bank account.

How to close a Syndicate Bank account:

  • Obtain a Syndicate Bank account closure form either from your branch or the official website of Canara Bank, as Syndicate Bank merged with Canara Bank in April 2020.
  • Please complete the closure form with correct details.
  • Collect all essential documents essential for closing the Syndicate Bank account.
  • Head to your nearest Canara Bank branch.
  • Present the completed closure form and the necessary documents to the bank staff.
  • Adhere to Canara Bank’s guidelines and procedures for closing the Syndicate Bank account, considering the merger.

Things to Check Before Closing Your Syndicate Bank Credit Card:

  • Account closure at Syndicate Bank is final; no reopening requests will be accepted. Future account needs will necessitate opening a new one.
  • Gather all physical items associated with your account, including chequebooks, cards, and passbooks, and be ready to return them when closing the account.
  • Settle any pending dues to streamline the closure procedure.
  • Before initiating the closure process, make sure to withdraw or transfer all funds from the account.
  • Be aware of potential closure fees, which can differ depending on the type and duration of the account. Confirm the relevant charges in advance.

Reasons to close a Syndicate Bank account:

  • Syndicate Bank, similar to numerous other financial institutions, imposes various fees for its banking services. These fees encompass annual charges for ATM/debit cards, costs for SMS notifications, penalties for not upholding the minimum average balance (on a monthly or quarterly basis), and additional relevant charges, all of which vary according to the type of account held.
  • Common reasons for dissatisfaction leading to the closure of a Syndicate Bank account include low interest rates, poor customer service experiences, negative encounters with bank staff, and having multiple bank accounts.
  • The decision to close your Syndicate Bank account may be influenced by factors such as infrequent use of the account, as this can help avoid unnecessary charges.
  • If you’re dissatisfied with the services offered by Syndicate Bank, closing your account could be a practical choice, especially with the bank’s merger with Canara Bank.

Account closure fees levied by Syndicate Bank:

  • Syndicate Bank imposes account closure charges, which vary depending on the type and age of the account.
  • Savings accounts come with designated closure fees structured as follows:
    • If the account is closed within 14 days of its opening, there are no associated charges.
    • Rs. 200 plus taxes if closed between 14 days and 1 year of opening.
    • No charges if closed after 1 year of opening.
  • Additional charges may apply for outstanding dues, unreturned items, or early termination of deposits.
  • Closing the account of a deceased customer won’t result in any charges. However, charges for closing other types of accounts such as current, demat, joint, or NRI accounts may vary.
  • It’s advisable to directly inquire about specific charges for your account type from the bank.
  • To obtain accurate information on charges, contact the bank’s helpline or visit a Canara Bank branch where your situation can be evaluated for exact charges based on your account details and reason for closure.

Frequently Asked Questions (FAQs)

  1. How can I begin the procedure to close my credit card issued by Syndicate Bank?
    • To begin the closure process, you can either visit your nearest Syndicate Bank branch or contact their customer service helpline.
  2. What documents do I need to provide when closing my Syndicate Bank credit card?
    • Typically, you’ll be required to furnish your credit card information, along with identification papers, and settle any outstanding balances, if there are any.
  3. Is it possible to terminate my Syndicate Bank credit card via the internet?
    • Presently, Syndicate Bank does not provide an online facility to terminate credit card accounts. It is recommended to either personally visit a branch or get in touch with customer service to seek assistance regarding this matter.
  4. Are there any fees linked to closing my Syndicate Bank credit card?
    • Syndicate Bank reserves the right to levy a closure fee or collect any outstanding balance as per the terms outlined in your credit card agreement. It’s essential to inquire about the relevant charges before proceeding with the closure process.
  5. How long does it take to close my Syndicate Bank credit card account?
    • The duration for the closure process can fluctuate based on different elements like pending balances, verification steps, and administrative tasks. Generally, it might require a few days to finalize.
  6. Will closing my Syndicate Bank credit card affect my credit score?
    • Closing a credit card account can impact your credit score, especially if it’s one of your oldest accounts or if you have a high credit utilization ratio. It’s recommended to consider the potential effects on your credit before proceeding with closure.
  7. What happens to any outstanding balances or pending transactions on my Syndicate Bank credit card?
    • Before closing your credit card, ensure all outstanding balances are settled. Any pending transactions may still be processed even after closure, so it’s crucial to clear them beforehand.
  8. Can I reopen a closed Syndicate Bank credit card account in the future?
    • Reopening a closed credit card account with Syndicate Bank may be possible, but it’s subject to the bank’s policies and your creditworthiness at the time of application.
  9. Who should I contact for further assistance or inquiries regarding closing my Syndicate Bank credit card?
    • If you need further assistance or clarification on the closure procedure, don’t hesitate to reach out to Syndicate Bank’s customer service helpline or visit your nearest branch for personalized help.