ASBA - Application Supported by Blocked Amount
Syndicate Bank introduced a new hassle free solution for investment in Public Issues and Rights Issue called Application Supported by Blocked Amount (Synd ASBA) as per the SEBI guidelines. Unlike the current system of applying in IPOs using cheques, where the application money is debited from your account till the finalisation of the allotment/bid. Under ASBA your funds will continue to earn interest during the application processing period as application money remains blocked in in your Bank account till allotment. Account will be debited only on successful allotment. This facility is also available for rights issue and new fund offers (NFO) of mutual funds.
An investor can apply through ASBA, provided he/she
- Belongs to the approved category and eligible to apply in IPO/FPO as per SEBI guidelines.
- Is having a CASA account with SyndicateBank (SB/CA accts).
- Is having a Demat account with any DP and holds a Permanent Account Number (PAN).
- Investor/Customer must maintain clear credit balance in his/her Savings or Current account (NOT including any overdraft limit, sweep-in/sweep-out facility) before applying for any IPO.
- An application can have up to three bid options.
- An investor can modify, revise or delete the bid during the bidding period.
ASBA facility is available at all branches
ASBA IPO application forms are different from general IPO application forms and are available at designated branches or can also be downloaded from the following websites.
Synd e-Trade – (Three in One Online Share Trading Account)
SyndicateBank has entered into strategic tie up arrangement with one among the leading stock broking players in India M/s Asit C Mehta Investment Interrmediates Ltd (ACMIIL) for offering Synd e-Trade - Online Share Trading Facility (3 in 1 account) to SyndicateBank customers who invest or trade in securities.
Resident Individuals can buy/sell equity shares through NSE/BSE, on an online basis using Synd e-Trade link on Banks website – www.syndicatebank.in (Home Page) - Services – Other Services –Demat Service (Synd Demat) – Online trading Synd e-trade
Bank customers should have following three accounts for Synd e-Trade facility:.
- Current or Savings account with any CBS branch of SyndicateBank.
- Depository services are available at all the branches of the Bank.
Online trading account with Broker partner. I.e. M/s Asit C Mehta Investment Interrmediates Ltd (ACMIIL).
In terms of arrangement, the 3 in 1 facility will be offered to customers by integrating their Current or Savings account, Demat account with SyndicateBank to Trading account of ACMIIL.
Synd Demat (Depository Participant Services)
Our Bank launched SyndDemat (Depository Participant Services) w.e.f. 16.01.2008.
- The following Depository services are available in our Bank:
Opening of Demat account for Individuals / Non-Individuals
Holding of securities in electronic form
Settlement of trades by delivery - On market ; Off market ; Inter-depository
Pledge/Unpledge of securities Freezing/unfreezing of Demat Account
The Depository services are available at all the branches of the Bank.
National Pension System – NPS
With a view to provide the old age income security to all sections of the Population, the Government of India, has introduced the National Pension System (NPS) on a voluntary basis to all citizens of India including workers of the unorganized sector.
NPS is now available to all citizens of India with effect from May 1, 2009, other than Government employees already covered under NPS.
Syndicate Bank has been registered as Point of Presence and Aggregator by the Pension Fund Regulatory Development Authority (PFRDA):
Point of Presence (POP) Model
- Tier – I account: Contribution of savings for retirement into this non-withdrawable account.
- Tier – II account: This is a voluntary savings facility. The subscriber will be free to withdraw the savings from this account whenever he/she wishes.
While Tier I account has been made available from May 1, 2009, the facility of Tier II account has been offered from December 1, 2009, to all citizens of India including government employees mandatorily covered by NPS.
Atal Pension Yojana
The Government announced the introduction of universal social security schemes in the Insurance and Pension sectors for all Indians in the Budget for the year 2015-16. Therefore, the Government has launched the Atal Pension Yojana (APY), which provides a defined pension, depending on the contribution, and its period.
The APY will be focussed on all citizens, who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA). Under the APY, the subscribers would receive the fixed minimum pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, depending on their contributions, which itself would be based on the age of joining the APY. The minimum age of joining APY is 18 years and maximum age is 40 years. Therefore, minimum period of contribution by any subscriber under APY would be 20 years or more. The benefit of fixed minimum pension would be guaranteed by the Government.