The Central Bank of Syria is in charge of banking in Syria, as well as all foreign exchange and trade activities. In 1966, Syria’s commercial banks were all nationalized. The Central Bank prioritizes lending to the public sector, but the private sector frequently banks abroad, which is a more expensive procedure and thus a poor solution to industrial finance needs. Many businesspeople travel to foreign countries to deposit or borrow money. However, one can open an account in the bank of Syria and overseas.
How to open a bank account in Syria?
Bank of Syria and the Overseas Bank
- The Bank of Syria and Overseas (BSO) was one of Syria’s first private banks, opening in December 2003 and beginning operations in January 2004.
- BSO offers a full range of business banking services, including:
- Deposits in both local and foreign currencies are accepted.
- Discounting bills, opening Letters of Credit, handling collections, transfers, and other commercial banking activities connected to local and international trade and their financing.
- Commercial and industrial firms have access to credit.
- Services for Correspondent Banking
- Issuing Guarantee Letters
- Loans to individuals
- ATM cards are accepted in the area
- eBSO stands for Electronic Banking Services Online.
- Accounts/deposits in Syrian pounds and foreign currencies are being opened.
- According to local laws, all banking transactions are connected to domestic and foreign commerce.
How to open a saving account in Catholic Syrian Bank?
Open a Savings Account at a Catholic Syrian Bank: Banks allow you to open a savings account as a lone holder or in a joint holding with many people.
Joint accounts can have various holdings modes, such as “Anyone or Survivor,” “Joint,” and so on. In the case of a joint holding, all applicants must complete KYC procedures.
To start a savings account with Catholic Syrian Bank, follow the procedures below:
(1) Go to a Catholic Syrian Bank branch in person.
You must go to the bank branch where you wish to open an account.
(2) For a savings account, complete the Account Opening Form (AOF).
Obtain the Savings Bank Account Opening Form and complete all of the required customer information and other details in the various areas of the prescribed form, such as name, address, contact number, email address, PAN, kind of account to be opened, nominee’s name, and so on.
(3) With the Account Opening Form, attach the Required (Mandatory) Documents (AOF)
Following the completion of the account opening form, you must attach KYC papers such as your PAN, proof of address, and proof of identity.
4) The banker verifies the Account Opening Form (AOF) and other documents.
The Account Opening Form (AOF) and any additional attachments will be verified by the banker. He will proceed if he is pleased with these prerequisites.
(5) Maintain a minimum balance in your savings account as required by your savings account.
You will be given an account number after the Banker has verified your Account Opening Form (AOF) and other documents, and you will be required to deposit the minimum required balance in your account as per your savings bank account type.
(6) Go to the bank and get a checkbook, a passbook, a debit card, and other documents.
The banker will bring over your checkbook, passbook, debit card, and other documents once your account has been successfully opened, and you will be able to conduct transactions from your account.
Types of Banks in India
List of types of banks in India:
- Commercial Bank of Syria
- Industrial Bank of Syria
- Agricultural Cooperative Bank
- Popular Credit Bank
- Real Estate Bank
- Saving Bank
Private and Foreign Banks
- Bank of Syria and Overseas
- Banque Bemo Saudi Fransi
- Byblos Bank
- Popular Credit Bank
- Syria Gulf Bank
- Bank Audi
- The International Bank for Trade & Finance
- Arab Bank
- Qatar National Bank
- Syria International Islamic Bank
- Cham Bank