In this paper, two modulation strategies for a three level neutral point clamped inverter SynRM drive are compared. The inverter uses two different algorithms called Mod-1 and Mod-2 for balancing the two dc bus capacitor voltages (suppression of the neutral point voltage). These modulation strategies are of the nearest three vector (NTV) family. Mod-1 chooses certain vector states to suppress the neutral point (NP) voltage ripple, whereas Mod-2 makes use of the inverter vector state's dwell time. The parameters of interest are the torque ripple, the neutral point voltage ripple and the inverter efficiency. The inverter was operated at a switching frequency of 10 kHz. The SynRM core losses were independent of the two modulation strategies, though lower torque ripples and better power quality were registered on Mod-2 strategy. Mod-1 strategy had 18% higher inverter efficiency during transient operation. Mod-2 strategy had 11% more NP voltage ripple during transient operation. The Mod-1 strategy supressed the NP voltage ripple throughout the machine's operation.