South Indian Bank Savings Account

South Indian Bank (SIB) was established in Kerala to assist merchants and traders in financing their business needs. Its headquarters are in Thrissur. It was Kerala's first private bank to become a scheduled bank in 1946. It operates over 900 branches across the country. 

South Indian Bank Savings Account provides a variety of varying features and perks. For investments made into an account, the bank offers an interest rate of up to 4.50% p.a. You can also register for an account online.

South Indian Bank Savings Account Interest Rates 2024

South Indian Bank Savings Account Balances

Interest Rates

Rs. 2 lakh

2.35% p.a.

Rs. 2 lakhs - Rs. 5 crores

2.75% p.a.

Rs. 5 crores - Rs. 100 crores

4.20% p.a.

More than Rs. 100 crores

4.50% p.a.

Prominent Features

  • Accounts can be opened in the names of family members jointly.
  • Assists the family in saving.
  • Standing instructions for insurance premiums, rent, and other such payments were carried out.
  • On a daily product base,  interest will be authorized at 4% per annum or at the rate set by the RBI from time to time.
  • Cheques, drafts, interest warrants, dividend warrants, and other instruments in Indian rupees and international currencies are accepted and credited.
  • The first cheque book with ten leaves is free.
  • Withdrawal options are extensive.
  • There is no income tax deduction at the source for interest.

How to Open a Savings Account in the South Indian Bank?

Fill out the online savings account eligibility form; after submitted, the form will be reviewed for application eligibility and customized savings account options-

Step 1: The applicant can analyze the numerous savings account alternatives offered and select the best one for them.

Step 2: The concerned staff contacts the customer to arrange for the set of documents necessary to open the account requested by the customer.

Step 3: Receive the opening account package and make the required deposits to maintain the minimum balance.

 

Who is Eligible to open Savings Account with South Indian Bank?

Hindu Undivided Families and Indian nationals are eligible to open a South Indian Bank Savings Account. Unless otherwise noted, the following people are eligible-

  • People over the age of 18 (either a single or joint account)
  • Minors (shared account with a parent or guardian)
  • Clubs and organizations
  • Trusts or Societies

Documents Required to Open the Savings Account

  • Passport, valid driver's license, Permanent Account Number (PAN) card, Voter ID card, Aadhaar Card, Government-issued photo identity card, NREGA Card, and so on.
  • Passport, driver's license, another bank's passbook, utility or phone bills, ration card, etc.
  • Photographs in passport size.

Charges Applicable

Minimum Balance Requirement

Nil - Rs. 5,000

Types of South Indian Bank Savings Accounts

Below listed are the various types of savings accounts that one can open at South Indian Bank-

1) Regular Savings Account

This is a zero-balance account that offers four free transactions per month as well as NEFT and RTGS.

2) Junior Savings Account

This account encourages kids to start saving and planning for their financial future. Account holders can make use of benefits such as a free Global Debit Card and free financial transfers from the parent's or guardian's account.

This account is open to all youngsters over the age of ten.

3) Privilege Savings Account

Customers will appreciate this account because it includes an International Debit Card, branch banking at any branch, free internet banking, and online cash transfer services.

4) Basic Deposit Account

Account holders of the basic deposit savings account receive a free Debit Card with no minimum balance requirement.

Account holders, however, are not permitted to open additional Savings Accounts with the bank. In that scenario, clients must close those accounts before opening the Basic Savings Bank Deposit Account.

5) Group Salary Account

This account is only available to salaried staff. It is separated into four areas in order to meet the demands of employees at all levels. There are several types of accounts in this account. 

Customers with the Standard Group Salary Savings Account have access to free outward NEFT or RTGS transactions up to Rs. 10,000 per month, free internet banking, and 35 free cheques per year. The Smart Group Salary Savings Account has no balance. 

It provides its customers with 50 free cheques per year and unlimited free cash remittances to non parent branches. Every month, it also provides free Pay Orders up to Rs. 20,000. The Executive Group Salary Savings Account provides free monthly NEFT and RTGS transactions up to Rs. 30,000, as well as free online and mobile banking.

It also provides 50 free cheque leaves each year and does not charge monthly ATM fees. 

Every year, the Advantage Group Salary Savings Account provides free limitless cheques. 

With this account, there are no fees for using the internet or mobile banking. It also provides free and limitless fund transactions via NEFT and RTGS.

6) Invest Savings Account

This account is intended for customers who have a Demat account with the bank. It has many benefits, including no minimum balance requirement, no transfer fee, 35 free cheque leaves each year, and internet banking.

The account holders can also use the bank's e-commerce service for free.

7) Mahila Plus Savings Account

This account is intended for women's banking needs. It combines the advantages of a savings account and a recurring deposit. Account holders are eligible for free travel insurance for one year from the date that the account was opened.

Every month, a minimum deposit of Rs. 1,000 is required for the Recurring Deposit. Other advantages include free NEFT or RTGS transactions up to Rs. 2,000,000 per month and a free ATM-Debit card.

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