South Indian Bank Savings Account
A savings account is the most basic kind of bank account that offers a nominal interest rate. It is very easy to open and operate a savings account. Most people open a savings account as a safe and convenient way of storing money and it is best to check the various account offerings to decide which one suits you the best. Banks also offer zero-balance savings accounts for those who want just basic banking facilities without having to keep a minimum balance.
Benefits of a savings account
There are several advantages to having a savings account:
- There are different kinds of savings accounts for different needs—ability to choose as per your requirements!
- Accessibility: You can access your money at any given point of time through your bank, or ATM.
- You can deposit and withdraw money from a savings account subject to a few minor restrictions, depending on the type of account.
- Interest income: While you earn less interest in a savings account as compared to an FD or RD account, you also have far greater freedom in operating the account.
- Make bill payments with ease.
- Transferring funds with ease: You can transfer funds and conduct various banking transactions with a single click with a savings account.
- Safety: Youyr cash is stored safely and securely
- Requires minimal documentation
- There are various fees associated with a savings account.
- You need to maintain a specific balance each month in order to avoid penalties. The minimum balance required, interest rate and fees and charges vary from bank to bank and the type of account opened.
- The interest is far lower when compared to that of, say, a Fixed Deposit account and offers low returns in comparison to other forms of savings.
Even with the downsides, a savings account is popular with the old and the young, as it provides easy access to money in times of need and inculcates a habit of saving. With the easy banking modes it has on offer, a savings account is a must to have.
South Indian Bank Savings Account
A South Indian Bank savings account provides a host of banking benefits like flexible easy accounts management, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with a South Indian Bank Savings Account.
Features and Benefits of a South Indian Bank Savings Account
There are various benefits to having a savings account with South Indian Bank:
- Safety and security when you store your cash in a savings account
- Different savings account for different needs.
- Access your account with ease via Internet Banking / SMS Bank / Phone Banking
Types of South Indian Bank Savings Accounts
Below are a few of the different savings accounts available. For the full list of savings accounts options, check the bank website or visit the nearest branch.
- Accounts can be opened in joint names of family members
- Cheques, Drafts, Interest warrants, Dividend Warrants etc. in Indian rupees and foreign currencies can be collected and credited
- First cheque book of 10 leaves free,rest chargeable as per tariff
- Liberal withdrawal facilities
- No Income tax deduction at source on interest
- Standing instruction for remittance of insurance premium, rent and similar payments carried out.
- Nomination facility available
Privilege Savings Account
- Accounts can be opened in joint names
- Complete Any Branch Banking Facility
- Payable at Par Cheques
- International ATM cum Debit Card
- Nomination facility available
Group Salary Savings Account (GSSA)
- Available in 4 categories to suit the requirements of every employee
- FREE Any Branch Banking facilities.
- FREE fund transfer facilities.
- No minimum balance stipulations.
- No charges for not maintaining minimum balance.
- FREE Global ATM cum Debit card without AMC charges.
- FREE Internet & Mobile Banking facilities.
Junior Savings Account
- Students having completed 10 years of age with an upper age limit of 18 years are eligible to open a Junior SB account.
- Free cheque books can be issued and free Internet based fund transfer may be allowed when the account holder attains the age of majority (T&C apply).
- Free ATM cum Global Debit Card
- Free fund transfer permitted from Parents Account to SIB Junior Account.
Basic Savings Bank Deposit Account
- No limit on the number of deposits that can be made in a month
- Maximum number of withdrawals in a month, including ATM withdrawals is restricted to 4.
- One chequebook of 10 leaves free of cost on request basis.
- ATM cum Debit card issued free of cost without AMC.
- Collection of outstation cheques permitted.
SIB: Mahila Plus
- Comes with ravel insurance and accident death insurance cover.
- The free insurance cover is for a period of one year from the date of opening of the account.
- Unlimited Usage of other bank ATMs
- Free Unlimited debit from other branches by way of transfer/clearing
- Free purchase of Demand Drafts/ Payment Orders: 5 instruments for a total amount of Rs. 50,000/- per month (Above free limit, if any, Rs.1/1000)
- Free Chequebook of 25 leaves per year
- Free ATM cum Debit Card with no AMC
- Any branch Banking facility
- No minimum balance stipulation
- Free internet banking and free fund transfer
- 35 cheque leaves free per year
- Free e-commerce and bill payments
- Free m-commerce facility
South Indian Bank Savings Account Minimum Balance
The minimum balance required in a South Indian Bank savings account differs with each kind of account. It is advisable to contact the bank directly for details. Following is an overview:
|Type of Savings Account||Average Monthly Balance Required|
|Junior Savings Account||Rs. 150|
|Basic Savings Bank Deposit Account||Nil|
|Mahila Plus||Rs. 5000|
South Indian Bank Savings Account Interest Rate
South Indian Bank savings account comes with interest rates of 4%, depending on the daily balance, and the type of account. Do keep in mind that the rates are subject to change at the sole discretion of the bank. It is advisable to check with the Bank for accurate rates.
South Indian Bank Savings Account Charges
Different South Indian Bank savings accounts have a different schedule of charges. It is best to contact the bank directly for the most up to date charges.
How to open a South Indian Bank Savings Account
You can open a South Indian Bank savings account in three ways:
You can visit your nearest branch and have a customer care representative help you with the forms. You can talk to the representative about your saving needs and open an account accordingly. Or,
- Download the application form from the website
- Fill in the details and sign the form
- Submit the from along with supporting documents like two passport-size photographs, Passport / Ration card / Voter's card / PAN card as proof of address
South Indian Bank Savings Account FAQS
What is the best interest rate on a South Indian Bank saving account?
The interest rates are currently at 4 %. For the latest interest rates, it is best to contact the nearest branch.
Who is eligible to open a Basic Savings Account with South Indian Bank?
Resident Individuals (sole or joint account), Hindu Undivided Families, Trusts, Associations, Clubs or Societies, Foreign Nationals residing in India (as permitted by Foreign Exchange Management Act), and others specifically permitted by RBI.
Is it possible to open a South Indian Bank savings account online?
No, you need to download the application from, fill it and go to your nearest branch to have it submitted along with the required documentation.