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About South Indian Bank
South Indian Bank limited is a major private sector bank which was established in the year 1929. The bank has its headquarters in Thrissur in Kerala. It has a significant presence in South India, particularly in Kerala and Tamil Nadu. The bank operates with 852 branches, 4 service branches, 56 extension counters and 20 regional offices spread across more than 27 states and 3 union territories in India.
About South Indian Bank Savings Account
Savings bank account deposit is a type of deposit account that can be opened with any bank. It is one of the most basic products extended by banks. Any savings bank account will earn nominal interest. It is the next best thing to ‘cash in hand’ in terms of accessibility. The account offers easy and quick access to funds. Individuals may choose to park the excess cash in hand or at home which may not be required for daily household expenses.
The savings bank account’s key features include very nominal interest rate, high flexibility in terms of fund accessibility and withdrawal. Most of the banks have an upper limit on number of withdrawals made from the account. There is a minimum balance requirement for savings bank account. Only salary accounts which have similar features of savings account are allowed to have no minimum balance and there may not be any restriction on the number of withdrawals. For most savings bank accounts, penalty may be levied if the account fails to have the minimum daily balance.
South Indian Bank offers competent and custom-made solutions savings account choices. Based on eligibility and minimum balance requirement, the customer can compare and choose the savings account deposit.
South Indian Bank savings account has multiple types which offer varied set of benefits. They are customized for various types of customers. There are specific eligibility criteria and minimum balance requirement for each type of South Indian Bank savings account.
The types of savings accounts in South Indian Bank are categorized as –
Features and benefits
How to open Regular Savings Account?
This account offers customers multiple advantages over the regular savings account.
Opting for privilege facility in savings account
Two variants under this type of account is – Executive and Smart. Special saving account to cater to the banking needs of salaried employees. This account comes with a host of exclusive benefits.
Salary Savings Account – Executive
Salary Savings Account – Smart
This account is specifically designed for students to impart ‘Savings Habit’ among students.
All basic SB accounts should be fully KYC complied accounts.
Any one of the following documents like Aadhaar card/Passport/Driving licence /Voter's card/PAN card.
Job card issued by NREGA duly signed by an officer of the State Government and the letters issued by the Unique Identification Authority of India containing details of name, address and Aadhaar number are sufficient proof of KYC.
While there will be 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. If exceeded, Rs.20/- plus service tax per transaction will be charged.
The individual debit and credit per transaction should be below Rs.50,000/- for all Basic Saving Bank Deposit Accounts
Holders of ‘Basic Savings Bank Deposit Account’ will not be eligible for opening any other savings bank deposit account in the same bank.
If a customer has any other existing savings bank account with the bank, he/she will be required to close the account before opening a ‘Basic Savings Bank Deposit Account’.
This account can be opened for those whom are aged 55 years and above. If first holder is female aged 55 years and above, SIB Mahila Elite will be offered. SIB Elite Senior and SIB Mahila Elite can be opened with a minimum balance of Rs.5,000/- in metro/urban branches Rs.2500/- in semi urban/ rural branches.
Normal Insurance Premium per annum Rs. 199/- (Including GST)
Contribution by Bank: Rs100/- (Cash back at the end of the month)
Contribution from customer Rs 99/-*
*(Limited period offer upto 31/01/2018)
Total coverage:Rs10 lacs Accident Death
Cash Back offers:
The applicant can be in the age group of 20 – 35 years.
Features of Youth Plus Account
Mahila Delight SB account can be opened in the name of a woman in the age group of 18 years and above. This savings account requires a minimum balance of Rs.2,500 for semi urban and rural areas and Rs.5,000 for metro and urban areas.
Primarily for the investors having a Demat account with South Indian Bank. it will be offered to investors already having a Demat account with other Depository Participants also.
The interest rate applicable on South Indian Bank savings account.
Interest rate on Savings Accounts w.e.f 1st May 2018
1. How to open South Indian Bank savings account?
Step 1 – Fill the savings account eligibility form online, the form once submitted will be checked for eligibility of applicant and personalized savings account options
Step 2 – Applicant can compare the various savings account options available and choose the one that is most suitable
Step 3 – Concerned staff gets in touch with the customer for collection of documents to open the account as chosen by the customer
Step 4 – receive account opening kit and make necessary deposits for maintenance of minimum balance
2. What are the typical interest rates offered by South Indian Bank on their savings account deposits?
The interest rates on South Indian bank savings account deposits ranges between 3.5% p.a – 6.6% p.a.
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