*Please note quotes shown will be from Our Partners

Savings Account

South Indian Bank offers savings accounts to individuals to suit all their banking needs. Be it a regular savings account for carrying out basic banking transactions or a premium account for additional features and benefits, the bank has a solution for every need. The various types of savings accounts offered by the bank and the features of each account are given below.
 

Types of South Indian Bank Savings Accounts

  1. Regular Savings Account – a basic savings account with the following features:
  • The account can be opened and operated either solely or in joint names of family members
  • Cheques, interest warrants, drafts, dividend warrants, etc. can be collected and credited either in Indian rupees or foreign currency
  • The first cheque book of 10 leaves is available free of cost and subsequent cheque books are chargeable
  • Nomination facility is available
  • The average quarterly balance must be maintained at Rs. 1,000
  • The minimum deposit required to open the account is Rs. 10
  1. Privilege Savings Account – a premium savings account with additional features. The features of the account are as follows:
  • The account can be opened and operated either solely or in joint names of family members
  • The account provides the facility of any branch banking
  • Payable at par cheque books are issued to the customer
  • An international ATM-cum-Debit Card is also available
  • Nomination facility is available
  • The account has 4 variants – Standard, Silver, Gold and Platinum. The monthly average balance in the Standard variant should be Rs. 1,000.
  • An existing customer can download the application form for the South Indian Bank savings account online, fill it up and submit it to the branch to convert the existing account to a privilege account. New customers can open the account through the branch.
  1. Group Salary Saving Account – a group salary account to remit salary to business employees with a multitude of features which are free of cost. The features of the account are as follows:
  • The account has 4 sub-categories which cater to the requirements of every employee
  • The account provides the facility of any branch banking free of cost
  • Fund transfer facility is also provided free of cost
  • There is no requirement of maintaining a minimum balance in the account
  • Free global ATM-cum-Debit Card
  • South Indian Bank savings account charges are nil for annual maintenance
  • Free facilities of internet and mobile banking
  1. Junior Savings Account – a savings account designed for minor children to teach them various aspects of banking. The features of the account are as follows:
  • The account can be opened using a minimum Rs. 10 deposit and the minimum AQB of Rs. 150 has to be maintained in this account.
  • If there is a monthly average balance of Rs. 1,000 maintained in the account or if the child has attained the age of 18 years, a free cheque book and internet based fund transfer facility will be provided by the bank. If South Indian Bank minimum balance requirements are not met, a penalty of Rs. 100 + service tax will be applicable per month.
  • A free global ATM-cum-Debit Card is issued with the account
  • Parents can also open an Any Branch Banking (ABB) account with the bank for transferring funds to the child’s account easily
  • Free transfer of funds from the parent’s account to the child’s account is permitted
  • Education loans can be availed from the bank if the student holds the account
  1. Basic Savings Bank Deposit Account – a basic account with no extra features and simple banking rules with the following features:
  • The account can be opened and operated either solely or jointly.
  • The account can be opened with a zero balance.
  • The number of withdrawals which also includes ATM withdrawals in the account in a month are limited to 4, exceeding which a charge of Rs. 20 + service tax will be levied on each transaction.
  • Debit and credit transactions carried out by the customer should always be lower than Rs. 50,000 on each instance.
  • Minors can also open an account by being represented by their parents or guardians.
  • A 10 leaf cheque book will be available with the account on the customer’s request.
  • A free ATM-cum-Debit Card is also issued without any annual maintenance charges.
  • Collection of outstation cheques is permitted in the account which is not immediately credited.
  • The account holders cannot open any other savings account with the bank and if any account is to be opened, the Basic Savings Account needs to be closed prior to opening another account.
  • The savings account can be converted to any other type of savings account provided the minimum balance requirement of the converted account is maintained.

South Indian Bank Basic Savings Account Eligibility Criteria

  • Children aged 10 years and above and up to 18 years can avail of the account
  • An introduction from the principal/ headmaster/ head of department and a photo identity card are enough to open the account
  1. Mahila Plus Account – a savings account for women customers with the following features:
  • This South Indian Bank women’s savings bank account is a packaged savings account with an additional recurring deposit account
  • The minimum balance required to open the savings account is Rs. 5,000 while the recurring deposit account can be opened with a minimum balance of Rs. 1,000 for a term of 12 months
  • The account can be opened on a joint basis (joint savings accounts) with a woman as the first account holder
  • Nomination facility is available
  • A free house-to-house travel insurance cover is provided free of cost to the woman applicant for up to Rs. 50,000 for theft, Rs. 10,000 for misfortune and Rs. 2,000 for baggage
  • A free personal accident insurance cover is also provided free of cost for the first year of account opening for Rs. 1 lakh
  • Free unlimited non-bank ATM usage and debit transactions through South Indian Bank branches
  • 5 free demand drafts or pay orders totalling Rs. 50,000 available every month
  • A monthly free limit of Rs. 2 lakh for NEFT or RTGS fund transfers
  • A free 25 leaves cheque book every year
  • A free ATM-cum-Debit Card with no annual maintenance charges
  • Free facilities of internet banking, e-commerce, bill payments and mobile banking
  • A free facility of registering and executing standing instructions to debit the savings account for transferring the money to recurring deposit account every month automatically
  1. SB Invest – a savings account for demat account holders of South Indian Bank or other depository participants. The features of the account are as follows:
  • There is a facility of any branch banking
  • No requirement of maintaining a minimum balance in the account
  • South Indian Bank offers free internet banking and fund transfer facilities
  • A free 35 leaves cheque book every year
  • Free e-commerce, m-commerce and bill payment facilities
  1. Youth Plus Account – a powerful savings bank product with the best technology features designed exclusively for the youth of India. It allows them to deposit their savings with South Indian Bank. This savings account from South Indian Bank has the following features:
  • The admit age for this South Indian Bank saving account is 20 to 35 years
  • The minimum balance requirements for South Indian Bank savings account is Rs. 1,000
  • This savings account from South Indian Bank offers free mobile banking, internet banking, fund transfer and Any Branch Banking facilities, personalised cheque book, email subscription of Student’s Economic Forum
  • Free International ATM-cum-Debit Card
  • Free depository account opening
  • An existing savings account holder can convert his/ her savings account to a Youth Plus Account by downloading the application form from the bank’s website and submitting it after filling to his/ her branch
  • A new customer, at the time of opening a savings account, can request for Youth Plus facilities
  1. SB NRE – the features of this savings account are given below:
  • The required monthly average balance is Rs. 1,000
  • The account holder can avail a cheque book for local use
  • It allows receiving remittances from abroad through demand draft or online fund transfer
  • Optional value added services available such as global ATM-cum-Debit Card, internet and mobile banking facilities
  • It allows issuing of standing instructions for remittance of insurance premium, rent and other payments
  1. SB NRE Privilege – this account has the following features:
  • The minimum monthly average balance required is Rs. 1,000
  • Cheques payable at par can be presented at any South Indian Bank branches
  • This savings account offers anywhere banking facility
  • The account can receive foreign remittances by way of demand draft and online fund transfer
  • The account offers optional value added services like global ATM-cum-Debit Card, internet and mobile banking facilities
  • Standing instruction can be given for remittance of insurance premium, rent and similar payments
  • An existing NRE Savings Account holder can convert his/ her savings account to a Privilege Account by downloading the application form from the bank’s website and submitting it at his/ her home branch
  • A new customer, at the time of opening an NRE Savings Account, can request for privilege facilities
  1. NRE SB Privilege Diamond Account – a savings account exclusively for NRI customers offering many facilities and services. The highlights of this account are:
  • The minimum monthly average balance of NRE SB savings account with South Indian Bank is Rs. 50,000. The charge for not maintaining the minimum balance is Rs. 100 per month.
  • There is no annual maintenance charge
  • This savings bank account offers free and unlimited Any Branch Banking facility
  • It offers free and unlimited purchase of draft and payment orders
  • It allows free and unlimited fund transfer to any bank account in India
  • It gives a free international ATM-cum-Debit Card
  • It allows free cash withdrawal from ATMs of other banks in India
  • This savings account with South Indian Bank also offers free utility payment, e-commerce and SMS facility

      I) SB NRO – the features of this account are mentioned below:

  • The minimum monthly average balance for this savings bank account is Rs. 1,000
  • The account holder can avail a cheque book for local use
  • This savings account with South Indian Bank has to be maintained in Indian rupees for the purpose of routing legitimate local remittances like rent, etc.
  • A joint account is also permitted
  • The interest earned in the account is subject to income tax under the Indian tax laws
  • The account offers restricted repatriation
  • The account holder can avail value added services like a domestic ATM-cum-Debit Card and internet banking
  • The account allows issuing of standing instructions for the purpose of remitting insurance premium, rent and other payments
  1. SB NRO Privilege – this account offers several advantages over a regular savings account. The main attributes of this account are as follows:
  • The minimum monthly average balance for this account is Rs. 5,000
  • The account offers Anywhere Banking Facility
  • The account holder can present a payable at par cheque book at any South Indian Bank branches
  • This savings account with South Indian Bank has to be maintained in Indian currency for the purpose of routing legitimate local remittance like rent
  • A joint account is permitted
  • The interest earned in this savings bank account is subject to Indian income tax laws
  • The account offers the facility of restricted repatriation
  • The account holder can take advantage of value added services like a domestic ATM-cum-Debit Card and internet banking service
  • It allows issuing standing instructions for remitting insurance premium, rent and other similar payments
  1. South Indian Bank Saving Account Interest Rates

All types of savings bank accounts earn an interest rate of 4% per annum on the end of day balances.

  1. Applying for a Savings Account from the bank

Interested customers can open a savings account with South Indian Bank by visiting the nearest branch of the bank, obtain the relevant application form, fill up the necessary details and submit the form with the required KYC documents. Alternatively, the application form can be downloaded from the bank’s website, filled and submitted along with the required documents and the account will be opened.

  1. Documentation for South Indian Bank Savings Accounts

The following KYC documents are required to open a savings account:

For identity proof:

  • Passport
  • PAN card
  • Voter ID card
  • Driving licence
  • Identity card subject to the bank’s satisfaction
  • ID card issued by the post office
  • Aadhaar card

For address proof:

  • Telephone bill
  • Bank account statement
  • Credit card statement
  • Electricity bill
  • Ration card
  • Letter from any recognized public authority or reputed employer as per the bank’s satisfaction
  1. Customer Care

Customers can call the toll-free numbers of the bank which are available 24x7 and you can easily get your queries answered as well as speak to customer support executives of the bank whether you are in India or abroad. Customers can also write to the bank on their official email ID to get their queries answered.