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About South Indian Bank Savings Account
What is a 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.
Advantages of South Indian Bank Savings Accounts
- Offers safety and security for excess cash in hand
- Excess cash in hand earns nominal interest
- Offers liquidity and maximum flexibility in terms of depositing and withdrawal of cash
- Facilitates savings for consistent and disciplined investment
Disadvantages of South Indian Bank Savings Accounts
- High liquidity leads to higher spend
- Low interest rates as compared to other similar instruments such as treasure bills and certificate of deposit
Features and Benefits of South Indian Bank Savings Account
South Indian Bank savings account has multiple types which offer a 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.
Types of South Indian Bank Savings Accounts
The types of savings accounts in South Indian Bank are categorized as –
1. Regular Savings Account
Features and benefits
- Accounts can be opened in joint names of family members
- Helps family to accumulate savings
- 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
- Liberal withdrawal facilities
- No Income tax deduction at source on interest
- Standing instruction for remittance of insurance premium, rent and similar payments carried out
- Interest will be allowed at 4% per annum or at the rate fixed by RBI from time to time, on a daily product basis.
- Nomination facility available
How to open Regular Savings Account?
- Download the application form from the official website of the bank
- Fill in the details and sign the form
- Submit filled up form, two passport-size photographs and documents like Passport /Ration card /Voter's card /PAN card as proof of address to branch
- Register for the value-added services by filling up the respective forms
2. Privilege Savings Account
This account offers customers multiple advantages over the regular savings account.
Features and benefits
- Accounts can be opened in joint names
- Complete any branch banking facility
- Payable at par cheques
- International ATM cum Debit Card
- Nomination facility available
Opting for privilege facility in savings account
- Existing savings account holder has to download application form from the official website – fill the same, sign and submit to branch to convert savings account to a privilege account
- New customer has to visit the nearest branch for opening a savings account
3. Corporate Salary 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.
- Overdraft facility of up to Rs. 2 lakhs
- 50% waive on loan processing fees
- No minimum balance requirement
Features and benefits
- Issuance fee for RuPay Platinum Debit Cards waived
- Free inward RTGS/NEFT transfer
- Eligible for demat account
- Free internet and mobile banking facility
- 50% processing fee waiver for all loans
- Cash handling charges waived for upto Rs. 1 lakh or up o 10 times of previous month AMB (average monthly balance) – whichever is higher
Salary Savings Account – Executive
- Employees with net salary above Rs. 25,000 per month
- Minimum balance requirement waived
- 50 free cheque leaves per calendar year
- Nil AMC for Debit Card
- Nil Mobile banking AMC
- Free outward RTGS/NEFT transfer for up to Rs. 1,00,000/- per month
- Unlimited free other bank ATM transactions throughout India
- 25% concession for locker rent for first year
- Overdraft facility of up to two month’s take home salary or Rs.2,00,000/-, whichever is lower
- Commission waived for DD amount of up to Rs. 30,000/- per month
Salary Savings Account – Smart
- Employees with net salary upto Rs. 25,000 per month
- Minimum balance requirement waived
- 50 free cheque leaves per calendar year
- Free outward RTGS/NEFT transfer for up to 50,000/- per month
- Five free other bank ATM transactions throughout India
- 10% concession for locker rent for first year
- Overdraft facility of up to two month’s take home salary or Rs.50,000/-, whichever is lower
- Commission waived for DD amount of up to Rs. 20,000/- p.m
4. Junior Savings Account
This account is specifically designed for students to impart ‘Savings Habit’ among students.
- Eligibility – Students between 10 – 18 years of age
- Introduction from Principal / Head Master / HOD & Photo Identity Card are sufficient for opening an account
- Minimum cash deposit is Rs. 10, quarterly minimum balance to be maintained in the account is Rs. 150/-
- Free NEFT and RTGS transfer
- Unlimited at par cheques
- Monthly average balance of Rs. 1000/-; maximum penalty applicable for not maintaining minimum balance is Rs. 100/-
- Global debit card issued free of cost
- Parents can open an ABB account with any of South Indian Bank branches for easy fund transfer
- Bank may consider Education Loans to eligible students
5. Basic Savings Bank Deposit Account
| SALIENT FEATURES OF BASIC SAVINGS BANK DEPOSIT ACCOUNT | |
|---|---|
| Eligibility | Individuals in their own name or in joint names of family members |
| KYC Norms | 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. |
| Minimum balance for opening the account | Zero |
| Non-operation/activation charges of in- operative accounts | Zero |
| Transactions | 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 |
| Minors' Account | Minors Account represented by F&G /Natural Guardian is permitted |
| Issue of Cheque books | One 10 leaves cheque book free of cost on request basis. As ATM Debit cards are issued, cheque book is issued only on request basis. |
| ATM-cum-Debit Card | Free of cost without AMC |
| Internet Banking / Mobile banking | If the customer requires internet banking, SMS banking or other value added services, the customer has to convert the account to other category of account and keep the required minimum balances to avail the facilities. |
| Immediate credit of out station cheques | No |
| Collection of outstation cheques | Permitted, but usual collection charges applicable |
| Conversion to regular SB accounts | Permitted on obtaining request and remittance of minimum balance required. |
| Other conditions | 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’. |
6. SIB Elite Senior – SIB Mahila Elite
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.
Features and benefits
| S. No | Name of the Savings Account | SIB Elite Senior/Mahila Elite |
|---|---|---|
| 1. | ATM cum Debit Card | |
| Card Type | RuPay Platinum/similar variant | |
| Issuance Charge | Free | |
| AMC | Charges applicable | |
| Withdrawal Limit | Rs.75,000/- | |
| Transaction Limit at POS | Rs.2,00,000/- | |
| Other Bank ATM Usages | Unlimited | |
| Lounge Access at Airports | Available based on card variant | |
| Theft Insurance | Rs. 50,000 | |
| Misfortune Insurance | Rs. 10,000 | |
| Baggage Insurance | Rs. 2000 | |
| Personal Accident Death Cover | Rs. 2 Lacs or as declared by RuPay from time to time. | |
| 2. | Internet Banking | Free |
| 3. | Mobile Banking | Free |
| 4. | Free personalized cheque leaves per calendar year | 50 Nos |
| 5. | NEFT/ RTGS free per month | Rs 50,000/- |
| 6. | A/c closing charge | Nil |
| 7. | Concession in processing fee of Housing Loan, Educational Loan, and Vehicle Loan | 50% waiver for all loans |
| 8. | Locker Facility | 25% concession on 1st year rent (for small & medium) |
| 9. | Door Step Banking | 2 instances (Cash/Instrument) in a month free for customer maintaining AMB of Rs.5 Lacs and above Others can avail the facility with applicable charges |
| 10. | Sweep in and sweep out facility | Balance above Rs.1 lac will be converted in flexi FD in multiples of Rs.25,000/- with minimum holding period of 6 months |
| 11. | Personal Accident Insurance Coverage (New India Assurance) | 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:
| Cash back for shopping | For first PoS Transaction Rs.50/- cash back within 3 months of a/c opening (First 10,000 Customers). Rs 200/- cash back for Rs 25000 transaction through POS within three months (cumulative) if the account is maintaining AMB of Rs 10000/- (First 5,000 customers). |
7. SIB Youth Plus
The applicant can be in the age group of 20 – 35 years.
- All students who have completed 20 years
- Self-employed persons in the age group of 20 to 35 years
- Employees of public and private organizations of the relevant age group with particular focus on software professionals
- All practicing doctors, engineers, architects, lawyers in the relevant age group
- Young business people
- High net worth agriculturists
- High net worth NRIs
- Spouse of above category people
Features of Youth Plus Account
- Average Monthly Balance Charges
- 2500 in metro & urban branches
- 1000 in semi urban & rural branches
- Debit Card
- International RuPay/Visa Classic Debit Card
- FREE usage of our ATM net work
- Free Any Branch Banking facility
- Free Internet Banking and Mobile banking Service
- NEFT/RTGS through Mobile Banking/Sibernet
- Free up to Rs.1 Lakh per month
8. Mahila Delight 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.
Features and benefits
- Add-on accounts (maximum up to 3) for family members
- RuPay Platinum or similar debit card
- Insurance covers – personal accident insurance and hospitalization covered
- House to house travel insurance
- Personal accident death
- Internet banking and mobile banking
- 50 nos. personalized cheque leaves free per calendar year
- Free NEFT / RTGS to the extent of Rs. 50,000 per month
- 25% discount on 1st year rent of locker facility
- Free account opening – Demat, NPS
9. SB Invest
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.
Features and benefits
- 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
Interest rates on South Indian Bank savings account
The interest rate applicable on a South Indian Bank savings account w.e.f 21st October 2020
| End of the day Balance | Rate of Interest |
|---|---|
Up to Rs. 2,00,000 | 2.35% per annum |
Above Rs. 2,00,000 but less than Rs. 5,00,00,000 | 2.75% per annum |
Rs. 5,00,00,000 crore but less than Rs. 100,00,00,000 | 4.20% per annum |
Rs. 100,00,00,000 and Above | 4.50% per annum |
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.
South Indian Bank Savings Account FAQ
1. How to open South Indian Bank savings account?
Fill the savings account eligibility form online, the form once submitted will be checked for eligibility of applicant and personalized savings account options
- Step 1 – Applicant can compare the various savings account options available and choose the one that is most suitable
- Step 2 – Concerned staff gets in touch with the customer for collection of documents to open the account as chosen by the customer
- Step 3 – receive account opening kit and make necessary deposits for maintenance of minimum balance
2. What should a customer do in case he has entered the wrong credit card number while making payments?
Generally, customers should enter the credit card number twice for security reasons. In case the wrong number has been entered, then the customer is required to call the customer care for further support.
3. 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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