South Indian Bank NRE Current Account
South Indian Bank was one of the many banks that were formed during the Swadeshi Movement. The bank has grown and evolved both in size and the range of products that it offers. The goal of South Indian bank is to be the bank that is known for its corporate governance, stakeholder value, and customer service. Over the years, the bank has won several awards for excellence in banking services and implementation of technology in its operations.
As stated earlier, the bank has expanded the scope of the products and services that it offers its customers. One of the many products that South Indian Bank offers its customers is the current account. A current account is a type of bank account where the limits set on the number of withdrawals and cash deposits are much higher than those set for other types of deposits. This type of account provides the account holder with the liquidity that is required for their business ventures.
One of the bank accounts offered by South Indian Bank is the NRE Current Account. The account is available in two variants: MIZA NRE Current Account and RAHA NRE Current Account.
Features and benefits
The following are the features and benefits of the South Indian Bank NRE Current Account :
MIZA:
- Account holders are required to maintain a minimum monthly average balance of Rs.5,000.
- The bank provides account holders with an online transfer limit of Rs.2 lakh through the bank's NEFT and RTGS services.
- Account holders receive 50 free cheque leaves each year.
- The bank gives account holders the privilege of making free cash withdrawals through the bank branches.
- Account holders are entitled to carry out up to 10 free transactions at the other bank ATMs across the country.
- MIZA account holders receive a free debit card on opening their account. Additionally, the annual maintenance charges for the debit card are waived.
RAHA:
- Account holders are required to maintain a monthly average balance of Rs.1,000.
- Cash withdrawn from the account holder's non-base branch does not incur any service charge.
- The bank provides account holders with an online transfer limit of Rs.50,000 through the bank's NEFT and RTGS services.
- The bank issues account holders with 25 free cheque leaves every year.
- Account holders are entitled to carry out up to 5 free transactions at the other bank ATMs across the country.
- The bank provides account holders with a free debit card when they open their account.
Eligibility Criteria:
The South Indian Bank NRE Account can only be opened by individuals. The account can also be held jointly with another individual. The NRE Account can be opened through direct remittance from another country, foreign currency, and travellers cheques that have been personally deposited on visiting the country.
In addition to the features mentioned above, account holders for both variants of the NRE current account can use the bank's internet banking and mobile banking facilities free of charge. The balance in an NRE Current Account is exempt from wealth tax.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
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