South Indian Bank Basic Savings Bank Deposit Account

Types of South Indian Bank Savings Account : 

The following is the list of various types of South Indian Bank savings account: 

1. Privilege Account: 

The following are the details of Privilege account: 

1. Free internet and mobile banking facility 
2. Banking facility at any branch 
3. Offers global debit card to all accountholders 
4. Fund transfer facility through National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS), or Immediate Payment Service (IMPS) 

1. Regular (Zero-Balance) Savings Account: 

The following are the features of Regular savings account: 

1. No minimum balance required 
2. Free four transactions every month 
3. Provides NEFT or RTGS facility 

1. Junior Account: 

Here are the features of Junior account: 

1. Applicable for children within age group of 10 to 18 years 
2. Minimum cash required to open the account is Rs.10 
3. Minimum account balance required is Rs.150 
4. Offers free RuPay card and education loan facility 

1. Fund transfer charge waived off if the parent transfers money from their account to SIB Junior savings account 

1. Basic Deposit Account: 

Here is the list of significant features of Basic Deposit Account: 

1. No minimum account balance required 
2. Offers free debit card with no Account Maintenance Charges 

1. Account holder cannot open any other basic deposit account with other bank 
2. Allows maximum four withdrawals through ATM or branch 
3. Bank charges Rs.20, if the withdrawal limit is exceeded 

1. Group Salary Account: 

Here are some of the details: 

1. For salaried professionals working in organisations, firms, manufacturing facilities, or institutions 
2. Standard Account: 

1. Free access to RTGS or NEFT transactions of up to Rs.10,000 per month 
2. Free internet and mobile banking facility 
3. Offers 35 free cheque leaves a year 

1. Smart Account: 

1. Zero-balance account 
2. unlimited no-cost cash remittances to non-home branches 
3. Offers 50 free cheque leaves a month 
4. Free pay orders worth Rs.20,000 a month 

1. Executive Account: 

1. Transactions worth Rs.20,000 every month through NEFT, RTGS, or IMPS 

1. Advantage Salary Savings Account: 

1. Unlimited free cheque leaves a year 
2. No limit for fund transfer through NEFT, RTGS, or IMPS 

1. Executive Savings Account: 

1. No cost ATM withdrawal 
2. Free internet and mobile banking facility 
3. Offers 50 free cheque leaves a year 

1. Mahila Delight Account: 

The following are key details of Mahila Delight Account: 

1. Women above 18 years of age 
2. Personal Accident Death Insurance coverage of Rs.10 lakh by paying Rs.275 per year 
3. Offers unlimited SIB and other bank ATM withdrawals 
4. Daily withdrawal limit is Rs.75,000 

1. Shopping limit is Rs.2 lakh 
2. Offers 50 free cheque leaves a year 
3. NEFT and RTGS fund transfer facility for up to Rs.1 lakh per month at free of cost 

1. SIB Elite Senior or SIB Mahila Elite: 

The following are the details of SIB Elite Senior or SIB Mahila Elite: 

1. Above 55 years of age 
2. Minimum balance: Rs.5000 in metro or urban branches and Rs.2,500 in semi-urban and rural branches 
3. Withdrawal limit: Rs.75,000 using RuPay Platinum card 
4. Doorstep banking can be requested twice a month 
5. Flexi FD can be availed where a balance of Rs.1 lakh gets converted to six-month FD automatically 

1. SIB RUBY: 

The following are the details of SIB RUBY: 

1. Savings cum Flexi deposit account that converts balance above Rs.3 lakh into Flexi fixed deposit automatically 
2. Maximum holding period of deposit is 92 days 
3. Offers higher interest rates than standard savings account 

1. Personal Accident Death Insurance coverage of Rs.10 lakh for SIB RUBY account holders by paying Rs.76 per year 
2. Minimum balance to be maintained is Rs.25,000 

Features and Benefits of the Basic Savings Bank Deposit Account from South Indian Bank

The following are the key features and benefits of the Basic Savings Bank Deposit Account of South Indian Bank: 

1. The Basic Savings Bank Deposit Account (BSBDA) from South Indian Bank offers exciting interest rates ranging from 2.50% p.a. to 6.00% p.a. on deposits.
2. For South Indian Bank customers, they can carry out banking facilities at any branch across the country.
3. Free cheque book with 10 cheque leaves is granted on opening the account. Additional cheque books will be issued on request basis.
4. Free ATM/debit card when opening the account.
5. BSBDA can make nominations. The nominee should preferably be a close relative of the account holder.

Eligibility for the Basic Savings Bank Deposit Account from South Indian Bank

Here is the list of eligibility criteria for applying for Basic Savings Bank Deposit Account of South Indian Bank: 

1. Should be a resident of India.
2. Should be over the age of 18 years.
3. Should have valid Know Your Customers(KYC) documents when applying to open the account.

Documents required to open the Basic Savings Bank Deposit Account from South Indian Bank

The following is the list of documents required to open the Basic Savings Bank Deposit Account of South Indian Bank: 

1. Identity proof as per KYC norms - Aadhaar card, Passport, Voter's ID, etc.
2. Address proof as per KYC norms - Voter's ID, driver's license, Passport, etc.
3. Customer who wishes to apply for the Advantage Savings Account from Bandhan Bank can access the application form at the nearest bank branch or download the form from the bank's official page.

How to Open South Indian Bank Savings Account 

The following are the steps to open South Indian Bank Savings Account: 

Online Mode: 

The following are the steps to open South Indian Bank Saving account through online mode: 

1. Visit the official website to open a South Indian Bank Savings Account 

1. Under ‘Online Services’ option, click on ‘Online Account Opening’ 
2. Select the customer type, under ‘Online Account Opening’ 
3. Click on ‘Resident Customer’ type, if you are an Indian resident 
4. Click on ‘Create Account’ option 
5. Click on ‘Apply Now’ option, after agreeing to the terms and conditions by clicking on ‘‘I agree to all Terms and Conditions’ 

1. On the next page you need to provide relevant documents by uploading Aadhar and PAN card 

After successful verification of your candidature, an account will be opened, and you will be notified. 

Offline Mode: 

The following are the steps to open savings account in South Indian Bank through offline mode: 

1. Visit the nearest branch of South Indian Bank 

1. You can locate nearest branch by logging into the website and click on ‘Nearest Branch’ option 
2. Enter state and district to locate the nearest branch 
3. After getting the branch details, visit the branch in person along with all the required documents  
4. Reach out to the customer service officer 
5. Fill in the application form provided by the customer service officer 

1. Attach the copies of proof of address and identity along with passport sized photographs 
2. After document verification, a receipt will be provided 
3. Welcome letter and debit card will be sent to your registered postal address 

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.