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  • Group Salary Savings Account (GSSA)

    Savings Account
    • Instant money transfer
    • 24x7 ATM withdrawals
    • Attractive rate of interest

    Established during the Swadeshi Movement, South Indian Bank is one of the popular banks that offers a wide range of saving accounts in India. Many employers in the country are looking for customised banking solutions that will help their payroll department. To help both employers and employees deposit and receive salary, South Indian Bank offers Group Salary Savings Account.

    Features and benefits of South Indian Bank Group Savings Account

    • South Indian Bank Group Savings Account is available in 4 categories
    • Customer does not have to maintain minimum balance in the account
    • Nil non-maintenance charges
    • Free global ATM cum debit card without AMC charges
    • Free mobile banking

    How to apply for a South Indian Bank Group Savings Account?

    • Customers can go online and apply for a South Indian Bank Group Savings Account on South Indian Bank’s official website.
    • Alternatively, customers can visit any South Indian Bank branch and ask for an account filling form. Customer will be asked to submit the duly filled account opening form to one of the bank officers.
    • Upon submission and verification of documents, a South Indian Bank Group Savings Account will be opened.

    Documents required to open a South Indian Bank Group Savings Account?

    The following documents are required to open a South Indian Bank Group Savings Account:

    • One passport size colour photograph
    • Identity proof like passport/driving license/Voter's ID/Photo Debit/Credit Card
    • Address proof like passport/driving license/Voter's ID/utility bill
    • Duly-filled account opening form
    • PAN card or Form 60/61 where PAN card is not available
    • Birth certificate of the minor

    Fees and charges

    Category Fees
    Cheque/ECS return charges Rs.2 per Rs.1,000 with a minimum of Rs.100 and a maximum of Rs.400 per cheque/ECS mandate returned
    Cheque inward return charges Rs.50 per instrument
    NEFT/RTGS inward transactions Free
    NEFT/RTGS outward transactions
    • Up to Rs.10,000- Rs.2.50 + service tax
    • Rs.10,000 to Rs.1,00,000- Rs.5 + service tax
    • Rs.1,00,000 to Rs.2,00,000- Rs.15 + service tax
    • Above Rs.2,00,000- Rs.25 + service tax
    AMC charges on mobile banking services Rs.75 charged half-yearly for resident customers and Rs.150 charged for NRI customers
    Change in mobile number for mobile banking services Rs.100
    Mobile banking reactivation charges Rs.100
    Issue of duplicate DD Rs.100
    DD revalidation Rs.100
    DD cancellation Rs.100
    ATM card replacement charges Rs.100
    ATM repin charges Rs.100
    Setting up standing instructions Rs.100
    Standing instruction amendment charges Rs.100
    Standing instructions execution charges Rs.10
    Charges for duplicate passbook Rs.50 per page or Rs.50 for last entry alone
    Charges for account closing before 6 months Rs.75
    Stop payment charged
    • Rs.100 per cheque
    • Rs.300 for batch of above 3
    Issuance of no dues certificate Rs.100
    Providing copies of old records more than 1 year Rs.100 per year/per record/per sheet

    Group Salary Savings Account (GSSA) FAQS

    1. Are there any charges if I close my South Indian Bank Group Saving Account after 6 months from the date of opening?

      Yes. There is a charge of Rs.25 to close a South Indian Bank Group Saving Account after 6 months from the date of opening.

    2. Is safe deposit locker facility available with South Indian Bank?

      Yes. Safe deposit locker facility is available with South Indian Bank.

    3. Are there any charges for transactions made through other bank ATMs in India?

      Customers get 4 monthly transactions free. If the customer exceeds this limit, he/she will be charged Rs.20 per transaction for cash withdrawal and Rs.9 per transaction for non-financial transaction.

    4. Is demat facility available for basic savings account holders?

      No. Demat facility is not available for basic savings account holders.

    5. Do I get a cheque book with a South Indian Bank Group Salary Account?

      Yes. The first chequebook with 10 cheque leaves will be given to you free of cost.

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

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