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
|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||
|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|
|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||
|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
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.
Is safe deposit locker facility available with South Indian Bank?
Yes. Safe deposit locker facility is available with South Indian Bank.
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.
Is demat facility available for basic savings account holders?
No. Demat facility is not available for basic savings account holders.
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.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.