- Instant money transfer
- 24x7 ATM withdrawals
- Attractive rate of interest
For those looking for a basic saving account to manage their savings efficiently, Basic Savings Bank Deposit offered by South Indian Bank is the ideal choice. South Indian Bank Basic Savings Bank Deposit Account may be opened by individuals or by a group of family members.
Features and benefits of South Indian Bank Basic Savings Bank Deposit Account
- The minimum balance to open a South Indian Bank Basic Savings Bank Deposit Account is zero. The customer does not have to deposit any amount to open this account.
- Individuals, in their own name or in the names of their family members, can open a South Indian Bank Basic Savings Bank Deposit Account.
- South Indian Bank Basic Savings Bank Deposit Account is not eligible for internet banking or mobile banking facility.
- No non-maintenance charges will be charged on inoperative account.
- No activation charges are charged on South Indian Bank Basic Savings Bank Deposit Account.
- Third-party cheques will not be collected in the account.
- Immediate credit of outstation cheques is not allowed.
- There is no limit on the number of deposits that can be made in a month.
- A minor can also hold a South Indian Bank Basic Savings Bank Deposit Account with the help of a guardian.
- Upon request, one free chequebook with 10 cheque leaves will be issued to every South Indian Bank Basic Savings Bank Deposit Account holder.
- ATM-cum-debit card will be issued free of cost to every South Indian Bank Basic Savings Bank Deposit Account holder.
- Collection of outstation cheques are permitted for South Indian Bank Basic Savings Bank Deposit Accounts.
- Free passbook will be given to every South Indian Bank Basic Savings Bank Deposit Account holder.
- Customers can make nominations using the DA-1 nomination form which will help in hassle free claim settlement during any unforeseen circumstances.
- No taxes will be deducted from the interest on deposits.
- No fresh documentation required for transfer of account from one branch to another. The only document required will be the current address proof.
- Accounts that hasn’t been active in the last two years will be deemed inoperative.
- South Indian Bank Basic Savings Bank Deposit Account will attract an interest rate of 4% p.a. Payable once in every 6 months.
Documents required to open a South Indian Bank Basic Savings Bank Deposit 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
How to open a South Indian Bank Basic Savings Bank Deposit Account?
Customers can download the application form to open a South Indian Bank Basic Savings Bank Deposit Account from the bank’s registered website and submit the duly-filled application form in any South Indian Bank branch. Alternatively, customers can walk into any South Indian Bank Branch and request for a South Indian Bank Basic Savings Bank Deposit Account opening form and submit the completed form to the bank officer. Customers will be requested to submit the supporting documents to the bank officer. Upon verification of the documents, a SIB Junior Saving Account will be opened.
Fees and charges
| Category | Fees |
| AMC charges on mobile banking services | Not applicable |
| Change in mobile number for mobile banking services | Not applicable |
| Mobile banking reactivation charges | Not applicable |
| Issue of duplicate DD | Rs.100 |
| DD revalidation | Rs.100 |
| DD cancellation | Rs.100 |
| ATM card replacement charges | Rs.100 |
| ATM re-pin 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 charges | 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 |
| Cheque/ECS return charges | Not applicable |
| ECS mandate verification | Rs.100 |
| Demand draft commission | Free for child’s education purpose |
| Cheque inward return charges | Not applicable |
| NEFT/RTGS inward transactions | Free |
| NEFT/RTGS outward transactions |
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Basic Savings Bank Deposit Account FAQs
Am I allowed to hold multiple South Indian Bank Basic Savings Bank Deposit Accounts?
No. An individual can have only one South Indian Bank Basic Savings Bank Deposit Account.
Can a South Indian Bank Basic Savings Bank Deposit Account holder open any other savings account in the same bank?
No. A South Indian Bank Basic Savings Bank Deposit Account holder cannot open any other savings account in the same bank. The customer has to close the account 30 days before applying for another type of saving account in South Indian Bank.
Is there any age/income/investment amount restrictions to open a South Indian Bank Basic Savings Bank Deposit Account?
No. There are no restrictions on age/income/investment amount to open a South Indian Bank Basic Savings Bank Deposit Account.
Are there any restrictions on the number of withdrawals made in a month for South Indian Bank Basic Savings Bank Deposit Account holders?
Yes. Customers can make up to 4 withdrawals per month including ATM withdrawals. If the customer exceeds the limit, Rs.20 plus service tax will be charged per transaction.
Can I convert my South Indian Bank Basic Savings Bank Deposit Account into a regular savings bank account?
Yes. You can convert your South Indian Bank Basic Savings Bank Deposit Account into a regular savings bank account on obtaining permission from the bank and if you meet the minimum balance criteria.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
