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  • South Indian Bank Junior Savings Account

    Savings Account
    • 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
    • Up to Rs.10,000: Rs.2.50 + service tax
    • Rs.10,000 to Rs.1 lakh: Rs.5 + service tax
    • Rs.1 lakh to Rs.2 lakh: Rs.15 + service tax
    • Above Rs.2 lakh: Rs.25 + service tax

    Basic Savings Bank Deposit Account FAQs

    1. 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.

    2. 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.

    3. 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.

    4. 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.

    5. 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.

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

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