• South Indian Bank Privilege Savings Account

    For customers who wish to manage their wealth efficiently either as an individual account or a joint account, the Privilege Savings Account should be their go-to savings account. The Privilege Savings Account from South Indian Bank comes with added advantages from the Regular Savings Account.

    Features of the Privilege Savings Account from South Indian Bank

    • With the Privilege Savings Account from South Indian Bank, customers can either open an individual account or a joint account.
    • Interest and dividend warrants, cheques and demand drafts can be made in Indian and foreign currencies, and will be credited to the Privilege Savings Account.
    • Free passbook is given to customers opening the Privilege Savings Account from South Indian Bank.
    • Customers can make nominations using the DA-1 nomination form. The form can be accessed at the bank.
    • No tax is deducted from the interest on deposits.
    • For customers who have faced situations where their money has been wrongly debited, the bank after investigation will refund the money within 30 days.
    • Privilege Savings Account from South Indian Bank come with a interest of 4% per annum that is payable half-yearly.
    • The minimum deposit amount for the Privilege Savings Account from South Indian Bank is Rs.10. Customers are allowed a maximum of 10 deposits a day and 150 deposits through the financial year. A service charge of Rs.2 is levied if a customer exceeds the deposit limit.
    • Balance enquiries using mobile banking services are completely free.
    • Rs.100 service charge is placed in instances such as ECS verification and standing instructions.
    • No fresh documentation required for transfer of account from one branch to another. The customer will need to submit his/her’s current address proof.
    • Recovery charges are debited from the customer’s savings account when there are sufficient funds.
    • Free cheque book is handed to customers when opening the account.
    • On opening the account, customers are granted an International debit card.
    • Existing customers who wish to transfer their Regular Savings Account to a Privilege Savings Account can do so without having to provide fresh documentation. All that is required is a request from the customer to the bank to make the change.
    • Customers can access the Privilege Savings Account from South Indian Bank application form either online or from any South Indian Bank branch.
    • Accounts that haven’t been active in the last two years - withdrawals, deposits, transactions, etc. - will be deemed inoperative.

    Fees and charges for the Privilege Savings Account from South Indian Bank

    Listed below are the fees and charges applicable for the Privilege Savings Account from South Indian Bank:

    Cheque Book 10 free leaves. Charges applicable after 10 leaves.
    Passbook Free
    Opening Account Charges Nil
    Initial Deposit Requirement Nil
    Minimum Balance Requirement Nil
    Inoperative Account Charges Nil
    Premature closure of account within 1 year Nil
    Outstation Cheque Rs.50 - Rs.150 (Depending on the amount)
    Nomination Nil
    Debit Card Annual Fee - MasterCard Titanium EMV/Mastercard Gold/Maestro Rs.200 plus service tax
    VISA Classic EMV/VISA Classic magnetic stripe (Annual Fee) Rs.200 plus service tax
    RuPay Classic EMV/RuPay Classic magnetic stripe (Annual Fee) Rs.200 plus service tax
    Debit Card PIN regeneration Rs.100 plus service charges
    Standing Instruction charges Rs.100 plus service tax
    ECS Mandate verification Rs.100 plus tax
    Change of Mobile Number Rs.100
    Mobile services (annually) Rs.150 plus service charge
    Transactions at South Indian Bank ATMs Free
    Transactions at other ATMs
    • First 3 transactions free at metro cities
    • First 5 transactions free at other areas
    • Rs.20 for financial transactions
    • Rs.10 for non-financial transactions

    Eligibility for the Privilege Savings Account from South Indian Bank

    • The customer should be a resident of India.
    • Should be over the age of 18.
    • Should have valid KYC documents when applying for the Privilege Savings Account from South Indian Bank.

    Documents required for the Privilege Savings Account from South Indian Bank

    • A customer can download the Privilege Savings Account from South Indian Bank online or can access it at the nearest South Indian Bank branch.
    • Identity proof as per KYC norms - Aadhaar card, Passport, Voter’s ID, NREGA card, etc.
    • Address proof as per KYC norms - Passport, Voter’s ID, Driver’s license, etc.
    • Recent passport size photographs.

    Privilege Savings Account FAQs

    1. Which International debit cards can a customer opening a Privilege Savings Account from South Indian Bank choose from?

      A customer can choose either a MasterCard Titanium EMV, a Mastercard Gold/Maestro, a VISA Classic EMV or a VISA Classic magnetic stripe. Apart from the International debit cards, customers can even opt for the RuPay Classic EMV or the RuPay Classic magnetic stripe.

    2. What is the interest rate for the Privilege Savings Account from South Indian Bank?

      The interest rate for the Privilege Savings Account from South Indian Bank at the moment is 4% p.a. The interest is paid half-yearly.

    3. Can one make nominations for the Privilege Savings Account from South Indian Bank?

      Yes, one can make nominations for the Privilege Savings Account from South Indian Bank. The nominee should preferably be a close relative of the primary account holder.

    4. Can a customer transfer his/her Regular Savings Account to a Privilege Savings Account?

      Yes, by requesting the bank, he/she can transfer his/her Regular Savings Account to a Privilege Savings Account.

    5. What documents are required to open a Privilege Savings Account?

      The documents required to open a Privilege Savings Account are:

      • Identity proof as per KYC norms - Aadhaar card, Passport, Voter’s ID, NREGA card, etc.
      • Address proof as per KYC norms - Passport, Voter’s ID, Driver’s license, etc.
      • Recent passport size photographs.

      The customer can download the application form from the bank’s website or get their hands on it at the nearest South Indian Bank branch.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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

    Savings Account
    Net Banking
    Mobile Banking
    Savings Account By Top Banks
    Savings Account By Banks
     Loading your search... Loading your search...
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.