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 citiesFirst 5 transactions free at other areasRs.20 for financial transactionsRs.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.
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.
FAQs on South Indian Bank Privilege Savings Account
- 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.
- 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.
- 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.
- 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.
- What documents are required to open a Privilege Savings Account?
- 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.
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