For those customers who wish to manage the wealth of their family under one account, the Regular Savings Account at South Indian Bank will help you do just that. For first-timers opening a savings account, the bank has a relationship manager that will guide customers through the whole process. With the Regular Savings Account from South Indian Bank, customers can open a single account, a joint account, or merge a few accounts together - in the case of a family account. That said, this is just a few of the many benefits the Regular Savings Account from South Indian Bank comes with.
Features and benefits of the Regular Savings Account from South Indian Bank
- As already mentioned, the primary feature of the Regular Savings Account from South Indian Bank is that customers can either open an individual account, a joint account or an an account to manage the wealth of the family.
- By opening a family account, the wealth of the family can be managed efficiently. The primary account holder can keep track of the family’s savings, the cash flow - in and out - and the outstanding balance of the account.
- All cheques, demand drafts, interest and dividend warrants can be made in both Indian and foreign currencies and credited to the Regular Savings Account.
- With this savings account, no income tax is deducted at source on the interest payable by the bank on deposits.
- Primary account holders of this savings account can nominate a person, preferably the legal heir of the account holder. Customers who wish to make a nomination can do so by filling in the nomination form DA-1.
- At the time of opening the account, a passbook is given to the customer for free.
- A free cheque book with 10 cheque leaves is given to the customer when he/she opens the account. Charges will be applicable for issue of cheque books after the first free cheque book.
- 4% interest per annum is added to deposits. Interest is payable on a half-yearly basis.
- The minimum deposit amount towards the Regular Savings Account from South Indian Bank is Rs.10. Every customer is allowed a maximum of 10 deposits a day, and 150 deposits in a financial year. If a customer exceeds this limit, he/she will be charged a penalty of Rs.2, though this could be waived by the Bank Manager at his/her’s discretion.
- Apart from making withdrawals from ATMs, customers can make withdrawals from their Regular Savings account using the withdrawal form provided at the bank. Every customer is given a limit of 10 withdrawals a day and 150 withdrawals for the financial year. For those customers exceeding this limit, a service charge of Rs.2 is placed on every withdrawal from then on. That said, the Bank Manager can waive the service charge at his/her’s discretion.
- The bank charges a fee of Rs.100 plus tax for standing instructions.
- Rs.100 is charged for Electronic Clearance Service (ECS) - which is mandatory. ECS can be facilitated when customers wish for their bills to be paid automatically from their savings account.
- An annual fee of Rs.150 plus taxes is charged for mobile services. For international customers, Rs.300 is charged. For those customers who wish to change the number that they have registered with the bank, a charge of Rs.100 is applicable.
- Balance enquiries using the mobile banking services are completely free.
- As soon as the account has been opened, the customer is given an ATM debit card. An annual fee of Rs.100 plus service charge is issued a year after the account has been opened.
- All recovery charges will be debited from the customer’s account automatically when there are sufficient funds.
- Customers can transfer their account from one branch to another easily. No fresh documentation will have to be done, the customer will only be requested to submit his/her’s current address proof.
- Customer can choose to close the bank account within the first two weeks of opening the account if they are not happy with the account. All the money will be shifted to another account of the customer’s choice or it will be refunded. Under normal circumstances, the customer will have to give the bank a notice period of 30 days for the closure of the account.
- Accounts that haven’t been functioning for a period of two years - no deposits, withdrawals, transactions - will be deemed as an inoperative account.
Fees and charges of the Regular Savings Account from South Indian Bank
Listed below are the applicable fees and charges of the Regular Savings account:
|Cheque Book||10 free leaves. Charges applicable after 10 leaves.|
|Opening Account Charges||Nil|
|Initial Deposit Requirement||Nil|
|Minimum Balance Requirement||Rs.1000|
|Inoperative Account Charges||Nil|
|Premature closure of account within 1 year||Nil|
|Outstation Cheque||Rs.50 - Rs.150 (Depending on the amount)|
|Debit Card Annual Fee||Rs.100 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||
Eligibility for the Regular Savings Account from South Indian Bank
- Should be a resident of India.
- Should be above the age of 18.
- Should have valid KYC documents when opening the account.
Documents required when applying for the Regular Savings Account from South Indian Bank
- Identity proof as per KYC norms - Aadhaar card, Passport, Voter’s ID card, driver’s license, NREGA card, etc.
- Address proof as per KYC norms - Passport, Voter’s ID, driver’s license, etc.
- Recent passport size photograph of the application.
- Applicant should fill in the form required for the opening of a Regular Savings Account from South Indian Bank.
Regular Savings Account FAQs
Can I open a joint account under the Regular Savings Account from South Indian Bank?
Yes, you can open a joint account provided that the other account is that of a your spouse. You can even open a Family account under the Regular Savings Account from South Indian Bank.
Is there an annual fee for debit cards that come with the Regular Savings Account from South Indian Bank?
The annual fee for the debit card is Rs.100 plus service charges. The fee is charged only after a year of opening the account.
I wish to change my number that is registered with the South Indian Bank. Are there any charges to do so?
Yes, you will be charged a sum of Rs.100 to change your mobile number with the bank.
Can I make a nomination in the Regular Savings Account from South Indian Bank?
Yes, you can nominate a person in case of death or disability, and it is free of charge as well.
How many transactions can I make with South Indian Bank in a day without getting charged?
You can make as many withdrawals from South Indian Banks per day, free of charge. Charges are applicable for transactions from other bank ATMs after a certain specified limit.
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