South Indian Bank Savings Account

South Indian Bank offers different types of savings accounts with various features and benefits. The bank offers an interest rate of up to 4.50% p.a. for investments made towards an account. You also have the option to open an account online.

Opening a South Indian Bank Savings Account

Those wishing to apply for a South Indian Bank Savings Account can do so either online or by visiting the bank branch.

Opening an account online is a simple process, where prospective account holders merely have to download the online account opening form from the bank’s official website. Go to the “Personal Banking” tab on the homepage and select “Savings Account”, upon which you will be presented with the different Savings Account offerings by the bank. Select the one you wish to apply for and click on the “Application form” link at the end of the description. Fill in the form and present the filled in and signed form along with the documents listed to the bank branch.

You could also choose to apply through the branch directly. Request for an application form and submit it at the bank branch with the requested documents, such as a PAN card copy, proof of address and proof of identity to open your South Indian Bank Savings Account and begin saving and earning through your account.

Interest Rates of South Indian Bank Savings Accounts

The different interest rates offered by South Indian Bank on its savings accounts are mentioned below:

Balance (End of Day)	Rate of Interest
Up to Rs.2 lakh	2.35% p.a.
More than Rs.2 lakh but less than Rs.5 crore	2.75% p.a.
Rs.5 crore and above but less than Rs.100 crore	4.20% p.a.
More than Rs.100 crore	4.50% p.a.

The rates of interest mentioned above are applicable as of 21 October 2020.

Types of South Indian Bank Savings Accounts

Regular Savings Account: The main features of the account are mentioned below:

• Joint accounts can be opened.
• Nominees can be added.
• 10 cheque leaves are provided at no additional cost.

Privilege Savings Account: The main features of the account are mentioned below:

• Joint accounts can be opened.
• An international debit card is provided.
• Banking facility is provided at any branch.

Junior Savings Account: The main features of the account are mentioned below:

• Individuals between the ages of 10 years and 18 years can open an account.
• A RuPay Debit Card is provided at no additional cost.
• Education loans may be provided to eligible students.

Basic Savings Bank Deposit Account: The main features of the account are mentioned below:

• No minimum balance needs to be maintained.
• An ATM card is provided at no additional cost.
• 10 cheque leaves are provided for free.

SB Invest Savings Account: The main features of the account are mentioned below:

• 35 cheque leaves are provided in a year at no additional cost.
• No minimum balance needs to be maintained.
• Free internet banking is provided.

SIB Ruby: The main features of the account are mentioned below:

• Individuals who are 18 years and above can open an account.
• Free NEFT/RTGS facility is provided.
• Unlimited ATM withdrawals are allowed at no additional cost.

SIB Elite Senior – SIB Mahila Elite: Some of the features of the account are mentioned below:

• Individuals who are 55 years and above can open an account.
• The withdrawal limit is Rs.75,000.
• Baggage insurance is provided.

Mahila Delight Account: Some of the main features of the account are mentioned below:

• Women who are 18 years and above can open an account.
• Personal Accident Cover is provided.
• 50 cheque leaves are provided in a year at no additional charge.

Corporate Salary Account: Some of the main features of the account are mentioned below:

• 50% of the processing fee will be waived in case an individual avails a loan.
• No minimum balance needs to maintained.
• A RuPay Platinum Debit Card will be provided.

SIB Youth Plus: Some of the main features of the account are mentioned below:

• Banking facility is provided at any bank branch at no additional cost.
• Mobile banking and internet banking facilities are provided for free.

SIB Insta: Some of the main features of the account are mentioned below:

• No minimum balance penalty is levied for the first 6 months.
• Account can be opened instantly.
• You can choose a branch of your choice.

South Indian Bank Minimum Balance Requirement

The South Indian Bank offers a number of savings accounts to its customers, and these have differing minimum balance requirements depending on the account type. Given below is a table mentioning the minimum balance stipulations for each savings account:

Savings Account Type	Average Monthly Balance Requirement
SIB Ruby	Rs.25,000
SIB Elite Senior – SIB Mahila Elite	Urban/Metro Branches: Rs.5,000 Semi-Urban/ Rural Branches: Rs.2,500
Mahil Delight Account	Urban/Metro Branches: Rs.5,000 Semi-Urban/ Rural Branches: Rs.2,500
Basic Savings Bank Deposit Account	Nil
Corporate Salary Account	Contact the bank
Privilege Savings	Contact the bank
SIB Youth Plus	Urban/Metro Branches: Rs.2,500 Semi-Urban/ Rural Branches: Rs.1,000
SIB Insta	Nil
Regular Savings Account	Contact the bank
Junior Savings	Contact the bank
SB Invest	Nil

Eligibility forSouth Indian Bank Savings Account

Hindu Undivided Families and Indian citizens are eligible to open a South Indian Bank Savings Account. Given below are the individuals eligible, unless otherwise specified:

• Individuals above 18 years of age (either a single or joint account)
• Minors (joint account with a parent or guardian)
• Clubs or associations
• Trusts or Societies

Documents Required to Open South Indian Bank Savings Account

The documents required to open a Savings Account are mentioned below:

• 2 recent passport sized photographs
• Proof of identity
• Proof of address

Proof of Identity Documents:

The following documents can be submitted as Proof of Identity:

• Passport
• PAN (Permanent Account Number) card
• Driving license
• Government issued ID card or Defence ID card
• Voter’s ID card
• NREGA card

Proof of Address Documents:

The following documents can be submitted as Proof of Address:

• Passport
• Utility bills such as telephone or electricity bill
• Credit card statement
• Salary slip
• Driving license
• Aadhaar Card

For joint account holders, the applicant and co-applicants have to furnish the documents mentioned above.