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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 2021.

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 facilities are 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.

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

  • Loans of up to Rs.2 lakh can be availed.
  • Processing fee on loans will be waived.
  • Minimum balance need not be maintained.

SIB Video KYC: Some of the main features of the account are given below:

  • You need not visit the bank branch.
  • Preferred branch can be chosen.
  • Internet banking can be used at any given time.

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 different 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
SIB Video KYC Account Contact the bank

Eligibility for South 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:

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

FAQs on South Indian Bank Savings Account

  1. What is the interest rate for a South Indian Bank Savings Account?

    The interest rates for a South Indian Bank Savings Account range from 2.35% p.a. to 4.50% p.a.

  2. Can I open a South Indian Bank Savings Account online?

    Yes. You can open a South Indian Bank Savings Account online.

  3. What is the minimum balance required to open a Basic Savings Bank Deposit Account?

    There is no minimum balance required to open a Basic Savings Bank Deposit Account.

  4. What are the charges for closing a Savings Account?

    South Indian Bank charges Rs.25 for closing a Savings Account after six months from the date of opening the account. For the closure of a Savings Account before six months from the date of opening, Rs.75 will be charged.

  5. Can a minor open a South Indian Bank Savings Account?

    Yes. Minors can a South Indian Bank Savings Account with a parent or a guardian.

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