South Indian Bank Savings Account

The South Indian Bank was set up in Thrissur, Kerala in 1929. Among the oldest banks in India, it was established by a group of individuals who wished to create a bank for merchants. The bank, which was accorded Scheduled Bank status in 1946, has grown from strength to strength, expanding from its single branch in Thrissur to over 830 branches across 26 Indian states. In addition it also operates 4 service branches and 37 extension counters. To make banking services accessible to its customers it has a network of over 1277 ATMs. It provides its customers both in India and overseas with quality banking products and services.

The bank was in the private sector to set up an overseas branch in order to cater to an ever growing customer base. It was also the first in Kerala to set up a Core Banking System, making it easier for their customers to conduct banking transactions.

Continuing its mission to make banking services accessible to all its customers, the bank offers a diverse range of Savings Accounts with attractive benefits and interest rates, so it's customers can earn as they save. The South Indian Bank Savings Accounts provide account holders with the safety and excellent quality that the bank is known for, as well as a variety of features to make saving money an attractive and profitable endeavour.

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.

Types of South Indian Bank Savings Accounts

Regular Savings Account: This basic zero balance account provides account holders with 4 free transactions a month as well as NEFT and RTGS facility.

Privilege Savings Account: With the Privilege Savings Account, enjoy benefits such as an International Debit Card and any branch banking, along with free internet banking and online fund transfer facilities. Enjoy free demand draft transactions op to Rs. 10, 000 every month.

Group Salary Savings Account (GSSA): Designed for salaried employees, this account is divided into 4 categories to cater to employees across all levels. A description of each is given below:

1. Group Salary Savings Account- Standard: With this account, enjoy free outward NEFT/RTGS transactions up to Rs. 10, 000 per month and free internet banking. Also receive 35 cheques free of cost each year.
2. Group Salary Savings Account- Smart: This zero- balance account provides its account holders with 50 free cheque leaves a year and unlimited free cash remittances to non parent branches. Also enjoy Pay Orders up to Rs. 20, 000 free of cost every month.
3. Group Salary Savings Account- Executive: Enjoy NEFT/RTGS transactions up to Rs. 30, 000 free each month, along with free internet and mobile banking. Receive 50 free cheque leaves annually and no monthly ATM charges.
4. Group Salary Savings Account- Advantage: Receive unlimited number of cheques for free every year and no internet or mobile banking charges with this account. Also enjoy free unlimited fund transfers through the NEFT/RTGS facilities.

Junior Savings Account: With the objective of encouraging children to begin saving and planning for their financial future, the bank offers the Junior Savings Account. Account holders will enjoy facilities like a free ATM and Global Debit Card and free fund transfer from the parent’s account. Children above the age of 10 are eligible to open this account.

Basic Savings Bank Deposit Account: A basic deposit savings account, account holders will receive a free ATM cum Debit Card without having to maintain a minimum balance. However account holders will not be able to open any other Savings Accounts with the bank. If they do, they will have to close those accounts before opening the Basic Savings Bank Deposit Account.

Mahila Plus Savings Account: Designed keeping the needs of women in mind, this account has the benefits of a savings account and a recurring deposit. Holders can also avail free travel insurance for one year from account opening. A minimum of Rs. 1,000 has to be deposited every month for the Recurring Deposit. Other benefits include free NEFT/RTGS transactions up to Rs. 2, 00, 000 per month as well as free ATM-Debit card.

SB Invest Savings Account: Designed exclusively for those maintaining a Demat account with the bank, this account has a number of privileges such as no minimum balance requirement, no charge for transfer of funds and internet banking, as well as 35 cheque leaves a year at no charge. Account holders will also enjoy the bank’s m-commerce service at no cost.

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:

South Indian Bank Savings Account Interest Rate

South Indian Bank offers its Savings Account customers a competitive rate of interest along with special benefits and privileges. The bank pays out an interest of 4% per annum.

Eligibility:

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.

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