South Indian Bank Saving Account

Last Updated 24th Dec 2018

South Indian Bank Savings Account Interest Rate India Jan 2019

South Indian Bank Regular Savings
Interest Rate Upto Rs. 100 Cr : 4.00%
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  • Standing instruction for remittance of insurance premium, rent and similar payments carried out
  • No Income tax deduction at source on interest
  • Nomination facility available
  • Accounts can be opened in joint names of family members

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Saving Account in South Indian Bank – Benefits

You get the following benefits while opening Savings Account with South Indian Bank

Nomination facility Yes
Passbook facility Yes
Chequebook facility Yes
Issuance of Debit Card Yes
Internet Banking Yes
Mobile Banking Yes
Fund Transfer Yes
DD Pay Orders Yes

South Indian Bank Savings Account

South Indian Bank offers an interest rate of 4.00% - 4.00% p.a. South Indian Bank also offer accounts to meet the specific requirements of salaried, women, kids and senior citizens.

Product Name Minimum Age Minimum Balance Required
Regular Savings 18 years N.A
Junior Savings 10 years Rs. 150 QAB
Basic Savings Bank Deposit Account 18 years Nil
Mahila Plus Savings Bank 18 years N.A
Privilege Savings 18 years N.A
Group Salary Savings Account 18 years Nil
SB Invest 18 years Nil

South Indian Bank Savings Account Products

Regular Savings

Regular savings account that helps you and your family to accumulate their savings.

This account is for resident Indians of 18 years of age and above

Features of Regular Savings

  • Standing instruction for remittance of insurance premium, rent and similar payments carried out
  • No Income tax deduction at source on interest
  • Nomination facility available
  • Accounts can be opened in joint names of family members

Junior Savings

This account helps to impart savings habit among students.

This account is specifically for minors above the age of 10 years. Precisely, the age group of 10 to 18 years

Features of Junior Savings

  • When the account holder attains the age of majority 18 years a monthly average balance of Rs. 1,000 has to be maintained
  • Free fund transfer will be permitted from Parents Account to SIB Junior Account
  • Bank may consider Education Loans to eligible students

Debit Card Offered : ATM cum Global Debit Card

Basic Savings Bank Deposit Account

This account is for resident Indians of 18 years of age and above

Features of Basic Savings Bank Deposit Account

  • The individual debit and credit per transaction should be below Rs. 50,000 for all Basic Saving Bank Deposit Accounts
  • Minors account represented by F and G/ Natural Guardian is permitted
  • Holders of Basic Savings Bank Deposit Account will not be eligible for opening any other bank deposit account in the same bank

Mahila Plus Savings Bank

This account serves only women Indian Residents above the age of 18 years

Features of Mahila Plus Savings Bank

  • This free insurance cover is for a period of one year only from the date of opening of the account. Existing Mahila Plus account holders can renew the insurance cover for the second year by opening a fresh Mahila Plus RD account
  • Opened with a minimum balance of Rs. 5,000
  • Insurance cover up to Rs. 50,000
  • By upgrading SB Mahila to an account with Rs. 5,000 as minimum balance under SB Mahila Plus and opening RD of Rs. 1,000

Privilege Savings

This bank account offers the customer multiple advantages over the Regular Savings Account.

This account is for resident Indians of 18 years of age and above

Features of Privilege Savings

  • Accounts can be opened in joint names
  • Nomination facility available
  • Privilege services offered on request to both, existing and new customers

Debit Card Offered : International ATM cum Debit Card

Group Salary Savings Account

This account comes in two variants: Smart: Monthly take home pay up to Rs. 25,000. Executive: Monthly take home pay of Rs. 25,001 and above

Features of Group Salary Savings Account

  • Upto 25 percent waiver in the 1st year Locker Rent
  • Overdraft facility up to Rs. 2 Lacs

Debit Card Offered : Rupay Platinum EMV International Debit card

SB Invest

An account for the investors having a Demat account with the bank.

This account can be opened by resident investors having Demat /Trading A/c

Features of SB Invest

  • Free e commerce and bill payments
  • Free m commerce facility
  • 35 cheque leaves free per year

Documents Required

South Indian Bank requires the following documents to open a Savings Account

  • Signed application form
  • Income Tax PAN Copy
  • Identity Proof: Driving License, PAN, Passport VoterID
  • Address Proof: Utility Bill, Property Tax Bill. Any other ID and address proof issued through a competent authority are also valid

Frequently Asked Questions on South Indian Bank Savings Account

How much interest is charged by South Indian Bank on Savings Account?

South Indian Bank offers an interest rate of 4.00% to 4.00% on Savings Account.

How does South Indian Bank calculate interest charged on Savings Account?

Interest on Savings Account is calculated on Quarterly basis. The following formula is used by South Indian Bank to calculate interest on Savings Account.

Monthly interest=Amount (Daily balance)*(No of days)* Interest/Days in the year

Does South Indian Bank offer Debit card to the account holder?

Yes, various debit cards are offered, differing according to the product. Some of the popular savings account products of South Indian Bank with the type of debit card offered are listed in the table below.

Junior SavingsATM cum Global Debit Card
Privilege SavingsInternational ATM cum Debit Card
Group Salary Savings AccountRupay Platinum EMV International Debit card

Interest rate on all SBI deposits products listed in the table above is 4.00% to 4.00%

What is the eligibility criteria to open a savings account in South Indian Bank
  • This account is for resident Indians of 18 years of age and above
South Indian Bank News - Jan 2019
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