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South Indian Bank Savings Accounts

South Indian Bank Savings Account

Last Updated 25th Jan 2021

  • South Indian Bank offers a wide range of savings account products for specific customer groups.
  • Minimum balance requirement to open a savings account in South Indian Bank is --.
  • You can get high returns up to 4.50% on a savings account.
  • Open instant South Indian Bank savings account online.
  • Internet banking and mobile banking facility available.
  • The facility of safe deposits locker facility, nomination available in South Indian Bank.
Apply for Savings Account

South Indian Bank Savings Account

South Indian Bank offers a wide range of savings accounts that allows individuals to deposit money, keep it safe, and withdraw funds, all while earning interest. It provides a savings account according to the needs of the specific customer groups and caters to their requirement. For instance, it offers the Premium saving account for its high-end customers and also provides the minor savings account for children below the age of 18 years. The bank offers several facilities like internet banking, mobile banking, and allows no minimum balance requirement in many saving account products.

Features and Benefits of South Indian Bank Savings Account

Benefits of South Indian Bank saving Account are as follow:

  • South Indian Bank offers an interest rate on saving account in the range of 2.35% to 4.50%.
  • Balance requirement for South Indian Bank savings account is .
  • An individual can transfer the South Indian Bank savings account to any other branch without changing the account number.
  • Safe deposits locker facility, nomination facility is also available.
  • South Indian Bank savings account provides the facility of linking to the Multi Option Deposit account to fetch higher term deposit interest on the surplus money.
  • It provides various kinds of debit cards as per account holder’s convenience.
  • South Indian Bank offer banking facilities like internet banking and missed call banking. An individual can also avail the mobile banking facility which provides services like interbank mobile payment services (IMPS), utility bill payments, mobile recharges, enquiry and statements and cheque book request.
  • No charge is levied for passbook service.

South Indian Bank Savings account Charges

ProductMinimum balanceInterest RateNon Balance Maintenance Charges
Regular Savings2.35% - 4.50%--
Junior SavingsRs. 150 QAB4.00% - 4.00%--
Basic Savings Bank Deposit AccountNIL4.00% - 4.00%--
Mahila Plus Savings Bank4.00% - 4.00%--
Privilege Savings4.00% - 4.00%--
Group Salary Savings AccountNIL4.00% - 4.00%--
SB InvestNIL4.00% - 4.00%--

South Indian Bank Savings Account Products

South Indian Bank offers multiple savings account products for different purposes. Some of the popular products of South Indian Bank savings are:

Regular Savings

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

Key Features:

  • 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

Eligibility:

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

Junior Savings

This account helps to impart savings habit among students.

Key Features:

  • 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

Eligibility:

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

Privilege Savings

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

Key Features:

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

Eligibility:

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

SB Invest

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

Key Features:

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

Eligibility:

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

South Indian Bank Savings Account Nomination Plan

South Indian Bank asks their customers to make nominations which imply that they should nominate individuals to whom the amount lying in their accounts should go in the event of their death. Nomination can be made in account opening form itself or on a separate form indicating the name and address of the nominee. The person can change the nomination any time. South Indian Bank savings account provides the nomination facility in all the savings products.

South Indian Bank Savings Account Welcome Kit

South Indian Bank provides a Welcome Kit containing personalised cheque book and ATM Card, which is mailed to the customers’ postal address selected for correspondence, after 7 – 8 working days from the date of opening of a particular savings account.

Top Applications Offering UPI Facility

South Indian Bank Savings Account Helpline

Individuals can call South Indian Bank’s 24X7 helpline number , which is accessible from all landlines and mobile phones in the country.

Open saving account with Other Banks online

FAQs

Can I open South Indian Bank bank account online?

South Indian Bank enables individuals to open a savings bank account online as well. Individuals can open an Insta saving account and digital savings account.

What is the minimum balance for an South Indian Bank savings account?

Minimum balance requirement differs with South Indian Bank saving account products. The minimum balance required to open a Regular Savings in South Indian Bank is .

Which saving account is best in South Indian Bank?

There are various savings account products offered by South Indian Bank. These accounts are specially developed for a certain section of people. Individuals may compare the interest rate offered, minimum account requirements and facilities provided to select the best product.

Can I open South Indian Bank account with zero balance?

The minimum balance requirement to open a savings account with South Indian Bank is . If any individual does not maintain the minimum balance then non-balance maintenance charges are levied.


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South Indian Bank News - Jan 2021
  • 2018-07-23 : Govt. Slashes minimum yearly deposit for Sukanya Samridhi Account
    The government has slashed the minimum annual deposit requirement for an account under Sukanya Samriddhi Yojana to Rs 250 from Rs 1000 earlier. Now, the minimum initial deposit Rs 250 required to open an account under Sukanya Samiriddhi Account Scheme. The minimum deposit that needs to be made every year is now Rs 250, while the maximum is Rs 1.50 lakh.
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