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South Indian Bank Savings Account Interest Rates

South Indian Bank Savings Account Interest 2020-21

Last Updated 09th Jul 2020

Saving Account Interest Rate
Regular Savings 2.35% - 4.60%

South Indian Bank Bank Savings Accounts Interest Rate

South Indian Bank offers an interest rate ranging between 2.35% to 4.60% on the minimum average balance maintained in the savings account. It calculates the interest rate on savings bank accounts on a daily basis. However, the interest is paid to the account holders every quarter. With South Indian Bank Savings Account youth and minors can get additional benefits on their Savings Account.

Features

South Indian Bank Savings Account helps you to save money by providing interest on your idle money deposited in the savings accounts. The rate of interest on South Indian Bank Savings Account varies as per the Savings Account product. Some of the key features and benefits of South Indian Bank savings account are:

  • It offers interest rates from 2.35% to 4.60% p.a. You can easily access South Indian Bank Savings Account anywhere through a large network of branches and ATMs.
  • If you want to transfer funds from South Indian Bank Savings account to any other bank account, you can do it through modes such as RTGS, IMPS, NEFT and UPI facilities.
  • South Indian Bank personalized account number and cheque book enhances security and ensures your money is safe.
  • You can get SMS Alerts and e-statement facilities with South Indian Bank Savings Account.
  • With Auto Sweep Facility of South Indian Bank, your account can be linked to Multi Option Deposit MOD account.

South Indian Bank Savings Account Rates

Saving Account Interest Rate Minimum Balance
Regular Savings 2.35% - 4.60% N.A

South Indian Bank Savings Account Products

  • Regular Savings: South Indian Bank offers interest rates ranging between 2.35% to 4.60% on Regular Savings.You can open a Regular Savings in South Indian Bank by depositing amount as minimum balance.
  • Junior Savings: If you have deposited your excess funds in a Junior Savings, you can get interest at 4.00% to 4.00% on your account. This account can be opened by anyone with a minimum age of 10 years.
  • Basic Savings Bank Deposit Account: South Indian Bank provides interest rates ranging between 4.00% to 4.00% on Basic Savings Bank Deposit Account. The minimum balance requirement to open this account is Nil.
  • Mahila Plus Savings Bank: You can get interest at 4.00% and 4.00% respectively on Mahila Plus Savings Bank in South Indian Bank. The account can be opened in South Indian Bank by depositing amount. The debit card available for this account are .
  • Privilege Savings: If you have deposited your excess funds in a Privilege Savings, you can get interest at 4.00% to 4.00% on your account.
  • Group Salary Savings Account: You can get interest at 4.00% to 4.00% in Group Salary Savings Account. This account can be opened in South Indian Bank by depositing a minimum amount of Nil after an age of 18 years.
  • SB Invest: The interest that you can earn on .SB Invest is in the range of 4.00% to 4.00% respectively. The debit card available for this product is

FAQs

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

South Indian Bank offers an interest rate of 2.35% to 4.60% 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 South Indian Bank deposits products listed in the table above is 2.35% to 4.60%.

What is the eligibility criteria to open a savings account in South Indian Bank?

Eligibility criteria for South Indian Bank savings account -

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

South Indian Bank News - Jul 2020
  • 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.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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