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South Indian Bank Savings Account Interest Rates

South Indian Bank Savings Account Interest 2021

Last Updated 26th Nov 2021

Saving Account Interest Rate
Regular Savings 2.35% - 4.50%
Junior Savings 4.50% - 4.50%
Basic Savings Bank Deposit Account 4.50% - 4.50%
Mahila Plus Savings Bank 4.50% - 4.50%
Privilege Savings 4.50% - 4.50%
Group Salary Savings Account 4.50% - 4.50%
SB Invest 4.50% - 4.50%
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South Indian Bank Bank Savings Accounts Interest Rate

South Indian Bank offers an interest rate ranging upto 4.50% 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. South Indian Bank also offers attractive benefits like mobile and internet banking services, free Debit Card and customised savings account depending on different customer profiles.

Features and Benefits

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 upto 4.50% 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 the Auto Sweep Facility of South Indian Bank, your account can be linked to a Multi Option Deposit MOD account.

South Indian Bank Savings Account Rates

Saving Account Interest Rate Minimum Balance
Regular Savings 2.35% - 4.50% N.A
Junior Savings 4.50% - 4.50% Rs. 150 QAB
Basic Savings Bank Deposit Account 4.50% - 4.50% NIL
Mahila Plus Savings Bank 4.50% - 4.50% N.A
Privilege Savings 4.50% - 4.50% N.A
Group Salary Savings Account 4.50% - 4.50% NIL
SB Invest 4.50% - 4.50% NIL

Eligibility & Documentation Required for Opening Savings Account in South Indian Bank

To open a savings account in South Indian Bank, you need to fulfill the following eligibility criteria:

  • You need to have valid KYC Documents.
  • You can open a savings account singly or jointly.

Documents Required

You can open a savings account with prescribed application form and minimum KYC documents, which are mentioned below:

  • Application Form with attested photographs
  • Proof of identity- Passport, Voter ID card, PAN Card, Govt./Defence ID card, Driving Licence etc.
  • Proof of current address- Credit Card Statement, Salary slip, Electricity Bill/Telephone Bill, ration card etc.

How is South Indian Bank Savings Account Interest Rate Calculated?

As per the RBI mandate, South Indian Bank calculates saving account rate on average balances in the account on a daily basis. The interest can however be paid monthly, annually or quarterly. The following formula is used by South Indian Bank to calculate interest on Savings Bank Account on the basis of daily balance in the account

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

Compare Savings Account Interest Rates of All Banks

South Indian Bank Savings Account Products

  • Regular Savings : South Indian Bank offers interest rates ranging between 2.35% to 4.50% 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 4.50% to 4.50% 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 4.50% to 4.50% 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 4.50% and 4.50% respectively on Mahila Plus Savings Bank in South Indian Bank. The account can be opened in South Indian Bank by depositing amount.
  • Privilege Savings : If you have deposited your excess funds in a Privilege Savings, you can get interest at 4.50% to 4.50% on your account.
  • Group Salary Savings Account : You can get interest at 4.50% to 4.50% 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 4.50% to 4.50% respectively.

FAQs

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

As per the current rates, South Indian Bank offers maximum interest rate of 4.50% on Savings Account. South Indian Bank provides this interest on the minimum balance maintenance of . The interest rate may however vary across the South Indian Bank savings account product.

What is the minimum amount required for opening Savings Account in South Indian Bank?

The minimum amount required for opening a Savings Account in South Indian Bank is .

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, South Indian Bank offer Debit Cards to the account holders 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

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

To open a savings account in South Indian Bank you need to fulfill the following eligibility criteria:

  • This account is for resident Indians of 18 years of age and above
  • You must have your basic KYC done

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South Indian Bank News - Dec 2021
  • 2021-10-21 : South Indian Bank Revises Savings Account Rates
    South Indian Bank has decreased the interest rate on savings account for balance 100 crores and above to 4.50%. The rates start at 2.35% p.a. for a balance of upto two lakhs.
  • 2021-10-07 : South Indian Bank Revises Savings Account Interest Rates
    South Indian Bank has revised the savings account interest rates for a balance of Rs. 100.00 crore and above to 4.85% p.a. The interest rates for balance upto Rs. 2 Lakhs is 2.35% p.a.
  • 2021-05-21 : South Indian Bank posts net profit of nearly ₹7 crores in Q4
    South Indian Bank reported a net profit of Rs 6.79 crore for the fourth quarter of FY21, against a loss of Rs 143.69 crore in the year-ago period. For the whole FY21, the bank has reported a net profit of Rs 61.91 crore backed by Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan. The total deposit base at the end of the March quarter is seen higher by 9% y-o-y at Rs 69,827 crore, while advances declined by 9% to Rs 59,418 crore.
  • 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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