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South Indian Bank Savings Account

South Indian Bank (SIB) was founded in Kerala to help the merchants and traders fund their business needs. It is headquartered in Thrissur. It is the first private bank in Kerala that became a scheduled bank in the year 1946. It has nearly 900 branches in the country.

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Types of South Indian Bank Savings Accounts

Regular Savings Account: This is a zero balance account which provides 4 free transactions per month along with NEFT and RTGS facility.

Privilege Savings Account: This account is indeed a privilege for the customers as it offers an International Debit Card, branch banking at any branch, along with free internet banking as well as online fund transfer facilities.

Group Salary Savings Account: This account is specifically for salaried employees. It is divided into four categories to cater to the needs of the employees across all levels. This account has a few types. The Standard Group Salary Savings Account gives the customers access to free outward NEFT or RTGS transactions up to Rs. 10,000 in a month, free internet banking and 35 free cheques each year. The Smart Group Salary Savings Account is a zero-balance account. It gives its customers 50 free cheques in a year as well as unlimited free cash remittances to nonparent branches. It also offers Pay Orders up to Rs. 20, 000 for free every month. The Executive Group Salary Savings Account gives access to NEFT and RTGS transactions up to Rs. 30,000 for free each month, as well as free internet and mobile banking. It also gives 50 free cheque leaves annually and does not charge any monthly ATM charges. The Advantage Group Salary Savings Account gives unlimited cheques for free every year. The bank doesn't impose any charges for internet or mobile banking with this account. It also offers free and unlimited fund transfers through NEFT and RTGS modes.

Junior Savings Account: This account encourages children to begin saving as well as planning for their financial future. Account holders can enjoy facilities like a free Global Debit Card and fund transfers from the parent’s or guardian's account for free. All children above the age of 10 years are eligible for this account.

Basic Savings Bank Deposit Account: Account holders of the basic deposit savings account receive a free Debit Card without maintaining a minimum balance. However, the account holders are not allowed to open any other Savings Accounts in the bank. In case they do, they must close those accounts before they can open the Basic Savings Bank Deposit Account.

Mahila Plus Savings Account: This account is designed for the banking needs of women. It provides the benefits of a savings account as well as a recurring deposit. Account holders can avail of free travel insurance for one year from the account opening date. The Recurring Deposit requires a minimum deposit of Rs. 1,000 every month. There are other benefits like free NEFT or RTGS transactions up to Rs. 2,00,000 in a month and a free ATM-Debit card.

SB Invest Savings Account: This account is meant for those who maintain a Demat account with the bank. It has a lot of privileges such as no requirement for a minimum balance, no charge for transferring funds, 35 free cheque leaves a year and internet banking. TheaAccount holders can also enjoy the bank’s m-commerce service at no extra cost.

South Indian Bank Minimum Balance Requirement

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Savings Account Type

Average Monthly Balance Requirement

Regular Savings Account

Nil

Privilege Savings Account

Rs. 1,000

Group Salary Savings Account- Standard

Nil

Group Salary Savings Account- Smart

Nil

Group Salary Savings Account-Executive

Nil

Group Salary Savings Account- Advantage

Rs. 1,000

Junior Savings Account

Not applicable

Basic Savings Bank Deposit Account

Nil

Mahila Plus Savings Account

Rs. 5,000

SB Invest Savings Account

Nil

Documents Required to Open a Savings Account

  • Identity Proof: Passport, driver’s license with validity, Permanent Account Number (PAN) card, Voter ID card, Aadhaar Card, Government-issued photo identity card, NREGA Card, etc.
  • Address Proof: Passport, driver’s license, Passbook of another bank, Electricity or phone bills, Ration card, etc.
  • Passport sized photographs

Eligibility

These are the eligibility criteria for a Bandhan Bank Savings Accounts:

  • Resident Indian
  • Hindu Undivided Families
  • Trusts, associations, government bodies, religious institutions, clubs, etc.

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