South Indian Bank Offers Basic Savings Bank Deposit Account that Includes a Zero Monthly Average Balance Account, Unlimited Transaction, Free Debit Card, NetBanking/MobileBanking Facilities, and Much More.
Table of Contents
South Indian Bank Basic Savings Bank Deposit Account.
This Account gives freedom and edge to a low earning individual to become a part of the banking and financial channel.
This account covers individuals to suit all their banking needs with an aim of maximum financial inclusion
Features and Benefits of South Indian Bank Basic Savings Bank Deposit Account.
1- No Minimum balance for opening the account.
You do not need to pay any charge to open the South Indian Bank Basic Savings Bank Deposit Account.
2- Zero Non-operation/activation charges operative accounts.
3- You will get ATM-cum-Debit Card Free of cost without AMC.
4- You will get 10 leaves cheque books free of cost on a request basis.
What Are The Eligibility Criteria for South Indian Bank Basic Savings Bank Deposit Account?
You can check the following given points and documents before visiting any South Indian Bank Branch to open South Indian Bank Savings Account
1) Any Indian Individual must be more than 18 years of age (Except for Minor Account).
2) You can shows as Identity Proof any of the mentions such as Passport, driver’s license with validity, Permanent Account Number (PAN) card, Voter ID card, Aadhaar Card, Government-issued photo identity card, NREGA Card, etc.
3) You have to present Address Proof documents Passport, driver’s license, Passbook of another bank, Electricity or phone bills, Ration card, etc.
4) You should have at least 2 Passport sized photographs.
How to open South Indian Bank Basic Savings Bank Deposit Account?
You can follow the given below method that saves a lot of energy and time of yours.
Step-1 Make sure you have the KYC documents like Proof of Address, Proof of Identity, PAN Card, and at least 2 passport size photographs and It may also be asked to show the originals of the same.
Step-2 You can visit your nearest South Indian Bank Branch, collect the South Indian Bank Savings Account Opening Form and Fill it up completely.
Step-3 You have to verify your Form & Documents with the Accounts Executive.
Step-4 This is zero balance savings account you don’t need to deposit or pay an account opening charge.
Step-5 You will get your ATM Cum Debit Card and other Bank Documents. If the Bank Branch does not provide it instantly you may get it in 1-2 working days.
Things to Remember in South Indian Bank Basic Savings Bank Deposit Account.
1- There is no limitation on the number of deposits.
2- There is 4 withdrawal can you do through cash counter, ATM withdrawals, and ATM Card Payments.
3- There will be a penalty of Rs.20/- plus service tax per transaction will be charged.
4- Failing to comply with the RBI guideline your account is being automatically converted to the general category.
5- Basic Savings Bank Deposit Account holder debit and credit per transaction should be below Rs.50, 000/-
FAQ
1- Is this the ‘Basic Savings Bank Deposit Account’ only for individuals like poor and weaker sections of the population?
Definitely Not. It is open to all customers, through branches as per bank eligibility criteria.
2- What is the eligibility to open South Indian Bank Basic Savings Bank Deposit Account?
This account is for resident Indians of more than 8 years of age.
3- What is the Interest rate of the South Indian Bank Basic Savings Bank Deposit Account?
You will get an interest rate of 2.35% to 4.50% on Savings Account.
4- Does This South Indian Bank Basic Savings Bank Deposit Account holder?
Definitely Yes.
5- How interest rate charge calculated on deposit in my Savings Account?
It is calculated on a quarterly basis.
6- Is there any charge need to pay South Indian Bank Basic Savings Bank Deposit Account?
No. You don’t need to pay any charge for opening your bank account.
7- Can I this account online mode?
As of now no direct link available on the official websites.
8- Can I get a free RuPay Debit Card?
Yes.
- Is there my account safe and secure?
Security in South Indian Bank has been taken on the topmost priority.
- Is Aadhaar Card, Pan Card require?
Yes.
- Is there any minimum balance that has to maintain in the account?
Definitely Not.
About
South Indian bank was the first scheduled Bank in the private sector in Kerala from the RBI on 17 June 1957. SIB Becomes Kerala based bank to implement Core Banking System as well.
This Bank offers Regular savings, Privilege savings, Group Salary savings account, Junior savings, SARAL savings, and Youth Plus savings.
This Bank has 871 branches, 4 service branches, 53 extension counters, 1,500 ATMs, 91 Cash Deposit Machines, and 20 Regional Offices across Pan India.
Currently, South Indian Bank Managing Director & CEO is Mr. Murali Ramakrishnan, and Its Headquarters is Thrissur, Kerala, India
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