South Indian Bank Account Apply Online | South Indian Bank Account Opening Form | South Indian Bank Account Opening Minimum Balance
South Indian Bank offers a variety of savings accounts, each with its own set of features and advantages. For investments made into an account, the bank gives a rate of up to 4.50 percent p.a. You can also create an account on the internet. Today in this article, we are going to provide you South Indian Bank Account Opening Process and other related details
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South Indian Bank Account Opening Process
Those interested in opening a South Indian Bank Savings Account can do so online or in-person at a bank location.
Prospective account holders should only download the online account opening form from the bank’s official website to begin the process of opening an account online. Select “Savings Account” from the “Personal Banking” tab on the homepage, and you’ll be presented with the bank’s various Savings Account offerings.
Choose the one you want to apply for and scroll down to the “Application form” link at the bottom of the page. Fill out the form and bring it to the bank branch, together with the necessary documents, filled out and signed.
You might also go straight to the branch and apply. To open your South Indian Bank Savings Account, request an application form and submit it along with the required papers, such as a copy of your PAN card, proof of address, and proof of identity, at any bank branch.
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Interest Rates on South Indian Bank Account Opening
The following are the various interest rates offered by South Indian Bank on its savings accounts:
| Balance (End of Day) | Rate of Interest |
| Up to Rs.2 lakh | 2.35% p.a. |
| More than Rs.2 lakh but less than Rs.5 crore | 2.75% p.a. |
| Rs.5 crore and above but less than Rs.100 crore | 4.20% p.a. |
| More than Rs.100 crore | 4.50% p.a. |
The interest rates listed above are effective as of October 21, 2021.
Types of Savings Accounts in South Indian Banks
Regular Savings Account
The following are the account’s major features:
- You can open a joint account.
- Nominees can be added at any time.
- A total of ten cheque leaves are included at no extra charge.
Privilege Savings Account
The following are the main features of the Privilege Savings Account:
- You can open a joint account.
- A debit card that can be used anywhere in the world is provided.
- Any branch can provide banking services.
Junior Savings Account
The following are the account’s primary features:
- Individuals between the ages of ten and eighteen are eligible to open an account.
- A RuPay Debit Card is included at no extra charge.
- Eligible students may be eligible for educational loans.
Basic Savings Bank Deposit Account
The following are the account’s primary features:
- There is no requirement to maintain a minimum balance.
- At no additional charge, an ATM card is provided.
- A total of ten check leaves are offered for free.
SB Invest Savings Account
The following are the account’s primary features:
- A total of 35 cheque leaves are issued for free each year.
- There is no requirement to maintain a minimum balance.
- There is no charge for using the internet banking system.
SIB Ruby
The following are the account’s primary features:
- Individuals aged 18 and over are eligible to open an account.
- There is a free NEFT/RTGS service available.
- At no extra charge, you can make as many ATM withdrawals as you like.
SIB Elite Senior – SIB Mahila Elite
The following are some of the account’s features:
- Individuals aged 55 and up are eligible to open an account.
- The maximum amount that can be withdrawn is Rs. 75,000.
- Baggage insurance is included in the price.
Mahila Delight Account
The following are some of the account’s primary features:
- Women aged 18 and up are eligible to open an account.
- Personal Accident Insurance is included.
Corporate Salary Account
The following are some of the account’s primary features:
- It is possible to get a loan of up to Rs.2 lakh.
- Loan processing fees will be waived.
- It is not necessary to maintain a minimum balance.
SIB Video KYC (Know Your Customer)
The following are some of the account’s primary features:
- You are not required to visit a bank branch.
- It is possible to select a preferred branch.
- You can utilise internet banking at any time.
SIB Insta
The following are some of the account’s primary features:
- For the first six months, there is no minimum balance penalty.
- It is possible to open an account right away.
- You have the option of selecting a branch.
Minimum Balance Requirement for South Indian Bank Account Opening
Customers of the South Indian Bank can choose from a variety of savings accounts, each with different minimum balance requirements based on the account type. The following table lists the minimum balance requirements for each savings account:
| Savings Account Type | Average Monthly Balance Requirement |
| SIB Ruby | Rs.25,000 |
| SIB Elite Senior – SIB Mahila Elite | Urban/Metro Branches: Rs.5,000 Semi-Urban/ Rural Branches: Rs.2,500 |
| Mahil Delight Account | Urban/Metro Branches: Rs.5,000 Semi-Urban/ Rural Branches: Rs.2,500 |
| Basic Savings Bank Deposit Account | Nil |
| Corporate Salary Account | Contact the bank |
| Privilege Savings | Contact the bank |
| SIB Youth Plus | Urban/Metro Branches: Rs.2,500 Semi-Urban/ Rural Branches: Rs.1,000 |
| SIB Insta | Nil |
| Regular Savings Account | Contact the bank |
| Junior Savings | Contact the bank |
| SB Invest | Nil |
| SIB Video KYC Account | Contact the bank |
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Eligibility for South Indian Bank Account Opening
In order to open a South Indian Bank Savings Account, Hindu Undivided Families and Indian citizens must be Hindu Undivided Families or Indian nationals. Unless otherwise stated, the following people are eligible:
- Individuals over the age of 18 (either a single or joint account)
- Minors are those who are under the age of eight (joint account with a parent or guardian)
- Clubs or associations
- Trusts or Societies
Documents Required for Opening a Savings Account in a South Indian Bank
The following are the paperwork needed to start a Savings Account:
- 2 passport-sized photos taken recently
- Proof of identity
- address Of Proof
Proof of Identity Documents:
The following documents can be submitted as Proof of Identity:
- Passport
- PAN (Permanent Account Number) card
- Driving license
- Government issued ID card or Defense ID card
- Voter’s ID card
- NREGA card
Proof of Address Documents
The following documents can be submitted as Proof of Address:
- Passport
- Credit card statement
- Driving license
- Utility bills such as telephone or electricity bill
- Salary slip
- Aadhaar Card