South Indian Bank Savings Account

Last Updated : Feb. 25, 2025, 1:12 p.m.

The South Indian Bank, or SIB, was founded in the pre-independence era of 1929 as a safe place for people to keep their money and earn some interest from it. The bank started its operations in Thrissur District, Kerala, during the Swadeshi Movement. Today it has 950 branches, one service branch, and 1156 ATMs in India. SIB bank provides its customers with agile, dynamic, and technology-first banking environments in retail, personal and corporate banking, debit cards, third-party product distribution, treasury, and foreign exchange business. Below we have listed the overview of the South Indian Bank Savings Account, their features, benefits, and charges.

South Indian Bank Savings Account Interest Rates 2026

Below are the savings account interest rates for South Indian Bank:

Types of South Indian Bank Savings Account

Corporate Salary Account

• Loan processing fees get a waiver
• No minimum balance required

1.1 Premium Salary Account

• Monthly salary credit of ₹ 50,000 for the account
• Platinum Debit Card
• Free national and international lounge access once per quarter
• Free NEFT/RTGS for up to ₹ 2 Lakhs
• 50% off on loan processing for vehicle and housing loans
• Free 50 chequebook leaves in one year
• Free unlimited use of ATM transactions in all banks

1.2 Executive Salary Account

• Minimum salary requirement of ₹ 25,000/- to up to ₹ 49,999/-
• Platinum debit card
• No minimum balance
• No card maintenance charge for the 1st year
• Free unlimited SIB and other bank ATM transactions
• Accidental insurance cover of ₹ 2 lakhs
• Free DD issuance of ₹ 20000

1.3 Smart Salary Account

• Valid for a minimum net incoming salary of ₹ 10,000 to up to ₹ 25,000
• No minimum balance requirement
• Accidental death insurance cover of ₹ 1 lakh
• Classic variant debit card with five free transactions in a month for other bank ATMs.

1.4 Basic Salary Account

• The salary credit requirement is ₹ 10000
• Free debit card
• Unlimited transactions at SIB ATMs
• Free internet banking
• Free five chequebook leaves per year

SIB RUBY Account

• Personal accident covers of ₹ 10 lakhs
• Visa Platinum NFC or Rupay Platinum or Mastercard Platinum card without issuance charge
• Free ATM transactions at all ATMs
• 25% off on first-year locker rent
• 25% concession on processing for housing loans , personal loans , educational loans, Rental, vehicle loans, etc.
• Upgradation to Prime and Platinum based on monthly balance maintained.

Video KYC Account

• Paperless savings account opening
• No physical KYC
• Access to 24x7 mobile and internet banking
• Digi-E-Locker

SIB Elite Senior and SIB Mahila Elite Accounts

• Application for citizens above the age of 44, and if the applicant is a woman above the age of 55, SIB Mahila Elite
• Visa/Master Platinum Debit Card
• NEFT/RTGS transaction limit of Rs 50000
• Waiver for all loans up to 50%
• Free ATM transactions at all banks
• Free doorstep banking for customers with AMB of ₹ 5 lakh
• Auto sweep in and sweep -out

Privilege Savings Account

• Facility to open the account in joint names
• Payable at par cheques
• International ATM cum Debit Card
• Nomination

1.1 SIB Silver Accounts

• People of any age can open this account
• Free RTGS/ NEFT for ₹ 1,00,000
• Free IMPS on AMB of ₹ 50,000
• Free WhatsApp, internet, and mobile banking
• Visa Classic NFC/Rupay Classic NCMC card

1.2 SIB Gold

• Free outward NEFT/RTGS for ₹ 2,00,000 per month
• Free DD issuance of ₹ 1,00,000 per month
• Free SMS

1.3 SIB Platinum

• Airport lounge access : Once per quarter for domestic and once per year for international

Mahila Delight Account

• Accidental insurance covers the 1st year of opening the account
• When the woman reaches the age of 55, it automatically converts into SBI Mahila Delight
• 50 free cheque leaves per year
• Locker rental concession of 25% on first year
• 50% loan waiver on all retail loans
• Free Demat and NFC account opening
• Free digital banking access
• Visa Platinum EMV NFC / Master Platinum free card

SIB Youth Plus

• For customers in the age group of 18-35 years
• Free 10 chequebook leaves
• SIBerNet and SIB Mirror+ Free
• VISA Platinum EMV NFC- International Card with unlimited SIB ATM limits
• Tap and pay for up to ₹ 5000 and 5 transactions per day.

Basic Savings Bank Deposit Account

• Can be opened individually or in joint names
• All branches except the specialized branches can open this account
• Zero minimum
• No limit to the number of deposits maximum withdrawal limit of 4 transactions
• Basic debit card free of cost

SBI Gen Next

• For children up to 10 years, the mode of operation is by the guardian
• Best savings account for minors
• For children above 10 years, it can be operated by the child
• Outward money transfer using RTGS/NEFT of ₹ 1.00,000 allowed for free
• Free UPI transaction
• International debit card with no AMC charges.

SIB Doctor Plus

• Special account for doctors who are 21 years and above
• Can be operated singly or jointly
• Initial payment value of ₹ 25000
• Sweep-in and Sweep-out facility
• 25% waiver of locker rent on the first year for small and medium lockers only
• 25% discount on processing fees for rental and mini rental loans, mortgage loans, and vehicle loans
• Free WhatsApp, mobile, and net banking.

SIB Connect

• A student account with a multitude of benefits
• Zero balance
• Free debit card
• No limit on digital transactions
• Free online college fee payment and mutual fund account.

SIB NRE Accounts: Silver, Gold, Platinum, Pulse, Seafarer, Edge, Fly High variants

• Can be opened with direct remittance from abroad or through traveller’s cheques, foreign currency notes, and personal cheques
• Can be opened jointly
• Authorized Indians can operate the account locally
• Standing instructions
• Global ATM-Debit Card
• No TDS deduction
• Exemption from wealth tax and interest earned.

South Indian Bank Savings Account Features & Benefits

The South Indian Bank savings accounts have many attractive features and benefits such as:

• SBI mirror: A highly advanced mobile banking app to suit banking needs
• Liquidity and maximum flexibility on cash withdrawals and deposits
• Even the excess cash earns interest
• Safe and secure online and offline operations
• Free chequebook leaves and high cash withdrawal limits
• Joint family accounts are easy to open
• ATM cum Debit Card is free
• Has specially curated savings accounts for students , women, doctors, and corporates.

Documents Required for South Indian Bank Savings Account

All our Basic SB accounts should be mandatorily KYC compliant accounts.

• Passport (Check validity)
• Aadhaar Card
• Driving License (Check validity)
• Voter's Identity Card issued by the ECI
• PAN card or form 60
• Job card issued by NREGA signed by an officer of the State Government.
• Letter by the National Population Register containing identity and address details.

What is the Minimum Balance for a South Indian Bank Savings Account?

Below are the minimum balance requirements for SIB Bank -

How to open a Savings Account in a South Indian Bank?

Step 1: Compare the various savings accounts on the SIB website and choose one that is most suitable for you.

Step 2: A simple digital KYC process will help you open the account. Keep your Aadhar card, PAN Card and mobile number handy and start by clicking on ‘apply now’

Step 3: Fill in the required details and perform a video KYC

Step 4: You will receive the starter kit upon account verification

Alternatively

You can leave a request online, and the concerned staff will get in touch with you to collect the necessary documents to open the account.