South Indian Bank Zero Balance Savings Account

Last Updated : March 28, 2025, 4:38 p.m.

A zero balance savings account allows you to maintain a bank account without the requirement of a minimum balance. South Indian Bank offers several zero balance account options to meet different customer needs. This comprehensive guide covers everything you need to know about South Indian Bank zero-balance savings accounts.

Types of South Indian Bank's Zero Balance Savings Accounts

South Indian Bank offers the following zero-balance savings account options:

1. SIB Basic Savings Bank Deposit Account (BSBDA) : A no-frills account designed for financial inclusion
2. SIB PMJDY Account : An account under the Pradhan Mantri Jan Dhan Yojana scheme
3. SIB Salary Account : A zero balance account for employees of South Indian Bank's corporate partners
4. SIB Student Savings Account : A specialized zero balance account for students.

Features of South Indian Bank's Zero Balance Savings Accounts

SIB Basic Savings Bank Deposit Account (BSBDA)

This is one of the top zero balance savings accounts offered by Sounth Indian Bank. The Basic Savings Bank Deposit Account is South Indian Bank's entry-level zero balance account that offers:

• No minimum balance requirement
• ATM-cum-Debit Card with limited transaction capabilities
• Four free withdrawals per month (including ATM withdrawals)
• Basic mobile and internet banking facilities
• Passbook facility
• No overdraft facility

SIB PMJDY Account

The Pradhan Mantri Jan Dhan Yojana account offered by South Indian Bank includes:

• Zero balance requirement
• RuPay debit card with ₹2 lakh accident insurance cover
• ₹30,000 life insurance coverage (subject to conditions)
• Overdraft facility up to ₹10,000 (subject to satisfactory operation)
• Direct Benefit Transfer (DBT) facility for government subsidies
• Basic mobile banking facility

SIB Salary Account

Available to employees of South Indian Bank's corporate partners, this account offers:

• Zero balance maintenance
• Free unlimited transactions at South Indian Bank ATMs
• Higher free transaction limits at other bank ATMs
• Free personalized chequebook (20 leaves per quarter)
• Free demand drafts up to certain limits
• Preferential rates on loans
• Free accidental death insurance coverage
• South Indian Bank balance check enquiry

SIB Student Savings Account

Designed specifically for students aged 10 years and above:

• Zero balance requirement
• ATM-cum-Debit Card with daily withdrawal limit of ₹5,000
• Four free ATM transactions per month at other bank ATMs
• Internet and mobile banking facilities
• No charges for non-maintenance of minimum balance
• Educational loan facilities at special rates.

How to Open South Indian Bank's Zero Balance Savings Account Online?

Opening a South Indian Bank zero balance account online involves these steps:

1. Visit the official South Indian Bank website (www.southindianbank.com)
2. Click on "Digital Account Opening" or "Apply Now" option
3. Select the type of zero balance account you wish to open
4. Enter your mobile number and email ID for OTP verification
5. Complete the verification process
6. Fill in your personal details including name, date of birth, PAN, Aadhaar number
7. Upload the required KYC documents (scanned copies or photos)
8. Complete video KYC process if prompted
9. Submit your application
10. Upon successful verification, your account will be activated within 2-3 working days.

How to Open South Indian Bank's Zero Balance Savings Account Offline?

For those who prefer the traditional account opening process:

1. Visit the nearest South Indian Bank branch
2. Request an account opening form for the specific zero balance account you wish to open
3. Fill in the application form with your personal details
4. Submit the completed form along with required KYC documents
5. Provide passport-sized photographs as specified
6. Complete the in-person verification process
7. Sign the necessary declarations and terms & conditions
8. Receive your welcome kit with account details, passbook, debit card, and internet banking credentials.

Documents Required for South Indian Bank's Zero-Balance Account

For Basic Savings Bank Deposit Account (BSBDA):

• Identity proof (any one): Aadhaar card, Voter ID, Driving License, PAN card
• Address proof (any one): Aadhaar card, Utility bill (not older than 3 months), Passport
• Recent passport-sized photographs (2)

For PMJDY Account:

• Aadhaar card
• Recent passport-sized photographs (2)
• If Aadhaar card is not available, any one of the following: Voter ID, Driving License, NREGA Job Card
• Self-certification of address is acceptable if no address proof is available

For Salary Account:

• Identity proof (any one): Aadhaar card, PAN card, Voter ID, Driving License
• Address proof (any one): Aadhaar card, Utility bill (not older than 3 months), Passport
• Recent passport-sized photographs (2)
• Salary slip or employment letter from the company
• Employee ID card copy

For Student Savings Account:

• Identity proof (any one): Aadhaar card, PAN card (if available), School/College ID
• Address proof (any one): Aadhaar card, Parent's address proof along with birth certificate
• Recent passport-sized photographs (2)
• Bonafide certificate from school/college
• Guardian's KYC documents (for minors below 18 years)

Maximum Limit for South Indian Bank Zero Balance Savings Account

For South Indian Bank's Basic Savings Bank Deposit Account (BSBDA), which is a zero-balance account, the maximum balance limit is Rs. 1 lakh, and the aggregate of all credits in a financial year should not exceed Rs. 2 lakh.

UPI Transaction Limit of South Indian Bank Zero Balance Savings Account

Daily UPI Limit:

The daily limit for UPI transactions, including both peer-to-peer (P2P) and peer-to-merchant (P2M) transactions, is set at Rs. 1 lakh.

What is the Withdrawal Limit Per Day of South Indian Zero Balance Savings Account?

• Daily ATM Withdrawal Limit: Rs. 50,000.
• POS Limit per day: Rs. 1,00,000.
• Basic Limit: Rs. 1 lakh.
• Balance Limit: Rs. 50,000.
• Aggregate of Transfers and Withdrawals: Rs. 10,000.