Our bank is having different types of privilege accounts to cater the banking needs of different category of people. Even though we have different category of SB accounts, there was no privilege category account particularly aiming the senior citizens. Being financially independent is a must for every individual in every phase of their lives, but it is never as critical as it is during retirement. Senior citizens have a good number of financial products that offer guaranteed income during retirement.
In order to cater the needs of Senior citizen, we have launched new Savings Bank products exclusively for the Senior Citizen namely SIB Elite Senior and SIB Mahila Elite.
The account can be opened for those whom are aged 55 years and above. If First holder is female aged 55 years above SB Mahila Elite will be offered.
SIB Elite Senior and SIB Mahila Elite can be opened with a minimum balance of Rs.5,000/- in Metro/Urban Branches Rs.2500/- in Semi Urban/ Rural Branches.
Key Features:
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Name of the Savings Account
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SIB Elite Senior/Mahila Elite
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1
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Eligibility
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55 years and above. If First holder is female aged 55 years above SB Mahila Elite will be offered
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2
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Average minimum balance
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Rs.5,000/- in Metro/Urban Branches
Rs.2500/- in Semi Urban/ Rural Branches
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3.
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ATM cum Debit Card
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Card Type
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Visa/Master Platinum
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Issuance Charge
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Free
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AMC
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Charges Applicable
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Withdrawal Limit
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Rs.100000/-
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Transaction Limit at POS
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Rs.350000/-
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Other Bank ATM Usages
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Unlimited
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4.
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Internet Banking
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Free
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5.
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Mobile Banking
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Free
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6.
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Free personalized Cheque leaves per calendar year
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50 Nos
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7.
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NEFT/ RTGS free per month
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Rs 50000/-
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9
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A/c closing charge
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Nil
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10
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Concession in processing fee of Housing loan, Educational Loan, and Vehicle Loan
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50% waiver for all loans.
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11
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Locker Facility
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25% concession on 1st year rent. (for small & medium)
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12
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Door Step Banking
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2 instances (Cash/Instrument) in a month free for customer maintaining AMB of Rs.5 Lacs and above. Others can avail the facility with applicable charges.
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13
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Sweep in and Sweep out facility
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Balance above Rs.1 lac will be converted in flexi FD in multiples of Rs.25,000/- with minimum holding period of 6 months
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14
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Personal Accident Insurance Coverage (New India Assurance)
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Personal Accident Death Insurance Cover of Rs. 10 Lacs.
Including, Personal accident hospitalizations cover Rs.1 Lac
Total Premium will be Rs.275/- out of which Rs.199/- will be borne by bank and rest Rs. 76/- will be charged..
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SOUTH INDIAN BANK- Personal Accident Scheme for Savings Bank Account holders
Personal Accident with Hospitalization expenses for accidents:
Medical Expenses for bodily injury caused by and arising out of accident.
If the Insured/Insured Persons shall sustain any bodily injury resulting solely and directly from Accident caused by outward, violent and visible means then the Company shall pay/reimburse to the sum Insured.
In the event of any claim becoming admissible under this scheme, the company will pay/reimburse to the Insured /Insured person, the amount of Capital Sum Insured & expenses as would fall under different heads mentioned below, and as are reasonable and necessarily incurred thereof by or on behalf of such Insured Person, but not exceeding the Sum Insured in aggregate in any one policy period, as defined hereinafter.
A) Room, Boarding Expenses as provided by the hospital/nursing home.
B) Nursing Expenses.
C) Surgeon’s, Anesthetist’s, Medical Practitioner’s, Consultant’s, Specialist’s Fees.
D) Anesthesia, Blood, Oxygen, Operation Theater Charges, Surgical Appliances, Medicines & Drugs, Diagnostic Materials and x-ray, Artificial Limbs & Cost of Organs and similar expenses.
E) Ambulance Charges for carrying the injured from accident spot to Hospital and at the time of discharge up to residence.
INSURED PERSONS:
Shall mean the persons specifically covered, other than the proposer/Insured including the named family members viz: spouse and children, unnamed third parties including passengers.
POLICY PERIOD :
Policy period is defined as the period of 12 months each commencing from the date of inception from which the risk is assumed.
AGE LIMIT :
This insurance is available/applicable to persons between the age of 5 years and 80 years. This age limit is not applicable to third party and unnamed passengers.
ACCIDENT
An accident is a sudden, unforeseen and involuntary event caused by external, visible and violent means.
INJURY
Injury means accidental physical bodily harm excluding illness or disease solely and directly caused by external, violent and visible and evident means which is verified and certified by a MEDICAL PRACTITIONER
INDEMNITY LIMITS :
The limit of indemnity will be restricted to the Sum Insured selected by the insured person as mentioned in the Schedule and will apply to each policy period during the period of insurance separately.
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