SIB Insta –E-KYC SB account
Experience seamless banking Journey
(OTP based accounts opening through Aadhaar and PAN validation)
Salient Features of SIB Insta:
- Paperless Instant Account Opening
- Complete your KYC verification through Video KYC and get a full-fledged Digital Account
- No debit card issuance fee
- Earn 200 Reward points on your 1st remittance (min Rs. 1000)
- Experience 24x7 Mobile and Internet Banking Services
- Payments done through digital channel are completely free(RTGS/NEFT/UPI).
- Digi –E Lock facility through SIB Mirror + mobile banking application
Other Conditions (Prior to full KYC completion by visiting any South Indian Bank branch):
- Aggregate balance of all deposit accounts shall not exceed Rs 1,00,000/-
- Aggregate of all credits in a financial year, in all deposit accounts together, shall not exceed Rs 2,00,000/-
- Daily total debit limit in the SIB Insta account is limited to Rs 10,000 prior to KYC completion
Who can Open SIB Insta account?
- All resident individual having valid Aadhaar & Pan card and are 18 years & Above.
(Existing customer? Please use the branch channel for account opening.)
What all documents required?
- Valid Aadhaar card & Pan Card
How can I open an account?
- Click on the link below which can be accessed through mobile or web:
How to complete KYC through VKYC?
- Once INSTA account is opened there will be restrictions on debit/credit transactions. Complete your KYC verification through Video KYC by clicking here and remove restrictions without visiting branch.
Click on the link below which can be accessed through mobile or web:
https://videokyc.southindianbank.com/insta/home
Once the customer clicks on the link, they will be landed on the VKYC Home page.
How can I access Mobile Banking -SIB Mirror+?
- Once your account gets opened, you will receive a temporary MPIN on your registered mobile number with the bank for mobile banking- SIB Mirror+ registration
Or
- Download SIB Mirror+ from Google play store and Apps store in IOS platform.
How can I get my SIB Insta Account to fully operational saving account to enjoy privileged services?
- You need to complete the KYC within 12 months from the account opening date and convert the account to fully operation with unlimited banking services.
What will happen to the account on non-completion of KYC within 12 months?
- The account will get closed after 12 months of account opening and the balance amount if any will be send to the communication address in the form of demand draft.
- All the term loans availed in the account will be get freezed.
In Which category, SIB Insta is getting opened?
- SIB Insta is getting opened under Scheme: SBSOB and GL code 05091
What happens after KYC completion of SIB Insta account?
- Your account may be converted to the category of your choosing and you can enjoy privilege services.T&C and Charges applicable as per product category
What happens after opening of account?
- Once the account gets opened, it will be in debit freeze till document verification. But don’t worry, you will get an intimation once the account gets activated. After receiving the message, kindly complete your KYC through VKYC. Please contact branch if you get a message directing you to do so .
|
PRODUCT FEATURES AT A GLANCE
|
|
Particulars
|
“SIB Insta”
|
|
Eligibility Criteria
|
Resident individuals
|
|
Type of Account
|
Resident SB
|
|
Balance requirement
|
No minimum balance stipulation
|
|
Age Group
|
18 years and above
|
|
Debit card
|
Available only those who remit Rs. 1000
|
|
Debit card charges
|
Nil Issuance Fee & zero AMC for 1st year
|
|
NEFT/ RTGS/ UPI
|
All transactions done through digital channel only is free
|
|
Loan Account Limit
|
Only Term Loans (TLs) not exceeding Rs. 60000/- a year
|
|
Upper Cap on aggregate credits in all accounts
|
2 lakh per year (all deposit together)
|
|
Upper cap on balance in all accounts
|
<=1lakh at any point of time
|
|
Cash Transaction*
|
No cash credit transactions are allowed
|
|
Cheque Book*
|
No cheque book are allowed
|
|
Account statement *
|
No Physical statement , Statement of account can be accessed through Mirror + application
|
|
Period of Account*
|
One Year only (Inc. TLs)
|
|
Other restrictions
|
The customer will not be allowed to open any other account until full KYC is completed for this account and scheme is changed
|
|
A/c will be closed, if full KYC not completed within 12 months after the account opening and TLs if any will be freezed.
|
* Customer is eligible for getting privileged services on completion of full KYC and also account conversion facility of the customers' choosing* with applicable charges