South Indian Bank has launched a Savings Bank account exclusively for women called , “SIB: MAHILA PLUS’. This packaged savings bank product with recurring deposit is coined with ‘house-to-house’ travel insurance and accident death insurance cover. This free insurance cover is for a period of one year only from the date of opening of the account. Existing Mahila Plus account holders can renew the insurance cover for the second year by opening a fresh Mahila Plus RD account. The Mahila Plus SB account should be opened in the name of a woman in the age group of 18 years and above, while the RD a/c. can be in the name of any individual.
Mahila Plus Savings Bank can be opened with a minimum balance of Rs. 5,000/- and an R.D. for a minimum monthly instalment of Rs. 1,000/- for a minimum period of twelve months.