HomeDisclosuresRules of business(SB/Basic SB)Rules of business(SB Accounts)
How to open a Savings Bank Account
Any person who wants to open an Account should attend the bank personally for completion of formalities for opening the account. Applicant has to fill in and sign prescribed application form. Signatures should not be in Capital/Block letters. The Account holders, in their self–interest, are expected to adhere to uniform signature as per specimen recorded with the Bank while operating accounts & addressing correspondence to the bank. Applicant(s) should submit two copies of his/her/their recently taken passport size photographs and furnish proof of identity and proof of address as required by the bank.

Accounts of Individuals
Proof of Identity & Address
i)                    Passport 
ii)                  PAN card
iii)                Voter's Identity Card issued by Election Commission of India
iv)                Driving Licence
v)                  the letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar Number
vi)                Job card issued by NREGA duly signed by an Officer of the State Government Or
vii)              Any Document as notified by the Central Government in consultation with the regulator from time to time

In case the proof of address furnished is not the local address or address where the customer is currently residing, the bank may take a declaration of the local address on which all correspondence will be made by the bank with the customer. No proof is required to be submitted for such address for correspondence/local address. This address may be verified by the bank through ‘positive confirmation’ such as acknowledgment of receipt of (i) letter (ii) telephonic conversation; (iii) visits etc. In the event of change in this address due to relocation or any other reason, customers may intimate the new address for correspondence to the bank within two weeks of such a change.
Nomination Facility
Customers are advised to avail nomination facility for smooth settlement of claim by legal heirs in unforeseen circumstances. For availing the nomination form DA-1 is provided in the SB customer relationship cum application form.
Types of Accounts Balance stipulation and Non-Maintenance charges
We offer following Savings Bank Products:-
  1.  Privilege Savings : 4 Variants Standard, Silver, Gold & Platinum (Rs1,000 MAB- Monthly Average Balance for the lowest variant) Please see features overleaf.
  2.  Basic Savings Bank Account: No minimum balance stipulations. Restriction of withdrawals up to 4 in a month (including ATM withdrawals). If exceeded, Rs.20/- service tax per transaction will be charged. One cheque book of 10 leaves on request free.
  3.    Group Salary Savings Account-No minimum balance stipulations. A/c of employer and employee mandatory. Cheque book facility available.
  4. Junior savings-Admit Age-10 years to 18 years (Rs150 QAB-Quarterly Average Balance) No minimum balance charge.
  5.  SB Mahila plus Account -Rs5,000 MAB-Monthly Average Balance & an R.D (Minimum Rs 1000 x 12 months)
Charges for not maintaining minimum balance will be levied as per Bank’s approved policy framed in accordance with RBI guidelines. The structure of such charges will be published in Bank’s website and notice board of branch.
Pass Book:
All transactions will be entered in a pass book which will be issued free of charges on the opening of account. For withdrawing cash by means of a withdrawal form, the passbook must be presented. Withdrawals using cheque forms and Debit card can be effected without pass book. Computer print outs will be issued on request with applicable charges.
If a passbook is lost a duplicate passbook will be issued with the latest balance by charging Rs 50 and for previous entries. The current charges prescribed for this is available at the banks website
Cheque Book:
The bank will issue the first cheque book after completion of all formalities with regard to opening the account. No charges will be recovered for issue of first ten cheque leaves for regular savings bank account and twenty five cheque leaves for other category of accounts. Thereafter, service charges will be charged to the customer’s account. Ordinarily Bank will not issue more than one cheque book at a time or before exhausting all or nearly all cheque leaves issued to the customer previously.
SB Interest:
Interest will be credited at 4% p.a on a daily product basis and rounded off to the nearest rupee. Interest will be credited to the account on a half yearly basis, during March and September.
The minimum amount which can be deposited or withdrawn from the SB account at any time shall be Rs.10. Cheques, drafts or other instruments drawn only in favour of account holder will be accepted for credit of the account. Third party instruments endorsed in favour of account holder will NOT be accepted. The number of credits in the Savings Bank account is restricted to 10 per day and 150 per financial year. If the number of credit exceeds this, the bank may charge Rs.2/- for each credit over and above the permitted number. The branch manager may at his discretion waive charges for credit transactions exceeding 10 per day/150 transactions for the financial year.
The account holder can personally withdraw money from his/her savings bank account using banks withdrawal form. The withdrawal form can be used only for receiving payments by the account holder himself/herself. Number of withdrawals in SB accounts is restricted to 10 per day & 150 per financial year, in Basic Savings Bank account 4 per month (including the withdrawals through ATM). If the number of withdrawal exceeds this, the bank may charge Rs.2/- plus Service Tax for each withdrawal over and above the permitted number and Rs20 plus Service Tax for Basic SB. No debit balance will be allowed in the case of SB (Domestic) accounts. The branch manager may at his discretion waive charges for debit transactions exceeding 10 per day/150 transactions for the financial year other than basic SB.
Service charges:
Standing Instruction charges-Rs 100/- plus Service Tax
ECS Mandate verification- Rs 100/- plus Service Tax
Mobile Service (SMS)
Annual Fee (Domestic) - Rs.150/- plus Service Tax after6 months recovered half yearly
Annual Fee (Non-resident) - Rs.300/- plus Service Tax after6 months recovered half yearly
Change in Mobile Number -Rs. 100/-
Balance enquiry - Free
ATM Card
Annual Fee - Rs.100 plus service charges after 1year
Replacement charges – Minimum Rs.100/- plus Service Tax
Repin charges - Rs.100/- plus Service Tax
Master Card transactions for purchase of Petrol - 2% advalorem of petrol cess Details of all our charges are made available in our website www.southindianbank.com and our branch notice board.
We will let you know changes in schedule of fees, charges, terms and conditions etc by publishing the changes in our website, branch notice board, in e-mail statements etc. No individual notices will be sent. Normally, changes (other than interest rates and those which are a result of regulatory requirements) will be made with prospective effect after giving notice of at least one month. If such change is to your disadvantage, you may within 60 days and without notice close your account or switch it without having to pay any extra charges or interest.
Recovery of Charges:
All charges, when due, will be debited in the Savings Bank account, provided there is sufficient credit balance in the account. In case, there is no sufficient balance in the account to satisfy the charges fully, the available credit balance in the account will be appropriated towards the charges due and the balance will be treated as a lien on the account. If no credit balance is there in the account, the full amount of charges due will be treated as a lien. The subsequent credits to the lien marked account will first be appropriated towards the charges unrecovered. If the lien marked on the account is not recovered as above within a period of 1 year from the date of the first such lien, we will close the account, after giving a 30 day’s notice to revive the account after remitting all the dues towards the charges and treated as a lien on the account.
Account Transfer:
You can transfer SB account to any of branches on request along with standing instruction/direct debit without insisting on fresh proof of address on the basis of self declaration giving current address and you will have to submit documentary proof of this address within a period of six months.
Account Closure:
If you are not happy about your choice of savings account, within 14 days of making your first payment into the account, we will help you switch to another account of your choice or we will give your money back with interest earned if any as per rules. No penalty in such cases.
Under normal circumstances, we will not close any SB account without giving at least 30 days’ notice indicating the reasons for such closure. In such cases, SB holder will be required to make alternate arrangements for cheques already issued and desist from issuing any fresh cheques on such account.
You may close your SB Account by giving us a letter in writing. All the charges accrued but could not be collected shall be remitted, ATM Cards and other Cards, Unused cheque leaves etc is to be surrendered before submitting the application for closure of the account
Inoperative Account:
Account holders are advised to operate their accounts regularly. A bank account becomes inoperative or dormant if no credit or debit transaction has been conducted for a period of two years by the customer.
For further details visit bank’s website www.southindianbank.com or On Request at all our branches.