South Indian Bank has recently announced the launch of two new flexible savings accounts specially designed for Non-Resident Indians (NRIs). In this blog post, we will explore the key features and benefits of 2 flexible savings accounts for NRIs at South Indian Bank, as well as the reasons why NRIs should consider banking with South Indian Bank.
What are the 2 Flexible Savings Accounts for NRIs at South Indian Bank?
The South Indian Bank has recently launched two flexible savings accounts, namely:
- SIB SEAFARER
- SIB PULSE
Read further to know in detail about these two South Indian bank accounts.
Why this Initiative?
- These accounts are specifically designed for NRI customers.
- These products empower NRIs with the choice to maintain either deposits or the necessary minimum balance in their savings accounts.
- This initiative also extends the flexibility of these accounts to healthcare professionals and mariners as well.
Features of SIB Seafarer Bank Account for NRIs
Given below are the features and benefits of SIB Seafarer bank account:
- Average monthly balance requirement in the South Indian bank Seafarer account is of Rs. 10,000/- only.
- NRIs have the flexibility to maintain a minimum balance of Rs.10,000/- in linked accounts. (eligible for last 2 opened NR accounts)
- No minimum balance in SB is required on maintenance of NRI Term Deposit value of Rs. 2,00,000/- and above.
- UPI payment facility available.
- Avail free International Debit card and internet banking services.
- Free and unlimited Debit card transactions, NEFT / RTGS & DD / PO.
- Special Inward remittance rates.
Features of SIB Pulse Bank Account for NRIs
Given below are the features and benefits of SIB Pulse bank account:
- Average monthly balance requirement in the South Indian bank Pulse account is of Rs. 10,000/- only.
- Flexibility to maintain minimum balance of Rs. 10,000/- in linked accounts (eligible for last 2 opened NR accounts)
- No minimum balance in SB required on
- Maintenance of NRI Term Deposit of Rs. 2,00,000/- and above
- Opening a RD of Rs. 20,000/- Per month with a minimum tenure of 12 months.
- South Indian bank offers free Internet Banking and Mobile Banking services.
- Avail International Debit card, SMS & Internet banking services.
- Free and unlimited NEFT / RTGS & DD / PO and ATM withdrawals.
- Free 25 leaves Cheque Books.
- Maximum 25% waiver on processing fee for Home Loans and Auto Loans based on approval from loan sanction authority.
- Get 1000 SIB REWARD points on opening of NRE/ NRO accounts together.
How to Open South Indian Bank NRI Account Online?
There are two ways to open an NRI account online:
- Through South Indian bank’s website or
- Through SBNRI.com
South Indian Bank’s Website
Here are the steps to follow for the online account opening process through bank’s website:
- Visit the official website of South Indian Bank and go to the NRI Banking section.
- Click on the ‘Online Account Opening’ link and then select the ‘NRI Customer’ button.
- Fill out the NRI savings account opening form online.
- Attach the necessary documents along with a passport-sized photograph.
- Submit the completed form and documents to the nearest branch of South Indian Bank. You can also send them by mail to the bank’s NRI Division in India.
- Once the bank receives and verifies the submitted documents, the NRI savings account will be opened.
- Upon receiving and verifying the submitted documents, the bank will proceed to open the account.
- Subsequently, the account holder will be provided with their account number, cheque book, and debit card.
NRI Savings Account Application through SBNRI
NRIs can apply for an NRI account online by clicking the:
- Apply for NRI Account’ button in this blog or
- using SBNRI App.
- Download the SBNRI App and log in using your credentials.
- Select the ‘Open NRI Account’ button and choose the desired bank for opening an NRI account.
- Use the in-app scanning feature to scan and upload the necessary KYC documents.
- Click on ‘Apply’ to complete the process.
By following the steps above, you can conveniently apply for an NRI account online.
Documents Required for NRI Account Opening at South Indian Bank
In order to open an NRI Savings Account, the following documents are necessary:
- A photocopy of the applicant’s valid passport, including the pages containing personal details and address.
- A photocopy of the applicant’s valid visa or residence permit.
- Recent utility bill, bank statement, or any other valid address proof indicating the overseas address.
- A recent utility bill, bank statement, or any other valid address proof indicating the Indian address, if applicable.
- Two recent passport-sized photographs of the applicant.
- A photocopy of the applicant’s PAN Card or Form 60, if the PAN card is unavailable.
- The minimum balance required as an initial deposit.
SIB NRI Savings Account Interest Rates 2023
South Indian Bank NRI Savings Account interest rates vary depending on the end of the day balance in the NRI savings account as under:
| End of the Day Balance | NRI Savings Account Interest Rate (p.a.) |
|---|---|
| <= Rs. 2.00 lakh | 2.50% |
| Above Rs. 2 lakh to Rs. 5 cr | 2.75% |
| Rs. 5 cr to less than Rs. 25 cr | 4.50% |
| Rs. 25 cr to less than Rs. 50 cr | 4.20% |
| Rs. 50 cr and above | 6.00% |
NOTE- The above given SIB savings account interest rates are effective from 20th November 2022.
Conclusion
South Indian Bank has been dedicated to enhancing banking processes and delivering exceptional customer service. Their flexible savings products aim to provide specific NRI segments with convenient options to safeguard their savings.
Contact SBNRI
You can download SBNRI App to apply for an NRI account with nominal documentation in just 10 minutes. You can also click on the button below to apply for an NRI account. Visit our blog and YouTube Channel for more details.
