South Indian Bank Minimum Balance: Complete Guide on Charges & Rules

Key Takeaways
 

• South Indian Bank minimum balance requirements vary depending on the type of accounts. Savings accounts, current accounts, NRE, and NRO accounts carry different balance requirements.
   
• If you are not able to maintain a minimum balance in your South Indian Bank account, then you need to pay non-maintenance charges for that.
   
• Non-maintenance charges generally range between ₹300 and ₹60 for savings accounts and NRE and NRO accounts. However, for current accounts, these charges range between ₹250 and ₹1500.

South Indian Bank minimum balance is the average balance a customer needs to maintain in their account each month to keep it active and avoid penalty charges. South Indian Bank minimum balance is set differently for each account type, depending on the facilities offered.

Suppose Nishit opens a basic savings account with the South Indian Bank with no opening minimum balance requirement. He deposited ₹6,700 in his account. As per the policy of the South Indian Bank, he does not have to maintain any minimum balance in his account.  

So, he lives stress-free without worrying about any need to manage a minimum balance in his South Indian Bank account. In this blog, we will explore how the South Indian Bank minimum balance differs across different account types.

South Indian Bank Minimum Balance Requirement By Account Type

South Indian Bank offers a variety of accounts for individuals, women, youth, salaried employees, NRIs, and businesses. 

South Indian Bank Minimum Balance For Savings Account

Each account comes with its own minimum balance rule. Some even allow zero balance. The following table shows the South Indian Bank minimum balance requirements for a savings account:
 

This table makes it clear that while premium accounts require higher balances, accounts like salary and basic are ideal for those who prefer not to maintain any balance.

Bonus Tip: Do you know that services such as charges on SMS facility, DD issuance, RTGS, NEFT, and IMPS are provided free of cost to Doctor Plus Savings Account only for a year? After one year, free features will be applicable only on the maintenance of an average minimum balance of ₹25,000 or more.

South Indian Bank Minimum Balance For Current Account

Each current account comes with its own minimum balance rule. The following table shows the South Indian Bank minimum balance requirements for a current account:
 

From the above-mentioned table, you can see that the South Indian Bank minimum balance requirement is higher for current accounts in comparison to the savings account.

Bonus Tip: Do you know that now you cannot apply for a new current premium silver, premium ruby, and premium diamond account as they have been discontinued by South Indian Bank from 1st September 2022.

South Indian Bank Minimum Balance For NRE and NRO Account

Each NRE and NRO account comes with its own minimum balance rule. The following table shows the South Indian Bank minimum balance requirements for NRE and NRO accounts:
 

From the above-mentioned table, you can see the South Indian bank minimum balance requirement for NRE and NRO accounts, helping you avoid penalties in case of non-maintenance. 

South Indian Bank Non-Maintenance Charges

If you fail to maintain the minimum balance in your account, then it can result in penalty charges. These charges depend on how much shortfall there is and the type of account.

South Indian Bank Minimum Balance Non-Maintenance Charges For Savings Account

If you fail to manage the minimum required balance in your South Indian Bank Savings Account, then you have to pay charges. The following table highlights this:
 

This shows how even a small shortfall can attract charges. If such shortfalls repeat every month, the penalties can add up quickly and reduce your savings.

South Indian Bank Minimum Balance Non-Maintenance Charges For Current Account

If you fail to manage the minimum required balance in your South Indian Bank Current Account, then you have to pay charges. The following table highlights this:
 

This shows how even a small shortfall can attract charges. If such shortfalls repeat every month, the penalties can add up quickly and reduce your savings.

South Indian Bank Minimum Balance Non-Maintenance Charges For NRE and NRO Account

If you fail to manage the minimum required balance in your South Indian Bank NRE and NRO Account, then you have to pay charges. The following table highlights this:
 

This shows how even a small shortfall can attract charges. If such shortfalls repeat every month, the penalties can add up quickly and reduce your savings.

How To Check Your Monthly Average Balance In A South Indian Bank?

Many customers get confused about how the South Indian Bank minimum balance is calculated. South Indian Bank considers the Monthly Average Balance (MAB), which is the average of the closing balance of each day in a month. You can use the following ways to check your monthly average balance:
 

You can easily check your account balance and many more details using the above-mentioned information.

How To Avoid Minimum Balance Penalties?

At first, the South Indian Bank Minimum Balance might sound challenging, but with a few simple practices, you can avoid paying penalties. The following are a few tips:

• Set SMS Alerts: Stay updated about your balance daily.
   
• Keep a Buffer: Always keep a little extra than the required minimum to be safe.
   
• Choose The Right Account: If you cannot maintain higher balances, go for basic savings or salary accounts that have zero balance requirements.
   
• Track Regularly: Use mobile or internet banking to keep an eye on your monthly average balance.

If you follow the above-mentioned steps, then you can save money and also enjoy all banking benefits without interruptions.

Conclusion

You might have understood by now that the South Indian Bank minimum balance rules vary depending on the type of account you hold.

Current, NRE, and NRO accounts demand higher minimum balances, while some account types in savings accounts provide complete relief from balance requirements.

If you want to check your monthly average balance, then you can easily do so by using the South Indian Bank mobile banking app (SIB Mirror+), South Indian Bank Internet banking (SIBerNet), and the SIB missed call service.

FAQs
 

1. What are the net banking charges on a South Indian Bank Savings Account?

You do not have to pay any charge to use the net banking service provided by the South Indian Bank.

2. Does the bank send reminders for low balance?

Yes, banks usually send SMS or email alerts when your balance drops below the required limit.

3. What are the ATM free limits for the Basic Savings Account of the South Indian Bank?

There are 5 free ATM limits per month on the Basic Savings Account of the South Indian Bank.

4. Which bank is a 100% government bank?

State Bank of India (SBI) is majority government-owned, but no bank is 100% government-owned today.

5. Can I change my account type if I cannot maintain the minimum balance?

Yes, you can request the bank to shift your account to a type with lower or no balance requirement.

6. Amitabh Bachchan is the brand ambassador of which bank?

Amitabh Bachchan is the brand ambassador of IDFC FIRST Bank.

7. Sachin Tendulkar is the brand ambassador of which bank?

Sachin Tendulkar is the brand ambassador of Bank of Baroda Bank.

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