South Indian Bank Ltd. Head Office T.B Road, Mission Quarters, Thrissur 680 001,Kerala, India
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Accounts & Deposits
SIB Elite Senior & SIB Mahila Elite - Senior Citizen Savings Accounts
SIB Elite Senior and SIB Mahila Elite are tailored Savings Accounts crafted to meet the specific financial needs of senior citizens. We recognize the importance of financial independence during retirement and have designed these accounts to offer a seamless, privilege-rich banking experience to our customers.
Discover from a Wide Range of Savings Accounts Tailored to Suit Your Specific Needs
You must meet the following eligibility requirements to open an SIB Elite Senior & SIB Mahila Elite Savings Account:
You need to provide the following documents to open SIB Elite Senior & SIB Mahila Elite Savings:
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The Fees & Charges related to SIB Elite Senior & SIB Mahila Elite Savings Accounts are attractive and affordable.
Get answers to your queries
These are specialized savings accounts tailored to meet the banking needs of senior citizens. The SIB Elite Senior account is available for individuals aged 55 and above, while the SIB Mahila Elite is specifically offered to female account holders above 55 years of age.
The SIB Elite Senior account is available for individuals aged 55 years and above. The SIB Mahila Elite account is exclusively available for female account holders aged 55 years and above.
The minimum balance requirement is Rs. 5,000/- in Metro/Urban branches and Rs. 2,500 in Semi-Urban/Rural branches.
The account offers several benefits including free Visa/Master Platinum Debit Card, free Internet and Mobile banking, free personalized cheque leaves, and concessions on processing fees for loans like Housing, Educational, and Vehicle loans.
Yes, it offers a 50% waiver on processing fees for Housing, Educational, and Vehicle loans.
Yes, a 25% concession on the first year’s rent for small and medium-sized lockers is available for account holders.
Yes, it offers Personal Accident Death Insurance coverage of Rs. 10 Lakh and hospitalization cover of Rs. 1 Lakh, with a nominal premium paid by the account holder.
Customers maintaining an average monthly balance (AMB) of Rs. 5 Lakh and above can avail of two instances of Doorstep Banking (Cash/Instrument) per month for free. Others can avail of the service with applicable charges.
Yes, you can apply for these accounts online through South Indian Bank’s website or visit a branch for assistance.
For balances up to Rs.1,00,000/-, the prevailing savings account interest rate will apply. For balances exceeding Rs.1,00,000/-, the excess amount will be converted into a Flexi Cumulative Deposit in multiples of Rs. 25,000/- with a maximum holding period of 6 months, at the prevailing interest rate applicable for 6 months. The facility can be enabled by submitting the required consent letter to the branch.
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