SIB GenNext Account!
I accept the Terms and Conditions. I declare that information provided is accurate and complete to the best of my knowledge. I hereby authorize South Indian Bank to use / share the information with its affiliates /subsidiaries / third party vendors, as per requirement.
The South Indian Bank GenNext Account is designed to help you plan your child’s future while involving them in the process. The SIB GenNext Savings Account provides children with hands-on experience in saving and investing money, inculcating a habit of handling finances responsibly. A savings account for children which provides a robust foundation and encourages financial independence. In addition, our digital learning material and exciting benefits help children learn more about finance, savings, and investments from an young age.
Parents can open a zero balance savings account for the child in the case that they have an account with Average Monthly Balance above Rs.10,000/-
Like all SIB accounts, the E-Lock feature is also available for securing SIB GenNext Account with just a click
Parents can view their child’s savings account through our online banking platforms – SIB Mirror+ and SIBerNet
SIB GenNext Account comes with a Premium Debit Card with Tap and Pay facility
Enjoy anywhere banking with a wide network of Branches, ATMs and CDMs
Plan for the journey from childhood to adulthood with SIB GenNext Account eligibility up to 18 years of age
No monthly balance required, in case where parents maintains an account with Average Monthly Balance (AMB) of Rs.10,000/- and above, else AMB of Rs. 5000 is applicable.
Auto Savings facility - Standing Instruction from Parents to kids account without any charges, to build their children’s savings. (Monthly Savings).
Get unlimited SIB ATM withdrawal access all over the country
Transact easily with Tap & Pay up to Rs. 5000 on NFC Terminals
Enjoy an exclusive Kids ATM Card
Enjoy attractive offers on shopping
Personal Accident Death Insurance Cover of Rs. 10 Lacs. Including, Personal accident hospitalizations cover Rs.1 Lac just for Rs. 275/ annum. (Insurance to be taken in the name of the parent and nomination to be given in the name of the minor)
Should the parent/guardian is required to open a savings bank account?
The parent/guardian is required to open a savings account for a SIB GenNext Account
What is the minimum balance required in SIB GenNext account?
Initial Payment (IP) required for SIB GenNext is Rs. 5000/-. No Average Monthly Balance (AMB) is required if the parent opens an account with Average Monthly Balance above Rs.10,000/-. In other cases, AMB of Rs. 5000 to be maintained in the SIB GenNext Account. To know more, visit https://www.southindianbank.com/content/personal-banking/sib-gen-next/3937
What are the prerequisites for account opening?
The following documents are required for opening an SIB GenNext Account: Guardian CIF ID (Customer ID) is mandatory for opening a SIB GenNext Account One valid OVD (Officially Valid Document) along with PAN/ Form 60 (signed by the parent) One valid OVD (Officially Valid Document) along with PAN of the Kid/ Form 60 (signed by the parent)
What are the OVD (Officially Valid Documents) accepted by the bank for children?
For children up to 18 years of age, the following documents are required to open an account:
Passport Aadhaar Card
Can minors operate the account individually?
Minors of ages 10 and above can operate the account individually. For minors below 10 years, a guardian is required to sign with the capacity of the minor
How can children start investing in an SIB GenNext Account?
A child can start their investment journey by making small FDs, KNDs, or RDs through SIB’s easy-to-use mobile application — SIB Mirror+. The convenience in operation makes this account one of the best savings bank account for kids.
What is the age criterion for opening an SIB GenNext Account?
All minors (0-18 years) can open and enjoy the benefits of this exclusive savings account for children.