Languages: English Hindi

How to Open a South Indian Bank Online?

How to Open South Indian Bank Account Online Savings Account_

In today’s time, it is easy to carry out all your banking transactions from the comfort of your home. Opening a bank account is no different. Many banks offer online account opening to their customers. One such bank is South Indian Bank that has introduced SIB Insta, an instant account opening e-KYC savings account.  

In this article, we will go through the different features of this account and how you can open the account instantly.

Features of South Indian Bank Online Savings Account

Instant account opening:  Individuals can open a South Indian Bank online savings account instantly through Aadhaar and PAN validation. After the completion of the online account opening form, customers get their account details.

Paperless Process: As the name suggests, theaccount opening process is completely paperless and you don’t have to visit the bank branch to open the account.    

Select your preferred branch: You can select your preferred bank branch during the online account opening process.

Zero maintenance charge for 1st year: Bank has waived off annual maintenance charge for the 1st year. This means that the account is a zero balance account for the first year.  

Free debit card: The debit card is issued free cost without any issuance fee.

Earn rewards: You can earn 200 rewards points when you have make a minimum remittance of Rs.1,000.

Online banking services: You can access mobile banking and internet banking facilities at any time of the day including non-banking hours and holidays.

Free online transactions: You can carry out online transactions through RTGS, NEFT, UPI without any charges.

Avail Digi-E Lock facility:

If you use the latest update of SIB Mirror, you can lock your accounts through e-lock feature. If you lock your account, all digital debit transactions will be blocked to make your account secure.    

Who can open South Indian Bank Online Savings Account?

  • Individuals who don’t have an existing relationship with South Indian Bank
  • People with PAN card
  • Individuals with Aadhaar card
  • Should be an Indian resident
  • The age of the customer should be above 18 years of age

How to open South Indian Bank Online Savings Account

Step 1: Click on the link to start your online account opening process

https://mirror.southindianbank.com/AccountOpening

Step 2: Agree the terms and conditions and click on ‘Apply Now’

Step 3: Choose your preferred branch

 Step 4: Enter your Aadhaar linked mobile number, email id, enter captcha

You will receive an OTP on your Aadhaar linked mobile number. Add the OTP to continue.

Step 5: Enter your Aadhaar number and enter the OTP that you got on your mobile.

The bank will pull some data from the Aadhaar database.

Check your details. The bank will treat your Aadhaar address as the permanent address. Please visit the bank branch if your communication address is different from your Aadhaar address. 

Click on ‘Proceed’

Step 6: Enter your PAN number

Step 7: Enter few other details such as father’s name, mother’s name, marital status, occupation, select your debit card requirement and nominee details etc.

Now, your instant account opening process is over. You will see your account number, customer id, IFSC and Branch.

In this stage, you will see the restrictions on balance and transactions your accounts. It is because the account is an e-KYC account and you need to complete the full KYC of your account by visiting any of the bank’s branch.   

After your account is opened, you will receive a temporary MPIN on your bank registered mobile number through which you can register with the bank’s mobile banking  – SIB mirror.

Things to remember

  • You need to complete the full KYC of the account within 12 months to continue banking with South Indian Bank
  • After the full KYC process, your account will be converted to a regular savings account with minimum average balance.
  • If you don’t complete the full KYC of your account, your account will be closed and the if balance amount will be send to your communication address in the form of demand draft.
  • Initially, your balance at any time cannot exceed Rs.1 lakh. Also, the value of the cumulative transactions cannot exceed Rs.2 lakh in a financial year. Your account can be frozen on exceeding the limit.

Conclusion:     

South Indian Bank Online Savings account or SIB Insta can be a good option for people who want to open a savings account with the bank but don’t want to visit the bank branch to open the account.

SHARE WITH:

Tags: ,

Contact us: onlineacctopen@gmail.com