South Indian Bank Expands Product Portfolio, Offers Flexible NRI Savings Accounts

The South Indian Bank on April 18, 2023 announced the launch of flexible saving products for its non-resident Indian (NRI) customers. The two saving products namely, SIB SEAFARER and SIB PULSE aim to offer flexibility to NRI customers to either maintain the term deposits or the prescribed minimum balance in the saving account.

The two products have been launched specifically for mariners and healthcare professionals.

SIB SEAFARER

Here, the customer will get the flexibility to maintain a minimum balance of Rs. 10,000 in the linked accounts, eligible for the latest two non-resident accounts opened. There is no minimum balance required for maintaining the NRI term deposit of Rs. 2 lakh and above.

According to the bank, this account offers digital banking through Mirror+ and SiBerNet facilities. The customer will also get a UPI facility. Besides, on the international debit card with this account, the customer will get the benefit of airport lounge access.

The bank is offering a priority banking facility in this account available for the customer and family. There will be special rates for inward remittances, too.

SIB PULSE

Here, the bank is providing flexibility in maintaining a balance which is Rs 10,000 in the linked accounts, eligible for the latest two non-resident accounts opened.

The customer can either maintain a term deposit of more than Rs 2 lakh or a recurring deposit with a monthly instalment of more than Rs 20,000.

On opening both Non-Resident External (NRE) and Non-Resident Ordinary (NRO) together, they will be eligible to get 1,000 SIB reward points.

The other benefits include a preference for a 25 per cent waiver on processing fees on home and vehicle loans, priority banking for the customer and the family, a UPI facility linked to the account, and airport lounge access with the international debit card.

Murali Ramakrishnan, managing director and chief executive officer, South Indian Bank, said in a press statement: “It has been our constant endeavour to provide our customers with banking products that fulfil their needs. Accordingly, our flexible savings products will offer targeted NRI segments with convenient avenues to park their savings. We are confident that SIB SEAFARER and SIB PULSE will lay the foundation for more such products in the banking domain. These products will create a new & universal template for the way NRI depositors transact with banks.”