I was assisting my cousin, an NRI in Dubai, in opening an NRI account in India a few months back. We settled on South Indian Bank after comparing a few banks. But one thing we were unsure about was the South Indian Bank NRI account minimum balance. So, I called their customer support to know the details. The executive informed that it starts at Rs. 5,000.
What is the South Indian Bank NRI Minimum Balance Requirement?
South Indian Bank offers NRI Savings Accounts under the NRE and NRO categories, each featuring Silver, Gold, and Platinum variants. The minimum average monthly balance (AMB) required depends on the account tier you choose.
For both NRE and NRO Silver accounts, the AMB is Rs. 5,000.
Gold requires Rs. 10,000.
Platinum demands a significantly higher Rs. 1,00,000.
These balances are counted as the average maintained across the month. For instance, if you hold a Silver account, you only need to maintain Rs. 5,000 in either your NRE or NRO account, but not separately in both, provided they are linked. I hope you understood the SIB NRI account minimum balance.
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The South Indian Bank NRI account minimum balance will depend on the type of NRI account you have with the bank. It can be Rs 5,000, Rs 10,000, or even Rs. 1,00,000. As a customer of South Indian Bank, I am well aware of these aspects so let me answer your question here.
What is the South Indian Bank NRE Account Minimum Balance?
The South Indian Bank NRI minimum balance based on your account type are as follows:
NRE SB Account Categories
| Account Type | Average Monthly Minimum Balances Required |
NRE SILVER ACCOUNT |
Rs.5,000 |
NRE GOLD ACCOUNT |
Rs.10,000 |
NRE PLATINUM ACCOUNT |
Rs. 1,00,000 |
NRO SB Account Categories
| Account Type | Average Monthly Minimum Balances Required |
NRO SILVER ACCOUNT |
Rs.5,000 |
NRO GOLD ACCOUNT |
Rs.10,000 |
NRO PLATINUM ACCOUNT |
Rs. 1,00,000 |
It is very easy to apply for an NRI savings account here. You just need to follow 3 simple steps:
Fill out the account opening form
Attach the required documents
Submit the form to the bank
You can apply for it on
South Indian Bank’s official websiteas well. I hope these details were helpful.
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Samiksha
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2024-05-13T08:25:16+00:00 2024-05-13T08:29:03+00:00Comment
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