South Indian Bank Business Account

South Indian Bank Business Account

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South Indian Bank Business Account

South Indian Bank offers its corporate customer-base with a unique portfolio under the umbrella of Business Accounts. The purpose of these accounts is to facilitate the convenience of conducting daily banking operations, along with its offering of working capital credit requirements. Business accounts offered by the financial entity include the likes of Current Account, Overdrafts (OD), Cash Credits (CS) and Mercantile Credits. This article is an in-depth analysis of South Indian Bank Business Account.

Types of Business Accounts

South Indian Bank caters to its customers through various products/services, among which its business account portfolio caters to people in the pursuit of business. The bank offers the following accounts under the banner of business accounts:

  • Normal Accounts
  • Premium – CD SMART
  • Premium Accounts – General
  • Trader Smart Current Account (TSCA)

Normal Account

A normal business account caters to the day-day financial endeavours of any business. Its gamut of offerings includes:

  • Unlimited transactional facility.
  • Cheque book facility.
  • Facility to deposit cash from multiple branches.
  • Facility to make balance inquiries.
  • Provision of Account Statement.
  • Provision of Demand Drafts/Banker’s Cheques.
  • Free collection of local cheques/demand drafts.
  • Speedy collection of outstation cheques/demand drafts at a nominal fee.
  • Quick money transfer facilities from/to your account.
  • An array of value-added services.

CD SMART Business Account

CD Smart Business Account offers the following services to its customers, the likes of which are provided free of cost:

  • Parent branch transfer/clearing transactions (debit and credit transactions).
  • Non parent branch clearing/transfer – credit transactions.
  • Non parent branch clearing/transfer – debit transactions.
  • Local cheque/ECS clearing facility.
  • Fund transfer via the bank’s Net Banking portal.
  • SMS alert services.
  • Registration/Modification/Execution of Standing Instructions.
  • Certificate of the balance maintained in the account.
  • Power of Attorney/Mandate – Registration/Modification.
  • Photo attestation.
  • Duplicate interest certificate (based on request).
  • Non-levy of folio charges.

The account mandates customers to maintain an Average Monthly Balance (AMB) of Rs. 50,000 in Metro and Urban centers, and Rs. 25,000 in rural and semi-urban centers. Non-compliance with this regulation will incur a non-commitment fee of Rs. 500 per month.

Successive additional maintenances of Rs. 25,000 towards AMB will make the customer eligible for additional free limits @ 25%. The range of benefit is determined by the maintenance of balance. Higher the balance maintained, higher will be the benefits.

CD Smart Business Account grants unlimited withdrawals from branches. The deposit charges are free up to a sum of Rs. three lakhs per month. Additional remittances will cost the customer Rs. 175 for every lakh of deposit (for parent and non-parent branches) and eight times of the previous month’s AMB (for NBSC’s. NIDHI, Kuri Companies, etc).

Premium Account

A premium account can be in the form of a Current Account, Overdraft Account (OD) or Cash Credit Account (CC). The premium range of accounts offers its customers the freedom of ‘Any Branch Banking’ in its accounts. The account serves the customers in the following manner:

  • Option for unlimited transactions.
  • Payable at par Cheque book facility.
  • ‘Complete anywhere’ banking facilities including cheques and cash deposit.
  • Choice of categories such as General, Standard, Silver, Gold, and Platinum.
  • Facility of transferring funds instantly.
  • Facility of enquiring balance.
  • Provision of Statement of Accounts.
  • Collection of local/outstation cheques.
  • An array of Value Added Services.

The features, charges, and requirements of this account vary based on the different categories of premium account. Premium accounts can be applied for by contacting the respective branch of the customer’s jurisdiction. Existing business account holders may download the application form from the bank’s official website, fill the details demanded, and submit the same to the nearest branch to convert the business to a Premium Business Account.

Trader Smart Current Account

A Trader Smart Current Account, as can be understood from its name, facilitates the customers to customize the products based on the needs of all customers, thereby making them competitive in the market.

This account requires a trader to maintain a minimum monthly average balance of Rs. 50,000 in metro and urban locales, and Rs. 25,000 in rural and semi-urban locales. Cash deposits can be carried out without incurring any cost up to 25 times AMB of the previous month (normal cash handling charges above the FREE limit). The withdrawals of cash through its branches are free (with the exception of parent branches).

The striking features of a trader smart account include:

  • Sweep facility.
  • Door Step Banking Service.
  • POS facility.
  • Credit facilities (granted in accordance with the eligibility criteria set by the bank).
  • Parent branch and Non-parent cash/transfer/clearing transactions – (for debit and credit transactions).
  • Local cheque/ECS clearing facility.
  • Fund transfer through the bank’s Net Banking portal.
  • SMS alerts.
  • Registration/Modification/Execution of Standing Instructions, with the possibility of additional postage and deposit charges.
  • Transaction charges without any folio requirements.
  • Provision of Duplicate Account Statement.
  • Certificate of Account Balance.
  • Power of Attorney/Mandate – Registration/ Modification.
  • Photo attestation.
  • Duplicate interest certificate (based on request).

NRE Current Account

Apart from its collection of business accounts, South Indian Banks offers a gamut of other accounts to varied customers, out of which its NRE current accounts deserves a special mention. These accounts can be activated with the support of direct remittance from abroad, transfer from existing NRE, FCNR(B) accounts, or through foreign currency note/ travelers’ cheque tendered personally by NRI’s during their visit to India. The account can only be opened by individuals. It offers the customers with:

  • Entitlement to open joint accounts.
  • Grant (for Indian residents) to operate the account for local payments through the Power of Attorney.
  • Value Added Services like Global ATM-cum-Debit Card, Internet Banking, Mobile Banking, etc.
  • Repatriation of permitted credit balance.
  • Wealth tax exemptions.

NRE accounts offered by this bank include:

  • Raha
  • Miza


A RAHA account offers the following features to its customers, who are merely required to maintain an Average Monthly Balance of Rs. 1000:

  • Free withdrawal of cash through branches (except for parent branches).
  • Free movement of funds except by means of cash.
  • Free NEFT/RTGS inward fund transfer.
  • Five free transactions through other banks ATM’s.
  • Free International EMV Debit Card.
  • Provision of Payable at Par Cheques (presentable at any of its branches).
  • Anywhere banking facility.
  • Free fund transfer through the bank’s Net Banking portal.
  • NEFT/RTGS fund transfer facility of up to Rs. 50,000 per month.


A MIZA account mandates a customer to maintain an Average Monthly Balance of Rs. 5,000. It provides the following benefits to its users:

  • Grant of International EMV Debit Card without AMC.
  • Enhanced NEFT/RTGS fund transfer limit of Rs. 2,00,000 in a month.
  • Fifty free cheque leaves every year.
  • Free withdrawal of cash through branches (with the exception of parent branches).
  • Free movement of funds other than through cash.
  • Free NEFT/RTGS inward fund transfer.
  • Ten free transactions through other banks ATM’s in the country.
  • Issuance of free Debit cards for basic variants.
  • Payable at par cheques (presentable at any of the branches of the bank).
  • Anywhere banking facility.
  • Free fund transfers through the bank’s net-banking portal.

Post by Sreeram Viswanath

IndiaFilings is India's largest online compliance services platform dedicated to helping people start and grow their business, at an affordable cost. We were started in 2014 with the mission of making it easier for Entrepreneurs to start their business. We have since helped start and operate tens of thousands of businesses by offering a range of business services. Our aim is to help the entrepreneur on the legal and regulatory requirements, and be a partner throughout the business lifecycle, offering support at every stage to ensure the business remains compliant and continually growing.