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Giving Wings to Women – SIB : Mahila Plus Savings Account

Mahila Plus Savings Account

To make life safe and secure for women, South Indian Bank has launched a new packaged savings bank account scheme along with recurring deposit and free insurance coverage. SIB: Mahila Plus is an exclusive product targeted for women aged above 18 years and offers a bundle of benefits. The Mahila Plus Savings accountsouth-indian-bank-mahila-plus-savings-account has to be compulsorily opened in the name of a woman, while the Mahila Plus recurring deposit account can be opened under any individual’s name.

Features of a Mahila Plus Savings Account

The Mahila Plus Savings Account has to be opened with a minimum balance of Rs 5000/- and the RD account with a minimum installment of Rs 1000/- for a tenure of twelve months. Both the accounts have to be opened at the same time and in the case of joint applications, the first applicant has to be a woman. Applicants can also use the nomination facility while opening their Mahila accounts.

South Indian Bank provides online banking facilities to Mahila Savings account holders with funds transfers via NEFT and RTGS to other bank accounts up to Rs 2, 00,000/- per month. Additionally, Mahila Plus customers also get one cheque book per year and an ATM debit card free of cost. The women-centric Mahila Plus account is an Any Branch Banking account with At Par payable cheque facilities.  All other normal banking activities are permitted under the SIB Mahila Plus Account. Mobile banking services are also available on request for the South Indian Bank Mahila Plus scheme.

For the recurring deposit account linked to the Mahila Plus savings account, the deposits can be renewed with monthly installment amounts anywhere above Rs 1000/- and in multiples of 100 for a period of ten years. The RD account can also be opened with higher installment amounts for periods up to 120 months. Customers can register for remittance of monthly installments for RD accounts via standing instructions on the due dates. This service can be availed free of charge and the monthly remittance for the RD can be debited from the Mahila Plus Savings account.

Existing South Indian Bank Savings account holders can upgrade to a silver category Mahila Plus SIB account with a new RD account being opened.

Eligibility

  • As this is a scheme aimed at helping women manage their finances independently, eligibility criteria for applicants is restricted to women aged 18 years and above.
  • Indian nationals and NRIs can apply for a Mahila Plus account opening.

Insurance Coverage

The SIB Mahila Plus scheme also offers the added benefit of providing travel insurance and accidental death insurance coverage to women holding savings accounts. This free insurance cover is available for a period of one year from the date the account has been opened. Renewal of an existing insurance cover can be done by opening a new Mahila Plus Recurring deposit account in the second year. This insurance coverage is available only to the first applicant.

Mahila Plus account holders can insure themselves up to Rs 50,000/- for theft incidents and up to Rs 10,000/- for unforeseen calamities. The accidental death coverage can be availed up to Rs 1, 00,000/- by Mahila Plus customers.

South Indian Bank customers wanting to avail net banking can also register for the same and can transfer funds and manage their bank accounts online. Money transfer via net banking requires specific South Indian Bank IFSC code to be included during the transactions. For example, a customer doing an online transfer from a South Indian bank in Bangalore to another South Indian Bank in Chennai needs to be aware of the IFSC code for a South Indian bank branch in Chennai.